MIRA INFORM REPORT

Report Date :

20.09.2013

IDENTIFICATION DETAILS

Name :	SHARADHA TERRY PRODUCTS LIMITED
Registered Office :	Badrakaliamman Kovil Road, Nellithurai Post, Mettupalayam, Coimbatore - 641305, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.06.1992
Com. Reg. No.:	18-003799
Capital Investment / Paid-up Capital :	Rs. 97.800 Millions
CIN No.: [Company Identification No.]	U17115TZ1992PLC003799
TIN No.:	33661880898
PAN No.: [Permanent Account No.]	AADCS0657H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Terry Towels.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 14800000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Latest financials of 2012 are not available with us. As per available data, financial of the company appears to be sound. Fundamental are strong and healthy. Trade relations are fair. Business is active. Payment terms are regular. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : A+
Rating Explanation	Adequate credit quality and average credit risk.
Date	May 10, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	May 10, 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.

LOCATIONS

Registered Office/ Factory :	Badrakaliamman Kovil Road, Nellithurai Post, Mettupalayam, Coimbatore - 641305, Tamilnadu, India
Tel. No.:	91-4254-223450
Fax No.:	91-4254-223400
E-Mail :	jayaraj.k@microcotton.com sharadha@microcotton.com info@microcotton.com
Website :	http://www.microcotton.com

DIRECTORS

AS ON 17.09.2012

Name :

Mr. Govindasamy Kannappan

Designation :

Managing Director

Address :

New No. 186, Race Course, Coimbatore – 641018, Tamilnadu, India

Date of Birth/Age :

20.07.1947

Qualification :

M.E, F.I.E, F.T.I

Date of Appointment :

17.08.1992

PAN No.:

AFIPK4559D

DIN No.:

00265979

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	U17111TZ1946PLC000083	THE KADRI MILLS (CBE) LIMITED	Managing director	01/10/2011	25/10/1975	-	Active	NO
2	L17111TZ1946PLC000188	SRI KANNAPIRAN MILLS LIMITED	Director	24/12/1980	24/12/1980	18/09/2007	Active	NO
3	U17111TZ1954PTC000166	RAJARATNA MILLS PRIVATE LIMITED	Director	20/01/1985	20/01/1985	-	Active	NO
4	U65993TZ1987PTC001922	SRI ERAGACHELVA INVESTMENTS PRIVATE LIMITED	Director	03/03/1987	03/03/1987	-	Active	NO
5	U65993TZ1987PTC001919	G K INVESTMENT PRIVATE LIMITED	Director	03/03/1987	03/03/1987	-	Active	NO
6	U17111TZ1986PTC001770	K G TEXTILES PRIVATE LIMITED	Director	18/03/1987	18/03/1987	-	Active	NO
7	U65993TZ1987PTC001939	SRI RANGANATHASWAMY INVESTMENT PRIVATE LIMITED	Director	25/03/1987	25/03/1987	-	Active	NO
8	U18101KA1979PTC003597	SRIDEVI TEXTILE PRIVATE LIMITED	Director	12/08/1987	12/08/1987	-	Active	NO
9	U17115TZ1992PLC003799	SHARADHA TERRY PRODUCTS LIMITED	Managing director	17/08/1992	17/08/1992	-	Active	NO
10	U17115TZ1989PLC002501	K G TEX LIMITED	Director	27/01/1999	27/01/1999	-	Active	NO
11	U29265TZ1989PTC002502	K G NON WOVENS PRIVATE LIMITED	Director	19/06/2002	19/06/2002	-	Active	NO
12	U17111TZ2002PLC010319	K G S SPINCOT LIMITED	Director	12/09/2002	12/09/2002	-	Active	NO
13	U17111TZ2002PLC010397	GOVINDH MURUGAN ENTERPRISES LIMITED	Director	12/12/2002	12/12/2002	-	Active	NO
14	U17111TZ2004PLC011485	SHANKARSHANA TEXTILE LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
15	U72200TZ2005PTC012377	SIRUVANI INFOTECH PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	30/06/2009	Active	NO
16	U45201TZ2005PTC012378	SIRUVANI IT PARK PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	-	Active	NO
17	U70101TZ2005PTC012379	SIRUVANI LAND DEVELOPERS PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	-	Active	NO
18	U70101TZ2005PTC012380	SIRUVANI PROPERTIES PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	-	Active	NO
19	U70101TZ2005PTC012440	NOYYAL INDUSTRIAL PARK PRIVATE LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
20	U70101TZ2005PTC012438	NOYYAL GOLF RESORTS PRIVATE LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
21	U65993TZ2006PTC013181	SRI MUKA HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
22	U65993TZ2006PTC013180	HERAMBA HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
23	U65993TZ2006PTC013182	SRI KUMARAGURU HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
24	U17111TZ2007PTC013392	MICRO COTTON INDIA PRIVATE LIMITED	Director	25/01/2007	25/01/2007	-	Active	NO
25	U70101TZ2007PTC013488	KADIRAVAN HOLDINGS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
26	U70101TZ2007PTC013489	VADIVELAN HOLDINGS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
27	U70102TZ2007PTC013533	SHANMUGHAVADIVEL HOLDINGS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	-	Active	NO
28	U70102TZ2007PTC013544	SARAVANA HOLDINGS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO
29	U70102TZ2007PTC013556	NIRUPAM HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
30	U70101TZ2007PTC013565	JAGNESH HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
31	U70101TZ2007PTC013566	JAISHNAV HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
32	U70102TZ2007PTC013555	SRI AVANISH HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
33	U70101TZ2007PTC013564	BLUE MOUNTAIN TOWNSHIP PRIVATE LIMITED	Director	23/03/2007	23/03/2007	24/03/2007	Active	NO
34	U70101TZ2007PTC013571	HARIVATSA HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
35	U70101TZ2007PTC013569	JANUSHRUT HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
36	U70101TZ2007PTC013568	SUSHANSA HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
37	U70101TZ2007PTC013570	SHRAVOJIT HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	30/06/2009	Active	NO
38	U70101TZ2007PTC013567	AMARESH HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	27/03/2007	Active	NO
39	U70101TZ2007PTC013605	SRI MANIVANNAN HOLDINGS PRIVATE LIMITED	Director	04/04/2007	04/04/2007	05/04/2007	Active	NO
40	U65993TZ2007PTC013739	PALANI MURUGAN HOLDINGS PRIVATE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
41	U70200TZ2007PTC013753	VISAGA HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
42	U70200TZ2007PTC013756	SRI MUGUNTHAN HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
43	U70200TZ2007PTC013752	SHREE KUGAN HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
44	U45200TZ2007PTC013755	SHANMUGHA JOTHI HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
45	U55101TZ2007PTC013838	M AND C RAKINDO HOSPITALITY PRIVATE LIMITED	Director	29/06/2007	29/06/2007	10/08/2007	Active	NO
46	U40108TZ2010PTC015944	SEYON WIND ENERGY PRIVATE LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO
47	AAB-2033	SHARDHA PROPERTIES DEVELOPERS LLP	Designated Partner	05/11/2012	05/11/2012	-	Active	NO

