MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	GARDEN SILK MILLS LIMITED
Registered Office :	1st Floor, Tulsi Krupa Arcade, Near Aai Mata Chowk, Puna - Kumbharia Road, Dumbhal, Surat – 395010, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.07.1979
Com. Reg. No.:	04-003463
Capital Investment / Paid-up Capital :	Rs. 146.198 Millions
CIN No.: [Company Identification No.]	L17111GJ1979PLC003463
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 :	Designs, Manufactures, and Sells Textile Prints, Fabrics, and Textile Intermediates
No. of Employees :	(Approximately) / Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 7400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of continuous losses incurred by the company 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities (B) (Suspended)
Rating Explanation	High risk of default.
Date	October 15, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A4) (Suspended)
Rating Explanation	Minimal degree of safety. It carry very high credit risk
Date	October 15, 2014

Reason for Suspended:

The company has not furnished the information required to carry out rating

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 BY

Name :	Mr. Kamlesh Vyas
Designation :	Company Secretary
Contact No.:	91-261-2311197
Date :	09.12.2014

LOCATIONS

Registered Office :	1st Floor, Tulsi Krupa Arcade, Near Aai Mata Chowk, Puna - Kumbharia Road, Dumbhal, Surat – 395010, Gujarat, India
Tel. No.:	91-261-2311197 / 2311615
Fax No.:	91-261-2311029
E-Mail :	sharedepartment@gardenvareli.com
Website :	http://www.gardenvareli.com
Corporate Office :	Manek Mahal, 90, Veer Nariman Road, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22873117-19
Fax No.:	91-22-22048112
Factory 1 :	Vareli Complex, Village Vareli, Taluka Palsana, Dist. Surat – 394327, Gujarat, India
Tel. No.:	91-2622-271241-47
Factory 2 :	Village Jolwa, Taluka Palsana, Dist. Surat – 394305, Gujarat, India
Tel. No.:	91-2622-271287-89

DIRECTORS

AS ON 31.03.2014

Name :

Mr. Praful Amichand Shah

Designation :

Managing Director

Address :

Dr. Amichand Shah’s Wadi, Rampura Tunki, Surat – 395003, Gujarat, India

Date of Birth/Age :

14.12.1938

Date of Appointment :

01.09.2013

DIN No. :

00218143

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	L17111GJ1979PLC003463	GARDEN SILK MILLS LIMITED	Managing director	01/09/2013	23/07/1979	-	Active	NO
2	U17119GJ1991PTC015528	VARELI FABRICS PVT LTD	Director	09/08/1994	09/08/1994	-	Amalgamated	NO
3	U17111GJ1999PTC035425	AMIKA INDIAN TEXTILE AND ART MUSEUM PRIVATE LIMITED	Director	16/02/1999	16/02/1999	-	Active	NO
4	U17119GJ1986PLC008739	PRABHAT SILK MILLS LIMITED	Managing director	23/11/2007	23/11/2007	-	Active	NO
5	U17110GJ1986PLC008919	AMICHAND TEXTILES LIMITED	Director	21/11/2009	21/11/2009	-	Amalgamated	NO
6	U65910GJ1986PLC008920	SPS SILK LIMITED (SPS HOLDINGS)	Director	21/11/2009	21/11/2009	-	Amalgamated	NO
7	U65910GJ1985PLC007623	PASHAH TEXTILES LIMITED	Director	21/11/2009	21/11/2009	-	Amalgamated	NO
8	U65910GJ1992FLC017983	GARDEN FINMARK LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
9	U40100GJ1994PLC021360	INITA POWER COMPANY LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
10	U65910GJ1987PLC009405	VARELI TRADING COMPANY LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
11	U65990GJ1990PLC014657	PALOMAR TEXTILES LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
12	U17110GJ1992PTC018730	AMALFI TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
13	U17114GJ1992PTC018732	SORRENTO TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
14	U65990GJ1992PTC018735	COMO TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
15	U65990GJ1990PTC014659	CRYSPAL PROPERTIES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
16	U17110GJ1992PTC018729	REGATTA TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
17	U45200GJ1990PTC014661	MIRMIRA PROPERTIES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
18	U45201GJ1990PTC014660	KUMOANI PROPERTIES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
19	L17110GJ1985PLC013254	JARIGOLD TEXTILES LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
20	L17114GJ1988PLC013255	WHEEL AND AXLE TEXTILES LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
21	L17114GJ1985PLC013257	ROSEKAMAL TEXTILES LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
22	L51110GJ1985PLC013252	BIJLEE TEXTILES LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
23	U45200GJ1990PTC014658	INTROSCOPE PROPERTIES PRIVATE LIMITED (INTROSCOPE INVEST)	Director	12/08/2011	11/05/2011	-	Active	NO

Name :

Mr. Alok Praful Shah

Designation :

