MIRA INFORM REPORT

Report Date :

29.12.2014

IDENTIFICATION DETAILS

Name :	S.P. APPARELS LIMITED
Registered Office :	39A, Extension Street, Kaikattipudur, Avinashi, Coimbatore-636007, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.11.2005
Com. Reg. No.:	18-012295
Capital Investment / Paid-up Capital :	Rs. 440.495 Millions
CIN No.: [Company Identification No.]	U18101TZ2005PLC012295
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAJCS4031P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Exporter and Retailer of Garments.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal 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 – 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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management Non-cooperative (Tel. No. : 91-4296-304001)

LOCATIONS

Registered Office :	39A, Extension Street, Kaikattipudur, Avinashi, Coimbatore-636007, Tamilnadu, India
Tel. No.:	91-4296-304000
Fax No.:	91-4296-304280/ 304281
E-Mail :	spindia@s-p-apparels.com balaji.v@s-papparels.com
Website :	http://www.spapparels.com

DIRECTORS

As on 30.09.2014

Name :

Mr. P Sundararajan

Designation :

Managing Director

Address :

192/East Sambandan Road, R.S. Puram, Coimbatore-641002, Tamilnadu, India

Date of Birth/Age :

17.05.1956

Date of Appointment :

30.09.2014

DIN No. :

00003380

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	U17111TZ1995PTC006496	S P TEXTILES PRIVATE LIMITED	Director	05-09-95	05-09-95	01-09-06	Active	NO
2	U17100TZ2001PTC009835	POORNAM ENTERPRISES PRIVATE LIMITED	Director	24-08-06	20-05-05	-	Active	NO
3	U18101TZ2005PLC012295	S.P.APPARELS LIMITED	Managing director	30-09-14	18-11-05	-	Active	NO
4	U18101TZ1998PTC008439	CROCODILE PRODUCTS PRIVATE LIMITED	Managing director	24-05-06	24-05-06	-	Active	NO
5	U17111TN2005PLC057110	SRI BALAJI BAKKIAM SPINNING MILLS LIMITED	Additional director	12-12-07	12-12-07	-	Amalgamated	NO

Name :

Ms. S Latha

Designation :

Whole Time Director

Address :

192/East Sambandan Road, R.S. Puram, Coimbatore-641002, Tamilnadu, India

Date of Birth/Age :

17.04.1964

Date of Appointment :

16.08.2011

DIN No. :

00003388

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	U18101TZ2005PLC012295	S.P.APPARELS LIMITED	Whole-time director	16-08-11	18-11-05	-	Active	NO
2	U18101TZ1998PTC008439	CROCODILE PRODUCTS PRIVATE LIMITED	Director	24-05-06	24-05-06	-	Active	NO
3	U17111TN2005PLC057110	SRI BALAJI BAKKIAM SPINNING MILLS LIMITED	Additional director	12-12-07	12-12-07	-	Amalgamated	NO

Name :

Ms. S Shantha

Designation :

Director

Address :

255, Old No. 53, Erode Road, Vadivel Nagar, Karur-639002, Tamilnadu, India

Date of Birth/Age :

04.12.1982

Date of Appointment :

30.09.2006

DIN No. :

00088941

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	U18101TZ2005PLC012295	S.P.APPARELS LIMITED	Director	30-09-06	18-11-05	-	Active	NO
2	U17111TN2005PLC057110	SRI BALAJI BAKKIAM SPINNING MILLS LIMITED	Additional director	12-12-07	12-12-07	-	Amalgamated	NO

Name :

Mr. V Sakthivel

Designation :

Director

Address :

186-C, Lakshmi Road, Salem-636004, Tamilnadu, India

Date of Birth/Age :

10.08.1949

Date of Appointment :

30.09.2006

DIN No. :

00005720

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	U17111TZ1995PTC006495	S P SUPERFINE COTTON MILLS PRIVATE LIMITED	Director	04-02-00	04-02-00	-	Active	NO
2	U17111TZ1979PTC000862	S P SPINNING MILLS PRIVATE LIMITED	Director	28-09-04	28-09-04	-	Active	NO
3	U18101TZ2005PLC012295	S.P.APPARELS LIMITED	Director	30-09-06	30-01-06	-	Active	NO
4	U18101TZ1998PTC008439	CROCODILE PRODUCTS PRIVATE LIMITED	Director	24-05-06	24-05-06	-	Active	NO
5	U60231TZ1999PTC008876	THRIVENI EARTHMOVERS PRIVATE LIMITED	Director	09-08-10	21-10-09	-	Active	NO