Name :

Govindaswamy Vijayakumar

Designation :

Director

Address :

Old No. 138, New No. 194, Race Course, Coimbatore – 641018, Tamilnadu, India

Date of Birth/Age :

05.08.1953

Qualification :

PUC

Date of Appointment :

30.09.1993

DIN No.:

00266078

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	L17111TZ1946PLC000188	SRI KANNAPIRAN MILLS LIMITED	Director	10/04/1974	10/04/1974	18/09/2007	Active	NO
2	U17111TZ1946PLC000083	THE KADRI MILLS (CBE) LIMITED	Managing director	01/10/2011	25/10/1975	-	Active	NO
3	U17111TZ1954PTC000166	RAJARATNA MILLS PRIVATE LIMITED	Director	20/01/1982	20/01/1982	-	Active	NO
4	U65993TZ1987PTC001920	G V INVESTMENT PRIVATE LIMITED	Director	03/03/1987	03/03/1987	-	Active	NO
5	U65993TZ1987PTC001923	SRI PALANIVEL MURUGAN INVESTMENT PRIVATE LIMITED	Director	03/03/1987	03/03/1987	-	Active	NO
6	U17111TZ1986PTC001770	K G TEXTILES PRIVATE LIMITED	Director	18/03/1987	18/03/1987	-	Active	NO
7	U65993TZ1987PTC001949	SRI SELVA VINAYAGAR INVESTMENT PRIVATE LIMITED	Director	13/04/1987	13/04/1987	-	Active	NO
8	U18101KA1979PTC003597	SRIDEVI TEXTILE PRIVATE LIMITED	Director	12/08/1987	12/08/1987	-	Active	NO
9	U65993TZ1987PTC001919	G K INVESTMENT PRIVATE LIMITED	Director	03/03/1992	03/03/1992	-	Active	NO
10	U65993TZ1987PTC001939	SRI RANGANATHASWAMY INVESTMENT PRIVATE LIMITED	Director	03/09/1992	03/09/1992	-	Active	NO
11	U65993TZ1987PTC001922	SRI ERAGACHELVA INVESTMENTS PRIVATE LIMITED	Director	03/09/1992	03/09/1992	-	Active	NO
12	U17115TZ1992PLC003799	SHARADHA TERRY PRODUCTS LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
13	U17115TZ1989PLC002501	K G TEX LIMITED	Director	28/03/1995	28/03/1995	-	Active	NO
14	U29265TZ1989PTC002502	K G NON WOVENS PRIVATE LIMITED	Director	19/06/2002	19/06/2002	-	Active	NO
15	U17111TZ2002PLC010319	K G S SPINCOT LIMITED	Director	12/09/2002	12/09/2002	-	Active	NO
16	U17111TZ2002PLC010397	GOVINDH MURUGAN ENTERPRISES LIMITED	Director	12/12/2002	12/12/2002	-	Active	NO
17	U17111TZ2004PLC011485	SHANKARSHANA TEXTILE LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
18	U72200TZ2005PTC012377	SIRUVANI INFOTECH PRIVATE LIMITED	Director	09/12/2005	09/12/2005	30/06/2009	Active	NO
19	U45201TZ2005PTC012378	SIRUVANI IT PARK PRIVATE LIMITED	Director	09/12/2005	09/12/2005	-	Active	NO
20	U70101TZ2005PTC012379	SIRUVANI LAND DEVELOPERS PRIVATE LIMITED	Director	09/12/2005	09/12/2005	-	Active	NO
21	U70101TZ2005PTC012380	SIRUVANI PROPERTIES PRIVATE LIMITED	Director	09/12/2005	09/12/2005	-	Active	NO
22	U70101TZ2005PTC012440	NOYYAL INDUSTRIAL PARK PRIVATE LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
23	U70101TZ2005PTC012438	NOYYAL GOLF RESORTS PRIVATE LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
24	U91990TZ1939GAP000035	THE COIMBATORE COSMOPOLITAN CLUB	Director	25/09/2006	25/09/2006	23/09/2009	Active	NO
25	U65993TZ2006PTC013181	SRI MUKA HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
26	U65993TZ2006PTC013180	HERAMBA HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
27	U65993TZ2006PTC013182	SRI KUMARAGURU HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
28	U17111TZ2007PTC013392	MICRO COTTON INDIA PRIVATE LIMITED	Director	25/01/2007	25/01/2007	-	Active	NO
29	U70101TZ2007PTC013489	VADIVELAN HOLDINGS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
30	U70101TZ2007PTC013488	KADIRAVAN HOLDINGS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
31	U70102TZ2007PTC013533	SHANMUGHAVADIVEL HOLDINGS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	-	Active	NO
32	U70102TZ2007PTC013544	SARAVANA HOLDINGS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO
33	U70101TZ2007PTC013566	JAISHNAV HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
34	U70102TZ2007PTC013555	SRI AVANISH HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
35	U70101TZ2007PTC013564	BLUE MOUNTAIN TOWNSHIP PRIVATE LIMITED	Director	23/03/2007	23/03/2007	24/03/2007	Active	NO
36	U70102TZ2007PTC013556	NIRUPAM HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
37	U70101TZ2007PTC013565	JAGNESH HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
38	U70101TZ2007PTC013571	HARIVATSA HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
39	U70101TZ2007PTC013569	JANUSHRUT HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
40	U70101TZ2007PTC013568	SUSHANSA HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
41	U70101TZ2007PTC013570	SHRAVOJIT HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	30/06/2009	Active	NO
42	U70101TZ2007PTC013567	AMARESH HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	27/03/2007	Active	NO
43	U70101TZ2007PTC013605	SRI MANIVANNAN HOLDINGS PRIVATE LIMITED	Director	04/04/2007	04/04/2007	05/04/2007	Active	NO
44	U65993TZ2007PTC013739	PALANI MURUGAN HOLDINGS PRIVATE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
45	U70200TZ2007PTC013753	VISAGA HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
46	U70200TZ2007PTC013756	SRI MUGUNTHAN HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
47	U70200TZ2007PTC013752	SHREE KUGAN HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
48	U45200TZ2007PTC013755	SHANMUGHA JOTHI HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
49	U55101TZ2007PTC013838	M AND C RAKINDO HOSPITALITY PRIVATE LIMITED	Director	29/06/2007	29/06/2007	10/08/2007	Active	NO
50	U40108TZ2010PTC015944	SEYON WIND ENERGY PRIVATE LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO
51	AAB-2033	SHARDHA PROPERTIES DEVELOPERS LLP	Designated Partner	05/11/2012	05/11/2012	-	Active	NO