Whole-time Director

Address :

Dr. Amichand Shah’s Wadi, Rampura Tunki, Surat – 395003, Gujarat, India

Date of Birth/Age :

11.09.1970

Date of Appointment :

01.11.2014

DIN No. :

00218180

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	U17119GJ1986PTC008740	TISSUE TEXTILES (INDIA) PVT LTD	Director	27/04/1989	27/04/1989	-	Amalgamated	NO
2	U65910GJ1987PLC009405	VARELI TRADING COMPANY LIMITED	Director	27/04/1989	27/04/1989	-	Active	NO
3	U17119GJ1991PTC015528	VARELI FABRICS PVT LTD	Director	01/05/1998	01/05/1998	-	Amalgamated	NO
4	L17111GJ1979PLC003463	GARDEN SILK MILLS LIMITED	Whole-time director	01/11/2014	19/10/2001	-	Active	NO
5	U17119GJ1986PLC008739	PRABHAT SILK MILLS LIMITED	Director	23/11/2007	23/11/2007	-	Active	NO
6	U24259GJ1979PTC003461	SCREEN CRAFT ENGINEERING PVT LTD	Director	30/09/2009	29/12/2008	-	Amalgamated	NO
7	U17119GJ1988PTC010836	VARELI SPINNING PVT LTD	Director	30/09/2009	29/12/2008	-	Amalgamated	NO
8	U17110GJ1986PLC008919	AMICHAND TEXTILES LIMITED	Director	21/11/2009	21/11/2009	-	Amalgamated	NO
9	U65910GJ1986PLC008920	SPS SILK LIMITED (SPS HOLDINGS)	Director	21/11/2009	21/11/2009	-	Amalgamated	NO
10	U65910GJ1985PLC007623	PASHAH TEXTILES LIMITED	Director	21/11/2009	21/11/2009	-	Amalgamated	NO
11	U65910GJ1992FLC017983	GARDEN FINMARK LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
12	U40100GJ1994PLC021360	INITA POWER COMPANY LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
13	U65990GJ1990PLC014657	PALOMAR TEXTILES LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
14	U17110GJ1992PTC018730	AMALFI TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
15	U17114GJ1992PTC018732	SORRENTO TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
16	U65990GJ1992PTC018735	COMO TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
17	U17110GJ1992PTC018729	REGATTA TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
18	U45200GJ1990PTC014661	MIRMIRA PROPERTIES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
19	U45201GJ1990PTC014660	KUMOANI PROPERTIES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
20	L51110GJ1985PLC013252	BIJLEE TEXTILES LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
21	L17110GJ1985PLC013254	JARIGOLD TEXTILES LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
22	L17114GJ1988PLC013255	WHEEL AND AXLE TEXTILES LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
23	U45200GJ1990PTC014658	INTROSCOPE PROPERTIES PRIVATE LIMITED (INTROSCOPE INVEST)	Director	18/12/2009	18/12/2009	-	Active	NO
24	L17114GJ1985PLC013257	ROSEKAMAL TEXTILES LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO

Name :

Mr. Sanjay Suresh Shah

Designation :

Whole-time Director

Address :

At and Post Antroli, Taluka Palsana, Dist. Surat, Gujarat, India

Date of Birth/Age :

19.02.1956

Date of Appointment :

19.02.1990

DIN No. :

00024004

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	U65910GJ1985PLC007624	KASHAH INVESTMENT LIMITED	Director	04/02/1985	04/02/1985	-	Active	NO
2	L17111GJ1979PLC003463	GARDEN SILK MILLS LIMITED	Whole-time director	01/07/2012	19/02/1990	-	Active	NO
3	L17119GJ1945PLC000214	SURAT TEXTILE MILLS LIMITED	Director	01/06/2014	01/05/2012	-	Active	NO

Name :

Mr. Suhail Praful Shah

Designation :

Whole-time Director

Address :

Dr. Amichand Shah’s Wadi, Rampura Tunki, Surat – 395003, Gujarat, India

Date of Birth/Age :

01.09.1974

Date of Appointment :

01.12.2012

DIN No. :

