MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	LOYAL TEXTILE MILLS LIMITED
Registered Office :	21/4, Mill Street, Kovilpatti – 628501, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.04.1946
Com. Reg. No.:	18-001361
Capital Investment / Paid-up Capital :	Rs. 48.200 Millions
CIN No.: [Company Identification No.]	L17111TN1946PLC001361
TAN No.: [Tax Deduction & Collection Account No.]	MRIL00006G
Legal Form :	Public limited liability company. Company’s shares are listed on the Stock Exchange.
Line of Business :	Manufacturer, Exporter and Importer of Cotton Textile Mills, Readymade Garments, Finished Fabrics, Grey Fabrics and Yarn.
No. of Employees :	6000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The company has taken huge external borrowing which acts as threatening to liquidity positon of the company. However, the rating reflects company’s consistent improvement in the operational performance marked by longstanding experience of the promoter in the textile business, widespread clientele and sound profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	07.07.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities =A3+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	07.07.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

MANAGEMENT NON – CO – OPERATIVE (91-4632-2200001)

LOCATIONS

Registered Office/ Factory :	21/4, Mill Street, Kovilpatti – 628501, Tamilnadu, India
Tel. No.:	91-4632/2200001-5/28535111/4375/28588284
Mobile No.:	91-9487880101 (Mr. Laxman Shankar)
Fax No.:	91-44-28533852 91-4632-221353
E-Mail :	loyal@giasmd01.vsnl.net.in loyal@vsnl.com secredtarial@loyaltextile.com loyal@loyaltextiles.com kpl@loyaltextiles.com investors@loyaltextiles.com
Website :	http://www.loyaltextiles.com
Head/ Corporate Office :	No. 83/41, 1^st Main Road, R A Puram, Chennai – 600028, Tamilnadu, India
Tel. No.:	91-44-42277374/ 45120101
Fax No.:	91-44-43060622
E-Mail :	loyal@vsnl.com loyal@loyaltextiles.com
Plant locations :	Spinning, Knitting, Weaving and Garments v N. Venkateswarapuram, N.Subbiahpuram, Sattur Taluk - 626 205, India v Menakur Village, Naidupet Mandal, Nellore District - 524 221, Andhra Pradesh, India v Arasanur, Thirumancholai Post, Sivagangai Taluk -630 561, Tamilnadu, India Processing : v C7-1, SIPCOT Industrial Complex, Kudikadu, Cuddalore - 607 005, Tamilnadu, India

DIRECTORS

As On 31.03.2014

Name :

Mr. Manikam Ramswami

Designation :

Chairman and Managing Director

Address :

Satyanarayana Avenue, Boat Club Road, Chennai - 600 028, Tamilnadu, India

Date of Birth/Age :

20.11.1953

Qualification :

B. Tech

Date of Appointment :

01.06.2013

DIN No.:

00049630

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	L17111TN1946PLC001361	LOYAL TEXTILE MILLS LIMITED	Managing director	01/06/2013	01/06/1979	-	Active	NO
2	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	21/08/1988	21/08/1988	-	Active	NO
3	U52321TN1995PTC031290	HELLEN COTTON TRADING COMPANY PRIVATE LIMITED	Director	03/06/1997	03/06/1997	-	Active	NO
4	U52599TN1995PTC031292	NEMESIS COTTON TRADING COMPANY PRIVATE LIMITED	Director	03/06/1997	03/06/1997	-	Active	NO
5	U52599TN1995PTC031295	RHEA COTTON TRADERS PRIVATE LIMITED	Director	03/06/1997	03/06/1997	-	Active	NO
6	U52321TN1995PTC031289	NIKE COTTON TRADERS PRIVATE LIMITED	Director	03/06/1997	03/06/1997	31/03/2010	Active	NO
7	U91110MH1954NPL009385	THE COTTON TEXTILES EXPORT PROMOTION COUNCIL	Director	30/09/2002	30/09/2002	-	Active	NO
8	U01712TZ2005PLC012329	SIMA TEXTILE PROCESSING CENTRE LIMITED	Director	07/12/2005	07/12/2005	-	Active	NO
9	U93090TN1983SGC010512	TAMILNADU CORPORATION FOR DEVELOPMENT OF WOMEN LIMITED	Director	22/09/2008	22/09/2008	14/07/2009	Active	NO
10	U51909TN2014PTC097852	LOYAL INTERNATIONAL SOURCING PRIVATE LIMITED	Director	29/10/2014	29/10/2014	-	Active	NO

Name :

Mr. Karangalpadi Jathindra Mohan Shetty (I.A.S. – Retd.)