Name :

Ramaswamy Pothiraj

Designation :

Director

Address :

43, Pioneer Nagar, Jothipuram Post, Coimbatore – 641047, Tamilnadu, India

Date of Birth/Age :

26.02.1946

Qualification :

B.E.(Mech), D.IIT (PROD)

Date of Appointment :

31.01.2003

PAN No.:

ADAPP1744M

DIN No.:

00284880

Name :

Gopalachari Sarangan

Designation :

Director

Address :

No. 63/2, Millers Road, Benson Town, Bangalore – 560046, Karnataka, India

Date of Birth/Age :

30.12.1928

Qualification :

B.SC Hons, B.L

Experience :

14 Years

Date of Appointment :

30.09.1993

DIN No.:

00284938

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	U17115TZ1992PLC003799	SHARADHA TERRY PRODUCTS LIMITED	Director	30/09/1993	30/09/1993	Active	NO
2	U72112MP1922PLC000060	HOPE TEXTILES LIMITED	Director	01/04/2006	01/04/2006	Active	NO

Name :

Mr. Devaraj Vikram Krishna

Designation :

Whole-time Director

Address :

Old No. 147, New No. 202, Tea Estate Compound, Race Course, Coimbatore – 641018, Tamilnadu, India

Date of Birth/Age :

16.06.1971

Qualification :

B.E. in Production and M.S. in Industrial Engineering Management

Date of Appointment :

24.03.2012

PAN No.:

ABIPK0763F

DIN No.:

00485135

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	U17111TZ1980PTC000961	ELLEN TEXTILES PRIVATE LIMITED	Director	29/09/1997	29/09/1997	01/09/2011	Active	NO
2	U17115TZ1992PLC003799	SHARADHA TERRY PRODUCTS LIMITED	Whole-time director	24/03/2012	24/03/1998	-	Active	NO
3	U17111TZ2003PTC010717	ELLEN INDUSTRIES PRIVATE LIMITED	Director	11/08/2003	11/08/2003	30/09/2010	Active	NO

Name :

Govindasamy Naidu Ramasamy

Designation :

Director

Address :

137, New No. 193, Race Course, Coimbatore – 641018, Tamilnadu, India

Date of Birth/Age :

09.01.1949

Qualification :

BA

Date of Appointment :

30.09.1993

DIN No.:

01225507

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	L17111TZ1946PLC000188	SRI KANNAPIRAN MILLS LIMITED	Director	07/08/1971	07/08/1971	-	Active	NO
2	U17111TZ1946PLC000083	THE KADRI MILLS (CBE) LIMITED	Managing director	01/10/2011	18/04/1983	-	Active	NO
3	U65993TZ1987PTC001921	SRI VINAYAKAMURTHY INVESTMENT PRIVATE LIMITED	Director	03/03/1987	03/03/1987	-	Active	NO
4	U65993TZ1987PTC001938	SRI MANNESWARASWAMY INVESTMENT PRIVATE LIMITED	Director	25/03/1987	25/03/1987	-	Active	NO
5	U65993TZ1987PTC001940	GRV INVESTMENT PRIVATE LIMITED	Director	25/03/1987	25/03/1987	-	Active	NO
6	U18101KA1979PTC003597	SRIDEVI TEXTILE PRIVATE LIMITED	Director	12/08/1987	12/08/1987	-	Active	NO
7	U17115TZ1992PLC003799	SHARADHA TERRY PRODUCTS LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
8	U17115TZ1989PLC002501	K G TEX LIMITED	Director	27/01/1999	27/01/1999	-	Active	NO
9	U29265TZ1989PTC002502	K G NON WOVENS PRIVATE LIMITED	Director	19/06/2002	19/06/2002	-	Active	NO
10	U17111TZ2002PLC010319	K G S SPINCOT LIMITED	Director	12/09/2002	12/09/2002	-	Active	NO
11	U17111TZ2002PLC010397	GOVINDH MURUGAN ENTERPRISES LIMITED	Director	12/12/2002	12/12/2002	-	Active	NO
12	U17111TZ2004PLC011485	SHANKARSHANA TEXTILE LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
13	U70101TZ2005PTC012380	SIRUVANI PROPERTIES PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	-	Active	NO
14	U72200TZ2005PTC012377	SIRUVANI INFOTECH PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	30/06/2009	Active	NO
15	U45201TZ2005PTC012378	SIRUVANI IT PARK PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	-	Active	NO
16	U70101TZ2005PTC012379	SIRUVANI LAND DEVELOPERS PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	-	Active	NO
17	U70101TZ2005PTC012440	NOYYAL INDUSTRIAL PARK PRIVATE LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
18	U70101TZ2005PTC012438	NOYYAL GOLF RESORTS PRIVATE LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
19	U65993TZ2006PTC013181	SRI MUKA HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
20	U65993TZ2006PTC013180	HERAMBA HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
21	U65993TZ2006PTC013182	SRI KUMARAGURU HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
22	U17111TZ2007PTC013392	MICRO COTTON INDIA PRIVATE LIMITED	Director	25/01/2007	25/01/2007	-	Active	NO
23	U70101TZ2007PTC013488	KADIRAVAN HOLDINGS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
24	U70101TZ2007PTC013489	VADIVELAN HOLDINGS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
25	U70102TZ2007PTC013533	SHANMUGHAVADIVEL HOLDINGS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	-	Active	NO
26	U70102TZ2007PTC013544	SARAVANA HOLDINGS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO
27	U70102TZ2007PTC013556	NIRUPAM HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
28	U70101TZ2007PTC013565	JAGNESH HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
29	U70101TZ2007PTC013566	JAISHNAV HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
30	U70102TZ2007PTC013555	SRI AVANISH HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
31	U70101TZ2007PTC013564	BLUE MOUNTAIN TOWNSHIP PRIVATE LIMITED	Director	23/03/2007	23/03/2007	24/03/2007	Active	NO
32	U70101TZ2007PTC013571	HARIVATSA HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
33	U70101TZ2007PTC013569	JANUSHRUT HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
34	U70101TZ2007PTC013568	SUSHANSA HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
35	U70101TZ2007PTC013570	SHRAVOJIT HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	30/06/2009	Active	NO
36	U70101TZ2007PTC013567	AMARESH HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	27/03/2007	Active	NO
37	U70101TZ2007PTC013605	SRI MANIVANNAN HOLDINGS PRIVATE LIMITED	Director	04/04/2007	04/04/2007	05/04/2007	Active	NO
38	U65993TZ2007PTC013739	PALANI MURUGAN HOLDINGS PRIVATE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
39	U70200TZ2007PTC013753	VISAGA HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
40	U70200TZ2007PTC013756	SRI MUGUNTHAN HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
41	U70200TZ2007PTC013752	SHREE KUGAN HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
42	U45200TZ2007PTC013755	SHANMUGHA JOTHI HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
43	U55101TZ2007PTC013838	M AND C RAKINDO HOSPITALITY PRIVATE LIMITED	Director	29/06/2007	29/06/2007	10/08/2007	Active	NO
44	U40108TZ2010PTC015944	SEYON WIND ENERGY PRIVATE LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO
45	U45200TZ2012PTC018608	ARG PROMOTERS PRIVATE LIMITED	Director	03/08/2012	03/08/2012	-	Active	NO

Name :

Ramakrishnama Naidu Swaminathan

Designation :

Director

Address :

3 KG Nagar, V R Puram, Coimbatore – 641015, Tamilnadu, India

Date of Birth/Age :

04.09.1947

Qualification :

BA

Date of Appointment :

24.03.1997

DIN No.:

01550606

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	U17115TZ1992PLC003799	SHARADHA TERRY PRODUCTS LIMITED	Director	24/03/1997	24/03/1997	Active	NO
2	U17111TZ1946PLC000083	THE KADRI MILLS (CBE) LIMITED	Director	01/03/2010	25/03/1997	Active	NO

KEY EXECUTIVES

Name :	Kinatinkara Jayaraj
Designation :	General Manager - Finance and Company Secretary
Address :	53/2, Old No. 28, Maniam Vellappa Grounder ST, 6^th Street, K K Pudur, Coimbatore – 641038, Tamilnadu, India
Date of Birth/Age :	05.06.1959
Date of Appointment :	26.11.1992
PAN No.:	AAMPJ1976A
Voter ID No.:	TN/18/103/0307466

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.09.2012

Names of Shareholders	No. of Shares
G Kannappan	2881250
V Kiruthika	450000
G Ramaswamy	2602900
R Shanthamani	142000
G Vijayakumar	2600950
V Geethalakshmi	440000
V Sarita Santhanalakshmi	170000
V Sanjana	170000
R Asyanth	140000
R Annush	140000
D Vikram Krishna	42900
Total	9780000

AS ON 17.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Terry Towels.

