MIRA INFORM REPORT

Report Date :

08.12.2014

IDENTIFICATION DETAILS

Name :	BOMBAY RAYON FASHIONS LIMITED
Registered Office :	D-1^st Floor, Oberoi Garden Estates, Chandivali, Farms Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.05.1992
Com. Reg. No.:	11-066880
Capital Investment / Paid-up Capital :	Rs.1346.000 Millions
CIN No.: [Company Identification No.]	L17120MH1992PLC066880
TAN No.: [Tax Deduction & Collection Account No.]	MUMM08816D
PAN No.: [Permanent Account No.]	AAACM3447J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Fabrics and Garments.
No. of Employees :	13824 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. There seems some dip in the turnover during 2014. The company has also incurred a heavy loss. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 willfully 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 = BBB- (Suspended)
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	26.11.2012

Reason for Suspended: The rating has been suspended as the company has not furnished the information required.

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 DECLINED BY

Name :	Mr. A. R. Mudhra
Designation :	Finance Head
Contact No.:	91-22-39858800
Date :	05.12.2014

LOCATIONS

Registered/ Head Office :	D – 1^st Floor, Oberoi Garden Estates, Chandivali, Farms Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-66955566/ 56950506/ 39858800
Fax No.:	91-22-28476992/ 28598522/ 28476992/ 39858830
E-Mail :	mail@bombayrayon.com opportunities@bombayrayon.com contactus@bombayrayon.com investors@bombayrayon.com
Website :	http://www.bombayrayon.com
Bangalore Office :	KIADB Apparel Park, Near Railway Station, Doddaballapur, Bangalore – 561206, Karnataka, India
Tel No.:	91-80-30940000
Fax No.:	91-80-30940111
Factory :	WEAVING AND YARN DYEING – Maharashtra – Navi Mumbai, Sonale and Tarapur, District Thane – Silvassa – Karnataka – Bangalore PROCESSING AND YARN DYEING – Maharashtra -Tarapur – Karnataka – Bangalore GARMENTING – Maharashtra – Navi Mumbai, Islampur, Latur, Ichalkaranji and Osmanabad – Karnataka - Bangalore – Tamilnadu - Chennai – Kerala - Thiruvannthapuram

DIRECTORS

AS ON 31.03.2014

Name :	Me. Janardhan Biseshwarlal Agrawal
Designation :	Director
Address :	Flat No. 602, 6th Floor, Daffodil, N S Road No. 7, JVPD Scheme, Vile Parle, Mumbai - 400049, Maharashtra, India
Date of Birth :	25.05.1949
Qualification :	B. Com
Date of Appointment :	24.08.1992
PAN No.:	ADFPA8150R
DIN No.:	00019497
Name :	Mr. Aman Janardhan Agarwal
Designation :	Whole-time director
Address :	# 144, Prestage Ozone, Varthur,, Kodi White Field, Hagadur Village, Bangalore - 560066, Karnataka, India
Date of Birth :	21.05.1972
Qualification :	B. Com, MBA - Australia
Date of Appointment :	31.01.2003
PAN No.:	ADHPA6018J
DIN No.:	00019534
Name :	Mr. Prashant Janardan Agarwal
Designation :	Managing director
Address :	Flat No. 602, 6th Floor, Daffodil, N S Road No. 7, JVPD Scheme, Vile Parle, Mumbai - 400049, Maharashtra, India
Date of Birth :	26.01.1974
Qualification :	B. Tech Chemical, M.S. Chemical Engineering and Petroleum Refining [USA]
Date of Appointment :	01.09.1997
PAN No.:	ADGPA2747K
DIN No.:	00019464
Name :	Asharam Mundra
Designation :	Whole-time director
Address :	63A Shivam, 96, Jay Parkash Road, Andheri (West), Mumbai - 400058, Maharashtra, India
Date of Birth :	21.07.1956
Qualification :	B. Com, LLB, ACA, ACS
Date of Appointment :	16.05.2005
PAN No.:	AACPM5740M
DIN No.:	00019234
Name :	Naseer Ahmed
Designation :	Director
Address :	391, 2nd Main, 2nd Cross, 2nd Phase, 80 Feet Road, R M V Extension, Bangalore - 560094, Karnataka, India
Date of Birth :	22.05.1959
Date of Appointment :	25.07.2005
DIN No.:	00027095
Name :	Arunachalam Arumugham
Designation :	Director
Address :	121, Udani Layout, Cambridge Road, Ulsoor, Bangalore - 560008, Karnataka, India
Date of Birth :	26.10.1942
Date of Appointment :	22.08.2013
DIN No.:	00350163
Name :	Mr. Man Mohan Agrawal
Designation :	Director
Address :	1204/1205, "C" Wing Tower 1, 12th Floor, Ashoka Garden, Sewree, Mumbai - 400015, Maharashtra, India
Date of Birth :	04.08.1950
Date of Appointment :	09.02.2011
DIN No.:	00681433
Name :	Mr. Suresh Shankar Vishwasrao
Designation :	Director
Address :	B9, Dreams, SBI Staff Housing Society Limited, Babhi, Ram, Mandir Road, Off Vasantrao Road, Borivli (West), Mumbai - 400092, Maharashtra, India
Date of Birth :	04.10.1946
Date of Appointment :	31.03.2009
DIN No.:	00837235
Name :	Mr. Mukul Sarkar
Designation :	Nominee director
Address :	Flat No. 1201, Wallace Apartments, Sleater Road, West Mumbai - 400007, Maharashtra, India
Date of Birth :	01.06.1967
Date of Appointment :	23.06.2011
DIN No.:	00893700
Name :	Mr. Babu Narayanan Nambiar
Designation :	Nominee director
Address :	303, Purva, Kores Nakshatra, Vartak Nagar, Thane - 400606, Maharashtra, India
Date of Birth :	02.07.1967
Date of Appointment :	22.08.2013
DIN No.:	06697737

