MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	JINDAL WORLDWIDE LIMITED (w.e.f. 24.06.1985) JINDAL DENIM (DIVISION OF JINDAL WORLDWIDE LIMITED)
Formerly Known As :	JINDAL (INDIA) TEXTILE MILLS PRIVATE LIMITED JINDAL (INDIA) TEXTILE MILLS LIMITED
Registered Office :	“Jindal House”, Opp. Dmart, I.O.C. Petrol Pump Lane, Shivranjani Shyamal 132 Ft Ring Road, Satelite, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.09.1986
Com. Reg. No.:	04-008942
Capital Investment / Paid-up Capital :	Rs.200.520 Million
CIN No.: [Company Identification No.]	L17110GJ1986PLC008942
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00461G
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Export of Textile goods such as cotton bed sheets, bed sets, garments and other made ups, Denim, yarn etc.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Limited grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Not Available

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 31-03-2014.

INFORMATION DENIED

Management Non-Co-operative (91-79-71001600)

LOCATIONS

Registered Office :	“Jindal House”, Opp. Dmart, I.O.C. Petrol Pump Lane, Shivranjani Shyamal 132 Ft Ring Road, Satelite, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-71001600
Fax No.:	Not Available
E-Mail :	csjindal@jindaltextiles.com
Website :	www.jindaltextiles.com
Factory :	206-207, Chikuwadi, saijpur gopalpur, opposite lane of piplaj, narol octroi naka, N.H. 8, Ahmedabad – 382445, Gujarat, India

DIRECTORS

As on 16.09.2014

Name :

Dr. Yamunadutt Agrawal

Designation :

Chairman

Date of Birth/Age :

14.06.1946

Qualification :

MD in Medicines

Date of Appointment :

15.02.1992

DIN No.:

00243192

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	U17110MH1979PLC056832	JINDAL SYNTHETICS LIMITED	Director	28/04/1979	28/04/1979	18/07/2008	Active	NO
2	U51909GJ1983PTC006569	TARACHAND EXPORTS (INDIA) PRIVATE LIMITED	Director	11/11/1985	11/11/1985	16/07/2008	Active	NO
3	U17100MH1991PLC060530	JINDAL TEXOFAB LIMITED	Director	27/02/1991	27/02/1991	28/04/2011	Active	NO
4	L17110GJ1986PLC008942	JINDAL WORLDWIDE LIMITED	Director	15/02/1992	15/02/1992	-	Active	NO
5	U17114GJ1985PTC007914	ROHAN INDUSTRIAL ENTERPRISES PRIVATE.LIMITED.	Director	29/07/1992	29/07/1992	21/07/2008	Active	NO
6	U01135GJ1995PTC026330	RITU ORCHARDS PRIVATE LIMITED	Director	14/06/1995	14/06/1995	12/07/2008	Active	NO
7	U67190MH1996PLC099698	JILCO SECURITIES LIMITED	Director	21/05/1996	21/05/1996	-	Active	NO
8	U17100MH1996PTC100218	SHIV SHAKTI PETROFIL PRIVATE LIMITED	Director	29/09/2011	22/06/1996	10/04/2012	Active	NO
9	U45200MH1996PTC102058	BALAJI REALTY PRIVATE LIMITED	Director	22/08/1996	22/08/1996	-	Active	NO
10	U65910MH1996PLC103510	TARACHAND IMPEX LIMITED	Director	26/10/1996	26/10/1996	20/09/2008	Active	NO
11	U55110GJ1996PTC031149	AMITARA RESORTS PRIVATE LIMITED	Director	01/06/1998	01/06/1998	23/07/2008	Active	NO
12	U65990MH1996PLC101530	AMITARA OVERSEAS LIMITED	Whole-time director	01/12/2007	15/02/2002	-	Active	NO
13	U17119GJ2002PTC040740	JINDAL SR HOME FASHIONS PRIVATE LIMITED	Director	16/05/2002	16/05/2002	19/07/2008	Active	NO
14	U17110GJ1999PTC035926	JINDAL (INDIA) POLYTEX PRIVATE LIMITED	Director	02/05/2003	02/05/2003	22/07/2008	Active	NO
15	U45309GJ2005PTC046892	JINDAL INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	10/10/2005	10/10/2005	-	Active	NO
16	U17120GJ2009PLC057264	JINDAL CREATIONS LIMITED	Director	15/06/2009	15/06/2009	-	Active	NO
17	U18101GJ2005PLC046122	YASH WEAVERS PRIVATE Public Limited	Director	29/09/2009	08/07/2009	-	Active	NO
18	U17120GJ2010PTC062942	JINDAL DENIFIN LINE PRIVATE LIMITED	Director	17/11/2010	17/11/2010	-	Active	NO
19	U17290GJ2013PTC073198	AMITARA GREEN HI-TECH TEXTILES PARK PRIVATE LIMITED	Director	01/01/2013	01/01/2013	03/02/2014	Active	NO
20	U17120GJ2013PTC074093	KAUSHAL WEAVERS PRIVATE LIMITED	Director	21/03/2013	21/03/2013	14/05/2013	Active	NO
21	U37100GJ2013PTC074859	TARACHAND RECYCLERS PRIVATE LIMITED	Director	03/05/2013	03/05/2013	-	Active	NO
22	U37100GJ2013PTC074885	TARACHAND CLEAN INITIATIVE PRIVATE LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO
23	U18109GJ2014PTC079207	JINDAL DENIM (INDIA) PRIVATE LIMITED	Director	19/03/2014	19/03/2014	29/07/2014	Active	NO