Designation :

Director

Address :

F-88, Anna Nagar East, Chennai-600102, Tamilnadu, India

Date of Birth/Age :

03.03.1934

Date of Appointment :

21.06.2002

DIN No.:

00033296

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	U36999TZ1992PLC003662	ROOTS MULTI CLEAN LIMITED	Director	16/07/1993	16/07/1993	28/03/2010	Active	NO
2	U72200TN2001PTC046986	SAVANT INDIA INSTITUTE OF TECHNOLOGY PRIVATE LIMITED	Director	18/04/2001	18/04/2001	-	Active	NO
3	L36991TN1990PLC019944	JUMBO BAG LIMITED	Director	25/09/2014	28/05/2002	-	Active	NO
4	L17111TN1946PLC001361	LOYAL TEXTILE MILLS LIMITED	Director	21/06/2002	21/06/2002	-	Active	NO
5	L74899MH1994PLC164024	GATEWAY DISTRIPARKS LTD.	Director	16/06/2004	16/06/2004	01/05/2014	Active	NO
6	U35111TN1994PTC087210	GATEWAY DISTRIPARKS (SOUTH) PRIVATE LIMITED	Director	30/11/2004	30/11/2004	01/05/2014	Active	NO
7	L72200TN1978PLC058225	SAVANT INFOCOMM LIMITED	Director	29/11/2005	29/11/2005	15/10/2007	Active	NO
8	U72200TN2006PTC060355	OPUS IT SERVICES INDIA PRIVATE LIMITED	Director	11/07/2006	11/07/2006	15/12/2007	Active	NO
9	U17111TN1982PLC009317	SHRI CHINTAMANI TEXTILE MILLS LIMITED	Director	29/09/2009	02/11/2008	16/08/2010	Amalgamated	NO
10	U74140TN2000PTC045736	VKS SOLUTIONS PRIVATE LIMITED	Director	19/07/2011	19/07/2011	-	Active	NO
11	U26914KA1994PTC016130	ENDEKA CERAMICS INDIA PRIVATE LIMITED	Director	28/09/2011	22/07/2011	-	Active	NO

Name :

Mr. S. Venkataramani

Designation :

Director

Address :

No.16, Venkateshwarnagar, III Street, Adyar, Chennai-600020, Tamilnadu, India

Date of Birth/Age :

05.10.1942

Date of Appointment :

29.10.2004

DIN No.:

00053043

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	U63040TN1950PTC000221	BHARAT TRAVEL SERVICE PRIVATE LIMITED	Director	02/09/2004	02/09/2004	-	Active	NO
2	L17111TN1946PLC001361	LOYAL TEXTILE MILLS LIMITED	Director	29/10/2004	29/10/2004	-	Active	NO
3	L99999MH1962PLC012549	TULIVE DEVELOPERS LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
4	L93090TN1979PLC032618	MARIS SPINNERS LIMITED	Director	14/11/2005	14/11/2005	-	Active	NO
5	U01111TZ1973PTC000662	NILGIRI AGRO AGENCIES PRIVATE LIMITED	Director	17/12/2005	17/12/2005	-	Active	NO
6	U51909TN1961PTC044552	JANATHA TRADERS INDIA PRIVATE LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
7	U45201TN1995PTC029899	MARIS ENTERPRISES PRIVATE LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
8	U17111TN1982PLC009317	SHRI CHINTAMANI TEXTILE MILLS LIMITED	Director	29/09/2009	02/11/2008	16/08/2010	Amalgamated	NO

Name :

Mr. R. Poornalinggam (I.A.S. – Retd.)