KEY EXECUTIVES

Name :	Ms. Prachi A. Deshpande
Designation :	Company Secretary
Address :	D 1^st Floor, Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India
Name :	Mr. A. R. Mudhra
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	22226218	16.51
Bodies Corporate	50793948	37.74
Sub Total	73020166	54.25
(2) Foreign
Bodies Corporate	51000400	37.89
Sub Total	51000400	37.89
Total shareholding of Promoter and Promoter Group (A)	124020566	92.14
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	683028	0.51
Central Government / State Government(s)	10	0.00
Foreign Institutional Investors	542889	0.40
Sub Total	1225927	0.91
(2) Non-Institutions
Bodies Corporate	7921742	5.89
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	741412	0.55
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	505676	0.38
Any Others (Specify)	184677	0.14
Clearing Members	127172	0.09
Non Resident Indians	57505	0.04
Sub Total	9353507	6.95
Total Public shareholding (B)	10579434	7.86
Total (A)+(B)	134600000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	134600000	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Fabrics and Garments.

Products :

Products Description	Item Code No.
Woven Fabric of Cotton	5208
Woven Fabric of Cotton mixed mainly or solely with Manmade Fibre	5211
Men’s or Boys Shirting’s	6205
Women’s or Girls Blouses, Shirts and Shirt-Blouses	6206

Brand Names :

‘GURU’

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS

Particulars	Unit	31.03.2013
Fabrics	Million Metres	162.75 mm Mtrs.
Garments	Million Pieces	41.95 Mn Pcs

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

No. of Employees :

13824 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· Axis Bank Limited

Central Office, Capital Market Department, 6th Floor, "F" Wing, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· Union Bank of India

Yashwant Bhawan Pandurang Bhudkar Marg, Lower Parel, Mumbai - 400013, Maharashtra, India

· State Bank of Hyderabad

Ground Floor, New India Assurance Building, 87, M.G. Road, Fort, Mumbai - 400023, Maharashtra, India

· Allahabad Bank

· Bank of India

· Bank of Maharashtra

· Central Bank of India

· Corporation Bank

· Dena Bank

· Export-Import Bank of India

· Indian Bank

· IDBI Bank Limited

· Indian Overseas Bank Limited

· ICICI Bank Limited

· Karnataka Bank Limited

· Karur Vysya Bank Limited

· Oriental Bank of Commerce

· Punjab National Bank

· State Bank of Bikaner and Jaipur

· State Bank of India

· State Bank of Mysore

· State Bank of Patiala

· State Bank of Travancore

· Standard Chartered Bank

Facilities :

SECURED LOAN	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
A) TERM LOANS
- From Banks Term Loans from banks are secured by first charge on all fixed assets except specific assets and second charge on the current assets of the company	27008.600	14924.300
B) VEHICLE LOANS
- From Banks	1.600	2.900
- From Other Parties	3.400	2.700
The vehicle loans from the banks and others are secured by hypothecation of specified vehicles against which the finance is obtained
SHORT TERM BORROWINGS
C) WORKING CAPITAL LOANS	16735.800	19282.400
Working capital Loans from banks are secured by hypothecation of all current assets and second charge on the fixed assets except specific assets of the company
Total	43749.400	34212.300