00719002

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	U17119GJ1991PTC015528	VARELI FABRICS PVT LTD	Director	10/05/1998	10/05/1998	-	Amalgamated	NO
2	L17111GJ1979PLC003463	GARDEN SILK MILLS LIMITED	Whole-time director	01/12/2012	30/10/2006	-	Active	NO
3	U17119GJ1986PLC008739	PRABHAT SILK MILLS LIMITED	Director	23/11/2007	23/11/2007	-	Active	NO
4	U17110GJ1986PLC008919	AMICHAND TEXTILES LIMITED	Director	21/11/2009	21/11/2009	-	Amalgamated	NO
5	U65910GJ1986PLC008920	SPS SILK LIMITED (SPS HOLDINGS)	Director	21/11/2009	21/11/2009	-	Amalgamated	NO
6	U65910GJ1985PLC007623	PASHAH TEXTILES LIMITED	Director	21/11/2009	21/11/2009	-	Amalgamated	NO
7	U65910GJ1992FLC017983	GARDEN FINMARK LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
8	U40100GJ1994PLC021360	INITA POWER COMPANY LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
9	U65910GJ1987PLC009405	VARELI TRADING COMPANY LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
10	U65990GJ1990PLC014657	PALOMAR TEXTILES LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
11	U17110GJ1992PTC018730	AMALFI TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
12	U17114GJ1992PTC018732	SORRENTO TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
13	U65990GJ1992PTC018735	COMO TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
14	U65990GJ1990PTC014659	CRYSPAL PROPERTIES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
15	U17110GJ1992PTC018729	REGATTA TEXTILES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
16	U45200GJ1990PTC014661	MIRMIRA PROPERTIES PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Amalgamated	NO
17	L51110GJ1985PLC013252	BIJLEE TEXTILES LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
18	L17114GJ1985PLC013257	ROSEKAMAL TEXTILES LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
19	L17110GJ1985PLC013254	JARIGOLD TEXTILES LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
20	U45200GJ1990PTC014658	INTROSCOPE PROPERTIES PRIVATE LIMITED (INTROSCOPE INVEST)	Director	18/12/2009	18/12/2009	-	Active	NO
21	L17114GJ1988PLC013255	WHEEL AND AXLE TEXTILES LIMITED	Managing director	26/05/2014	18/12/2009	-	Active	NO

Name :

Mr. Rajen Prakash Shah

Designation :

Director

Address :

13/A – 266, ‘Ami’ Bungalow, Umra Police Lane, Athwalines, Surat – 395007, Gujarat, India

Date of Birth/Age :

12.04.1951

Date of Appointment :

19.02.1990

DIN No. :

00023974

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	L99999GJ1985PLC013256	SURABHI CHEMICALS AND INVESTMENTS LTD	Director	25/04/1988	25/04/1988	05/06/2012	Active	NO
2	L17111GJ1979PLC003463	GARDEN SILK MILLS LIMITED	Director	19/02/1990	19/02/1990	-	Active	NO
3	U65910GJ1985PLC007622	PAAMI TEXTILES AND INVESTMENT LIMITED	Director	24/12/2004	24/12/2004	-	Amalgamated	NO

Name :

Mr. Arunchandra Navnitlal Jariwala

Designation :

Director

Address :

901, Shree Apartments, Makkai Pool, Nanpura, Surat – 395007, Gujarat, India

Date of Birth/Age :

05.08.1931

Date of Appointment :

18.07.1988

DIN No. :

00024008

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	U18109GJ1955PLC000576	THE SURAT ART SILK CLOTH MANUFACTURERS ASSOCIATION	Director	18/05/1967	18/05/1967	-	Active	NO
2	L17111GJ1979PLC003463	GARDEN SILK MILLS LIMITED	Director	18/07/1988	18/07/1988	-	Active	NO
3	U17110GJ1994PTC022254	KWALITY SILK PROCESSORS PRIVATE LIMITED	Director	14/06/1994	14/06/1994	-	Active	NO
4	L24302RJ1976PLC001684	BANSWARA SYNTEX LTD	Director	26/05/1997	26/05/1997	-	Active	NO
5	U73100GJ2005PLC046883	GUJARAT ECO TEXTILE PARK LIMITED	Director	26/10/2005	26/10/2005	31/03/2013	Active	NO
6	U45201GJ2004NPL044389	SAR INFRACON	Director	29/09/2008	17/09/2006	-	Active	NO
7	U17121MH2010NPL199093	INDIAN TECHNICAL TEXTILE ASSOCIATION	Director	20/01/2010	20/01/2010	27/09/2013	Active	NO
8	U74140DL2014NPL270744	TEXTILE SECTOR SKILL COUNCIL	Nominee director	10/10/2014	10/10/2014	-	Active	NO

Name :

Mr. Jitendra Purshottamdas Shah

Designation :

Director

Address :

28., Amrapalas Bungalow, Ramdev Nagar Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

12.06.1933

Date of Appointment :

12.07.1987

DIN No. :

00156453

Name :

Mr. Yatish Chandrakant Parekh

Designation :

Director

Address :

Sunayan Bungalow No. 2, Adarsh Society, Athwalines, Surat – 395007, Gujarat, India

Date of Birth/Age :

30.11.1951

Date of Appointment :

19.10.2001

DIN No. :

00168488

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	L99999GJ1985PLC013256	SURABHI CHEMICALS AND INVESTMENTS LTD	Director	12/01/1995	12/01/1995	10/09/2012	Active	NO
2	L17111GJ1979PLC003463	GARDEN SILK MILLS LIMITED	Director	19/10/2001	19/10/2001	-	Active	NO