Designation :

Additional Director

Address :

No.10, 1^st Cross Street, Indira Nagar, Chnnai-600020, Tamilnadu, India

Date of Birth/Age :

15.11.1945

Date of Appointment :

27.10.2006

DIN No.:

00955742

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	U74899DL2005PTC142561	C-DOT ALCATEL-LUCENT RESEARCH CENTRE PRIVATE LIMITED	Director	04/07/2006	04/07/2006	16/09/2009	Active	NO
2	L17111TN1946PLC001361	LOYAL TEXTILE MILLS LIMITED	Director	11/09/2014	27/10/2006	-	Active	NO
3	U74999TN1997PLC039523	TIDEL PARK LIMITED	Director	09/12/2006	09/12/2006	23/06/2011	Active	NO
4	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Nominee director	24/10/2007	24/10/2007	16/03/2009	Active	NO
5	U70101TG2001PTC038151	NSL SEZ (CHENNAI) PRIVATE LIMITED	Managing director	01/01/2008	01/01/2008	30/06/2008	Active	NO
6	U45200TG2005PLC045511	NSL NAGAPATNAM POWER AND INFRATECH LIMITED	Additional director	25/04/2008	25/04/2008	04/03/2009	Active	NO
7	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	19/07/2008	22/06/2008	04/03/2009	Active	NO
8	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Director	27/07/2009	30/03/2009	31/07/2012	Active	NO
9	U45209TN1998PLC040572	TAMIL NADU ROAD DEVELOPMENT COMPANY LIMITED	Director	16/09/2010	15/12/2009	10/06/2011	Active	NO
10	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Director	18/06/2010	18/06/2010	27/09/2012	Active	NO
11	U40100TN2008PTC069515	NAGAPATTINAM ENERGY PRIVATE LIMITED	Director	23/06/2011	11/01/2011	-	Active	NO
12	U10101TN2007PTC070594	TRIDEM PORT AND POWER COMPANY PRIVATE LIMITED	Director	01/08/2013	08/08/2012	-	Active	NO

Name :

Mr. Shridhar Subrahmanyam

Designation :

Director

Address :

Flat No.106, Olympus III, Prestige Acropolis, 20, Hosur Road, Banglore-560029, Karnataka, India

Date of Birth/Age :

21.02.1939

Date of Appointment :

23.05.2007

DIN No.:

01780475

Name :

Mr. P. Manivannan

Designation :

Whole-Time Director

Address :

3 G, Kala Apartments, No.02, Karunanithi Street, West Mambalam, Chennai-600033, Tamilnadu, India

Date of Birth/Age :

23.06.1961

Date of Appointment :

01.11.2011

DIN No.:

00366954

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	U18101TN1993PTC024516	VISHALA APPARELS PRIVATE LIMITED	Director	29/06/2000	29/06/2000	31/10/2008	Active	NO
2	U17111TN1992PLC023836	SHRI TEYEM PROCESSORS LIMITED	Director	29/06/2000	29/06/2000	31/10/2008	Active	NO
3	U17111TN1982PLC009317	SHRI CHINTAMANI TEXTILE MILLS LIMITED	Director	12/07/2000	12/07/2000	-	Amalgamated	NO
4	L17111TN1946PLC001361	LOYAL TEXTILE MILLS LIMITED	Whole-time director	01/11/2011	01/11/2008	-	Active	NO

Name :

Mr. Madhavan Nambiar I.A.S. (Retd.)

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Laxman Shankar
Designation :	D G M Sales
Name :	Mr. Shiva Prasad Padhy
Designation :	Company Secretary
Address :	No. 83, (Old No. 41) First Main Road, R A Puram, Chennai – 600028, Tamilnadu, India
Tel No.:	91-44-42277374
Fax No.:	91-44-43060622

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	196017	4.07
Bodies Corporate	3343828	69.43
Sub Total	3539845	73.49
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3539845	73.49
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	5200	0.11
Sub Total	5200	0.11
(2) Non-Institutions
Bodies Corporate	175211	3.64
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	767792	15.94
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	302807	6.29
Any Others (Specify)	25591	0.53
Non-Resident Indians	25591	0.53
Sub Total	1271401	26.40
Total Public shareholding (B)	1276601	26.51
Total (A)+(B)	4816446	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)	4816446	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Cotton Textile Mills, Readymade Garments, Finished Fabrics, Grey Fabrics and Yarn.

Products :

Item Code No. (ITC Code)	Product Description
5202, 5203, 5204, 5205, 5206, 5207, 5208, 5209 5210, 5211, 5212, 5301, 5306, 5308, 5309, 5311, 5503, 5504, 5505, 5506, 5507, 5509 5510, 5511, 5512, 5513, 5514, 6001 6203, 6204	Textiles falling within Code Nos.

