MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	WELSPUN INDIA LIMITED
Registered Office :	Welspun City, Village Versamedi, Taluka Anjar – 370110, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.01.1985
Com. Reg. No.:	04-033271
Capital Investment / Paid-up Capital :	Rs.1003.465 Millions
CIN No.: [Company Identification No.]	L17110GJ1985PLC033271
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of wide range of home textile products, mainly terry towels, bed linen products and rugs.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Matter Converted
Comments :	Subject is a well-established company having fine track record. Profitability of the company has declined during 2014. However, the rating takes into consideration resourceful promoters and extensive experience of the management supported by WIL’s leading position in home textiles segment with global reach, its well-diversified products portfolio and strong brand image. Further rating also takes into consideration company’s sound financial risk profile and fair liquidity position. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities = A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	December 24. 2014

Rating Agency Name	CARE
Rating	Short term Bank facilities = A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	December 24. 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 DECLINED

Management Non Co-Operative (91-22-66136000)

LOCATIONS

Registered Office/ Plant I :	Welspun City, Village Versamedi, Taluka Anjar – 370110, Gujarat, India
Tel. No.:	91-2836-573428/ 9 / 279000 / 09/ 661111 / 279051
Fax No.:	91-2836-247070/ 279010 / 279050
E-Mail :	companysecretary_wil@welspun.com ashish_shah@welspun.com
Website :	www.welspun.com
Corporate Office :	Welspun House, 6^th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66136000/ 24908000
Fax No.:	91-22-24908020/ 24908021
E-Mail :	subrata_pal@welspun.com
Plant II :	Survey No. 76 Village and P.O. Morai, Vapi District Valsad, Gujarat – 396194, India
Tel. No.:	91-260-2437437
Fax No.:	91-260-2437088
Email :	wttvapi@welspun.com

DIRECTORS

As on 31.03.2013

Name :	Mr. B. K. Goenka
Designation :	Chairman
Name :	Mr. Dadi B. Engineer
Designation :	Director
Name :	Mr. A. K. Dasgupta
Designation :	Director
Name :	Mr. Ram Gopal Sharma
Designation :	Director
Qualification :	MA (Econ), B.Com and Fellow of Insurance Institute of India
Name :	Mr. Ajay Sharma
Designation :	Nominee – IDBI Bank
Name :	Mr. Arun Todarwal
Designation :	Director
Name :	Mr. R. R. Mandawewala
Designation :	Managing Director
Name :	Ms. Dipali Goenka
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. Shashikant Thorat
Designation :	Company Secretary
Audit Committee :	Mr. Ram Gopal Sharma Mr. Dadi B. Engineer Mr. A. K. Dasgupta Mr. Arun Todarwal
Remuneration Committee:	Mr. A. K. Dasgupta Mr. Dadi B. Engineer Mr. Ram Gopal Sharma
Share Transfer and Investor Grievance Committee :	Mr. A. K. Dasgupta Mr. B. K. Goenka Mr. R. R. Man dawewala

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	No. of Shares	Percentage of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	344401	0.34
Bodies Corporate	73293318	72.98
Sub Total	73637719	73.32
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	73637719	73.32
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4919873	4.90
Financial Institutions / Banks	1241138	1.24
Foreign Institutional Investors	1668363	1.66
Sub Total	7829374	7.80
(2) Non-Institutions
Bodies Corporate	4877040	7.07
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4877040	4.86
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6253227	6.23
Any Others (Specify)	734052	0.73
Clearing Members	423464	0.42
Non Resident Indians	164047	0.16
Trusts	139819	0.14
Directors & their Relatives & Friends	4489	0.00
Unclaimed Suspense A/c	2233	0.00
Sub Total	18959822	18.88
Total Public shareholding (B)	26789196	26.88
Total (A)+(B)
(C) Shares held by Custodians and against which Depository Receipts have been issued	100426915	100.00
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	100426915	100.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Radhika Goenka	2,00,860	0.20	0.20
2	Dipali Goenka	72,360	0.07	0.07
3	B K Goenka	68,389	0.07	0.07
4	Dipali Goenka Jointly with B K Goenka	2,680	0.00	0.00
5	Rajesh R Mandawewala	103	0.00	0.00
6	B K Goenka JTLY Dipali Goenka	9	0.00	0.00
7	Krishiraj Trading Limited	5,00,37,192	49.86	49.86
8	Welspun Mercantile Limited	1,12,46,576	11.21	11.21
9	Welspun Wintex Limited	84,25,291	8.40	8.40
10	Welspun Infra Developers Private Limited	27,49,773	2.74	2.74
11	Welspun Finance Limited	5,42,402	0.54	0.54
12	Methodical Investment and Trading Company Private Limited	7,694	0.01	0.01
13	Welspun Syntex Limited	1,485	0.00	0.00
14	Welspun Zucchi Textiles Limited	110	0.00	0.00
15	Welspun Steel Limited	110	0.00	0.00
	Total	7,33,55,034	73.10	73.10

