MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	SOMA TEXTILES AND INDUSTRIES LIMITED
Formerly Known As :	AUSTIN PHARMACEUTICALS LIMITED
Registered Office :	2 Red Cross Place, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.03.1940
Com. Reg. No.:	21-010070
Capital Investment / Paid-up Capital :	Rs. 429.775 Millions
CIN No.: [Company Identification No.]	L51909WB1940PLC010070
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
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 exporters of premium quality combed cotton yarns, single and multifold sports and denim fabrics.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and Delayed
Litigation :	Clear
Comments :	Subject is an established company having a moderate track. There appears consecutive losses recorded by the company. The external borrowing of the company appears to be huge. The liquidity position of the company is weak as a result of which it continues to remain under corporate debt restructuring cell. However, Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings on a safe and secured 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 Ltd 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

Rating Agency Name	CARE
Rating	Long Term Bank Facilities “D”
Rating Explanation	This rating are in default or are expected to be in default soon.
Date	February 28, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities “D”
Rating Explanation	This rating are in default or are expected to be in default soon.
Date	February 28, 2014

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 Cooperative (91-79-22743285)

LOCATIONS

Registered Office :	2 Red Cross Place, Kolkata-700001, West Bengal, India
Tel No.:	91-33-22487406 / 07
Fax No.:	Not Available
E-Mail :	rssharma@somanyceramics.com investore@somatextiles.com
Website :	http://www.somatexiles.com
Head Office / Factory 1 :	Rakhial Road, Ahmedabad – 380 023.Gujarat, India
Tel No.:	91-79-22743285-88
Fax No.:	91-79-22745653
Factory 2 :	Plot No.D-49, MIDC, Baramati-413133, District Pune, Maharashtra, India
Tel No.:	91-2112-243716, 243856
Fax No.:	91+2112-243717
Corporate Office :	Vaswani Mansion, Dinshaw Wachha Road, Backbay Reclamation, Mumbai 400 020, Maharashtra, India
Tel No.:	91-22-22836519 / 20, 2826 076 / 77
Fax No.:	91+22-22851173
E-Mail :	investors@somatextiles.com
Branch Office :	Devnandan Mega Mall, Office No. 416-420, 4th Floor, Opposite Sanyas Ashram, Ashram Road, Ahmedabad-380 006, Gujarat, India
Tel No.:	91-7-26582381 / 82 / 83 / 84
E-Mail :	Sharepro.ahmedabad@shareproservices.com

DIRECTORS

AS ON 31.03.2014

Name :	Mr. S K Somany
Designation :	Chairman
Name :	Mr. A K Somany
Designation :	Managing Director
Name :	Mr. Shrikant Bhat
Designation :	Executive Director
Name :	Mr. B.L Dhoot
Designation :	Director
Name :	Mr. B K Hurkat
Designation :	Director
Name :	Mr. S.C. Mathur
Designation :	Nominee Director – IDBI Bank Limited w.e.f. 26^th March, 2014
Name :	Mr. Anoop Sharma
Designation :	Nominee Director – IDBI Bank Limited Nomination withdrawn on 26^th march, 2014

KEY EXECUTIVES

Name :	Mr. R S Sharma
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
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3972281	12.03
Bodies Corporate	12304960	37.25
Sub Total	16277241	49.28
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	16277241	49.28
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2344	0.01
Insurance Companies	10000	0.03
Foreign Institutional Investors	4987000	15.10
Sub Total	4999344	15.13
(2) Non-Institutions
Bodies Corporate	2530425	7.66
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	6068109	18.37
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	3007899	9.11
Any Others (Specify)	149982	0.45
Non Resident Indians	139882	0.42
Clearing Members	10100	0.03
Sub Total	11756415	35.59
Total Public shareholding (B)	16755759	50.72
Total (A)+(B)	33033000	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)	33033000	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and exporters of premium quality combed cotton yarns, single and multifold sports and denim fabrics.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

· IDBI Bank Limited

· Dena Bank

· State Bank of India

· AXIS Bank Limited

· Export Import Bank of India

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
(a) Debentures 308,000 (Previous Year 308,000) 15% Secured Redeemable Non Convertible Debentures of Rs. 100/- each	4.997	8.493
(b) Term loan from Banks
Rupee Term Loan	394.427	595.110
Derivative Rupee Term Loan	23.839	38.254
FITL:
- on Debentures	2.092	2.468
- on Term Loans	5.018	5.733
- on Working Capital	45.280	53.355
- on Derivative Loans	5.715	6.633
Interest on FITL:
- on Debentures	1.026	0.840
- on Term Loans	2.360	1.898
- on working capital	21.539	17.467
- on Derivative Loans	0.355	0.286
Term loan from others	1.150	3.563
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks (Working Capital)	1147.128	1007.195
Total	1654.926	1741.295

