MIRA INFORM REPORT

Report Date :

24.09.2013

IDENTIFICATION DETAILS

Name :	OSWAL WOOLLEN MILLS LIMITED
Registered Office :	G.T. Road, Sherpur, Ludhiana – 141 003, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.06.1949
Com. Reg. No.:	16-001522
Capital Investment / Paid-up Capital :	Rs.161.850 Millions
CIN No.: [Company Identification No.]	U40300PB1949PLC001522
TAN No.: [Tax Deduction & Collection Account No.]	JLDO00323B
PAN No.: [Permanent Account No.]	AAACO1943F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of combed wool and synthetic yarns.
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 8940000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is well established company having satisfactory track record. There appears sharp dip in profit of the company in 2012. However, overall financials appears to be decent. Trade relations are fair. Business is active. Payment terms are regular. 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.

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	ICRA
Rating	Fund Based Limits =BBB
Rating Explanation	Moderate credit quality and average credit risk
Date	December 2012

Rating Agency Name	ICRA
Rating	Non Fund Based Limits =A2
Rating Explanation	Strong degree of safety and low credit risk
Date	December 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered/ Corporate Office :	G.T. Road, Sherpur, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-161-2542512 / 2535740 / 2535741 / 2544313 / 2542501 / 2 / 5 / 7 / 10
Fax No.:	91-161-2662235 / 2660943 / 44 / 2542514 / 2542509
E-Mail :	csmcfl@owmnahar.com oswal@owmnahar.com rmsood@oswnnahar.com davinder@owmnahar.com gayathribprakash@owmnahar.com
Website :	www.owmnahar.com
Area :	1000 sq.mtrs.
Location :	Owned
Sales Office :	G.T. Road, Miller Ganj, Nirankari Street No.1, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-161-2535741 – 743
Fax No.:	91-161-2535746
E-Mail :	owmunti@owmnahar.com
Branch Office :	Located at: · Gurgaon · New Delhi · Mumbai · Chennai
Works :	· G. T. Road, Sherpur, Ludhiana – 141003, Punjab, India · Plot No. 92, Daba Road, Sherpur, Ludhiana – 141003, Punjab, India · Village Jalalpur, P. O. Dappar, Ambala Chandigarh Road, District. Mohali, Punjab, India · Plot No.87, Industrial Area Philukhedi, Rajgarh – 465 667, Bhopal, Madhya Pradesh, India · Village Jatisara, Tehsil Phalodi, Jodhpur, Rajasthan, India · Village Karachchitupudur, Taluk Radhapuram, Tirunelvelli, Tamilnadu, India

DIRECTORS

AS ON 27.09.2012

Name :

Mr. Jawahar Lal Oswal

Designation :

Chirman and Managing Director

Address :

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

Date of Birth/Age :

01.10.1943

Date of Appointment :

01.10.2007

DIN No.:

00463866

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	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Managing director	01-10-07	31-03-64	-	Active	NO
2	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	30-04-78	30-04-78	07-08-12	Active	NO
3	U67120DL1980PTC161885	NAGDEVI TRADING AND INVESTMENT COMPANY LIMITED	Director	16-06-80	16-06-80	-	Active	NO
4	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT CO PRIVATE LIMITED	Director	20-07-82	20-07-82	-	Amalgamated	NO
5	U65993DL1972PLC006178	VANAIK INVESTORS LTD	Director	30-12-84	30-12-84	-	Active	NO
6	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	12-02-91	12-02-91	-	Active	NO
7	U74899DL1991PTC043053	NAHAR GROWTH FUND PRIVATE LIMITED	Director	12-02-91	12-02-91	-	Active	NO
8	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	12-02-91	12-02-91	-	Active	NO
9	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	26-02-91	26-02-91	-	Active	NO
10	U74899DL1991PTC043957	NEHA CREDIT AND INVESTMENT PRIVATE LIMITED	Director	15-04-91	15-04-91	-	Active	NO
11	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	14-10-91	14-10-91	-	Active	NO
12	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	14-10-91	14-10-91	-	Active	NO
13	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30-09-92	30-09-92	-	Active	NO
14	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	06-09-93	06-09-93	-	Active	NO
15	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LTD	Director	26-11-94	26-11-94	07-08-12	Active	NO
16	U74899DL1990PTC041601	MONICA GROWTH FUND PRIVATE LIMITED	Director	17-02-98	17-02-98	-	Active	NO
17	U74899DL1990PTC041600	RUCHIKA GROWTH FUND PRIVATE LIMITED	Director	17-02-98	17-02-98	-	Active	NO
18	L67120DL1979PLC009388	SANKHESHWAR HOLDING COMPANY LIMITED	Director	12-10-99	12-10-99	-	Active	NO
19	U67120PB1972PLC037121	LUDHIANA HOLDINGS LIMITED	Director	12-10-99	12-10-99	-	Active	NO
20	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	31-03-06	31-03-06	-	Active	NO
21	U51494PB2008PLC032059	MONTE CARLO FASHIONS LIMITED	Managing director	10-08-11	01-07-08	-	Active	NO
22	U51909DL2012PLC240125	SIDHANT AND MANNAT COMPANY LIMITED	Director	13-08-12	13-08-12	-	Active	NO
23	U51909DL2012PLC240365	SIMRAN AND SHANAYA COMPANY LIMITED	Director	17-08-12	17-08-12	-	Active	NO

Name :

Mr. Kamal Jawahar lal Oswal

Designation :

Managing Director

Address :

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

Date of Birth/Age :

22.09.1962

Date of Appointment :

01.09.2012

DIN No.:

00493213

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	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	14-05-83	14-05-83	-	Active	NO
2	L65910DL1983PLC016036	OSWAL LEASING LIMITED	Director	12-08-83	12-08-83	-	Active	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Managing director	01-02-08	27-09-83	-	Active	NO
4	L67120DL1979PLC009388	SANKHESHWAR HOLDING COMPANY LIMITED	Director	18-11-83	18-11-83	-	Active	NO
5	U74899DL1983PTC015104	KULU INVESTMENT AND TRADING PVT LIMITED	Director	22-03-84	22-03-84	-	Amalgamated	NO
6	U67120DL1980PTC161885	NAGDEVI TRADING AND INVESTMENT COMPANY LIMITED	Director	13-10-84	13-10-84	-	Active	NO
7	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	15-11-89	15-11-89	-	Active	NO
8	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	26-02-91	26-02-91	23-07-08	Active	NO
9	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	01-06-91	01-06-91	-	Active	NO
10	U74899DL1991PTC043053	NAHAR GROWTH FUND PRIVATE LIMITED	Director	01-06-91	01-06-91	-	Active	NO
11	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	01-06-91	01-06-91	-	Active	NO
12	U74899DL1991PTC043957	NEHA CREDIT AND INVESTMENT PRIVATE LIMITED	Director	01-06-91	01-06-91	-	Active	NO
13	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30-09-91	30-09-91	-	Active	NO
14	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	20-08-92	20-08-92	-	Active	NO
15	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT CO PRIVATE LIMITED	Director	30-08-93	30-08-93	-	Amalgamated	NO
16	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Managing director	01-09-12	29-12-93	-	Active	NO
17	U45202PB1994PLC014964	NAHAR INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED	Director	22-08-94	22-08-94	-	Active	NO
18	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	31-03-06	31-03-06	-	Active	NO
19	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	01-09-12	30-11-06	-	Active	NO
20	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LIMITED	Director	27-09-08	14-02-08	-	Active	NO
21	U51494PB2008PLC032059	MONTE CARLO FASHIONS LIMITED	Director	01-07-08	01-07-08	-	Active	NO

Name :

Mr. Dinesh Jawahar lal Oswal

Designation :

Director

Address :

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

Date of Birth/Age :

04.10.1965

Date of Appointment :

13.07.1992

DIN No.:

00607290

Other Directorship :