Name :

Mr. Srinivas Chindambaram

Designation :

Director

Address :

A-301, Yamuna Apartments, Alaknanda, New Delhi-110019, India

Date of Birth/Age :

21.05.1966

Date of Appointment :

24.07.2013

DIN No. :

00514665

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	U74899DL1995PTC073510	JACOB BALLAS CAPITAL INDIA PRIVATE LIMITED	Managing director	29-09-06	07-07-06	-	Active	NO
2	U74899DL1993PTC052396	JACOB BALLAS SECURITIES INDIA PRIVATE LIMITED	Director	29-09-06	12-07-06	-	Amalgamated	NO
3	U93000DL2000PTC104277	RAMGARH LEISURE AND ENTERTAINMENT PRIVATE LIMITED	Director	29-09-06	12-07-06	23-03-07	Active	NO
4	U18101TZ2005PLC012295	S.P.APPARELS LIMITED	Nominee director	24-07-13	15-11-06	-	Active	NO
5	U72200KA2006PTC040015	TRIANZ HOLDINGS PRIVATE LIMITED	Nominee director	08-08-13	31-01-07	-	Active	NO
6	U32204TG1998PTC029457	ASTER PRIVATE LIMITED	Nominee director	09-08-07	09-08-07	25-03-13	Active	NO
7	U52599TN1991PTC020361	FINANCIAL SOFTWARE AND SYSTEMS PRIVATE LIMITED	Nominee director	05-03-10	05-03-10	-	Active	NO
8	L02411KA1988PLC009465	VIVIMED LABS LIMITED	Nominee director	27-09-12	14-11-11	-	Active	NO
9	U74999DL1995PLC064132	RELIGARE FINVEST LIMITED	Director	23-01-12	23-01-12	-	Active	NO
10	U74899DL1995PLC070603	SRL LIMITED	Director	05-09-12	23-07-12	-	Active	NO

Name :

Mr. P Velusamy

Designation :

Director

Address :

24/3, Vidyalaya Road, Sivasamipuram Extension, Opposite Ramakrishna Park Salem-636007, Tamilnadu, India

Date of Birth/Age :

11.03.1949

Date of Appointment :

29.09.2008

DIN No. :

01538840

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	U17111TZ1995PTC006496	S P TEXTILES PRIVATE LIMITED	Director	05-09-95	05-09-95	01-09-06	Active	NO
2	U17111TZ1995PTC006495	S P SUPERFINE COTTON MILLS PRIVATE LIMITED	Managing director	06-09-95	06-09-95	-	Active	NO
3	U17111TZ1979PTC000862	S P SPINNING MILLS PRIVATE LIMITED	Director	19-12-02	19-12-02	01-10-12	Active	NO
4	U18101TZ2005PLC012295	S.P.APPARELS LIMITED	Director	29-09-08	05-11-07	-	Active	NO
5	U17100TZ2001PTC009835	POORNAM ENTERPRISES PRIVATE LIMITED	Director	29-09-08	05-11-07	17-09-14	Active	NO

Name :

Mr. P Ashokaraman

Designation :

Director

Address :

7, Brindhavan Road, 4^th Cross Fair lands Salem-636016, Tamilnadu, India

Date of Birth/Age :

10.05.1958

Date of Appointment :

29.09.2008

DIN No. :

00225611

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	U17111TZ1989PTC002430	PERUMAL SPINNING MILLS PRIVATE LIMITED	Managing director	08-05-89	08-05-89	-	Active	NO
2	U17111TZ1995PTC006496	S P TEXTILES PRIVATE LIMITED	Director	05-09-95	05-09-95	05-09-07	Active	NO
3	U17111TZ1979PTC000862	S P SPINNING MILLS PRIVATE LIMITED	Director	25-09-06	29-05-06	-	Active	NO
4	U18101TZ2005PLC012295	S.P.APPARELS LIMITED	Director	29-09-08	05-11-07	-	Active	NO
5	U17100TZ2001PTC009835	POORNAM ENTERPRISES PRIVATE LIMITED	Director	29-09-08	05-11-07	25-06-14	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
P. Sundararajan	11980000
S. Latha	3000000
S Shantha	5000
P velusamy	5000
P. Ashokraman	5000
Newyork Life Investment Management India Fund (FVCI II) LLC, Mauritius	1800000
S. Chenduran	5000
P. Sundararajan	10000000
S. Latha	10000000
Euro Asia Agencies Limited, Hong Kong	7249454
TOTAL	44049454

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	10.71
Directors or relatives of Directors	89.26
Other top fifty shareholders	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter and Retailer of Garments.