Name :

Mr. Madanlal Uttamram Lankapati

Designation :

Director

Address :

97, Siglap Road, Singapore 455889

Date of Birth/Age :

29.04.1931

Date of Appointment :

16.09.2002

DIN No. :

00051429

Name :

Mr. Harish Chandra Mishra

Designation :

Nominee Director

Address :

Flat No. 41, Antariksha C.H.S., K.G. Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

29.05.1953

Date of Appointment :

20.06.2013

DIN No. :

03111520

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	U85310MH2001PLC133341	LICHFL CARE HOMES LIMITED	Whole-time director	01/06/2010	01/06/2010	31/05/2013	Active	NO
2	L31300MH1946PLC005017	BHARAT BIJLEE LIMITED	Director	28/06/2013	19/10/2012	25/07/2013	Active	NO
3	L17111GJ1979PLC003463	GARDEN SILK MILLS LIMITED	Nominee director	20/06/2013	20/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Kamlesh Balvantrai Vyas
Designation :	Company Secretary
Address :	201, Poonam Palace, Opposite Umra Pokice Station, Athwalines, Surat – 395001, Gujarat, India
Date of Birth/Age :	27.05.1960
Date of Appointment :	21.11.1996
PAN No.:	AARPV5514F

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	6373683	15.88
Bodies Corporate	11897666	29.65
Any Others (Specify)	4334921	10.80
Partnership Firms	4334921	10.80
Sub Total	22606270	56.33
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	22606270	56.33
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	12100	0.03
Financial Institutions / Banks	1290	0.00
Foreign Institutional Investors	16215	0.04
Any Others (Specify)	0	0.00
Sub Total	29605	0.07
(2) Non-Institutions
Bodies Corporate	5281043	13.16
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	5991733	14.93
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	2169869	5.41
Any Others (Specify)	4054145	10.10
Non Resident Indians	4006357	9.98
Clearing Members	47098	0.12
OCBs/Trust	690	0.00
Sub Total	17496790	43.60
Total Public shareholding (B)	17526395	43.67
Total (A)+(B)	40132665	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)	40132665	0.00

BUSINESS DETAILS

Line of Business :	Designs, Manufactures, and Sells Textile Prints, Fabrics, and Textile Intermediates
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 :

· Bank of Baroda

· Allahabad Bank

· State Bank of India

· Bank of India

· State Bank of Patiala

· Corporation Bank

· Union Bank of India

· IDBI Bank Limited

· Indian Overseas Bank

· Export Import Bank of India

· Life Insurance Corporation of India

· State Bank of Travancore

· Indian Bank

· Landesbank Baden-Wurttemberg

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from banks
Rupee Loans	10995.035	10920.308
Foreign Currency Loans	562.535	852.282
Rupee Term Loans from financial institutions	219.679	224.702
SHORT TERM BORROWINGS
Loan repayable on demand
Cash Credit Facilities	641.965	432.703
Buyers Credit	0.000	334.465
Total	12419.214	12764.460

Note :

Long-Term Borrowings:

a) Term Loans from Banks and Financial Institutions are secured by first mortgage on pari passu basis on all immovable properties (except those specifically excluded by lenders, of Rupee Term Loans as per Note (b) below), both present and future and first charge by way of hypothecation of all movables (except book debts) both present and future subject to prior charges created/to be created in favour of Bankers for working capital borrowings.

b) Of the Rupee Term Loans from banks:

i. Loans from Bank of India to the extent of Rs. 25.000 Millions (Previous year Rs. 24.543 Millions) are secured by hypothecation of specific machinery of Fully Drawn Yarn (FDY) Project at Jolwa.

ii. Loans from Bank of India to the extent of Rs. 119.111 Millions (Previous year Rs. 118.574 Millions) are secured by hypothecation of specific Building and machinery of Texturising plant and Draw Twisting plant at Jolwa.

iii. Term loans from ICICI Bank, Kotak Mahindra Prime Limited and Axis Bank Ltd. aggregating to Rs. 11.603 Millions (Previous year Rs. 13.988 Millions) under vehicle finance scheme are secured by an exclusive charge by way of hypothecation of specific vehicles purchased under the arrangements.

iv. Housing Loan of Rs. 64.321 Millions (Previous year Rs. 71.392 Millions) from ICICI Bank is secured by hypothecation of residential flat at Mumbai.

v. Loans from Corporation Bank to the extent of Rs. 364.000 Millions (Previous Year Rs. 364.000 Millions) are secured by hypothecation of movable fixed assets of Specific Continuous Polymerisation Project at Jolwa.

vi. Loan from Union Bank of India to the extent of Rs. 524.890 Millions (Previous Year Rs. 524.890 Millions) is secured by hypothecation of specific machinery of Coal Based Thermal Power Project at Jolwa.

c) During the year 2011-12, the Company had entered into an arrangement with lenders to realign its principal debt repayment schedule and has secured the consent of lenders to spread its term loan repayment over a period of 8 years, after a moratorium of 2 years.

d) As on the Balance Sheet date, the payment of interest for the month of February 14 and March 14, aggregating to Rs. 137.177 Millions to various lender banks / institutions were unpaid.