S.No.	CIN/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	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LIMITED	Director	06-05-85	06-05-85	Active	NO
2	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Managing director	01-01-12	21-05-85	Active	NO
3	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	12-01-07	11-11-88	Active	NO
4	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	15-12-88	15-12-88	Active	NO
5	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	13-07-92	13-07-92	Active	NO
6	L67120DL1979PLC009388	SANKHESHWAR HOLDING COMPANY LIMITED	Director	31-08-92	31-08-92	Active	NO
7	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	08-02-93	08-02-93	Active	NO
8	U74899DL1983PTC015104	KULU INVESTMENT AND TRADING PRIVATE LIMITED	Director	30-04-93	30-04-93	Amalgamated	NO
9	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT CO PRIVATE LIMITED	Director	30-08-93	30-08-93	Amalgamated	NO
10	U65993DL1972PLC006178	VANAIK INVESTORS LIMITED	Director	06-09-93	06-09-93	Active	NO
11	U45202PB1994PLC014964	NAHAR INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED	Director	22-08-94	22-08-94	Active	NO
12	U67120PB1972PLC037121	LUDHIANA HOLDINGS LIMITED	Director	12-10-99	12-10-99	Active	NO
13	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	09-12-04	09-12-04	Active	NO
14	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	09-12-04	09-12-04	Active	NO
15	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	01-10-05	01-10-05	Active	NO
16	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Managing director	01-12-07	31-03-06	Active	NO
17	U51494PB2008PLC032059	MONTE CARLO FASHIONS LIMITED	Director	01-07-08	01-07-08	Active	NO
18	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	01-09-08	06-08-08	Active	NO

Name :

Mr. Sandeep Jain

Designation :

Director

Address :

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

Date of Birth/Age :

24.12.1971

Date of Appointment :

01.08.2012

DIN No.:

00565760

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	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	01-08-12	30-04-98	Active	NO
2	U51494PB2008PLC032059	MONTE CARLO FASHIONS LIMITED	Whole-time director	01-08-12	01-07-08	Active	NO
3	U17115DL1980PLC177084	VANAIK SPINNING MILLS LIMITED	Director	23-09-10	10-11-09	Active	NO

Name :

Mr. Dinesh Gogna

Designation :

Whole-time Director

Address :

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

Date of Birth/Age :

07.07.1953

Date of Appointment :

01.10.2011

DIN No.:

00498670

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	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	10-06-80	10-06-80	Active	NO
2	L65910DL1983PLC016036	OSWAL LEASING LIMITED	Director	19-01-84	19-01-84	Active	NO
3	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	21-05-85	21-05-85	Active	NO
4	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	15-11-89	15-11-89	Active	NO
5	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Whole-time director	01-10-11	18-10-06	Active	NO
6	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	30-11-06	30-11-06	Active	NO
7	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	07-12-06	07-12-06	Active	NO
8	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-12-07	12-01-07	Active	NO
9	U51494PB2008PLC032059	MONTE CARLO FASHIONS LIMITED	Director	01-07-08	01-07-08	Active	NO

Name :

Mr. Sat Paul Nijhawan

Designation :

Director

Address :

B 45, Moti Nagar, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

01.04.1945

Date of Appointment :

26.08.2011

DIN No.:

00495688

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	U67120PB1972PLC037121	LUDHIANA HOLDINGS LIMITED	Director	07-12-82	07-12-82	-	Active	NO
2	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	07-12-82	07-12-82	-	Active	NO
3	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	07-12-82	07-12-82	-	Active	NO
4	L65910PB1981PLC023058	KOVALAM INVESTMENT AND TRADING COMPANY LIMITED	Director	01-02-83	01-02-83	-	Active	NO
5	L67120DL1979PLC009388	SANKHESHWAR HOLDING COMPANY LIMITED	Director	09-06-88	09-06-88	-	Active	NO
6	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	26-03-99	26-03-99	31-07-08	Active	NO
7	L74900DL1979PLC009989	NAHAR FINANCIAL AND INVESTMENT LIMITED	Director	30-09-08	31-10-07	-	Active	NO
8	U74899DL1993PTC055526	VIGIL INVESTMENT PRIVATE LIMITED	Director	27-09-08	31-10-07	-	Active	NO
9	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	26-08-11	03-06-11	-	Active	NO