Exports :

Products :

Finished Goods

Countries :

v Europe

v USA

Imports :

Products :

Raw Materials

Countries :

Egypt

Terms :

Selling :

L/C and Cheque

Purchasing :

L/C and Cheque

GENERAL INFORMATION

Supplier

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 :

Wholesalers and Retailers

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 :

6000 (Approximately)

Bankers :

v Export Import Bank of India

v Central Bank of India

v State Bank of India

v Karur Vysya Bank Limited

v Indian Bank

v State Bank of Mysore

v Indian Overseas Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
TERM LOAN
From Bank	2226.700	2494.000
From Financial Institutions	492.500	592.600
SHORT TERM BORROWINGS
Loans repayable on demand	2422.500	2212.400
Total	5141.700	5299.000
Note : LONG TERM BORROWING Term loans except the following are secured by joint and equitable mortage of all immovable properties present and future and by hypothecation of machineries ranking paripassu with one another Term loans availed from Central bank of India and Karur Vysya Bank to the extent of Rs.1611.100 Millions are exclusively charged by the specific assets purchased out of the term loan Term loans availed from Indian Overseas Bank to the extent of Rs.200.000 Millions is exclusively charged on Land, Building and Plant and Machinery of CTM unit only. Term loan are repayable Quarterly as per agreement at floating rate of interest. Term loans are guaranteed by the Chairman and Managing Director. SHORT TERM BORROWINGS Working Capital Loans from banks are secured by the hypothecation of Raw-materials, Stock-in-process, Finished Goods, Stores consumables, Spares and Book debts and are also secured by second charge on block assets Working capital loans are guaranteed by the chariman and Managing Director

Banking Relations :	--
Auditors :
Name :	Suri and Company Chartered Accountants
Address :	No.4, Chewaliar Sivaliar Ganesan Street South Boag Road, T. Nagar,Chennai-600017, Tamilnadu, India
Tel. No.:	91-44-24341140
Substantial interest in Voting Power	v Shri Teyem Processors Limited v Uniloyal Exportex Limited, Chennai
Joint Venture Company :	v Gruppo P and P Loyal Spa, Italy v Loyal Dimco Group A.E.B.E., Greece v Loyal Tiret Cotton Farming and Gining P.L.C, Ethiopia

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs. 10/- each	Rs. 90.000 Millions
600000	Redeemable Cumulative Preference Shares	Rs. 100/- each	Rs. 60.000 Millions
	Total		Rs. 150.000 Millions

Note: Shares in the company held by each shareholder holding more than 5% shares

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4816446	Equity Shares	Rs. 10/- each	Rs.48.200 Millions

RECONCILIATION OF NUMBER OF EQUITY SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE YEAR

Particulars	31.03.2014
Number of shares outstanding as at the beginning of the year	481644
Number of shares outstanding as at the end of the year	481644

SHARES IN THE COMPANY HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES

Sr. No	Name of the Share holder	Number of shares held in the Company
1	Madurai Tara Traders Private Limited	776887
2	Felspar credit and investment Private Limited	661126
3	Dhanalakshmi Investment Private Limited	629343
4	Kurunji Investments Private Limited	346887
5	Chintamani Investments Private Limited	279220

DETAILS OF ALLOTMENTS OF SHARES FOR CONSIDERATION OTHER THAN CASH, ALLOTMENTS OF BONUS SHARES AND SHARES BOUGHT BACK (DURING THE PERIOD OF FIVE YEARS FROM 2008-2009)