Products :

Product Description	ITC Code
Knitted Babies Garments	61112002
Knitted Girls/ Ladies T Shirts and Vest	61091000
Knitted Boys/ Mens T Shirts	61051000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the managment

Bankers :

· IDBI Bank Limited, 72, Mayflower “E” Castle, Dr. Balasudaram Road, ATT Colony, Coimbatore-641018, Tamilnadu, India

· State Bank of Mysore, 342, Post Office Main Road, Avinashi-641654, Tamilnadu, India

· Tamilnadu Mercantile Bank Limited, Coimbatore Main Branch, No.122, Big Bazaar Street, Coimbatore - 641001, Tamil Nadu, India

· Axis Bank Limited, 1095, Vigneshwar Cresta, Pappanaickenpalayam, Avinashi Road, Coimbatore - 641037, Tamilnadu, India

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Rupee term loans from banks	556.610	713.300
SHORT TERM BORROWINGS
Loans repayable on demand from Banks	1728.290	1626.120
Total	2284.900	2339.420

Financial Institute :	The Tamilnadu Industrial Investment Corporation Limited, "United Shopping Complex", 94, Dr. Nanjappa Road, Coimbatore - 641018, Tamil Nadu, India
Auditors :
Name :	Deloite Haskins and Sells Chartered Accountant
Address :	Shanmugha Manram, 41, Race Course, Coimbatore-641001, Tamilnadu, INDia
PAN No.:	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company :	Crocodile Products Private Limited (CIN No :U1810TZ1998PTC008439)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	S P Superfine Cotton Mills Private Limited (CIN No. : U17111TZ1995PTC006495) Poornam Enterprises Private Limited (CIN No. : U17100TZ2001PTC009835)

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions
27250000	Equity Shares	Rs.10/- each	Rs. 272.500 Millions
	TOTAL		Rs. 472.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16800000	Equity Shares	Rs.10/- each	Rs. 168.000 Millions
27249454	Equity Shares	Rs.10/- each	Rs. 272.495 Millions
	TOTAL		Rs. 440.495 Millions

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	440.495	368.000	368.000
(b) Reserves & Surplus	798.040	723.800	691.730
(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)	1238.530	1091.800	1059.730
(3) Non-Current Liabilities
(a) long-term borrowings	883.710	971.500	1380.340
(b) Deferred tax liabilities (Net)	172.465	121.950	102.250
(c) Other long term liabilities	1059.740	1067.640	933.490
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2115.915	2161.090	2416.080
(4) Current Liabilities
(a) Short term borrowings	1728.290	1626.120	1602.600
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	419.720	667.690	575.260
(d) Short-term provisions	36.140	19.840	15.770
Total Current Liabilities (4)	2184.150	2313.650	2193.630
TOTAL	5538.600	5566.540	5669.440
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2755.140	2895.420	2720.270
(ii) Intangible Assets	20.320	25.590	30.850
(iii) Capital work-in-progress	0.000	0.000	264.540
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	63.740	64.240	64.240
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	317.590	275.620	269.460
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3156.790	3260.870	3349.360
(2) Current assets
(a) Current investments	7.080	9.150	9.200
(b) Inventories	1265.710	1270.950	1239.770
(c) Trade receivables	552.540	512.840	576.780
(d) Cash and cash equivalents	143.560	59.770	57.700
(e) Short-term loans and advances	404.670	450.580	436.630
(f) Other current assets	8.250	2.380	0.000
Total Current Assets	2381.810	2305.670	2320.080
TOTAL	5538.600	5566.540	5669.440