Name :

Mrs. Harbhajan Kaur Bal

Designation :

Director

Address :

H.No. 2322, Phase Xl, Mohali, Punjab, India

Date of Birth/Age :

12.06.1939

Date of Appointment :

29.09.2007

DIN No.:

00008576

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	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	28-09-92	28-09-92	-	Active	NO
2	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	25-08-00	25-08-00	-	Active	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30-06-01	30-06-01	-	Active	NO
4	L24116PB1986PLC007030	IOL CHEMICALS AND PHARMACEUTICAS LIMITED	Director	27-03-02	27-03-02	21-05-11	Active	NO
5	L17115PB1979PLC003994	SHREYANS INDUSTRIES LIMITED	Director	29-04-03	29-04-03	28-05-11	Active	NO
6	L17122DL1989PLC035050	SPORTKING INDIA LIMITED	Director	25-04-06	25-04-06	-	Active	NO
7	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-09-07	01-11-06	-	Active	NO
8	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-12-07	12-01-07	-	Active	NO

Name :

Suresh Kumar Singla

Designation :

Director

Address :

H.No.119 C, Ward No.26, Kitchlu Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

07.07.1950

Date of Appointment :

29.09.2007

DIN No.:

00403423

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	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	31-07-02	31-07-02	Active	NO
2	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-09-07	01-11-06	Active	NO
3	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-11-08	30-04-08	Active	NO
4	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	29-09-08	30-06-08	Active	NO

Name :

Mr. Kanwar Sain Maini

Designation :

Director

Address :

H.No. 20 SF, HIG Flats, Rani Jhansi Road, Civil Lines, Ludhiana, Punjab, India

Date of Birth/Age :

02.07.1939

Date of Appointment :

29.09.2007

DIN No.:

00454686

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	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	30-06-01	30-06-01	Active	NO
2	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30-06-01	30-06-01	Active	NO
3	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30-09-02	30-09-02	Active	NO
4	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29-09-07	01-11-06	Active	NO
5	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29-12-07	12-01-07	Active	NO

KEY EXECUTIVES

Name :	Ms. Gayathri B. Prakash
Designation :	Company Secretary
Address :	Staff Quarters – All Saints Instt of Med SCS and Res., Po Jaspal Bangar, Ludhiana, Punjab, India
Date of Birth/Age :	04.07.1979
Date of Appointment :	01.08.2008
PAN No :	AEXPG6855N

MAJOR SHAREHOLDERS

AS ON 27.09.2012

NOTE: Shareholding Details List attached.

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2012

Category	Percentage
Bodies corporate	92.48
Directors or relatives of Directors	7.30
Other top fifty shareholders	0.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of combed wool and synthetic yarns.

Products :

· Yarn

· Textile Goods

· Denim

· Power Division

· Real Estate

Product Description	Item Code No.
Yarn of Combed Wool	5107
Synthetic Yarn	5509
Denim Fabric	520994200

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Installed Capacity	Actual Production
Main textile unit
*Yarn all kinds	29560 Worsted Spindles	6261133 Kgs.
Yarn all kinds		16710 kgs.
Textile Goods (From Outside Party)		51083 Pcs
Wool/Mohair Top	2.5 millions Ibs. P.A.	2160135 Kgs
Wool Grease		92100 Kgs.
Noils (Cond. W.t.)		190353 Kgs.
Top (Net Wt.)		4807808 Kgs.
O.W.M. Unit 4
Woolen Yarn	1472 Spindles	469710 Kgs.
Yarn (Fabrication a/c )		16710 Kgs.
O.W.M. Unit 5
Hosiery Knitwears	Not Feasible	1135446 Pcs
O.W.M. Unit 6
Hosiery Goods	Not Feasible	828180 Pcs
Oswal Denims
Cotton Denim Cloth	20 Millions MTR	15929139 MTR
Dyed Yarn		264710 Kgs.
Waste		350175 Kgs.
Oswal Denims SPG Unit
Yarn	17768 Spindles	6011099 Kgs.
Waste		733850 Kgs.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Patiala, Commercial Branch, Millar Ganj, Aarti Complex, Ludhiana – 141 003, Punjab, India

· Indian bank

· State Bank of India

· Allahabad Bank

· IDBI Bank Limited

· Oriental Bank of Commerce

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term Loans	2923.536	1404.664
Short Term Borrowings
Working Capital Loans from Banks	1989.993	2351.487
Total	4913.529	3756.151

Note: Working Capital Loan form and other Banks.