Short-Term Borrowings:

Cash Credit facilities are part of Working Capital facilities availed from Consortium of Banks and are secured with hypothecation by way of first pari passu charge on all company’s current assets and by way of second pari passu charge on immovable and all movable properties (excluding current assets) of the Company. Rate of Interest on Cash Credit facilities ranged between11.50% to 11.80%.

Buyers’ Credit is secured by Letter of Comfort (LOC) / Undertaking (LOU) which is a part of Working Capital facilities issued by the banks. Rate of Interest on Buyers’ Credit facility is ranging between 100-120 bps above the Libor at the relevant time.

Auditors :
Name :	Natvarlal Vepari and Company Chartered Accountants
Memberships :	Not Divulged
Collaborators :	Not Divulged
Group Company :	· Surat Textile Mills Limited
Relatives of Key management personnel and their enterprises where transactions have taken place. :	· Armorax Business Centre Private Limited · Como Textile Private Limited · Sorrento Textile Private Limited · Amalfi Textile Private Limited · Tissue Textile (India) Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions
10000000	Preference Shares	Rs.10/- each	Rs.100.000 Millions
	Total		Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40132665	Equity Shares	Rs.10/- each	Rs. 401.327 Millions
1487147	0.001% Optionally Convertible Cumulative Preference Shares	Rs.10/- each	Rs. 14.871 Millions
	Total		Rs. 416.198 Millions

Note :

As per the terms of issue and in accordance with the provisions of SEBI (ICDR) Regulation, 2009, the management committee of Board of Directors of the Company at its meeting held on 23rd September, 2013 allotted 1487147 OCCPS of Rs. 10/- each at a premium of Rs. 37.07 each in favour of Praful Amichand Shah, Partner of M/s. Isha Enterprises, the promoter and/or promoter group of the Company.

The OCCPS shall be converted into Equity Shares, partially or fully, in one or more tranches, at the sole option of the OCCPS holder but not in any case later than 18 (eighteen) months from the date of allotment.

As per the terms of issue and in accordance with the provisions of SEBI (ICDR) Regulation, 2009, consequent to the rights of conversion exercised by the warrant holders, the Board of Directors of the Company at its meeting held on 19th March, 2014 allotted 1842105 equity shares of `10/- each at a premium of Rs. 28/- per share in favour of Praful Amichand Shah, Partner of M/s. Isha Enterprises, the promoter and/or promoter group of the Company.

Reconciliation of Equity Shares outstanding

	As at 31st March, 2014
	No of Shares	Rs. In Millions
Balance at the beginning of the year	38290560	382.906
Shares issued during the year	1842105	18.421
Outstanding at the end of the year	40132665	401.327

Reconciliation of 0.001% Optionally Convertible Cumulative Preference Shares (OCCPS) outstanding

	As at 31st March, 2014
	No of OCCPS	Rs. In Millions
Balance at the beginning of the year	0	0.000
OCCPS issued during the year	1487147	14.871
Outstanding at the end of the year	1487147	14.871

Shareholders holding more than 5% of Paid-up Equity Share Capital

	As at 31st March, 2014
	No of Shares	% of holding
Introscope Properties Private Limited	7231996	18.02
Shri Praful A. Shah (Indl.)	2059036	5.13
Tissue Textiles (India) Private Limited	0	0.00
IL and FS Trust Co. Limited	2561433	6.38
M/s. Rayben Investments	2492816	6.21
M/s. Palomar Textiles Limited	3930872	9.79

Shareholders holding more than 5% of Paid-up 0.001% Optionally Convertible Cumulative Preference Shares

(OCCPS) Capital

	As at 31st March, 2014
	No of Shares	% of holding
Shri Praful A. Shah - (Partner of Isha Enterprises)	1487147	100.00

Rights, Preferences and Restrictions attached to Shares

Equity Shares:

The Company has two class of shares referred to as Equity Shares and Optionally Convertible Cumulative Preference Shares (OCCPS), having a par value of Rs.10/- each. Each equity shareholders is entitled to one vote per share held. The dividend as and when proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting. 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.