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4521.120	4292.940	4012.100
		Other Income	11.870	4.480	10.670
		TOTAL (A)	4532.990	4297.420	4022.770
Less	EXPENSES
		Cost of Materials Consumed	1753.450	1600.330	1442.090
		Purchases of Stock-in-Trade	115.480	143.360	158.390
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	239.170	(11.330)	(70.530)
		Employees benefits expense	801.170	815.490	788.770
		Other expenses	967.350	1183.230	1102.710
		TOTAL (B)	3876.620	3731.080	3421.430
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		656.370	566.340	601.340
Less	FINANCIAL EXPENSES (D)		355.630	346.280	401.270
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		300.740	220.060	200.070
Less/ Add	DEPRECIATION/ AMORTISATION (F)		175.100	167.840	162.110
	PROFIT BEFORE TAX (E-F) (G)		125.640	52.220	37.960
Less	TAX (H)		51.420	20.140	9.400
	PROFIT AFTER TAX (G-H) (I)		74.220	32.080	28.560
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS		324.030	328.729	304.560
	Earnings Per Share (Rs.)		4.42	1.91	1.70

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.64	0.75	0.71
Operating Profit Margin (PBIDT/Sales)	(%)	14.52	13.19	14.99
Return on Total Assets (PBT/Total Assets}	(%)	2.29	0.95	0.71
Return on Investment (ROI) (PBT/Networth)		0.10	0.05	0.04
Debt Equity Ratio (Total Debt /Networth)		2.11	2.38	2.81
Current Ratio (Current Asset/Current Liability)		1.09	1.00	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	368.000	368.000	440.490
Reserves & Surplus	691.730	723.800	798.040
Net worth	1059.730	1091.800	1238.530
long-term borrowings	1380.340	971.500	883.710
Short term borrowings	1602.600	1626.120	1728.290
Total borrowings	2982.940	2597.620	2612.000
Debt/Equity ratio	2.815	2.379	2.109

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	4012.100	4292.940	4521.120
		7.000	5.315

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4012.100	4292.940	4521.120
Profit	28.560	32.080	74.220
	0.71%	0.75%	1.64%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Loans and advances from directors	327.100	258.200
Total	327.100	258.200

REVIEW OF OPERATIONS

The total sales during the year has increased to Rs. 4521.120 million in comparison to Rs. 4292.940 million of the previous year. The increase is attributed to change in customer base in the export front besides improvement in the domestic operations in processing and spinning activities.

The Company has budgeted for export sales of Rs. 4250.000 million in the current year with the existing customers and adding new customers. There would not be any major capital expenditure for achieving this target.

The processing division has utilized its capacity at the level of 85% by adding of job works from outside parties.

The spinning division is working at 100% utilized capacity. During the current year, it has planned to change towards coarser counts. The division also started supplying to our export division which helps in the form of captive consumption. As a profit centre, the division has made break even in the current year.

The retail divisions sales is less by 15% during the year under review in comparison to last year. It has been decided strategically to reduce certain distribution channels to come out of the bottlenecks involved.