Banking Relations :	---
Financial Institutions :	· Sundram Finance Limited · SBICAP Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai - 400005, Maharashtra, India
Auditors :
Name :	V. K. Beswal and Associates Chartered Accountants
Address :	Mumbai, Maharashtra, India
Subsidiary Company :	· STI India Limited [L27105MP1984PLC002521] · DPJ Clothing Limited · Bombay Rayon Holdings Limited [U17291MH2007PLC168067] · BRFL Bangladesh Private Limited · BRFL Europe B.V. · BRFL Italia S.R.L.
Other Related Parties :	· Latur Integrated Textile Park Private Limited [U45203MH2008PTC182610] · Islampur Integrated Textile Park Private Limited [U45203MH2008PTC182613] · STI Sanoh India Limited · Kagal Industrial Textile Technology Park Private Limited [U74120MH2012PTC225806] · Reynold Shirting Limited [U17120MH2003PLC143303] · Bombay Rayon Clothing Limited [U18101MH2005PLC150375] · Bestsellers Retail India Private Limited · Best United Lifestyles Private Limited [U74999MH2009PTC190674] · Best United India Comforts Private Limited · Bestseller Wholesale India Private Limited · B. R. Machine Tools Private Limited [U29220KA1978PTC003427] · Ashwell Holding Company Private Limited · Arihant Organics Private Limited [U24100MH1991PTC060278] · Clinvent Real Estates Private Limited [U45200MH2006PTC158798] · J.D. Agarwal Foundation

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000,000	Equity Shares	Rs.10/- each	Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
134,600,000	Equity Shares	Rs.10/- each	Rs. 1346.000 Millions

NOTES:

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Particulars	March 31, 2014
	No. of Shares	Rs. In Millions
At the beginning of the year	134,600,000	1346.000
Shares Issued during the year	--	--
At the end of the year	134,600,000	1346.000

Detail of shareholders holding more than 5% of shares in the company

Name of Shareholders	March 31, 2014
	No. of Shares	% of Holding
Janardan Agarwal	7,756,422	5.76%
Reynold Shirting Limited	13,449,947	9.99%
Bombay Rayon Clothing Limited	6,602,760	4.91%
AAA United B.V.	51,000,400	37.89%
Ashwell Holding Company Private Limited	28,420,000	21.11%

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	1346.000	1346.000	1346.000
(b) Reserves & Surplus	25767.500	29866.200	27978.600
(c) Money received against share warrants	493.100	493.100	493.100
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	27606.600	31705.300	29817.700
(3) Non-Current Liabilities
(a) long-term borrowings	27905.500	14929.900	13069.900
(b) Deferred tax liabilities (Net)	1149.100	3248.200	2610.900
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	61.800	62.800	9.800
Total Non-current Liabilities (3)	29116.400	18240.900	15690.600
(4) Current Liabilities
(a) Short term borrowings	17275.000	21167.600	19268.500
(b) Trade payables	7928.600	6719.300	4465.100
(c) Other current liabilities	2290.100	4641.800	3441.700
(d) Short-term provisions	452.900	419.200	354.300
Total Current Liabilities (4)	27946.600	32947.900	27529.600
TOTAL	84669.600	82894.100	73037.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35457.300	38159.700	37175.300
(ii) Intangible Assets	59.800	69.700	73.000
(iii) Capital work-in-progress	1350.900	1289.600	517.500
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1567.900	1567.900	1556.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3759.200	3824.200	3601.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	42195.100	44911.100	42922.900
(2) Current assets
(a) Current investments	14.000	24.000	128.000
(b) Inventories	24461.200	22618.500	17731.000
(c) Trade receivables	9594.700	7184.300	4610.700
(d) Cash and cash equivalents	976.300	911.500	1184.800
(e) Short-term loans and advances	7427.800	7244.200	6457.700
(f) Other current assets	0.500	0.500	2.800
Total Current Assets	42474.500	37983.000	30115.000
TOTAL	84669.600	82894.100	73037.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	29073.600	31947.900	27349.600
		Other Income	97.100	190.200	143.000
		TOTAL (A)	29170.700	32138.100	27492.600
Less	EXPENSES
		Cost of Materials Consumed	19425.900	19445.200	17091.100
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2089.600)	(3302.300)	(3215.100)
		Employees benefits expense	2563.200	2509.200	2301.600
		Other expenses	4754.700	4894.000	3851.000
		Prior period items (Net)	(38.000)	0.000	0.000
		Stock Valuation Difference Written Off	2583.600	0.000	0.000
		Foreign Exchange Rate fluctuation Loss	909.200	0.000	0.000
		TOTAL (B)	28109.000	23546.100	20028.600
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1061.700	8592.000	7464.000
Less	FINANCIAL EXPENSES (D)		4501.900	2780.600	2215.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(3440.200)	5811.400	5248.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2757.600	2712.200	2172.300
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(6197.800)	3099.200	3076.400
Less	TAX (H)		(2099.100)	1211.600	1011.300
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(4098.700)	1887.600	2065.100
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	4205.600	10797.600	12236.900
	IMPORTS
		Raw Materials	524.000	492.900	1960.600
		Stores & Spares	104.000	99.300	241.700
		Capital Goods	29.400	20.900	18.400
	TOTAL IMPORTS		657.400	613.100	2220.700
	Earnings/ (Loss) Per Share (Rs.)
	- Basic		(30.45)	14.02	15.50
	- Diluted		(30.45)	14.02	14.67