Note:

LONG TERM BORROWINGS:

Repayment:

a) Profile and rate of Interest of Non Convertible Debentures:

(Rs. In Millions )

	IDBI	ICIC
Rate of Interest Repayment	9%	14.82%
2014-15	1.790	0.866
2015-16	2.056	1.155
2016-17	1.143	0.644

b) All term loan repayments are resheduled as per Restructuring Package by Corporate Debt Restructuring (CDR) Cell under the CDR Mechanism of RBI vide Letter of Approval (LOA) No. BY.CDR/AG No. 1110/2008-2009 dated 26th February, 2009.

c) All FITL are repayable on stepped basis as per Restructuring Package by Corporate Debt Restructuring (CDR) Cell under the CDR Mechanism of RBI vide Letter of Approval (LOA) No. BY.CDR/AG No. 1110/2008-2009 dated 26th February, 2009.

d) All Interest on FITL are repayable in two equal installments as per Restructuring Package by Corporate Debt Restructuring (CDR) Cell under the CDR Mechanism of RBI vide Letter of Approval (LOA) No. BY.CDR/AG No. 1110/2008-2009 dated 26th February, 2009.

e) Repayment in 36 monthly instalments.

Security

a) Non converible debentures(NCDs), Term Loan, Funded Interest on NCDs, Funded Interest on Term Loans and Funded Interest on Working Capital are secured by way of first mortgage / charge over the immovable properties and first charge by way of hypothecation over the movable (save and except current assets /book debts and certain items of Plant & Machinery purchased and/or to be purchased under the equipment finance/credit scheme) both present and future, and second charge on the current assets i.e. stock of raw materials, finished and finished goods, consumable stores, book debts, receivables and as such other movables subject to prior charges created and/or to be created in favour of company’s bankers on stocks of raw materials, finished and semi-finished goods, consumable stores,book debts and other receivables for securing working capital facilities.

b) Term Loan shall rank pari-passu interse without any preference or priority of one or the other.

c) All Term Loans and Funded Interest Term Loans are additionally secured by personal guarantees of Shri S. K. Somany-Chairman and Shri A. K. Somany-Managing Director of the Company.

d) Derivative Rupee Term Loan along with Funded Interest on Derivative Term Loan under CDR Scheme are secured by way of pari passu third charge on the fixed assets and immovable properties of the company ranking third and subservient in point of priority to the charges created or to be created in favour of the existing lenders. The said loan is additionally secured by personal guarantee of Shri A K Somany – Managing Director of the Company. Repayment of this Term Loan is subjected to availability of cash flow on subservient basis as per stipulation given under Corporate Debt Restructuring (CDR) scheme

e) Secured by way of hypothecation of Vehicle financed.

SHORT TERM BORROWINGS:

Working Capital Loans are secured by first pari passue charge against hypothecation of whole of the current assets, present and future of the Company, including stock of Raw Materials, stock in process, finished and semifinished goods, stores and spares not relating to Plant and Machinery (Consumable stores and spares), Bills Receivables, Book Debts, outstanding monies, receivables, bills, claims and stock in transit, including all other movables etc. and second pari passu charge by way of mortgage of deposit of title deeds of movable and immovable fixed assets, both present and future of the Company, situated at Rakhial Road, Taluka city, Dist. Ahmedabad in the State of Gujarat.

Working Capitals Loans are additionally secured by personal guarantees of Shri S. K. Somany-Chairman and Shri A. K. Somany-Managing Director of the Company.

Working Capital loans are also secured by pledge of 2.500 Millions Equity Shares of Rs.10/- each of the Company held by Shri S. K. Somany, one of the promoter of the Company, in terms of Pledge Agreement executed in favour of Dena Bank, the Lead Bank of Dena Bank Working Capital Consortium.