Banking Relations :	--
Auditors :
Name :	Gupta Vigg and Company Chartered Accountants
Address :	K-101, Kismat Complex, G.T. Road, Millar Ganj, Ludhiana, Punjab, India
PAN No.:	AAEFG0353Q
Enterprises over which key Management Personnel is able to exercise significant Influence :	· Atam Vallabh Financiers Limited · Girnar Investment Limited · J.L. Growth Fund Private Limited · Kulu Investment and Trading Private Limited · Ludhiana Holding Limited · Nagdevi Trading and Investment Limited · Abhilash Growth Fund Private Limited · Ruchika Growth Fund Private Limited · Vanaik Investors Limited · Vanaik Spinning Mills Limited · Vardhman Investment Limited · Nahar Spinning Mills Limited · Nahar Industrial Enterprises Limited · Nahar Capital and Financial Services Limited · Cotton County Retail Limited · Montye Carlo Fashions Limited

CAPITAL STRUCTURE

AS ON 27.09.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	161.850	249.000
(b) Reserves & Surplus	2073.370	2510.718
(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)	2235.220	2759.718
(3) Non-Current Liabilities
(a) long-term borrowings	2923.536	1404.664
(b) Deferred tax liabilities (Net)	159.294	162.696
(c) Other long term liabilities	38.896	40.956
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	3121.726	1608.316
(4) Current Liabilities
(a) Short term borrowings	1989.993	2351.487
(b) Trade payables	1183.252	1087.964
(c) Other current liabilities	580.720	697.440
(d) Short-term provisions	113.000	406.000
Total Current Liabilities (4)	3866.965	4542.891
TOTAL	9223.911	8910.925
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4014.019	2592.217
(ii) Intangible Assets	2.288	3.441
(iii) Capital work-in-progress	270.073	220.838
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	272.084	272.584
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	171.804	227.555
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	4730.268	3316.635
(2) Current assets
(a) Current investments	15.754	17.879
(b) Inventories	2356.117	2648.301
(c) Trade receivables	908.438	1402.391
(d) Cash and cash equivalents	498.111	370.394
(e) Short-term loans and advances	420.508	583.249
(f) Other current assets	294.715	572.076
Total Current Assets	4493.643	5594.290
TOTAL	9223.911	8910.925

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		249.000
2] Share Application Money		0.000
3] Reserves & Surplus		1691.591
4] (Accumulated Losses)		0.000
NETWORTH		1940.591
LOAN FUNDS
1] Secured Loans		2689.578
2] Unsecured Loans		209.483
TOTAL BORROWING		2899.061
DEFERRED TAX LIABILITIES		150.596
TOTAL		4990.248
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2177.111
Capital work-in-progress		115.391
INVESTMENT		580.930
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1819.011
	Sundry Debtors	939.367
	Cash & Bank Balances	104.190
	Other Current Assets	0.000
	Loans & Advances	752.557
Total Current Assets		3615.125
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	1213.309
	Provisions	285.000
Total Current Liabilities		1498.309
Net Current Assets		2116.816
MISCELLANEOUS EXPENSES		0.000
TOTAL		4990.248