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Reliance Capital Trustee Company Limited A/c Reliance Growth Fund	2928314	2.92	2.92
2	Bank Of Baroda	2000000	1.99	1.99
3	IDBI Bank Limited	1779410	1.77	1.77
4	State Bank of Bikaner and Jaipur	1634000	1.63	1.63
	Total	8341724	8.31	8.31

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	B K Goenka	9	0.00
2	Dipali B Goenka	3	0.00
3	Krishiraj Trading Limited	19,01,467	1.89
4	Welspun Mercantile Limited	7,37,308	0.73
5	Welspun Wintex Limited	5,27,757	0.53
	Total	31,66,544	3.16

BUSINESS DETAILS

Line of Business :

Manufacturer of wide range of home textile products, mainly terry towels, bed linen products and rugs.

Products :

ITC Code	Product Descriptions
63049250	Cotton Terry Towel
63041910	Cotton bed Sheet
52051100	Cotton Yarn

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Actual Production
Towels	M.T.	41477.85
Bed Sheets	Million Mtrs	37.33
Cotton Yarn	M.T.	33507.06
Rugs	M.T.	4808.99

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 :

Not Divulged

Bankers :

• State Bank of Bikaner and Jaipur
• State Bank of India
• Punjab National Bank
• Andhra Bank
• Canara Bank
• Exim Bank Limited
• Bank of India
• State Bank of Patiala
• Bank of Baroda
• Oriental Bank of Commerce
• IDBI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
Long-term Borrowings
Term Loans :
Rupee Term Loans from Banks	12513.690	9276.330
Foreign Currency Loan from Bank	103.870	0.000
Short-term Borrowings
Working Capital Loans from Banks	7900.480	5859.160
Total	20518.04	15135.49

Auditors :
Name :	Price Waterhouse Chartered Accountants
Memberships :	--
Collaborators :	--
Subsidiaries Companies (As on: 31.03.2013) :	Welspun AG (WAG) (Up to March 27, 2013) Besa Developers and Infrastructure Private Limited (BESA) Welspun Mexico S.A. de C.V (WMEX) (Up to March 28, 2013) Welspun Retail Limited (WRL) Welspun Holdings Private Limited, Cyprus (WHPL) Welspun Home Textiles UK Limited (WHTUKL) (Held through WHPL) CHT Holdings Limited (CHTHL) (Held through WHTUKL) Welspun USA Inc., USA (WUSA) Welspun Decorative Hospitality LLC (WDHL) Kojo Canada Inc. (Held through WDHL) Welspun Mauritius Enterprises Limited (WMEL) Novelty Home Textiles SA de CV (Held through WMEL) Christy Home Textiles Limited (CHTL) (Held through CHTHL) Welspun UK Limited (WUKL) (Held through CHTL) Christy 2004 Limited (Held through WUKL) Christy Welspun GmbH (CWG) (Held through WUKL) (Formerly known as Christy Europe GmbH (CEG)) Christy UK Limited (CUKL) (Held through CHTL) ER Kingsley (Textiles) Limited (ERK) (Held through CHTL)
Joint Venture Company (As on: 31.03.2013):	Welspun Zucchi Textiles Limited (WZTL)
Associate Company (As on: 31.03.2013):	Welspun Captive Power Generation Limited (WCPGL)
Enterprises over which Key Management Personnel or relatives of such personnel exercise significant influence or control and with whom transactions have taken place during the year (As on: 31.03.2013):	Welspun Investments and Commercials Limited (WICL) Welspun Corp Limited (WCL) Welspun Steel Limited (WPSL) Welspun Wintex Limited (WWL) Welspun Mercantile Limited (WML) Welspun Energy Limited (WEL) Krishiraj Trading Limited (KTL) Welspun Logistics Limited (WLL) Welspun Syntex Limited (WSL) Welspun Realty Private Limited (WRPL) Vipuna Trading Limited (VTL) Mertz Securities Limited (MSL) Welspun Polybuttons Limited (WPBL) Wel-treat Enviro Management Organisation Limited (WEMO) Welspun Maxsteel Limited (WMSL) Welspun Projects Limited ( WPL) Methodical Investment and Trading Company Private Limited (MITCPL) Welspun FinTrade Limited (WFTL) Welspun Finance Limited (WFL) Welspun Foundation for Health and Knowledge (WFHK) Welspun Infra Limited (W INFRA)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
155500000	Equity Shares	Rs.10/- each	Rs.1555.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100346515	Equity Shares	Rs.10/- each	Rs. 1003.470 Millions