Auditors :
Name :	Pipara and Company Chartered Accountant
Address :	“Pipara Corporate House”, Near Gruth Finance, Netaji Gruh Finance, Netaji Marg, Law Garden, Ahmedabad-380006, Gujarat, India
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associate Company :	· SOMA Textile F.Z.C. · Sharjah, UAE
Other related parties where control exists :	· Somany Evergreen Knits Limited · Kechak Credit and Finvest Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions
1000000	0.01% Cumulative Redeemable Non – convertible Preference Shares	Rs.100/- each	Rs.100.000 Millions
	Total		Rs. 500.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
33418300	Equity Shares	Rs.10/- each	Rs.334.183 Millions
975000	0.01% Cumulative Redeemable Non – convertible Preference Shares	Rs.100/- each	Rs. 97.500 Millions
	Total		Rs. 431.683 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33033000	Equity Shares	Rs.10/- each	Rs.330.330 Millions
975000	0.01% Cumulative Redeemable Non – convertible Preference Shares	Rs.100/-each	Rs. 97.500 Millions
(Add) 385300	Subscribed and not paid up		Rs. 1.945 Millions
	Total		Rs. 429.775 Millions

Note:

During the year 975000 (previous year Nil) - 0.01% Cumulative Redeemable Non-Convertible Preferance Shares of the face value of Rs. 100 each were issued on 8th November, 2013 to the Company’s Promoters and Promoter’s Group companies, for cash at par aggregating to Rs. 97.500 Millions in proportion to their contribution/share application money received from them in compliance with the stipulation prescribed under the Capital Debt Restructuring (CDR) Scheme, sanctioned by CDR Cell to the Company vide LOA No. CDR (AG) No. 1110/2008-2009 dated 26th February, 2009 read with their further approval no. BY. CDR/SSA/No. 183/2013-14 dated 3rd June, 2013, for funding the Cost of Capital Restructuring (CDR) Scheme.

The Company has only one class of equity shares having a par value of Rs 10 each. Each holder of equity shares is entitled to one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding in accordance with the provisions of Companies Act 1956.

The Company has only one class of Preference shares having a par value of Rs. 100 each. The holders of the Preference Shares shall have a preferential right to receive dividend, at a specified rate on the paid-up Capital including right to receive arrears of cumulative dividends, remaining due on such shares, Other than as permitted under Section 87 and other applicable provisions, if any, of the Companies Act, 1956, the holders of Preference Shares do not have any right to vote at the Company’s General (Shareholders) Meeting. They have all such other rights as available to the Preference Shareholders under the provisions of Companies Act, 1956, read with Memorandum and Articles of Association of the Company, as applicable.

In the event of winding up, the holders of preference shares will be entitled to receive in proportion to the number of shares held at the time of Commencement of winding up, any of the remaining assets of the Company, if any, after distribution to all secured creditors and the Preference Shareholders right to receive monies out of the remaining assets shall be rekoned, pari passu with other unsecured creditors however in priority to the Equity Shareholders. The preference Shares shall be redeemed at par, at the option of the Company, at anytime within 20 years from the date of issue .The Board of Directors of the Company, at its discretion reserves the rights to redeem the said Preference shares, earlier.

Reconciliation of the number of shares outstanding as at 31st March, 2014 and 31st March, 2013 is set out below:-

a) Equity Shares

	As at 31^ST March, 2014
Shares at the beginning of the year	33,033,000
Add: Shares issued during the year	--
Less: Shares bought back during the year	--
Shares at the end of the year	33,033,000

b) 0.01% Cumulative Redeemable Non -convertible Preference Shares

	As at 31^ST March, 2014
Shares at the beginning of the year	--
Add: Shares issued during the year	975,000
Less: Shares Redeemed during the year	--
Preference Shares at the end of the Year	975,000

1.4 The Detail of Shareholders holding more than 5% Shares:

Name of Shareholder	As at 31^ST March, 2014
	No. of Shares held	% of Holding
Equity Shares
Krishnaa Glass Private Limited	8297716	25.12
Sarvopari Investments Private Limited	4007244	12.13
Mavi Investment Fund Limited	4986600	15.10
Surendra Kumar Somany	3068274	9.29
Preference Shares
Krishnaa Glass Private Limited	345000	35.38
Sarvopari Investments Private Limited	580000	59.49
Surendra Kumar Somany	50000	5.13