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	8441.850	9612.589	6335.615
		Other Income	350.724	82.138	82.801
		TOTAL (A)	8792.574	9694.727	6418.416
Less	EXPENSES
		Cost of materials consumed	5409.642	4580.199
		Purchases of stock-in-trade	186.279	788.226
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(340.831)	(237.737)
		Employee benefit expense	486.320	503.166
		Other expenses	1552.662	2128.740
		TOTAL (B)	7294.072	7762.594	5138.040
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1498.502	1932.133	1280.376
Less	FINANCIAL EXPENSES (D)		372.976	234.586	173.186
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1125.526	1697.547	1107.190
Less/ Add	DEPRECIATION/ AMORTISATION (F)		569.772	324.058	273.470
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		555.754	1373.489	833.720
Less	TAX (H)		137.838	418.100	292.538
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		417.916	955.389	541.182
	Earnings Per Share (Rs.)		26.16	32.90	21.73

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.75	9.85	8.43
Net Profit Margin (PBT/Sales)	(%)	6.58	14.29	13.16
Return on Total Assets (PBT/Total Assets}	(%)	6.53	16.77	14.39
Return on Investment (ROI) (PBT/Networth)		0.25	0.50	0.43
Debt Equity Ratio (Total Debt /Networth)		2.20	1.36	1.49
Current Ratio (Current Asset/Current Liability)		1.16	1.23	2.41

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
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	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

INDEX OF CHARGE:

Sr. No.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10448453	20/08/2013	340,000,000.00	INDIAN BANK	1601,KALSI NAGAR, G T ROAD, LUDHIANA – 141 003, PUNJAB, INDIA	B84745397
2	10444495	29/06/2013	436,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, GOLDEN TOWER, DHOLEWAL CHOWK, G T ROD, LUDHIANA – 141 003, PUNJAB, INDIA	B82791336
3	10403660	09/01/2013	1,115,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, MILLER GANJ, AARTI COMPLEX, LUDHIANA – 141 003, PUNJAB, INDIA	B68025782
4	10330925	20/12/2011	2,850,000,000.00	ALLAHABAD BANK	IIFB BRANCH, 165 INDUSTRIAL AREA - A NEAR CHEEMA CHOWK, LUDHIANA – 141 003, PUNJAB, INDIA	B30291843
5	10318739	28/10/2011	630,000,000.00	INDIAN BANK	1601 KALSI NAGAR, G T ROAD, LUDHIANA – 141 003, PUNJAB, INDIA	B25704941
6	10292957	23/05/2011	565,000,000.00	INDIAN BANK	1601, KALSI NAGAR, G.T.ROAD, LUDHIANA – 141 003, PUNJAB, INDIA	B15271018
7	10280398	25/03/2011	335,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, G T ROAD MILLER GANJ, LUDHIANA – 141 003, PUNJAB, INDIA	B10643682
8	10203616	28/01/2010	220,000,000.00	IDBI BANK LIMITED	SCO 126 - 128 KALINGA TOWERS, FEROZE GANDHI MARKET, LUDHIANA – 141 001, PUNJAB, INDIA	A80156144
9	10202891	04/01/2010	807,500,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, JANDU TOWER, G T ROAD MILLER GANJ, LUDHIANA – 141 003, PUNJAB, INDIA	A79724001
10	10092483	27/03/2008 *	10,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, NBCC PLACE, BHISHAM PITAMAH MARG, PRAGATI VIHAR, NEW DELHI – 110 003, INDIA	A3831864

* Date of charge modification

OPERATIONS, STRATEGY AND RESULTS:

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

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

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

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

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

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

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

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

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

PROSPECTIVE PLANS, BUSINESS STRATEGIES AND FINANCES:

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

Subject has also planned to develop a solar farm at Village Deh, Tehsil Koloyat, District Bikaner, Rajasthan and has already acquired 370 acres of land out of 580 acres of land proposed for this project.

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

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

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

CHANGE IN PAID UP EQUITY SHARE CAPITAL:

During the year subject has, pursuant to the Scheme of Arrangement and Demerger, Cancelled its 8715000 fully paid up equity shares of Rs.10/- each and consequent thereto, the balance Paid Up Equity Share Capital of the company as on the date of report is Rs.161850000 comprising of 16185000 fully paid up equity shares of Rs.10/- each.

FIXED ASSETS:

· Land

· Roads

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computer software

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.62.52
UK Pound	1	Rs.100.26
Euro	1	Rs.84.67

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.