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014
Type	1^st Quarter	2^nd Quarter
Net Sales	7980.600	8290.100
Total Expenditure	6875.000	6886.300
PBIDT (Excl OI)	1105.600	1403.800
Other Income	23.000	43.800
Operating Profit	1128.600	1447.600
Interest	1260.100	1377.800
Exceptional Items	0.000	0.000
PBDT	(131.500)	69.800
Depreciation	444.100	445.300
Profit Before Tax	(575.600)	(375.500)
Tax	(195.600)	(124.300)
Provisions and contingencies	0.000	0.000
Profit After Tax	(380.000)	(251.200)
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	(380.000)	(251.200)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	(14.05)	5.87	7.51
Net Profit Margin (PBT/Sales)	(%)	(21.32)	9.70	11.25
Return on Total Assets (PBT/Total Assets}	(%)	(7.58)	3.87	4.34
Return on Investment (ROI) (PBT/Networth)		(0.22)	0.10	0.10
Debt Equity Ratio (Total Debt /Networth)		1.60	1.14	1.08
Current Ratio (Current Asset/Current Liability)		1.52	1.15	1.09

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1346.000	1346.000	1346.000
Reserves & Surplus	27978.600	29866.200	25767.500
Money received against share warrants	493.100	493.100	493.100
Net worth	29817.700	31705.300	27606.600
Long-term borrowings	13069.900	14929.900	27905.500
Short term borrowings	19268.500	21167.600	17275.000
Total borrowings	32338.400	36097.500	45180.500
Debt/Equity ratio	1.085	1.139	1.637

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	27349.600	31947.900	29073.600
		16.813	(8.997)

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	27349.600	31947.900	29073.600
Profit/ (Loss)	2065.100	1887.600	(4098.700)
	7.55%	5.91%	(14.10%)

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

Bench:-Bombay

Presentation Date:- 20.11.2014

Lodging No.:-

CPL/854/2014

Filing Date:-

20.11.2014

Petitioner:-	SUVIDHI INDUSTRIES	Respondent:-	BOMBAY RAYON FASHION LIMITED (CIN-L17120MH1992PLC066880)
Petn. Adv.:-	NANKANI ASSOCIATES (I2864)
District:-	MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission	Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT

Last Date:-

27.11.2014

Stage:-

--

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Companies Act & Rules 1956

Under Section:-

433 (E) 434 439

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10484510	30/05/2014 *	52,404,100,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER "E", CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C09462086
2	10483786	21/02/2014	52,404,100,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C00028910
3	10437067	15/06/2013	500,000,000.00	STATE BANK OF TRAVANCORE	RESIDENCY ROAD BRANCH, BANGALORE, KARNATAKA - 560025, INDIA	B79707246
4	10421780	30/03/2013	250,000,000.00	STATE BANK OF PATIALA	ATLANTA , 1ST FLOOR, JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B73762973
5	10420887	25/03/2013	3,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	GROUND FLOOR, ASIAN BUILDING, 17, R KAMANI MARG,  BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B73495707
6	10385303	21/09/2012	2,050,000,000.00	UNION BANK OF INDIA	YASHWANT BHAWAN PANDURANG BHUDKAR MARG, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA	B61663860
7	10365253	16/06/2012	1,000,000,000.00	CENTRAL BANK OF INDIA	"VASTU DARSHAN", 'B' WING, 1ST FLOOR, AZAD ROAD, ANDHERI (E), MUMBAI, MAHARASHTRA - 400069, INDIA	B43522176
8	10323237	09/12/2011	1,200,000,000.00	STATE BANK OF HYDERABAD	GROUND FLOOR, NEW INDIA ASSURANCE BUILDING, 87, M .G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B27901180
9	10333190	09/12/2011	650,000,000.00	BANK OF INDIA	ANDHERI LARGE CORPORATE BRANCH, M.D.I. BLDG,, 1ST  FLOOR, 28, S.V. ROAD, ANDHERI (W), MUMBAI, MAHARASHTRA - 400058, INDIA	B31091069
10	10327594	02/12/2011	600,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B29222882
11	10315494	21/10/2011	2,000,000,000.00	STATE BANK OF PATIALA	ATLANTA, 1ST FLOOR, JAMNALAL BAJAJ MARG, NARMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B24462939
12	10315953	29/09/2011	800,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, CENTENARY BUILDING, NO.28, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B24663007
13	10315053	13/09/2011	600,000,000.00	STATE BANK OF MYSORE	CORPORATE ACCOUNTS BRANCH, RAMANASHREE ARCADE, MID FORD GARDEN'S ROAD, OFF M. G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B24284267
14	10307291	25/08/2011	9,552,200,000.00	STATE BANK OF INDIA	SNEHAL CHAMBERS, TELLI GALLI, ANDHERI, MUMBAI, MAHARASHTRA - 400069, INDIA	B21011127
15	10276797	26/03/2011	750,000,000.00	STATE BANK OF PATIALA	ATLANTA, 1ST FLOOR,, JAMANALAL BAJAJ MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B09496803
16	10274792	22/03/2011	750,000,000.00	ALLAHABAD BANK	37, MUMBAI SAMACHAR MARG, MUMBAI, MUMBAI, MAHARASHTRA - 400023, INDIA	B08742876
17	10274174	08/03/2011	9,669,800,000.00	STATE BANK OF INDIA	SNEHAL CHAMBERS, TELLI GULLI,, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	B08385189
18	10272242	15/02/2011	500,000,000.00	STATE BANK OF HYDERABAD	NEW INDIA ASSURANCE BUILDING,, 87, M. G. ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA	B06802813
19	10260315	23/12/2010	8,669,800,000.00	STATE BANK OF INDIA	SNEHAL CHAMBERS, TELLI GALLI, ANDHERI, MUMBAI, MAHARASHTRA - 400069, INDIA	B03267531
20	10251804	17/04/2013 *	42,432,069,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B77195584
21	10251637	26/10/2010	27,972,069,000.00	STATE BANK OF INDIA	SNEHAL CHAMBERS, TELLI GALLI, ANDHERI, MAHARASHTRA - 400069, INDIA	A98742927
22	10234749	28/06/2010	750,000,000.00	ALLAHABAD BANK	GROUND FLOOR,37, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	A90147513
23	10224470	02/06/2010	950,000,000.00	AXIS BANK LIMITED	LAXMI THE MALL, BUILDING NO.5, LAXMI INDUSTRIAL, ESTATE, NEW LINK ROAD, ANDHERI (W), MUMBAI, MAHARASHTRA - 400053, INDIA	A87037719
24	10212669	29/03/2010	210,000,000.00	STATE BANK OF BIKANER & JAIPUR	UNITED INDIA LIFE BUILDING,, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	A83390799
25	10193835	23/12/2009	7,750,000,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMINISTRATION UNIT, 1/5 B SHREE HARI BUILDING, RTO LANE, ANDHERI (W), MUMBAI,  MAHARASHTRA - 400053, INDIA	A76441245