Name :

Mr. Jitendra Agrawal

Designation :

Vice Chairman

Name :

Mr. Amit Agrawal

Designation :

Managing Director

Name :

Mr. Rajesh Jain

Designation :

Whole-time Director

Name :

Mr. Vikram Oza

Designation :

Director

Name :

Mr. Devendra Jain

Designation :

Director

Name :

Mr. Sanjay Shah

Designation :

Director

Name :

Mr. Himmatsingh Rathour

Designation :

Director

Name :

Mr. Navinchandra Ajwalia

Designation :

Director

Date of Birth/Age :

24.04.1943

Date of Appointment :

01.08.2014

DIN No.:

00343512

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	L45201OR1955PLC008400	FERRO ALLOYS CORPORATION LIMITED	Director	29/09/2006	01/01/2006	-	Active	NO
2	L17110GJ1986PLC008942	JINDAL WORLDWIDE LIMITED	Director	16/09/2014	01/08/2014	-	Active	NO

Name :

Mr. Ashish Shah

Designation :

Director

Date of Birth/Age :

28.04.1963

Qualification :

B.Eng.(Mech.)

Date of Appointment :

01.08.2014

DIN No.:

0089075

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	U65916GJ1992PLC018062	DALAL AND SHAH FISCAL SERVICES LIMITED	Director	28/07/1992	28/07/1992	-	Active	NO
2	U67120GJ1997PTC031532	DALAL AND SHAH SECURITIES PRIVATE LIMITED	Director	17/01/1997	17/01/1997	-	Strike off	NO
3	U74140GJ2001PTC039620	WEALTH FIRST ADVISORS PRIVATE LIMITED	Director	01/06/2001	01/06/2001	18/06/2011	Active	NO
4	U85110GJ1995PTC027961	RAJ INSURANCE BROKING SERVICES PRIVATE LIMITED	Director	30/03/2002	30/03/2002	11/11/2011	Active	NO
5	U67120GJ2002PTC040636	WEALTH FIRST PORTFOLIO MANAGERS PRIVATE LIMITED.	Director	16/04/2002	16/04/2002	-	Active	NO
6	U74140GJ2002PTC040801	WEALTH FIRST COMMODITIES PRIVATE LIMITED	Director	30/05/2002	30/05/2002	-	Active	NO
7	U67200GJ2002PTC040587	DSFS INSURANCE SERVICES PRIVATE LIMITED	Director	29/10/2002	29/10/2002	-	Strike off	NO
8	U67120GJ2002PTC040634	DSFS SHARES AND STOCKBROKING PRIVATE LIMITED	Director	29/10/2002	29/10/2002	-	Active	NO
9	U67120GJ2002PTC041499	ORACULO STOCKBROKERS PRIVATE LIMITED	Director	28/03/2007	28/03/2007	11/07/2014	Active	NO
10	L17110GJ1986PLC008942	JINDAL WORLDWIDE LIMITED	Director	16/09/2014	01/08/2014	-	Active	NO