OCCPS holder shall have option to apply for and obtain allotment, from time to time, not later than 18 (eighteen) months from the date of allotment of OCCPS, of such number of fully paid-up equity shares of the face value of Rs. 10/- each (“Equity Shares”) against conversion of the OCCPS in such manner and on such price, terms and conditions as determined by the Board, such that the total issue size of the preferential allotment does not exceed an aggregate value of Rs. 70.000 Millions (including, premium if any, on such Equity Shares), in accordance with the provisions of Chapter VII of the SEBI (ICDR) Regulations or other provisions of the law as may be prevailing at that time.

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	416.198	382.906	382.906
(b) Reserves & Surplus	2185.000	3522.768	4529.754
(c) Money received against share warrants	0.000	70.000	0.000
(2) Share Application money pending allotment	0.000	70.000	0.000
Total Shareholders’ Funds (1) + (2)	2601.198	4045.674	4912.660
(3) Non-Current Liabilities
(a) long-term borrowings	11888.668	12109.398	9499.324
(b) Deferred tax liabilities (Net)	0.000	373.042	874.790
(c) Other long term liabilities	75.887	72.668	73.284
(d) long-term provisions	52.953	54.015	46.233
Total Non-current Liabilities (3)	12017.508	12609.123	10493.631
(4) Current Liabilities
(a) Short term borrowings	641.965	767.570	3123.786
(b) Trade payables	3586.796	4251.425	3364.976
(c) Other current liabilities	1334.914	625.548	1007.298
(d) Short-term provisions	94.732	177.791	167.301
Total Current Liabilities (4)	5658.407	5822.334	7663.361
TOTAL	20277.113	22477.131	23069.652
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12406.318	12619.332	13192.510
(ii) Intangible Assets	11.315	17.342	25.907
(iii) Capital work-in-progress	467.508	868.238	732.945
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	135.702	135.702	135.403
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	659.042	805.791	950.534
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	13679.885	14446.405	15037.299
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3200.701	4432.495	4887.433
(c) Trade receivables	1460.276	2037.307	1428.158
(d) Cash and cash equivalents	319.735	314.946	361.671
(e) Short-term loans and advances	1465.482	1029.538	1099.171
(f) Other current assets	151.034	216.440	255.920
Total Current Assets	6597.228	8030.726	8032.353
TOTAL	20277.113	22477.131	23069.652

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	30666.245	36972.457	35064.945
	Other Income	146.478	65.193	212.286
	TOTAL (A)	30812.723	37037.650	35277.231
Less	EXPENSES
	Cost of Materials Consumed	23247.338	29590.190	27264.598
	Purchases of Stock-in-Trade	147.537	161.642	245.907
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	946.781	(24.298)	403.493
	Employees benefits expense	859.739	869.724	844.176
	Other expenses	4944.462	5524.375	5298.590
	TOTAL (B)	30145.857	36121.633	34056.764
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	666.866	916.017	1220.467
Less	FINANCIAL EXPENSES (D)	1582.187	1489.309	1539.543
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(915.321)	(573.292)	(319.076)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	923.658	935.442	861.449
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(1838.979)	(1508.734)	(1180.525)
Less	TAX (H)	(394.502)	(501.748)	(391.730)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(1444.477)	(1006.986)	(788.795)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	3359.104	3927.422	3851.604
	TOTAL EARNINGS	3359.104	3927.422	3851.604
	IMPORTS
	Raw Materials	4577.195	5692.026	5985.585
	Components and Stores parts	1187.813	1031.099	501.987
	Capital Goods	27.117	8.539	239.897
	TOTAL IMPORTS	5792.125	6731.664	6727.469
	Earnings / (Loss) Per Share (Rs.)	(37.66)	26.30	(20.60)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(4.71)	(2.72)	(2.25)
Operating Profit Margin (PBDIT/Sales)	(%)	2.17	2.48	3.48
Return on Total Assets (PBT/Total Assets}	(%)	(9.35)	(7.03)	(5.32)
Return on Investment (ROI) (PBT/Networth)		(0.71)	(0.37)	(0.24)
Debt Equity Ratio (Total Debt /Networth)		4.82	3.18	2.57
Current Ratio (Current Asset/Current Liability)		1.17	1.38	1.05

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	382.906	382.906	416.198
Reserves & Surplus	4529.754	3522.768	2185.000
Net worth	4912.660	3905.674	2601.198
long-term borrowings	9499.324	12109.398	11888.668
Short term borrowings	3123.786	767.570	641.965
Total borrowings	12623.110	12876.968	12530.633
Debt/Equity ratio	2.570	3.297	4.817

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	35064.945	36972.457	30666.245
		5.440	-17.057

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	35064.945	36972.457	30666.245
Profit	(788.795)	(1006.986)	(1444.477)
	(2.25%)	(2.72%)	(4.71%)

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	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	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS

The year 2013-14 witnessed a severe slowdown coming after FY13 which was itself a difficult year for the Indian economy. This downturn continued to affect the polyester industry as well.