26	10198478	21/12/2009	1,000,000,000.00	DENA BANK	CORPORATE BUSINESS BRANCH,, MUMBAI, MUMBAI, MAHARASHTRA - 400051, INDIA	A78143054
27	10193834	17/12/2009	6,149,600,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMINISTRATION UNIT, 1/5 B SHREE HARI BUILDING, RTO LANE, ANDHERI (W), MUMBAI,  MAHARASHTRA - 400053, INDIA	A76440700
28	10194527	12/12/2009	400,000,000.00	STATE BANK OF PATIALA	1ST FLOOR, ATLANTA, JAMANALAL BAJAJ MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A76557669
29	10197296	12/12/2009	1,400,000,000.00	STATE BANK OF PATIALA	1ST FLOOR ATLANTA, JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A77637908
30	10195941	04/12/2009	750,000,000.00	STATE BANK OF MYSORE	NO. 18, RAMANASHREE ARCADE, MIDFORD GARDENS ROAD, OFF M. G. ROAD, BANGLORE, BANGLORE, KARNATAKA - 560001, INDIA	A77124634
31	10191716	18/11/2009	500,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, 1ST FLOOR, ATLANTA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A74830050
32	10182017	22/09/2009	550,000,000.00	AXIS BANK LIMITED	CREDIT MANAGEMENT CENTRE, UNIT NO.6, CORPORATE PARK, SION TROMBAY ROAD, CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA	A71398556
33	10165646	19/06/2009	700,000,000.00	AXIS BANK LIMITED	ROYAL ACCORD IV, LOKHANDWALA COMPLEX, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400053, INDIA	A64670045
34	10153890	24/03/2009	1,000,000,000.00	AXIS BANK LIMITED	LOKHANDWALA COMPLEX BR. ROYAL ACCORD IV,, LOKHANDWALA COMPLEX, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400053, INDIA	A60059433
35	10129669	05/11/2008	1,250,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, CENTENARY BLDG., NO.28, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	A50922822
36	10124131	10/10/2008	1,630,000,000.00	EXPORT- IMPORT BANK OF INDIA	FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A46948220
37	10119828	23/08/2008 *	924,000,000.00	EXPORT - IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A46510814
38	10123033	01/08/2008	280,000,000.00	EXPORT- IMPORT BANK OF INDIA	FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A45905809
39	10110565	28/05/2008	1,500,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 'SNEHAL CHAMBERS', TELLI GALLI, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	A40642662
40	10113660	22/12/2008 *	2,780,000,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMIN. UNIT, SHRI HARI BUILDING, RTO LANE, FOUR BUNGALOWS, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400053, INDIA	A56288400
41	10110886	19/05/2008	90,000,000.00	EXPORT- IMPORT BANK OF INDIA	FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A40737306
42	10110889	19/05/2008	600,000,000.00	EXPORT- IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A40739781
43	10114582	19/05/2008	70,239,000.00	EXPORT- IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A40738759
44	10077704	16/11/2007	200,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A27954627
45	10075033	18/10/2007	500,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, ANDHERI (E), SNEHAL CHAMBERS, TELLI GALLI,, MUMBAI, MAHARASHTRA - 400069, INDIA	A26332650
46	10068115	16/08/2007	1,162,500,000.00	EXPORT-IMPORT BANK OF INDIA	FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A23527500
47	80014385	02/03/2009 *	7,750,000,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMINISTRATION UNIT, SHRI HARI BUILDING, FOUR BUNGLOWS, VERSOVA, ANDHERI, MUMBAI, MAHARASHTRA - 400053, INDIA	A60898558
48	90165585	18/02/2005	69,400,000.00	STATE BANK OF INDIA	INDL. FINANCE BRANCH; ANDHERI EAST, MUMBAI, MAHARASHTRA - 400069, INDIA	-
49	90166885	14/08/2002 *	57,000,000.00	CITIBANK N.A.	CITI TOWER; 61; DR. SS RAO ROAD. PAREL, MUMBAI, MAHARASHTRA - 400070, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 [Rs. In Millions]	31.03.2013 [Rs. In Millions]d (E)
SHORT TERM BORROWINGS
- From Banks	0.000	519.400
- From Other Parties	539.200	1365.800
- From Promoters	891.900	0.000
Total	1431.100	1885.200