Products/ Services :

ITC Code No.	Product Descriptions
63026000	Terry Towels
52010000	Cotton Yarn
52079000	Cotton

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Terry towels	Pieces	14591665
Yarn	Kgs.	1669268

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Bank, Main Branch, V H Road, Coimbatore - 641001, Tamilnadu, India

· State Bank of Travancore, Papanaickenpalayam Branch, 725-B, Avanashi Road, Coimbatore - 641018, Tamilnadu, India

· Oriental Bank of Commerce, Avanashi Road Branch, 1057 Jaya Enclave, Avanashi Road, Coimbatore - 641018, Tamilnadu, India

· State Bank of Patiala, Rasi Hospital Building, First Floor, 558, D.B Road, R.S Puram, Coimbatore - 641002, Tamilnadu, India

· Andhra Bank, Main Branch, 17 Mill Road, Coimbatore - 641001, Tamilnadu, India

· Bank of Baroda, Main Branch, 82 Bank Road, Second Floor, Coimbatore - 641018, Tamilnadu, India

· Bank of India, Mid Corporate Branch, Chamber Towers, First Floor, 8/732, Avanashi Road,, Coimbatore - 641018, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Rupee term loans banks secured	1326.875	1451.864
Working capital loans others secured	120.091	27.088
Total	1446.966	1478.952

Banking Relations :	--
Auditors :
Name :	Gopalaiyer and Subramanian Chartered Accountants
Address :	New No 4, Guru Govind Singh Road, RS Puram, Coimbatore – 641002, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AABFG4333P
Wholly Owned Subsidiaries :	· Microcotton Inc. U.S.A. · Microcotton India Private Limited [U17111TZ2007PTC013392] · Heramba Holdings Private Limited [U65993TZ2006PTC013180] · Sri Kumaraguru Holdings Private Limited [U65993TZ2006PTC013182] · Sri Muka Holdings Private Limited [U65993TZ2006PTC013181] · Shanmughavadivel Holdings Private Limited [U70102TZ2007PTC013533] · Vadivelan Holdings Private Limited [U70101TZ2007PTC013489] · Seyon Wind Energy Private Limited [U40108TZ2010PTC015944]
Associate :	· The Kadri Mills (Cbe) Limited, Coimbatore [U17111TZ1946PLC000083] · Sri Palani Murugan Enterprises Limited [U17111TZ1997PLC008012]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
18,000,000	Equity Shares	Rs. 10/- each	Rs. 180.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,780,000	Equity Shares	Rs. 10/- each	Rs. 97.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		97.800	97.800	97.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3602.500	3563.714	3276.711
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3700.300	3661.514	3374.511
LOAN FUNDS
1] Secured Loans		1446.966	1478.952	1524.103
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1446.966	1478.952	1524.103
DEFERRED TAX LIABILITIES		35.837	72.829	68.731
TOTAL		5183.103	5213.295	4967.345
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2141.153	2351.872	2466.081
Capital work-in-progress		7.473	30.239	115.868
INVESTMENT		26.515	24.640	3.900
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1321.769	898.060	713.901
	Sundry Debtors	265.691	535.642	371.792
	Cash & Bank Balances	8.494	65.712	14.977
	Other Current Assets	310.963	302.753	0.000
	Loans & Advances	1425.414	1465.163	1671.584
Total Current Assets		3332.331	3267.330	2772.254
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	67.420	74.923	59.577
	Other Current Liabilities	2.024	1.646	30.492
	Provisions	254.925	384.217	300.689
Total Current Liabilities		324.369	460.786	390.758
Net Current Assets		3007.962	2806.544	2381.496
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5183.103	5213.295	4967.345