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	429.775	332.275	332.275
(b) Reserves & Surplus	192.509	325.888	342.501
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	97.500	97.500
Total Shareholders’ Funds (1) + (2)	622.284	755.663	772.276
(3) Non-Current Liabilities
(a) long-term borrowings	564.398	813.236	912.999
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	224.492	20.144	0.144
(d) long-term provisions	38.578	42.951	35.186
Total Non-current Liabilities (3)	827.468	876.331	948.329
(4) Current Liabilities
(a) Short term borrowings	1147.128	1007.195	888.640
(b) Trade payables	171.917	324.756	145.619
(c) Other current liabilities	220.775	291.296	274.786
(d) Short-term provisions	10.284	11.128	7.440
Total Current Liabilities (4)	1550.104	1634.375	1316.485
TOTAL	2999.856	3266.369	3037.090
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	703.530	1009.628	1093.879
(ii) Intangible Assets	7.289	8.802	0.336
(iii) Capital work-in-progress	2.446	21.282	15.753
(iv) Intangible assets under development	0.000	0.000	2.215
(b) Non-current Investments	3.442	3.442	3.442
(c) Deferred tax assets (net)	55.008	13.308	37.608
(d) Long-term Loan and Advances	963.070	871.690	831.642
(e) Other Non-current assets	1.386	9.402	12.976
Total Non-Current Assets	1736.171	1937.554	1997.851
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	687.759	706.872	632.864
(c) Trade receivables	430.676	481.120	300.237
(d) Cash and cash equivalents	32.431	28.564	19.028
(e) Short-term loans and advances	7.342	18.594	8.012
(f) Other current assets	105.477	93.665	79.098
Total Current Assets	1263.685	1328.815	1039.239
TOTAL	2999.856	3266.369	3037.090

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2729.264	3227.129	2661.392
	Other Income	49.912	68.724	62.302
	TOTAL (A)	2779.176	3295.853	2723.694
Less	EXPENSES
	Cost of Materials Consumed	1731.338	1938.887	1620.275
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5.060)	(86.982)	43.809
	Employees benefits expense	227.588	225.172	175.346
	Other expenses	752.015	857.844	647.691
	Prior Period Items - (Expense)/Income	1.408	1.055	2.810
	Exceptional Items	(86.597)	(52.405)	(96.030)
	Extraordinary Item	(32.406)	0.000	0.000
	TOTAL (B)	2588.286	2883.571	2393.901
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	190.890	412.282	329.793
Less	FINANCIAL EXPENSES (D)	236.164	242.645	242.941
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(45.274)	169.637	86.852
Less/ Add	DEPRECIATION/ AMORTISATION (F)	131.615	160.140	165.539
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(176.889)	9.497	(78.687)
Less	TAX (H)	(43.510)	26.110	(4.078)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(133.379)	(16.613)	(74.609)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	508.314	361.273	193.924
	TOTAL EARNINGS	508.314	361.273	193.924
	IMPORTS
	Raw Materials	1.624	117.622	55.676
	Store (including dyes and spares)	40.970	42.751	37.944
	Capital Goods	2.535	20.323	0.000
	TOTAL IMPORTS	45.129	180.696	93.620
	Earnings / (Loss) Per Share (Rs.)	(4.04)	(0.50)	(2.26)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(4.89)	(0.51)	(2.80)
Operating Profit Margin (PBDIT/Sales)	(%)	6.99	12.78	12.39
Return on Total Assets (PBT/Total Assets}	(%)	(6.02)	0.29	(2.64)
Return on Investment (ROI) (PBT/Networth)		(0.28)	0.01	(0.10)
Debt Equity Ratio (Total Debt /Networth)		2.75	2.41	2.33
Current Ratio (Current Asset/Current Liability)		0.82	0.81	0.79

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	332.275	332.275	429.775
Reserves & Surplus	342.501	325.888	192.509
Share Application money pending allotment	97.500	97.500	0.000
Net worth	772.276	755.663	622.284
long-term borrowings	912.999	813.236	564.398
Short term borrowings	888.640	1007.195	1147.128
Total borrowings	1801.639	1820.431	1711.526
Debt/Equity ratio	2.333	2.409	2.750

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	2661.392	3227.129	2729.264
		21.257	(15.427)

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	2661.392	3227.129	2729.264
Profit	(-74.609)	(16.613)	(133.379)
	(-2.80%)	(0.51%)	(4.89%)

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	No
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%	No
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	No
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

CHARGES:

Top of Form

Suit-filed accounts of Rs. 10.000 Millions and above as on 05-Dec-2014
Borrowers details