The net turnover of the Company for the year 2013-14 declined 17.06% at Rs.30666.200 Millions as compared to Rs.36972.500 Millions in the previous year. The Company achieved total sale of yarn at Rs.19009.000 Millions as compared Rs.18656.000 Millions in the previous year. The sales of chips were at Rs.11728.900 Millions, a major decline of about 39% compared with the previous year. The sale of fabrics improved marginally from Rs.2013.700 Millions in the previous year to Rs.2150.000 Millions in the year 2013-14. The income from export sales for the year declined 6.7% at Rs.3980.000 Millions as compared to Rs.4265.900 Millions in the previous year.

Continuous backward integration by PFY producers towards polyester chips production in order to reduce the cost of yarn production has deeply affected the merchant sales of existing polyester chips manufacturers. The Company being the largest textile-grade polyester chips manufacturer in India, witnessed a steep volume decline of 23.8% CAGR over FY12-14.

The main reasons for higher decline in the Company’s chips volumes vis a vis industry can be attributed to: (1) entry of new suppliers of chips; and (2) continuation of disadvantageous taxation policies like: (a) 2% VAT credit reversal for goods sale out of Gujarat utilizing inputs procured within Gujarat (b) Availability of 2% CST exemption on domestic sale outside Gujarat for competitors situated in Silvassa – Daman areas and (c) delay in introduction of GST.

These tax related disadvantages also extend to Company’s POY and FDY segments in which the Company was able to maintain its position. These segments were less affected owing to the premium position of the Company’s products. In fact, in terms of utilization levels, they were among the highest in the industry. Chips segment, in which margins and differentiation is low, was most affected.

These tax disadvantages are temporary. They further expect removal of VAT credit reversal and introduction of GST in the next 1-2 years time.

Owing to large capacity additions the demand-supply gap worsened across chips and PFY segments in FY13 and FY14 compared even with FY12 which itself was a challenging year. If one includes the capacities of producers who have recently shut capacities, utilization levels are at around 65%.

The Company continued to be the leader in draw-warped and draw-twisted yarns in the world. They are India’s largest sized-yarn producer and the country’s premium seller of fully drawn yarn, the fastest growing segment of the PFY industry.

Their weaving and finishing (dyed and printed fabric) divisions continue to be at the forefront of design innovation in India. The sheer varieties of designs generated are unparalleled in the industry.

In their finished (dyed and/or printed) fabric division they continued to emphasise naturals via the introduction of new cottons, 100% viscose filament, bemberg as well as blended varieties like poly-viscose and poly-cotton fabrics. Various new sized yarn-based saree varieties have been introduced. They have also introduced a host of new embroidery and other value-added varieties especially for party-wear and wedding-wear.

During the year, the Company’s 21 MW Thermal Captive Power Plant (CPP) became fully operational at its Jolwa Plant. This reduces dependence on high-cost furnace oil and gas-based power.

OVERVIEW OF ECONOMY

The global efforts to revive the economy have begun showing results in many countries. As per IMF WEO Outlook 2014, Global economy would grow at 3.6% in 2014 and 3.9% in 2015 up from 3.3% in 2013. Advanced economies are expected to grow at around 2.2 % with United States leading the lot.

Emerging Economies are expected to grow at 5% in 2014 and a little above 5% in the next year from a 4.7% growth in 2013.

Indian Economy is likely to draw strength from the improving global outlook.

India’s economic growth stayed below 5 per cent for the second year in a row at 4.7 per cent in 2013-14, lower than the 4.9 per cent projected in advance estimates, pulled down by manufacturing, mining, construction and logistics output. The 2013-14 performance is a shade better than 4.5 per cent growth of 2012-13, a ten year low.

Manufacturing, the biggest constituent of Indian industry, shrank 0.7 per cent in 2013-14 against 1.1 per cent growth in the previous year.

As per IMF projections, the growth of ~5.5% can be expected if conditions like stronger global growth, improving export competitiveness, a positive result of recent policy changes come into play.

The Reserve Bank expects economic growth of between 5 and 6% in the current financial year even as uncertainty over the monsoon clouds the forecast for agriculture.

BUSINESS OUTLOOK

The financial year 2014-15 is expected to start optimistically, with a gross domestic product growth of 5.2 per cent in Q1 FY15 as some of the current macroeconomic numbers bring hope that the recovery for the Indian economy is under way.

The growth in PFY industry which has resumed in FY14 is expected to significantly gain steam in FY15. The CAGR for PFY in India over the next 10 years is projected to be around 8-10 % p.a. Global growth of PFY is also expected to far exceed global GDP growth. Going by the above, it appears that in a couple of years demand growth will catch-up with industry supply and healthy margins will return.