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	2357.989	2603.687	2442.186
		Other Income	136.145	70.261	5.838
		TOTAL (A)	2494.134	2673.948	2448.024
Less	EXPENSES
		Consumption materials changes inventories	883.303	935.784
		Manufacturing service costs	423.414	565.332
		Employee related expenses	181.904	182.059
		Administrative selling other expenses	322.490	155.292
		Research development expenditure	0.196	0.057
		Exceptional Item	41.252	0.000
		TOTAL (B)	1852.559	1838.524	1588.544
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		641.575	835.424	859.480
Less	FINANCIAL EXPENSES (D)		81.267	72.997	68.817
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		560.308	762.427	790.663
Less/ Add	DEPRECIATION/ AMORTISATION (F)		414.976	269.977	221.698
	PROFIT BEFORE TAX (E-F) (G)		145.332	492.450	568.965
Less	TAX (H)		(7.922)	91.026	104.842
	PROFIT AFTER TAX (G-H) (I)		153.254	401.424	464.123
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2913.388	2686.385	2396.683
Less	APPROPRIATIONS
		Transfer to General Reserve	16.000	60.000	60.000
		Interim Dividend	97.800	97.800	97.800
		Tax on Dividend	16.243	16.621	16.621
	BALANCE CARRIED TO THE B/S		2936.599	2913.388	2686.385
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on F O B basis of direct Export	2168.524	2600.794	2338.665
	IMPORTS
		Capital Goods	16.783	11.747	80.826
		Raw Materials	29.587	5.026	84.733
		Dyes and Chemicals	15.914	8.387	1.933
		Consumable stores and spares	23.347	15.381	10.362
	TOTAL IMPORTS		85.631	40.541	177.854
	Earnings Per Share (Rs.)		15.67	41.04	47.45

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.14	15.01	18.96
Net Profit Margin (PBT/Sales)	(%)	6.16	18.91	23.30
Return on Total Assets (PBT/Total Assets}	(%)	2.66	8.76	10.86
Return on Investment (ROI) (PBT/Networth)		0.04	0.13	0.17
Debt Equity Ratio (Total Debt/Networth)		0.39	0.40	0.45
Current Ratio (Current Asset/Current Liability)		10.27	7.09	7.09

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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	10422285	10/04/2013	226,400,000.00	INDIAN BANK	MAIN BRANCH, V H ROAD, COIMBATORE - 641001, TAMILNADU, INDIA	B73863458
2	10189300	24/08/2012 *	384,000,000.00	INDIAN BANK	MAIN BRANCH, V H ROAD, COIMBATORE - 641001, TAMILNADU, INDIA	B60064318
3	10119059	26/08/2008 *	400,000,000.00	INDIAN BANK	MAIN BRANCH, V H ROAD, COIMBATORE - 641001, TAMILNADU, INDIA	A45050911
4	10082703	24/08/2012 *	100,000,000.00	INDIAN BANK	MAIN BRANCH, V H ROAD, COIMBATORE - 641001, TAMILNADU, INDIA	B60063690
5	10065743	24/08/2012 *	129,000,000.00	INDIAN BANK	MAIN BRANCH, V H ROAD, COIMBATORE - 641001, TAMILNADU, INDIA	B60062791
6	10065666	24/08/2012 *	123,000,000.00	ANDHRA BANK	MAIN BRANCH, 17 MILL ROAD, COIMBATORE - 641001, TAMILNADU, INDIA	B60174836