Name :

Ms.Deepali Agrawal

Designation :

Director

Date of Birth/Age :

15.07.1971

Qualification :

Fine Arts Graduate

Date of Appointment :

01.08.2014

DIN No.:

06935197

KEY EXECUTIVES

Name :	Ms. Yoshita Vora
Designation :	Company Secretary
Name :	Ms. Neha Soni
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	11266440	56.19
Sub Total	11266440	56.19
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	11266440	56.19
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	4202880	20.96
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	283842	1.42
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	4246257	21.18
Any Others (Specify)	52621	0.26
Hindu Undivided Families	29689	0.15
Non Resident Indians	22146	0.11
Clearing Members	786	0.00
Sub Total	8785600	43.81
Total Public shareholding (B)	8785600	43.81
Total (A)+(B)	20052040	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	20052040	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Export of Textile goods such as cotton bed sheets, bed sets, garments and other made ups, Denim, yarn etc.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

· Bank of India

· State Bank of India

· Bank of Maharashtra

· Oriental Bank of Commerce

· Karur Vysya Bank Limited

· Standard Chartered Bank

· Allahabad Bank

· Syndicate Bank

· Indian Overseas Bank

· Indusind Bank

· Vijaya Bank

· State Bank of Travancore

· Indian Bank

· Saraswat Co-Operative Bank

· Punjab National Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from banks	1603.994	688.074
Term loans from other parties	0.000	0.809
SHORT TERM BORROWINGS
Loans repayable on demand from banks	987.538	646.153
Total	2591.532	1335.036

Auditors :
Name :	Mehra Anil and Associates Chartered Accountants
Memberships :	---
Collaborators :	---
Subsidiary Company :	· Balaji Realty Private. Limited
Associates :	· Amitara Overseas Limited · Jindal Synthetics Limited
Enterprises over which Key Managerial Personnel are able to exercise significant Influence :	· Amitara Green Hi-tech Textiles Park Private. Limited · Deepshikha Exim Private. Limited · Jilco Securities Limited · Jindal Creations Limited · Jindal Denifine Line Private. Limited · Jindal (India) Polytex Private. Limited · Shiv Shakti Petrofil Private. Limited · Shiv Shakti Weavetex Private. Limited · Tarachand & Sons Trading Private. Limited · Yash Export (India) Limited · Yash Weavers Private. Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/-each	Rs.300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20052040	Equity Shares	Rs.10/-each	Rs.200.520 Million

Note:

Detail of shares held by each shareholder holding more than 5% shares:

Particulars	31.03.2014
	No. of Shares	% of holding
Mrs. Madhulika J Agrawal	3002800	14.98
Mrs. Saroj K Agrawal	3000000	14.96
Mr. Amit Y Agrawal	2860000	14.26
Dr. Yamunadutt Agrawal	2618000	13.06
M/s Amitara Industries Limited	2075330	10.35
Mrs. Kaushal Y Agrawal	2000000	9.97
M/s Snehal Overseas Private Limited	1043650	5.20

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	200.520	200.520	200.520
(b) Reserves & Surplus	1190.614	952.661	803.114
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1391.134	1153.181	1003.634
(3) Non-Current Liabilities
(a) long-term borrowings	1979.469	808.883	401.052
(b) Deferred tax liabilities (Net)	170.401	148.959	129.736
(c) Other long term liabilities	265.195	74.548	10.272
(d) long-term provisions	1.081	1.081	0.811
Total Non-current Liabilities (3)	2416.146	1033.471	541.871
(4) Current Liabilities
(a) Short term borrowings	987.538	646.154	628.278
(b) Trade payables	990.700	823.880	517.387
(c) Other current liabilities	150.035	132.646	131.940
(d) Short-term provisions	75.229	51.252	44.952
Total Current Liabilities (4)	2203.502	1653.932	1322.557
TOTAL	6010.782	3840.584	2868.062
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2954.382	1542.264	979.744
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	39.461	21.561	16.239
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	24.416	24.416	9.501
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.063	12.063	33.282
(e) Other Non-current assets	0.821	1.793	2.764
Total Non-Current Assets	3031.143	1602.097	1041.530
(2) Current assets
(a) Current investments	42.228	42.228	63.294
(b) Inventories	1281.614	722.677	381.454
(c) Trade receivables	890.336	601.352	453.175
(d) Cash and cash equivalents	118.457	272.083	287.573
(e) Short-term loans and advances	645.225	598.396	640.064
(f) Other current assets	1.779	1.751	0.972
Total Current Assets	2979.639	2238.487	1826.532
TOTAL	6010.782	3840.584	2868.062