FINANCIAL RESULTS

During the year, the Company’s debts availed from the Banks/ financial institutions were restructured due to which flow of orders from overseas customers slowed down as the customers were awaiting the status of the Company post implementation of debt restructuring package by the bankers. On account of the same, export sales of the Company has declined substantially from Rs.12271.700 Millions in FY 2012-13 to Rs.4732.000 Millions in FY 2013-14.

However though, the Company has strived to enhance the growth of its domestic sales from Rs.19728.500 Millions in FY 12-13 to Rs.24341.600 Millions in FY 13-14, resulting in an increase by almost 23%. Total revenue from operations has reduced to Rs.29076.200 Millions from Rs.31947.900 Millions in FY 2012-13. The net loss incurred for the year was Rs.4098.700 Millions after Extra-ordinary items of Rs.3492.800 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS

GENERAL ECONOMIC SCENARIO:

Uncertainty in the global outlook, caused by the crisis in the Euro area and general economic slowdown, compounded by domestic structural constraints and high inflation resulted in Indian economy to grow at sub 5% growth rate in second consecutive year in 2013-14. India’s growth declined from an average of 8.3% during 2004-05 to 2011-12 to an average of 4.7% in 2013-14.

After achieving unprecedented growth of over 9% for three successive years between 2005-06 and 2007-08 and recovering swiftly from the global financial crisis of 2008-09, the Indian economy has been going through challenging times that culminated in lower than 5% growth of GDP at factor cost at constant prices for two consecutive years, i.e. 2012-13 and 2013-14.

However, the scenario is improving fast. Inflation, though above acceptable levels has reduced appreciably. Improvements are also visible on the fiscal front and in the current account balance. Reflecting the above and the expectations of a change for the better, Indian financial markets have surged. Moderation in inflation would help ease the monetary policy stance and revive the confidence of investors, and with the global economy expected to recover moderately, particularly on account of performance in some advanced economies, the economy can look forward to better growth prospects in 2014-15 and beyond.

The Global Scenario Worldwide 2014 appears to be much more encouraging than 2013, with the forces driving the global economic recovery firmly entrenched. The IMF projects that global economic growth will rise from 3% in 2013 to 3.6% in 2014 and to 3.9% in 2015. This is largely due to a turn for the better in the developed economies - estimated to grow 2.25% in 2014, a full percentage point more than in 2013. US GDP growth for 2014 is projected at 2.8%, and in the Euro area at 1.2%, while China’s economy is expected to grow at 7.5%. GDP growth in the emerging markets and developing economies is slated to increase from 4.7% in 2013 to 4.9% in 2014, as these regions step up exports to the developed markets.

Continued fiscal easing, loose monetary policy in developed economies and stable commodity prices should boost the global recovery. The nervousness in the financial markets, particularly related to stability of the southern European economies, has abated considerably.

INDUSTRY OUTLOOK:

The industry is at important juncture today. On one hand they are witnessing revival in export markets. EU and US import growth rates have entered positive territory. China is also emerging as a major importer for fibre and yarns. On the other hand, the domestic market itself is poised for strong growth. A stable Government in Centre is expected to provide a stable, predictable policy environment which will improve consumer and industrial sentiments, thereby rejuvenating the economy.

Indian Government is on verge of finalizing a new Textile Policy. The Vision, Strategy and Action Plan for the Policy is already out. In the document it is heartening to see a sea change in Government approach for development of this sector. Not only there are radical changes suggested for bringing fresh investment, but also important recommendations for simplification of existing Government Schemes and Policies along with fiscal and financial support. Earliest implementation of such recommendations will definitely restore the confidence of investors and lenders, alike.

Challenges, nonetheless, are also not few. In global markets, India is yet to gain share of any significance in synthetic products. In the value add garment sector, Bangladesh and Vietnam are outpacing India in most of the major markets. Their duty free access to EU and USA, respectively are one of the reasons for their stellar performance. Indian FTA discussion with EU has yet to gain pace whereas TPP and Pakistan gaining duty free access to EU are issues of major concern.

BUSINESS OVERVIEW:

After completion of substantial expansion including acquisition, current year was a bit difficult for the company. The rise of interest rates, repayment of loans, delay in release of subsidies and slowdown in international market affected the working and cash flows of the company. Accordingly, a Corporate Debt Restructuring (CDR) scheme was finalized with the lenders and approved during the year giving reliefs with regard to the rate of interest, repayment schedule and funding of interest for a short period. The total export of the company was substantially lower but the same was made-up by increasing domestic sales to keep the performance in line for the year. The company incurred a total net loss of Rs.4098.700 Millions after extraordinary items of Rs.3492.800 Millions.

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED SEPTEMBER 30, 2014 [STANDALONE]