Reconciliation of number of shares

Equity Shares :	31.03.2014
	Number of Shares	Amount (Rs. millions)
Balance as at the beginning of the year	100027015	1000.270
Add : Shares issued pursuant to Scheme of Amalgamation	-	-
Add : Shares issued to Employees under Employee Stock Option Scheme	319500	3.200
Balance as at the end of the year	100346515	1003.470

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

Equity Shares :	31.03.2014
	Number of Shares	% of holdings
Welspun Fintrade Limited	-	-
Welspun Mercantile Limited	11246576	11.21
Welspun Wintex Limited	8425291	8.40
Krishiraj Trading Limited	50037192	49.86

Rights, preferences and restrictions attached to shares

Equity Shares :

The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend, in case proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. 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.

Shares alloted as fully paid up pursuant to contract(s) without payment being received in cash (during 5 years immediately preceeding March 31, 2014):

10,475,496 equity shares of Rs. 10 each fully paid were issued in January 2013 to the erstwhile shareholders of Welspun Global Brands Limited pursuant to the composite scheme of arrangement between Welspun Global Brands Limited, the Company and Welspun Retail Limited without payment being received in cash.

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	1003.470	1000.270	890.120
(b) Reserves & Surplus	9489.310	9603.400	8317.260
(c) Share Suspense Account	0.000	0.000	104.750
(d) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.520	0.000	0.000
Total Shareholders’ Funds (1) + (2)	10493.300	10603.670	9312.130
(3) Non-Current Liabilities
(a) long-term borrowings	13353.620	9290.990	9566.480
(b) Deferred tax liabilities (Net)	925.530	2352.810	2161.990
(c) Other long term liabilities	3.700	6.300	16.500
(d) long-term provisions	980.350	45.660	33.010
Total Non-current Liabilities (3)	15263.200	11681.100	11777.980
(4) Current Liabilities
(a) Short term borrowings	8123.690	6700.280	4917.510
(b) Trade payables	4298.940	2641.530	2637.150
(c) Other current liabilities	2793.690	1718.300	3375.460
(d) Short-term provisions	432.970	245.810	83.030
Total Current Liabilities (4)	15649.290	11305.920	11013.150
TOTAL	41405.790	33590.690	32103.260
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12505.670	16082.310	15551.080
(ii) Intangible Assets	35.320	31.740	14.740
(iii) Capital work-in-progress	5239.350	541.440	1198.420
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7069.140	3769.400	852.070
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1212.870	1437.430	3482.910
(e) Other Non-current assets	896.510	1202.760	705.540
Total Non-Current Assets	26958.860	23065.080	21804.760
(2) Current assets
(a) Current investments	435.230	393.950	1197.290
(b) Inventories	6872.300	5100.120	4547.340
(c) Trade receivables	2183.030	1136.840	2059.790
(d) Cash and cash equivalents	1916.220	1479.050	966.450
(e) Short-term loans and advances	2393.070	2047.420	761.030
(f) Other current assets	647.080	368.230	766.600
Total Current Assets	14446.930	10525.610	10298.500
TOTAL	41405.790	33590.690	32103.260