Borrower name	SOMA TEXTILES AND INDUSTRIES LIMITED
D&B D-U-N-S^®Numbers
Address	2 RED CROSS PLACE, KOLKATTA 700 001 MAHARASHTRA

Name of Directors Reported by Credit Grantors Filing the Suit:

Sr. No.	Directors Reported by Credit Grantors
ICICI BANK LIMITED
1	ARVIND KR SOMANY
2	BRIJ KISHORE HURKAT
3	DALEEP THIRANI
4	PROFULL ANUBHAI SHAH
5	SHRIKANT BHAT
6	SURENDRA KR SOMANY

List Of Credit Grantors to which SOMA TEXTILES AND INDUSTRIES LIMITED is a defaulter:

Names of Credit Grantors	Branch	Amount  (Rs. in Lacs)
ICICI BANK LIMITED	MUMBAI	1,448.00
	Total	1,448.00

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Other loans and advances
Deferred payment liabilities	0.000	4.340
Leasehold Liability	0.400	0.396
Unsecured Loans from Promoters	56.200	74.400
Total	56.600	79.136

Bottom of Form

FINANCIAL PERFORMANCE

During the Financial Year the business scenario for the Textile Industry was extremely challenging.

The revenue from operations for the year 2013-14 was Rs. 2729.200 Millions as compared to Rs. 3227.100 Millions in previous year, a decline by 15.43%.

The loss before Prior period, Exceptional item and tax was Rs. 294.500 Millions against the previous year loss of Rs. 41.900 Millions.

The net loss for the year was Rs. 133.400 Millions against the previous year net loss of Rs. 16.600 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE:

The Indian Textiles Industry has an overwhelming presence in the economic life of the country. Apart from providing one of the basic necessities of life, the textiles industry also plays a vital role through its contribution to industrial output, employment generation, and the export earnings of the country.

The sector contributes about 14 per cent to industrial production; 4 percent to the country’s gross domestic product (GDP); 17 per cent to export earnings. It is the second largest provider of employment after agriculture and provides direct employment to over 35 million people. Thus, the growth and all round development of this industry has a direct bearing on the improvement of the economy of the nation.

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10175465	06/06/2013 *	2,100,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHHI COMPLEX, OPP. V. S. HOSPITAL, ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B77654739
2	10177550	05/06/2013 *	10,600,000.00	EXPORT-IMPORT BANK OF INDIA	CENTER ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B77584357
3	10174721	05/06/2013 *	11,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B77633063
4	10175195	05/06/2013 *	13,600,000.00	DENA BANK	ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B77159283
5	10174722	05/06/2013 *	13,825,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B77633519
6	10175466	06/06/2013 *	20,700,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDHHI COMPLEX, OPP. V. S. HOSPITAL, ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B77655223
7	10174685	05/06/2013 *	22,600,000.00	Axis Bank Limited	CORPORATE BANKING BRANCH, AXIS HOUSE,C-2 WADIA IN  TERNATIONAL CENTRE, GRD FLR, MUMBAI, Maharashtra - 400025, INDIA	B78005261
8	10175474	04/06/2013 *	30,100,000.00	IDBI Bank Limited	IDBI TOWER, CORPORATE BANKING GROUP, 12TH FLOOR,  CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B77413227
9	10175187	04/06/2013 *	32,718,000.00	IDBI Bank Limited	IDBI TOWER, CORPORATE BANKING GROUP, 12TH FLOOR,  CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B77413946
10	10175196	05/06/2013 *	69,800,000.00	DENA BANK	ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B77159770

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Unredeemed Bank Guarantees (margin in form of FDR Rs. 2.291 Millions(Previous year Rs. 2.264Millions) provided against Bank Guarantees)	22.911	22.643
Sales Tax Payment disputed by the Company	0.617	0.617
Excise Duty demand disputed by the Company	3.373	3.373
Claims against the Company not Acknowledged as debts	3.978	2.384
Notice of Income Tax demand for A.Y. 2007-08	4.533	4.533

FIXED ASSETS

· Freehold Land

· Leasehold land

· Freehold Building

· Leasehold Building

· Plant and equipment

· Furniture and Fixture

· Vehicle

· Office equipment

· 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. 61.85
UK Pound	1	Rs. 96.72
Euro	1	Rs. 76.53

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	SUB
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--CREDIT LINES	1~10	1
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		15

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.