7	10049447	24/08/2012 *	197,000,000.00	ORIENTAL BANK OF COMMERCE	AVANASHI ROAD BRANCH,1057 JAYA ENCLAVE, AVANASHI ROAD, COIMBATORE - 641018, TAMILNADU, INDIA	B60268430
8	10047116	23/03/2007	181,500,000.00	BANK OF INDIA	MAIN BRANCH, 324 OPPANAKKARA STREET, COIMBATORE - 641001, TAMILNADU, INDIA	A13740485
9	90007269	24/08/2012 *	85,000,000.00	ORIENTAL BANK OF COMMERCE	AVANASHI ROAD BRANCH,1057 JAYA ENCLAVE, AVANASHI ROAD, COIMBATORE - 641018, TAMILNADU, INDIA	B60244589
10	80011016	24/08/2012 *	90,000,000.00	ORIENTAL BANK OF COMMERCE	AVANASHI ROAD BRANCH,1057 JAYA ENCLAVE, AVANASHI ROAD, COIMBATORE - 641018, TAMILNADU, INDIA	B60245206
11	90007263	24/08/2012 *	52,000,000.00	STATE BANK OF TRAVANCORE	PAPANAICKENPALAYAM BRANCH, 725-B, AVANASHI ROAD, COIMBATORE - 641018, TAMILNADU, INDIA	B60268539
12	90007233	24/08/2012 *	62,000,000.00	BANK OF BARODA	MAIN BRANCH, 82 BANK ROAD,2ND FLOOR, COIMBATORE - 641018, TAMILNADU, INDIA	B60085255
13	80035789	24/08/2012 *	52,000,000.00	STATE BANK OF PATIALA	RASI HOSPITAL BUILDING, FIRST FLOOR, 558, D.B ROAD, R.S PURAM, COIMBATORE - 641002, TAMILNADU, INDIA	B60211638
14	90007226	24/08/2012 *	21,000,000.00	INDIAN BANK	MAIN BRANCH, V H ROAD, COIMBATORE - 641001, TAMILNADU, INDIA	B60105707
15	90007102	24/08/2012 *	140,000,000.00	STATE BANK OF TRAVANCORE	PAPANAICKENPALAYAM BRANCH, 725-B AVANASHI RAOD, COIMBATORE - 641018, TAMILNADU, INDIA	B60268471
16	80046536	26/08/2008 *	20,000,000.00	STATE BANK OF TRAVANCORE	PAPPANAICKEN PALAYAM BRANCH, 725-B AVANASHI ROAD, COIMBATORE - 641018, TAMILNADU, INDIA	A46866182
17	90007101	24/08/2012 *	375,000,000.00	BANK OF BARODA	MAIN BRANCH, 82 BANK ROAD, SECOND FLOOR, COIMBATORE - 641018, TAMILNADU, INDIA	B60086501
18	90007095	10/08/2009 *	10,000,000.00	BANK OF INDIA	MAIN BRANCH, 324 OPPANAKARA STREET, COIMBATORE - 641018, TAMILNADU, INDIA	A68765841
19	80046537	26/08/2008 *	101,000,000.00	BANK OF INDIA	MAIN BRANCH, 324 OPPANAKARA STREET, COIMBATORE - 641018, TAMILNADU, INDIA	A45063948
20	90007084	19/11/2002	125,000,000.00	THE VYSYA BANK LIMITED	ARUNACHALAM ROAD, D.B. ROAD; R.S. PURAM, COIMBATORE - 641002, TAMILNADU, INDIA	-
21	90007068	05/09/2002	112,200,000.00	BANK OF INDIA	MAIN BRANCH, 324 OPPANAKARA STREET, COIMBATORE - 641018, TAMILNADU, INDIA	-
22	90007046	02/05/2012 *	12,500,000.00	BANK OF INDIA	MID CORPORATE BRANCH, CHAMBER TOWERS, FIRST FLOOR, 8/732, AVANASHI ROAD, COIMBATORE - 641018, TAMILNADU, INDIA	B42329474
23	90006884	31/05/2005 *	75,000,000.00	BANK OF INDIA	MAIN BRANCH, 324; OPPANAKARA STREET, COIMBATORE - 641001, TAMILNADU, INDIA	-
24	90006628	27/01/1993	70,000,000.00	THE VYSYA BANK LIMITED	219; ARUNACHALAM STREET, P.B. NO - 1194; R.S. PURAM, COIMBATORE - 641002, TAMILNADU, INDIA	-