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	35312.030	30429.460	25909.950
	Other Income	1036.240	491.720	375.880
	TOTAL (A)	36348.270	30921.180	26285.830
Less	EXPENSES
	Cost of Materials Consumed	19717.890	16944.250	13541.490
	Purchases of Stock-in-Trade	69.740	81.140	153.460
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1034.000)	44.730	240.180
	Employees benefits expense	2342.690	1817.710	1541.650
	Provision for diminution in value of investments [extraordinary items]	0.000	0.000	81.790
	Provision for doubtful loans and advances	0.000	83.850	284.350
	Other expenses	7138.560	7049.310	5931.790
	TOTAL (B)	28234.880	26020.990	21774.710
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	8113.390	4900.190	4511.120
Less	FINANCIAL EXPENSES (D)	1439.140	1384.310	1438.510
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	6674.250	3515.880	3072.610
Less/ Add	DEPRECIATION/ AMORTISATION (F)	6227.920	1328.090	1187.430
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	446.330	2187.790	1885.180
Less	TAX (I)	147.970	473.740	714.080
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	298.360	1714.050	1171.100
	IMPORTS
	Raw Materials	1312.450	1182.210	735.550
	Stores and Spares and Dyes and Chemicals	243.380	176.060	245.630
	Capital Goods	3301.990	246.450	1248.670
	Packing Material	13.520	24.040	28.000
	Others	00000	0.000	90.980
	TOTAL IMPORTS	4871.340	1628.760	2348.830
	Earnings / (Loss) Per Share (Rs.)	2.98	17.19	11.77

PARTICULARS	30.06.2014	30.09.2014
	Unaudited	Unaudited
Net Sales	9521.300	12104.300
Total Expenditure	7253.500	9455.800
PBIDT (Excl OI)	2267.800	2648.500
Other Income	319.500	194.600
Operating Profit	2587.300	2843.100
Interest	465.00	474.700
Exceptional Items	0.000	0.000
PBDT	2122.300	2368.400
Depreciation	518.100	573.200
Profit Before Tax	1604.200	1795.200
Tax	430.100	434.800
Provisions and contingencies	0.000	0.000
Profit After Tax	1074.100	1360.400
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	1074.100	1360.400

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.84	5.63	4.52
Operating Profit Margin (PBDIT / Sales)	(%)	22.98	16.10	17.41
Return on Total Assets (PBT/Total Assets}	(%)	1.53	7.47	6.27
Return on Investment (ROI) (PBT/Networth)		0.04	0.21	0.20
Debt Equity Ratio (Total Debt /Networth)		2.05	1.51	1.56
Current Ratio (Current Asset/Current Liability)		0.92	0.93	0.94

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	890.120	1000.270	1003.470
Reserves & Surplus	8317.260	9603.400	9489.310
Share Suspense Account	104.750	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.520
Net worth	9312.130	10603.670	10493.300
long-term borrowings	9566.480	9276.330	13353.620
Short term borrowings	4917.510	6700.280	8123.690
Total borrowings	14483.990	15976.610	21477.310
Debt/Equity ratio	1.555	1.507	2.047

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	25909.950	30429.460	35312.030
		17.443	16.046

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	25909.950	30429.460	35312.030
Profit	1171.100	1714.050	298.360
	4.52%	5.63%	0.84%

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOAN

(Rs. In Million)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loan from others	10.740	14.660
Loans form Bank	725.320	0.000
Short-term Borrowings
Working Capital Loans from Banks	223.210	841.120
Total	959.270	855.780

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481283	04/03/2014	10,650,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA  LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B97927073
2	10467453	06/12/2013	1,000,000,000.00	STATE BANK OF BIKANER AND JAIPUR	WELSPUN HOUSE, GROUND FLOOR, KAMALA MILLS COMPOUN  D, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA	B92482405
3	10468684	05/12/2013	2,000,000,000.00	Bank of India	MUMBAI LARGE CORPORATE BRANCH, ORIENTAL BUILDING,  GROUND FLOOR, 364 D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B92927847
4	10454107	27/09/2013	945,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG,  BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400013, IND  IA	B87122453
5	10413664	26/03/2013	840,000,000.00	Export-Import Bank of India	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE,  COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400  005, INDIA	B71405740
6	10420866	26/03/2013	2,050,000,000.00	IDBI Bank Limited	CBG, 9TH FLOOR, IDBI TOWER, CUFFE PARADE, MUMBAI,  MAHARASHTRA - 400005, INDIA	B73487514
7	10391380	23/06/2014 *	6,926,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA  LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C07991615
8	10350551	11/04/2012	340,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA  LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B37832508
9	10351905	11/04/2012	340,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA  LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B38284428
10	10322999	25/11/2011	900,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA  LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B27819218

* Date of charge modification

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	As on 31.03.2014
Excise, Customs and Service Tax Matters	344.280
Income Tax Matters	167.650
Stamp Duty Matter	4.60
Sales Tax	38.080
Claims against Company not acknowledged as debts	50.750
Total	605.360

