MIRA INFORM REPORT

Report Date :

03.07.2014

IDENTIFICATION DETAILS

Name :	SEL MANUFACTURING COMPANY LIMITED
Registered Office :	Plot No. 274, G T Road, Dhandari Khurd, Ludhiana – 141014, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.05.2000
Com. Reg. No.:	16-023679
Capital Investment / Paid-up Capital :	Rs.3313.470 millions
CIN No.: [Company Identification No.]	L51909PB2000PLC023679
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the manufacturing, processing and trading of yarn, fabric, readymade garments and towel.
No. of Employees :	11000 (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

Maximum Credit Limit :	USD 57000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has performed well during 2013. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB- (Suspended)
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	23.08.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3 (Suspended)
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	23.08.2013

Reason of Suspended – The company has not furnished the information required

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Raj Kumar
Designation :	Manager
Contact No.:	91-9781066627

LOCATIONS

Registered Office/ Corporate Office :	274, Dhandari Khurd, G.T. Road, Ludhiana – 141 014, Punjab, India
Tel. No.:	91-161-2510270/ 6611111
Fax No.:	91-161-2510268/ 6611112
E-Mail :	rahul@selindia.in info@selindia.in
Website :	http://www.selindia.in
Factory 1 :	Village: Lal Kalan, Teh: Samrala Ludhiana-Chandigarh Road, Near Neelon Canal Bridge, Ludhiana, Punjab, India
Factory 2 :	Village Bajra Road, Ludhiana - 141 007, Punjab, India
Factory 3 :	Plot No.106, Industrial Area, Baddi (SFS), District: Solan, Himachal Pradesh, India
Factory 4 :	C 256-257, Phase VIII, Focal Point, Ludhiana, Punjab, India
Factory 5 :	Village Shekhan Majara, Machiwara Rahon Road, Tehsil and District Nawanshehar, Punjab, India
Factory 6 :	Village Mehatwara, Tehsil Ashta, District Sehore, Madhya Pradesh, India
Factory 7 :	G.T. Road, Opposite Mcdonalds, Doraha, Ludhiana, Punjab, India
Factory 8 :	A-15, Phase-VII, Focal Point, Ludhiana, Punjab, India
Factory 9 :	Plot No.90, Industrial Area, Baddi (SFS), District Solan, Himachal Pradesh, India
Factory 10 :	23KM Stone, Delhi-Hisar Highway, Hansi Hisar, Haryana, India
Factory 11 :	15B, RIICO Industrial Area, Neemrana, District Alwar, Rajasthan, India
Factory 12 :	Village Udhowal, Tehsil Nawanshehar, District Saheed Bhagat Singh Nagar, Punjab, India
Factory 13 :	Village Punjava-Lambi, Tehsil Malout, District Sri Muktsar Sahib, Punjab, India
Factory 14 :	NH-8, Village Lakodara, Karjan, Vadodara, Gujarat, India
Factory 15 :	Plot No.2, Taj Nagari Phase-1, Opposite Shanti Mangalick Hospital, Fatehabad Road, Agra, Uttar Pradesh, India

DIRECTORS

As on 31.03.2013

Name :	Mr. Ram Saran Saluja
Designation :	Chairman
Name :	Mr. Neeraj Saluja
Designation :	Managing Director
Qualification :	Diploma in Business Administration
Date of Appointment :	30.03.2006
Name :	Mr. Dhiraj Saluja
Designation :	Joint Managing Director
Qualification :	Degree in Mechanical Engineering
Date of Appointment :	28.05.2007
Name :	Mr. Vinod Kumar Goyal
Designation :	Executive Director and Chief Executive Officer
Qualification :	MBA
Date of Appointment :	13.07.2010
Name :	Mr. Navneet Gupta
Designation :	Executive Director and Chief Financial Officer
Name :	Mr. Ashwani Kumar
Designation :	Director
Name :	Mr. Amit Narang
Designation :	Director
Name :	Mr. Kanwalnain Singh Kang
Designation :	Director
Name :	Mr. Ranjan Madaan
Designation :	Director
Name :	Mr. Prem Kumar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rahul Kapoor
Designation :	Company Secretary
Name :	Mr. Raj Kumar
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	36729044	15.70
Bodies Corporate	15546154	6.64
Sub Total	52275198	22.34
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	52275198	22.34
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	100000	0.04
Sub Total	100000	0.04
(2) Non-Institutions
Bodies Corporate	38872348	16.61
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	52755938	22.55
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	78872804	33.71
Any Others (Specify)	11084456	4.74
Non Resident Indians	4757949	2.03
Clearing Members	705818	0.30
Hindu Undivided Families	5620089	2.40
Trusts	600	0.00
Sub Total	181585546	77.61
Total Public shareholding (B)	181685546	77.66
Total (A)+(B)	233960744	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	97386256	0.00
Sub Total	97386256	0.00
Total (A)+(B)+(C)	331347000	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing, processing and trading of yarn, fabric, readymade garments and towel.