The increased polymerization capacities has forced lower production among chips-based PFY spinners. Supply of chips has also correspondingly been increased. Yet the demand-supply gap will be somewhat narrowed this year and is expected to be improved further in the next few years. Moreover, demand of Polyester chips will be continued from few customized and specialized yarn manufacturers and is expected to grow rapidly from polyester film manufacturers.

Globally, the demand-supply gap is projected to balance out after 2016-17. With no material new expansions expected, global margins are expected to continually improve over the next 3-4 years.

Asia is the largest consumer of PFY contributing about 90% of overall global demand. China and India contribute about 74% and 10% of the global demand respectively.

Middle East was seen slowly moving up in capacity building. Within Asia, it was only China and India that expanded their capacities.

The new government is reform-minded and is expected to improve India’s macro indicators.

If the new government focuses on the promised key priorities and executes well, it will spur investment demand, increase consumer confidence and spending, improve productivity and thus growth as well. Its intention to greatly improve the nation’s infrastructure and increase competition in coal mining are significant steps in the right direction.

The RBI’s policy indicates its willingness to provide impetus to growth by freeing lending resources and also moving towards a more accommodative stance if disinflationary forces bring inflation under control.

The new foreign trade policy is expected to focus on ways to boost India’s exports and reduce dependence on imports. India being part of WTO can not only think in terms of its exports promotion without equally supporting imports substitution. Therefore, the focus of the new policy would be to vigorously promote both exports and imports with significantly substantial focus on exports.

Apparel exports are growing strongly owing to the relatively weak rupee. This will have a positive impact on PFY demand. It is widely expected that in future the growth of PFY demand and production will be faster in India than in China which is faced with grave challenges of manpower unavailability and a strong and strengthening currency. India on the other hand is expected to see working-age population grow at the rate of 12 million a year.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from foreign banks	111.419	112.106
SHORT TERM BORROWINGS
Inter Corporate Deposits	0.000	0.402
Total	111.419	112.508

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10382049	27/09/2012 *	125,500,000.00	ALLAHABAD BANK	NANPURA BRANCH, NANPURA, SURAT, Gujarat - 395001, INDIA	B60435864
2	10382054	27/09/2012 *	352,900,000.00	ALLAHABAD BANK	NANPURA BRANCH, NANPURA, SURAT, Gujarat - 395001, INDIA	B60425568
3	10382058	27/09/2012 *	407,000,000.00	ALLAHABAD BANK	NANPURA BRANCH, NANPURA, SURAT, Gujarat - 395001, INDIA	B60426277
4	10381093	26/09/2012 *	64,600,000.00	BANK OF INDIA	SURAT MID CORPORATE BRANCH, BOI BLDG, 1ST FLOOR,  NEAR BSNL OFFFICE, GHOD DOD ROAD, SURAT, Gujarat - 395001, INDIA	B60459625
5	10381067	26/09/2012 *	189,700,000.00	BANK OF INDIA	SURAT MID CORPORATE BRANCH, BOI BLDG, 1ST FLOOR,  NEAR BSNL OFFFICE, GHOD DOD ROAD, SURAT, Gujarat - 395001, INDIA	B60460581
6	10380405	26/09/2012 *	1,185,500,000.00	BANK OF BARODA	BHAGATALAV, KANPITH, SURAT, Gujarat - 395003, INDIA	B60949351
7	10377379	26/09/2012 *	11,800,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B61281697
8	10374642	26/09/2012 *	130,600,000.00	INDIAN BANK	Gotri Branch, 1, Sujata Society, Harinagar Char Rasta, Gotri, BARODA, Gujarat - 390007, INDIA	B61134060
9	10365208	25/06/2012 *	250,000,000.00	BANK OF BARODA	BHAGA TALAO BRANCH, KANPITH, SURAT, Gujarat - 395003, INDIA	B44016947
10	10365209	25/06/2012 *	682,800,000.00	BANK OF BARODA	BHAGA TALAO BRANCH, KANPITH, SURAT, Gujarat - 395003, INDIA	B44017168

* Date of charge modification

CONTINGENT LIABILITIES:

i. Disputed liabilities for Excise Duty not acknowledged as debts Rs. 5026.432 Millions (Previous Year Rs. 4179.684 Millions).

ii. Disputed liabilities for Gujarat Sales Tax not acknowledged as debts Rs. 7.051 Millions (Previous Year Rs. 7.051 Millions).

iii. Counter-guarantees to Banks against guarantees issued to third parties Rs. 2.402 Millions (Previous year Rs. 6.175 Millions).

iv. Foreign bills Discounted with Banks Rs. 290.243 Millions (Previous Year Rs. 554.504 Millions).

FIXED ASSETS

· Freehold Land

· Building

· Plant and Machinery

· Furniture and Equipments

· Office Equipments

· Vehicles

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 exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.20
UK Pound	1	Rs. 97.80
Euro	1	Rs. 77.48

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.