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	7824.321	6059.397	5029.967
	Other Income	83.431	15.403	33.303
	TOTAL	7907.752	6074.800	5063.270
Less	EXPENSES
	Cost of Materials Consumed	5751.834	4178.214	3162.656
	Purchases of Stock-in-Trade	61.529	17.118	353.211
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(591.479)	(39.767)	(17.509)
	Employees benefits expense	26.694	21.113	17.114
	Other expenses	1929.867	1430.876	1135.995
	TOTAL	7178.445	5607.554	4651.467
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	729.307	467.246	411.803
Less	FINANCIAL EXPENSES	232.231	220.485	185.718
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	497.076	246.761	226.085
Less/ Add	DEPRECIATION/ AMORTISATION	177.794	64.969	54.639
	PROFIT/ (LOSS) BEFORE TAX	319.282	181.792	171.446
Less	TAX	68.684	60.142	20.974
	PROFIT/ (LOSS) AFTER TAX	250.598	121.650	150.472
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	9.632	156.187	77.987
	Export of goods on C.I.F.	0.000	0.000	78.928
	TOTAL EARNINGS	9.632	156.187	156.915
	IMPORTS
	Raw Materials	202.747	192.575	111.993
	Others	2.962	2.167	2.373
	Capital Goods	505.594	9.147	0.000
	TOTAL IMPORTS	711.303	203.889	114.366
	Earnings / (Loss) Per Share (Rs.)	12.50	6.07	7.50

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	3.20	2.00	2.99
Operating Profit Margin (PBDIT/Sales)	(%)	9.32	7.71	8.18
Return on Total Assets (PBT/Total Assets}	(%)	5.37	4.79	6.03
Return on Investment (ROI) (PBT/Networth)		0.23	0.16	0.17
Debt Equity Ratio (Total Liability/Networth)		2.13	1.26	1.03
Current Ratio (Current Asset/Current Liability)		1.35	1.35	1.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	200.520	200.520	200.520
Reserves & Surplus	803.114	952.661	1190.614
Net worth	1003.634	1153.181	1391.134
long-term borrowings	401.052	808.883	1979.469
Short term borrowings	628.278	646.154	987.538
Total borrowings	1029.330	1455.037	2967.007
Debt/Equity ratio	1.026	1.262	2.133

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5029.967	6059.397	7824.321
		20.466	29.127

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5029.967	6059.397	7824.321
Profit	150.472	121.650	250.598
	2.99%	2.01%	3.20%

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	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	No

Note:

The registered office of the company has been shifted from 1^st floor, suryarath, opposite white house, panchvati first lane, ambawadi, Ahmedabad – 380006, Gujarat, India to the present address.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10527352	26/09/2014	371,000,000.00	PUNJAB NATIONAL BANK	AMBAWADI BRANCH,HARIKRUPA TOWER, OLD SHARDA MANDIR, CROSS ROAD, OPP GUJARAT COLLEGE GROUND,ELLIS BRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	C30824098
2	10427981	29/05/2013 *	99,000,000.00	BANK OF INDIA	PANCHVATI BRANCH, NEAR PANCHVATI CIRCLE AMBAWADI,  AHMEDABAD, Gujarat - 380006, INDIA	B76687581
3	10390476	29/10/2012	200,000,000.00	Karur Vysya Bank Limited	SAKAR VII,NEHRY BRIDGE CORNER, ASHARAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B63532659
4	10362496	05/06/2012	76,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	3, EYE COMPLEX,UNIT NO 7 & 8, PANCHVATI, PANCH RASTA, C.G.ROAD, AHMEDABAD, Gujarat - 380006, INDIA	B42402313
5	10358439	10/01/2014 *	4,508,800,000.00	PNB INVESTMENT SERVICE LTD-SECURITY TRUSTEE-BOI-BOM-OBC-SBT-IOB- KVB-INDB-AB-SB-STCB-VB-IB-SBI-SRCB	MOTOR SALES & SERVICES BUILDING, ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B94870714
6	10348591	06/01/2014 *	4,508,800,000.00	PNB INVESTMENT SERVICE LTD-SECURITY TRUSTEE-BOI-BOM-OBC-SBT-IOB- KVB-INDB-AB-SB-STCB-VB-IB-SBI-SRCB	MOTOR SALES & SERVICES BUILDING, ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B94693900
7	10326053	15/12/2011	75,000,000.00	BANK OF INDIA	AHMEDABAD MID CORPORATE BRANCH, 1ST FLOOR,, BOI BUILDING, SWASTIK CHAR RASTA, NAVRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA	B28938553
8	10275685	31/01/2011	84,500,000.00	BANK OF INDIA	PANCHAVATI, AMBAWADI, AHMEDABAD, Gujarat - 380006, INDIA	B09063900
9	10275684	31/01/2011	92,500,000.00	BANK OF INDIA	PANCHAVATI, AMBAVADI, AHMEDABAD, Gujarat - 380006, INDIA	B09063314
10	10030892	17/01/2011 *	247,500,000.00	THE KARUR VYSYA BANK LTD	SAKARVII GROUND FLOOR,, NEAR NEHRU BRIDGE CORNER, ASHRAM ROAD,, AHMFDABAD, Gujarat - 380009, INDIA	B06681274

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from Body corporates	375.475	120.000
Total	375.475	120.000

OPERATION

The Company’s turnover for the year under review rose to Rs.7824.322 Million from Rs.6059.397 Million in the previous year registering growth of 30%. Gross Profit before Depreciation & Tax of the company was placed at Rs.497.077 Million, which is higher as compared to last year to Rs.260.371 Million improving by 91%. Net Profit after Depreciation and taxes was Rs.250.599 Million.

MANAGEMENT DISCUSSION AND ANALYSIS

Overall Review

Indian textile industry is one of the largest textile industries in the world. The overall performance of textile industry is badly affected due to lower realization both in export and domestic market. In spite of the adverse market conditions prevailing in businesses, the overall performance of the Company during the year has marginally improved compared to that of the previous year.

Indian textile industry is focusing on all major sectors right from fibre to fashion and planned for an organized growth across the supply chain so as to compete with China and even countries such as Pakistan, Vietnam and Thailand. With a view to promote the textile industry, Government of India has introduced several incentives and policies in the Union Budget 2013-14. The government may enhance allocation for the Technology up gradation Fund Scheme (TUFS) in the Budget. India has the potential to increase its textile and apparel share in the world trade from the current level to 4.5% to 8% and reach US$ 80 billion by 2020. Apart from continuing major schemes the budget has taken many measures to assure technology up gradation, enhancement of productivity, quality consciousness, strengthening of raw material base, product diversification. Indian manufacturers are also pro-actively working towards enhancing their capacities to fulfill this increased demand.

Industrial Structure and Development

The textile industry occupies a unique place in our country. The Textile industry structure is fully vertically integrated across the value chain, extending from fibre to fabric to garments. At the same time, it is a highly fragmented sector, and comprises small-scale, non-integrated spinning, weaving, finishing, and apparel-making enterprises. The Government’s role in the textile industry has become more reformists in nature. Initially, policies were drawn to provide employment with a clear focus on promoting the small-scale industry. The scenario changed after 1995, with policies being designed to encourage investments in installing modern weaving machinery as well as gradually eliminating the pro-decentralized sector policy focus. Government schemes such as Apparel Parks for Exports (APE) and the Textile Centre Infrastructure Development Scheme (TCIDS) now provide incentives for establishing manufacturing units in apparel export zones.