The division has plans to improve sales in the current year through increase of Company owned retail outlets.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10487993	29/03/2014	50,000,000.00	STATE BANK OF MYSORE	STATE BANK OF MYSORE, AVINASHI, TAMIL NADU - 641654, INDIA	C02681708
2	10496316	28/03/2014	50,000,000.00	STATE BANK OF MYSORE	342, POST OFFICE MAIN ROAD, AVINASHI, TAMIL NADU  - 641654, INDIA	C02682896
3	10335607	14/03/2013 *	100,000,000.00	TAMILNAD MERCANTILE BANK LIMITED	COIMBATORE MAIN BRANCH, NO.122, BIG BAZAAR STREET, COIMBATORE, TAMILNADU - 641001, INDIA	B73694416
4	10310315	26/07/2013 *	150,000,000.00	STATE BANK OF MYSORE	342, POST OFFICE MAIN ROAD, AVINASHI, TAMILNADU  - 641654, INDIA	B82250168
5	10300861	16/08/2011	200,000,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	"UNITED SHOPPING COMPLEX", 94, DR. NANJAPPA ROAD,  COIMBATORE, TAMILNADU - 641018, INDIA	B18298760
6	10303622	04/08/2011	200,000,000.00	ALLAHABAD BANK	342-344, PALLADAM ROAD, TENNAMPALAYAM, TIRUPUR, TAMILNADU - 641604, INDIA	B19345354
7	10254240	22/11/2010	100,000,000.00	TAMILNAD MERCANTILE BANK LTD.	122, BIG BAZAAR STREET,, COIMBATORE, TAMIL NADU -  641001, INDIA	B00633933
8	10244819	28/09/2010	287,300,000.00	ANDHRA BANK	G.G TOWERS, 64, KUMARAN ROAD, TIRUPUR, TAMIL NADU - 641601, INDIA	A96848916
9	10243049	03/09/2010	150,000,000.00	THE KARUR VYSYA BANK LIMITED	P.B.NO.6, D NO.315, FIRST FLOOR, KUMARAN ROAD, TIRUPUR, TAMIL NADU - 641601, INDIA	A95583050
10	10240613	30/07/2010	90,000,000.00	STATE BANK OF MYSORE	342, POST OFFICE MAIN ROAD, AVINASHI, TAMILNADU  - 641654, INDIA	A94679255
11	10192191	29/10/2010 *	100,000,000.00	AXIS BANK LIMITED	VIGNESHWAR CRESTA, NO.1095, AVINASHI ROAD, COIMB  ATORE, TAMILNADU - 641037, INDIA	A98431067
12	10152887	31/03/2009	128,400,000.00	STATE BANK OF MYSORE	342, POST OFFICE MAIN ROAD, AVINASHI, TAMILNADU -  641654, INDIA	A60604709
13	10152889	31/03/2009	40,000,000.00	STATE BANK OF MYSORE	342, POST OFFICE MAIN ROAD, AVINASHI, TAMILNADU -  641654, INDIA	A60605060
14	10112885	30/05/2008	550,000,000.00	INDIAN BANK	1/202, AVINASHI ROAD, CHINNIAMPALAYAM, COIMBATORE  , TAMILNADU - 641062, INDIA	A42063115
15	10114157	23/05/2009 *	190,000,000.00	AXIS BANK LTD	1095, AVINASHI ROAD, PAPPANAICKENPALAYA, COIMBA  TORE, TAMIL NADU - 641037, INDIA	A64650534
16	10114496	04/06/2010 *	491,700,000.00	BANK OF INDIA	COIMBATORE CORPORATE BANKING BRANCH, FIRST FLOOR,  8/732, CHAMBER TOWERS, AVINASHI ROAD, COIMBATORE,  TAMIL NADU - 641018, INDIA	A90012923
17	10057108	11/09/2009 *	200,000,000.00	IDBI BANK LIMITED	72, MAYFLOWER "E" CASTLE, DR.BALASUNDARAM ROAD,  ATT COLONY, COIMBATORE, TAMIL NADU - 641018, INDIA	A70079595
18	10045586	29/10/2010 *	262,500,000.00	AXIS BANK LIMITED	VIGNESHWAR CRESTA, NO.1095, AVINASHI ROAD, COIMB  ATORE, TAMIL NADU - 641037, INDIA	A98431547
19	10017195	10/10/2007 *	150,000,000.00	STATE BANK OF INDORE	1056-C UR HOUSE, AVINASHI ROAD, COIMBATORE, TAMIL  NADU - 641018, INDIA	A24285785
20	10007569	10/10/2007 *	63,500,000.00	STATE BANK OF INDORE	1056-C UR HOUSE, AVINASHI ROAD, COIMBATORE, TAMIL  NADU - 641018, INDIA	A24285918
21	80017088	16/04/2008 *	221,936,000.00	BANK OF INDIA LIMITED	624, FORT MAIN ROAD, SHEVAPET, SALEM, TAMIL NADU- 636002, INDIA	A39294509
22	10000128	02/03/2007 *	455,405,681.00	STATE BANK OF MYSORE	342, POST OFFICE MAIN ROAD, AVINASHI, TAMIL NADU -641654, INDIA	A00020354
23	10000127	30/01/2013 *	1,180,000,000.00	STATEBANK OF MYSORE	342,POST OFFICE MAIN ROAD, AVINASHI, TAMIL NADU -641654, INDIA	B68839232
24	80001349	05/02/2007 *	1,581,000,000.00	STATE BANK OF MYSORE	342, POST OFFICE MAIN RAOD, AVINASHI, TAMIL NADU -641654, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Leasehold Land

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fittings

· Vehicles

· Lab Equipments

· Office Equipments

· Computer

· Win Mill

· Intangible Assets

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. 63.63
UK Pound	1	Rs. 98.97
Euro	1	Rs. 77.74

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.