Particulars	Amount
Allotment of shares as fully paid-up pursuant to Contracts without payments being received in cash	Nil
112500 Equity Shares of Rs. 10 each fully paid up allotted on 27-05-2011 pursuant to a Scheme of Amalgamation of "Shri Chintamani Textile Mills Limited"	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	48.200	48.200	48.200
(b) Reserves & Surplus	1217.500	1062.700	1040.600
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1265.700	1110.900	1088.800
(3) Non-Current Liabilities
(a) long-term borrowings	2719.700	3087.800	4242.900
(b) Deferred tax liabilities (Net)	529.400	443.700	293.700
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	2.000
Total Non-current Liabilities (3)	3249.100	3531.500	4538.600
(4) Current Liabilities
(a) Short term borrowings	2422.500	2212.400	2399.300
(b) Trade payables	714.500	655.000	401.900
(c) Other current liabilities	1346.800	1175.100	494.500
(d) Short-term provisions	420.000	358.900	293.400
Total Current Liabilities (4)	4903.800	4401.400	3589.100
TOTAL	9418.600	9043.800	9216.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5099.900	5259.200	4822.200
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	142.600	39.000	410.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	45.500	60.000	62.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	47.600	35.500	123.100
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5335.600	5393.700	5418.100
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1635.400	1425.300	1351.000
(c) Trade receivables	825.500	746.300	821.900
(d) Cash and cash equivalents	31.200	64.300	328.000
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	1590.900	1414.200	1297.500
Total Current Assets	4083.000	3650.100	3798.400
TOTAL	9418.600	9043.800	9216.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	16036.200	12523.200	9105.900
		Other Income	55.200	16.100	108.100
		TOTAL (A)	16091.400	12539.300	9214.000
Less	EXPENSES
		Cost of Material Consumed	5569.300	4942.600	4021.300
		Purchase of Stock-in-trade	5564.700	3449.700	1653.400
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(239.700)	(51.100)	281.100
		Employees benefit expenses	761.200	608.100	469.700
		Other Expenses	2639.500	2071.900	1743.600
		TOTAL (B)	14295.000	11021.200	8169.100
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1796.400	1518.100	1044.900
Less	FINANCIAL EXPENSES (D)		758.100	714.900	449.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1038.300	803.200	595.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		708.600	691.100	662.100
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		329.700	112.100	(67.000)
Less	TAX (H)		132.700	61.700	(47.600)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		197.000	50.400	(19.400)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		205.000	192.900	242.200
Less	APPROPRIATIONS
		Transfer to General Reserve	22.500	10.000	24.300
		Proposed Dividend on equity shares	36.100	24.100	4.800
		Provision for tax on distributed profits	0.000	0.000	0.800
		Dividend distribution tax	6.100	4.200	0.000
	BALANCE CARRIED TO THE B/S		337.300	205.000	192.900
	EARNINGS IN FOREIGN CURRENCY
		On export of goods, including export	12304.600	8867.000	6767.500
		Dividend received	0.000	0.000	4.200
	TOTAL EARNINGS		12304.600	8867.000	6771.700
	IMPORTS
		Raw Materials	431.500	607.700	87.000
		Components and spares	45.400	111.100	95.500
		Capital Goods	58.600	182.800	506.300
	TOTAL IMPORTS		535.500	901.600	688.800
	Earnings / (Loss) Per Share (Rs.)		40.91	10.46	(4.03)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.29	0.40	(0.21)
Operating Profit Margin (PBDIT/Sales)	(%)	11.20	12.12	11.47
Return on Total Assets (PBT/Total Assets}	(%)	3.57	1.25	-0.77
Return on Investment (ROI) (PBT/Networth)		0.26	0.10	-0.06
Debt Equity Ratio (Total Liability/Networth)		4.06	4.77	6.10
Current Ratio (Current Asset/Current Liability)		0.83	0.83	1.06

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	48.200	48.200	48.200
Reserves & Surplus	1040.600	1062.700	1217.500
Net worth	1088.800	1110.900	1265.700
long-term borrowings	4242.900	3087.800	2719.700
Short term borrowings	2399.300	2212.400	2422.500
Total borrowings	6642.200	5300.200	5142.200
Debt/Equity ratio	6.100	4.771	4.063

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	9105.900	12523.200	16036.200
		37.528	28.052

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	9105.900	12523.200	16036.200
Profit	(19.400)	50.400	197.000
	(0.21%)	0.40%	1.23%

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	Yes
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATIONS DETAILS

CHENNAI COURT

CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	W.A. MISCELLANEOUS PETITION
Case No.:	128
Year :	2007
Petitioner :	THE GOVERNMENT OF TAMIL NADU
Respondent :	M/S LOYAL TEXTILE MILLS LIMITED
Pet's Advocate :	G.P
Res's Advocate :	M.ELUMALAI
Category :	NO CATEGORY MENTIONED
	Last Listed on: No Date Mentioned
Case Updated on :	Apr 3 2007