The fundamental strength of this industry flows from its strong production base of wide range of fibres / yarns from natural fibres like cotton, jute, silk and wool to synthetic / man-made fibres like polyester, viscose, nylon and acrylic. In fact, apart from China, no other country can boast of such strong and diverse base in textile fibres / yarns. The complex and varied structure of coupled with its close linkage with culture and multi fibre raw material base enables it to produce variety of products for varying consumer needs and preferences.

Textile industry now has the opportunity to realize its potential fully. It provides one of the most basic needs of people and holds importance maintaining sustained growth the improving quality of life.

Internal Control System

They have a proper system of Internal Controls to ensure that all assets are safeguarded and Protected against loss from unauthorized use or disposition and that transaction are authorized, recorded and reported correctly. The Internal Audit Department with the help of external agencies & based on risk assessment, regularly performs internal audits & ensure the effectiveness of internal control systems. The Company has implemented suitable controls on ongoing basis to assure that all resources are utilized optimally, financial transactions are reported with the accuracy and all applicable laws and regulations are strictly complied with. This system is designed to adequately ensure that financial and other are reliable for preparing financial information and other data and for maintaining accountability of assets.

Human Resource Management and Industrial Relations

Their greatest asset is their people and they are proud to be known as an employer of choice. The Company has environmental, health and workplace safety programmes in place and has established policies and procedures aimed at ensuring compliance with applicable legislative requirements. The progress made by the Company was possible due to the sustained efforts of the entire team. The Company’s Industrial Relations continued to be harmonious during the year.

Outlook

The outlook for the textile industry remains cautious due to subdued demand although margins are expected to benefit from softening raw material prices. They are introducing new products from time to time to cater to consumer need and in the process we aim not only at Domestic but also International recognition. Jindal continuously works towards its competitive strength and making customer relationship cordial so that the Company overcomes the competition and remains successful globally. The Company is confident of improving margins.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2014

(Rs. in million)

Particulars	Quarter Ended
	30.06.2014
	Unaudited
Income from Operations
Net Sales / Income from Operations	2168.296
Other Operating Income	2.822
Total Income from Operations (net)	2171.119
Expenditure
a) Cost of materials consumed	1410.705
c) Purchases of stock-in-trade	0.000
d) Changes in inventories of finished goods, work-in-progress and stock-in-trade	23.072
e) Employee benefits expense	6.028
f) Depreciation and amortization expense	78.472
g) Other expenses	490.129
Total Expenses	2008.406
Profit from Operations before Other Income and Finance Costs	162.713
Other Income	4.721
Profit before finance costs	167.434
Finance Costs	83.345
Profit before exceptional items	84.088
Exceptional Items	0.000
Profit Before Tax	84.088
Tax Expenses	17.620
Net Profit after Tax	66.468
Extraordinary Items	0.000
Net Profit / (Loss) for the period	66.468
Share of profit / (loss) of associates	0.000
Minority Interest	0.000
Net Profit / (Loss) after taxes and minority interest	66.468
Paid up Equity Share Capital [Face Value - Rs.10 per share]	200.520
Reserves excluding Revaluation Reserves	---
Earnings per share (before extraordinary items) (of Rs.10/-each) (not annualized)
Basic and Diluted	3.31
Earnings per share (after extraordinary items) (of Rs.10/-each) (not annualized)
Basic and Diluted	3.31
PARTICULARS OF SHAREHOLDING
Public Shareholding
- Number of Shares	8785600
- Percentage of Shareholding	43.81%
Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
- Number of Shares	1600700
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	14.21%
- Percentage of Shares (as a % of the Total Share Capital of the Company)	7.98%
b) Non Encumbered
- Number of Shares	9665740
- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	85.79%
- Percentage of Shares (as a % of the Total Share Capital of the Company)	48.21%

PARTICULARS	For the quarter ended 30^th June 2014
B INVESTORS COMPLAINTS
Pending at the beginning of the quarter	NIL
Received during the quarter	NIL
Disposed during the quarter	NIL
Remaining unresolved at the end of the quarter	NIL

FIXED ASSETS

· Land

· Building

· Road

· Plant & Machinery

· Electric Installations

· Office Equipments

· Furniture & Fixture

· Vehicles

· Computer

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.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.