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30^TH SEPTEMBER 2014

Sr. No			Standalone
			Quarter Ended		Half Year Ended
			30.09.2014	30.06.2014	30.09.2014
			Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		11279.726	8837.061	20116.787
	b. Other Operating Income		824.573	684.197	1508.770
	Total Income from Operations (Net)		12104.299	9521.258	21625.557
2	Expenditure
	a. Cost of material Consumed		5818.755	5408.870	11227.625
	b. Purchase of Stock-in trade		0.044	26.422	26.466
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		452.715	(938.389)	(485.674)
	d. Employees Benefit Expenses		841.980	730.318	1572.298
	e. Depreciation and Amortisation Expenses		573.241	518.105	1091.346
			869.182	774.049	1643.231
	f. Other expenses		1473.151	1252.231	2725.382
	Total Expenses		10029.068	7771.606	17800.674
3	Profit from Operations before Other Income, Interest and Exceptional Items		2075.231	1749.652	3824.883
4	Other Income		194.627	319.490	514.117
5	Profit from ordinary activities before finance cost & exceptional items		2269.858	2069.142	4339.000
6	Finance Costs		474.658	464.977	939.635
7	Profit from ordinary activities after finance costs & exceptional items		1795.200	1604.165	3399.365
8	Exceptional items		-	-	-
9	Profit from ordinary activities before tax		1795.200	1604.165	3399.365
10	Tax Expense
	- Income Tax		209.554	582.374	791.928
	- Deferred Tax		225.207	(52.271)	172.936
11	Net Profit from ordinary activity after tax		1360.439	1074.062	2434.501
12	Extraordinary Items		-	-	-
13	Net Profit After Tax		1360.439	1074.062	2434.501
14	Paid-up equity share capital (face value of Rs.10 per share)		1004.269	1003.810	1004.269
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year
16	Earning Per Share (of Rs.10 each) (not annualized)
	Basic EPS		13.55	10.70	24.25
	Diluted EPS		13.54	10.70	24.24
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	26789196	26743296	26789196
		- Percentage of shareholding	27	27	27
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	Nil	Nil	Nil
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	Nil	Nil	Nil
		- Percentage of shareholding (as a % of the total share capital of the company)	Nil	Nil	Nil
		b) Non-encumbered
		- No. of shares	73637719	73637719	73637719
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100	100	100
		- Percentage of shareholding (as a % of the total share capital of the company)	73	73	73

	Particulars	Quarter ended 30.09.2014
B	Investor Complaints
	Pending at the beginning of the quarter	--
	Received during the quarter	13
	Disposed off during the quarter	13
	Remaining unresolved at the end of the quarter	--

DISCLOSURE OF STANDALONE STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	As on 30.09.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1004.269
(b) Reserves & Surplus	11922.815
Sub-total Shareholders' Funds	12927.084
(2) Minority Interest	--
(3) Non-Current Liabilities
(a) long-term borrowings	11546.346
(b) Deferred tax liabilities (Net)	1061.460
(c) Other long term liabilities	3.700
(d) long-term provisions	1160.047
Sub Total Non-Current Liabilities	13771.553
(4) Current Liabilities
(a) Short term borrowings	7543.669
(b) Trade payables	4024.189
(c) Other current liabilities	4362.341
(d) Short-term provisions	191.449
Sub Total- Current Liabilities	16121.648
TOTAL- EQUITY AND LIABILITIES	42820.285
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	19943.031
(b)Goodwill on Consolidation	-
(c) Non-current Investments	4105.599
(d) Deferred tax assets (net)	-
(e) Long-term Loan and Advances	630.184
(f) Other Non-current assets	643.372
Sub Total- Non-current assets	28322.186
(2) Current assets
(a) Current investments	594.002
(b) Inventories	7096.114
(c) Trade receivables	2198.586
(d) Cash and cash equivalents	1725.963
(e) Short-term loans and advances	2261.920
(f) Other current assets	621.514
Sub Total- Current assets	14498.099
TOTAL ASSETS	42820.285

Tangible Assets

• Freehold Land
• Buildings
• Leasehold Improvements
• Plant and Machinery
• Vehicles
• Furniture and Fixtures
• Office Equipment
• Computers

Intangible Assets

• Computer Software
• Goodwill

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.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.