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10521629	27/08/2014	820,000,000.00	INDIAN BANK	PARK TOWN BRANCH, NO.53, RAJA MUTHIAH SALAI, PERI  AMET, CHENNAI, TAMILNADU - 600003, INDIA	C22104814
2	10476215	10/01/2014	240,000,000.00	CENTRAL BANK OF INDIA	10, R C CHURCH MAIN ROAD,, KOVILPATTI, TAMILNADU  - 628501, INDIA	B95746517
3	10432641	26/06/2014 *	260,000,000.00	CENTRAL BANK OF INDIA	10, R C CHURCH MAIN ROAD,, KOVILPATTI, TAMILNADU  - 628501, INDIA	C10377810
4	10402763	05/01/2013	31,400,000.00	THE KARUR VYSYA BANK LIMITED	POST BOX NO.21,, ERODE ROAD, KARUR, TAMILNADU -  639002, INDIA	B67999144
5	10348013	29/02/2012	460,000,000.00	CENTRAL BANK OF INDIA	10, R C CHURCH MAIN ROAD,, KOVILPATTI, TAMILNADU - 628501, INDIA	B37091881
6	10326714	23/11/2011	470,000,000.00	KARUR VYSYA BANK LIMITED	WHITES ROAD BRANCH NO.37, WHITES ROAD BRANCH, CHE  NNAI, TAMILNADU - 600014, INDIA	B29041480
7	10278966	18/11/2011 *	584,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLES, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA	B28744662
8	10280308	09/11/2011 *	260,000,000.00	KARUR VYSYA BANK LIMITED	SOUTH WING FIRST FLOOR, NO.37, WHITES ROAD,, CHENNAI, TAMILNADU - 600014, INDIA	B28385748
9	10264534	09/11/2011 *	260,000,000.00	KARUR VYSYA BANK LIMITED	SOUTH WING FIRST FLOOR, NO.37, WHITES ROAD,, CHENNAI, TAMILNADU - 600014, INDIA	B28385037
10	10057641	11/06/2007	981,800,000.00	CANARA BANK	OVERSEAS BRANCH, GROUND FLOOR, SPENCER'S TOWERS II,770A,ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	A17765918

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Cumulative fixed deposits	0.500	1.200
Total	0.500	1.200

PERFORMANCE REVIEW, MANAGEMENT DISCUSSIONS ANALYSIS REPORT AND OUTLOOK FOR THE CURRENT YEAR:

The performance during the year 2013-2014 was satisfactory.

They had completed the laying of dedicated electrical lines to all them units, this proved very useful. They were able to get better quality of power and were able to wheel the power they produced through wind mills and purchased power.

However the poor evacuation of power generated by them wind mills caused a huge loss of about 15 crores.

Quality of power however continues to be very poor, the number of tripping, power outage due to poor quality of distribution infrastructure continues to be a serious problem.

The textile markets by and large remained good and they were able to increase our turnover substantially. Exports of yarn however did not result in profits due to large scale default of contracts by Chinese importers.

They invested 32.75 crores in capital equipments, availed 32.75 crores new term loans and repaid 74.64 crores term loans.

The total term loans stand at Rs. 3410.800 Millions reduced from Rs. 3832.200 Millions at the end of last fiscal year. Those efforts to deleverage them debt is on track.

They have been able to identify new markets for all those products and will be able to increase value added exports in the coming year.

They have enjoyed cordial relationship with all them stake holders

They have won several export awards, 5S awards, QC awards and recognition for them CSR full conduct of business.

FINANCE:

During the year, the Company availed term loans to the tune of Rs.327.400 Millions and repaid loans to the extent of Rs. 745.600 Millions to Banks/ Financial institutions.