RS. IN MILLIONS

PARTICULARS		Quarter Ended		Half Year Ended
		30.09.2014	30.06.2014	30.09.2014
		Unaudited	Unaudited	Unaudited
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	8290.100	7980.600	16270.700
2	Expenses
	(a) (Increase) / Decrease in Stock	(710.500)	331.500	(379.000)
	(b) Consumption of raw materials	6042.900	4944.400	10987.300
	(c) Employee benefits expense	580.200	538.100	1118.300
	(d) Depreciation	445.300	444.100	889.400
	(e) Job work charges	236.900	39.700	276.600
	(f) Other Expenses	736.800	1021.300	1758.100
	Total expenses	7331.600	7319.100	14650.700
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	958.500	661.500	1620.000
4	Other Income	43.800	23.000	66.800
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	1002.300	684.500	1686.800
6	Finance Costs	1377.800	1260.100	2837.900
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	(375.500)	(575.600)	(951.100)
8	Exceptional items	0.000	0.000	0.000
9	Profit/ (Loss) from ordinary activities before tax (7+8)	(375.500)	(575.600)	(951.100)
10	Tax expenses
	Deferred Tax	124.300	195.600	319.900
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	(251.200)	(380.000)	(631.200)
12	Extraordinary item (net of tax expense)	0.000	0.000	0.000
13	Net Profit / (Loss) for the period (11-12)	(251.200)	(380.000)	(631.200)
14	Paid up equity share capital (Face Value of Rs10/-each)	1346.000	1346.000	1346.000
15	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	--	--	--
16	Earnings per share (Weighted Average)
	(a) Basic (not annualised)	--	--	--
	(b) Diluted (not annualised)	--	--	--
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of shares	10579434	10434952	10579434
	- Percentage of shareholding	7.86%	7.75%	7.86%
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	34775906	34920388	34775906
	- Percentage of shares (as a % of the total shareholding of Promoter and Promoter group)	28.04%	28.12%	28.04%
	- Percentage of shares (as a % of the total Share Capital of the Company)	25.84%	25.94%	25.84%
	b) Non Encumbered
	- Number of shares	89244660	89244660	89244660
	- Percentage of shares (as a % of the total shareholding of Promoter and Promoter group)	71.96%	71.88%	71.96%
	- Percentage of shares (as a % of the total Share Capital of the Company)	66.30%	66.30%	66.30%

B	INVESTOR COMPLAINTS [Nos.]	30.09.2014
	Pending at the beginning of the quarter	--
	Received during the quarter	1
	Disposed off during the quarter	1
	Remaining unresolved at the end of the quarter	--

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

PARTICULARS		30.09.2014
A. EQUITY AND LIABILITIES		Unaudited
1. Shareholders’ Funds
a] Share Capital		1346.000
b] Reserves and Surplus		25063.300
c] Money received for Convertible Warrants		493.100
Sub-total – Shareholders’ funds		26902.400
2. Non-current Liabilities
a] Long term Borrowings		27212.600
b] Unsecured Loans from Promoters		966.600
c] Deferred Tax Liabilities		829.200
d] Other Long-term liabilities		61.800
Sub-total - Non-current Liabilities		29070.200
3. Current Liabilities
a] Short term Borrowings		19334.000
b] Trade Payables		6440.700
c] Other Current Liabilities		3722.200
d] Short Term Provision		441.300
Sub-total - Current Liabilities		29938.200
TOTAL - EQUITY AND LIABILITIES		85910.800
B ASSETS
1. Non-current assets
a] Fixed assets		35975.700
b] Non-current investment		1567.900
c] Long Term loans and Advances		3762.800
d] Deferred Tax Assets		0.000
Sub-total – Non- current assets		41306.400
2. CURRENT ASSETS
	Current Investments	14.000
	Inventories	24863.500
	Trade Receivables	10895.500
	Cash & Bank Balances	845.800
	Short Term loans and advances	7982.400
	Other Current Assets	3.200
Sub-total – Current Assets		44604.400
TOTAL - ASSETS		85910.800

NOTES:

1) The above results were reviewed by the Audit Committee and have been approved by the Board of Directors of the Company in its meeting held on November 11, 2014 and a limited review of the same has been carried out by the Statutory Auditors of the Company.

2) To comply with the regulations of Securities and Exchange Board of India related to Minimum Public Shareholding (MPS) the Company and the promoters of the Company has already initiated the steps to increase the public shareholding to 25%.

3) The Fixed Assets of the Company were being depreciated on Straight Line Method (SLM) at the rate prescribed under Companies Act 1956. From the current quarter, the Company has started providing depreciated for all assets on SLM in accordance with useful life as certified by the Technical consultants in accordance with the method stipulated under Schedule II of the Companies Act, 2013. Useful life of certain assets as per above schedule had expired upto March 31, 2014, necessary adjustments have been made in the carrying value of assets and accordingly Rs. 7.30 is adjusted against retained earnings as stipulated in that schedule. Had the Company provided deprecation as in the earlier period, the charges for depreciation for the current quarter would have been higher by Rs.486.400 Millions.

4) The Company operates in a single segment of manufacture and sale of Textiles.

5) Previous year’s figures have been regrouped/ rearranged wherever necessary.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
a) Bills Discounted with Banks under Letter of credits or otherwise	671.000	71.400
b) Bank Guarantee	33.400	28.200
c) Disputed demand outstanding related to Income tax (The matters are pending with Income Tax Authorities)	47.800	600.200
Total	752.200	699.800

FIXED ASSETS

· Land

· Buildings

· Furniture and Fixtures

· Office equipment

· Motor Car and Vehicles

· Plant and Machinery

· 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 :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		33

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.