* Date of charge modification

OPERATIONS

The company's turnover during the year ended was Rs. 2357.989 Millions as against Rs. 2603.687 Millions during the previous year.

The company has earned a net profit of Rs. 143.807 Millions for the year ended March 31, 2011 as against Rs. 490.202 Millions during the previous year. The shadow of the 2008 recession lingered and impacted the sales volume. Also the increase in the sales price which does not commensurate with the increase in the price of raw materials has impacted the sales volume and margin of the company during the year.

FINANCE

The Directors acknowledge with gratitude, the valuable assistance and support extended by Bank of India, Bank of Baroda, State Bank of Travancore, Oriental Bank of Commerce, State Bank of Patiala, Indian Bank and Andhra Bank.

PROSPECTS FOR THE CURRENT YEAR

The Company have forged ahead and made indelible inroads into the prestigious markets like Far East Asia, Australia, South Africa, Eastern Europe and look to these major volume driven for the period ahead.

The Company have also clinched business contracts with famed Chains in the North American Market and additional contracts with our existing top retailers.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Estimated amount of Contracts remaining to be executed provided for
a) On capital account including Letters of Credits	2.521	0.000
b) Bonds executed in favour of Central Excise and Customs authorities	549.500	549.500
c) Bank Guarantees	0.100	0.100
d) Claims against the company not acknowledged as debts Excise Duty	14.611	10.516
Total	566.732	560.116

FIXED ASSETS:

· Land

· Building

· Office building

· Factory building

· Plant and machinery

· Office equipments

· Factory equipments

· Computer equipments

· Other equipments

· Vehicles

· Furniture and fixtures

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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. 61.75
UK Pound	1	Rs. 99.56
Euro	1	Rs. 83.55

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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		50

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.