FIXED ASSETS

v Land

v Buildings

v Furniture

v Plant and Machinery

v Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014

Particulars		Three months ended		6 Months Ended 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)	3274.700	3273.200	6547.900
	(b) Other Operating Income	209.600	186.800	396.500
	Total income from operations (net)	3484.300	3460.100	6944.400
2	Expenses
	(a) Cost of materials consumed	1259.200	1416.700	2675.900
	(b) Purchases of stock-in trade	938.00	870.100	1808.100
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	84.000	(83.700)	(210.200)
	(d) Employee benefits expense	198.000	188.300	386.300
	(e) Depreciation and Amortization Expenses	199.300	198.900	398.200
	(f) Other Expenses	421.300	406.800	828.000
	(g) Power and Fuel	329.100	316.400	645.500
	(h) Value of Wind Power	(124.900)	(68.100)	(192.900)
	Total expenses	3304.000	3245.300	6549.300
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	180.300	214.700	395.100
4	Other Income	3.200	4.6500	7.700
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	183.500	219.300	402.800
6	Finance Costs	176.000	180.200	356.200
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	7.500	39.100	46.600
8	Exceptional items	-	-	-
9	Profit/ (Loss) from ordinary activities before tax (7+8)	7.500	39.100	46.600
10	Tax expenses	3.000	14.100	17.100
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	4.500	25.000	29.500
12	Extraordinary item (net of tax expense)	-	-	-
13	Net Profit / (Loss) for the period (11-12)	4.500	25.000	29.500
14	Share of profit' (loss) of associates
15	Minority Interest	-	-	-
16	Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)	-	-	-
17	Paid up equity share capital (Face Value of Rs 10/-each)	48.200	48.200	48.200
18	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	-	-	-
19.i	Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):	-	-	-
	(a) Basic	0.95	5.19	6.14
	(b) Diluted	0.95	5.19	6.14
A	PARTICULARS OF SHAREHOLDING
1	A. Public Shareholding
	- Number of shares	1267601	1267601	1276601
	- Percentage of shareholding	26.51	26.51	26.51
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	-	-	-
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	-	-	-
	- Percentage of shares (as a % of the total Share Capital of the Company)	-	-	-
	b) Non Encumbered
	- Number of shares	3539845	3539845	3539845
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100	100	100
	- Percentage of shares (as a % of the total Share Capital of the Company)	73.49	73.49	73.49
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed of during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

STATEMENT OF ASSETS AND LIABILITIES

Particulars		As at 30.09.2014
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	48.210
	b) Reserves & Surplus	1191.200
	c) Money received against share warrants	0.000
	Sub Total- Shareholders funds	1239.410
2	Share application money pending allotment
3	Minority Interest
4	Non-current liabilities
	(a) Long term borrowings	2496.300
	(b) Other long term liabilities	0.000
	fc) Differed Tax	444.200
	Sub Total- Non Current Liabilities	2940.500
5	Current liabilities
	(a) Short term borrowings	2355.800
	(b) Trade Payables	278.900
	(c) Other current liabilities	1362.800
	(d) Short term provisions	456.100
	Sub Total- Current Liabilities	4453.600
	TOTAL-EQUITY AND LIABILITIES	8933.500
B	ASSETS
1	Non-current assets
	(a) Fixed assets	4874.200
	(b) Long term loans and advances	0.000
	(c)Non-Current Investment	45.500
	(d)Other Non-current Assets	84.600
	Sub-Total- Noncurrent assets	5004.300
2	Current assets
	a) Current Investments	0.000
	b) Inventories	1333.800
	c) Trade Receivables	949.600
	d) Cash and cash equivalents	108.500
	(e) Short term loans and advances	1537.300
	(f) Other current assets	0.000
	Sub-Total- current assets	3929.200
	TOTAL ASSETS	8933.500

SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT

Particulars		Three months ended		Year ended
		30.09.2013	30.06.2013	30.09.2013
		Unaudited	Unaudited	Unaudited
1	Segment Revenue
	Yarn - Trading	516.500	595.600	1112.100
	Yarn Manufacturing	395.200	432.300	827.500
	Cloth -Trading	458.900	312.100	771.000
	Cloth - Manufacturing	1814.900	1868.300	3683.200
	Garments	206.900	148.900	355.800
	Unallocated	-	-	-
	Total	3392.400	3357.200	6749.600
	Less: Inter-Segment revenue	117.700	84.000	201.7000
	Net Sales I Income from Operations	3274.700	3273.200	6547.900
2	Segment Results Profit I (Loss) (before tax, finance cost and exceptional items) from Segment
	Yarn - Trading	13.400	15.300	28.700
	Yarn Manufacturing	86.500	80.300	166.800
	Cloth -Trading	7.400	17.800	25.200
	Cloth - Manufacturing	40.700	68.400	109.100
	Garments	35.200	34.900	70.100
	Total	183.200	216.700	399.900
	Less:
	I) Finance costs	176.000	180.200	356.200
	Add:
	II) Unallocated Income	0.300	2.600	2.900
	Total Profit(Loss) before Tax	7.500	39.100	46.600
3	Segment Capital employed
	Yarn	2241.500	2519.700	2241.500
	Cloth	3848.200	4569.600	3848.200
	Garments	191.800	207.200	191.800
	Unallocated Assets less Liabilities	254.100	203.700	254.100
	Total Segment Capital Employed	6535.600	7500.300	6535.600

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.44
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.38

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAR
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.