Products :

Products Description	Item Code No.
Hosiery Garments	5205.11
Knitted Cloth	5509.53
Cotton Yarn	5509.21
Terry Towel	6304.92

GENERAL INFORMATION

No. of Employees :

11000 (Approximately)

Bankers :

• State Bank of Bikaner and Jaipur
• State Bank of Patiala
• State Bank of India
• State Bank of Indore
• Exim Bank
• UCO Bank
• State Bank of Hyderabad
• State Bank of Travancore
• State Bank of Mysore
• Punjab National Bank
• Punjab and Sind Bank
• Vijaya Bank
• Allahabad Bank
• Indian Bank
• Union Bank of India
• Karur Vysya Bank
• Bank of Maharashtra
• Dena Bank
• Corporation Bank
• HDFC Bank Limited
• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
i) Term Loans
‐ From Banks	15722.638	15113.771
SHORT TERM BORROWINGS
i) Loans Repayable on Demand
From Banks	12656.150	8017.717
Total	28378.788	23131.488

Banking Relations :	---
Auditors :
Name :	Dass Khanna and Company Chartered Accountants
Address :	B-XX-2815, Gurdev Nagar, Pakhowal Road, Ludhiana – 141 001, Punjab, India
Subsidiary Partnership Firm :	S. E. Exports Kudu Industries
Subsidiary Company :	SEL Textiles Limited SEL Aviation Private Limited Omega Hotels Limited SEL Ecochem Private Limited SEL Textile Corporation
Fellow Subsidiary Company :	Silverline Corporation Limited SEL Textiles Oveaseas Limited
Associates :	Rythm Textiles and Apparels Park Limited
Enterprises over which key management personal and relatives of such personal is able to exercise significant influence	Shiv Narayan Investments Private Limited Saluja International Saluja Fabrics SEL Developers Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
331347000	Equity Shares	Rs.10/- each	Rs.3313.470 millions

Reconciliation of the number of equity shares outstanding

Equity shares	As at 31^st March, 2013
	No. of Shares	Amount (Rs. in millions)
Shares outstanding at the beginning of the year	11347000	1113.470
Shares Issued during the year	22000000	2200.000
Shares outstanding at the end of the year	33347000	3313.470

TERMS/RIGHTS ATTACHED TO EQUITY SHARES

The company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share except holder of GDR will not have voting right with respect to the Deposited Shares.

During the year, the Company issued 220,000,000 equity shares of the face value of Rs. 10 per share consequent to Global Depository Receipts (GDRs) issue of the company. Holders of Global Depository Receipts (GDRs) will be entitled to receive dividends, subject to the terms of the Deposit Agreement, to the same extent as the holders of Equity Shares. As on 31.03.2013, 135,195,687 shares of the face value of Rs.10/- each per share represent the shares underlying GDRs which were issued during 2012-13.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the realised value of the assets of the Company, remaining after payment of all preferential dues. The distribution will be in proportion to the number of equity shares held by the shareholders.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3313.470	1113.470	993.470
(b) Reserves & Surplus	10826.585	9620.290	8980.303
(c) Money received against share warrants	218.700	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	14358.755	10733.760	9973.773
(3) Non-Current Liabilities
(a) long-term borrowings	15745.485	15140.801	10176.265
(b) Deferred tax liabilities (Net)	1503.118	953.499	614.468
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	22.380	7.262	1.200
Total Non-current Liabilities (3)	17270.983	16101.562	10791.933
(4) Current Liabilities
(a) Short term borrowings	12656.150	8017.717	4710.636
(b) Trade payables	2800.394	1848.387	1474.998
(c) Other current liabilities	3721.465	2296.811	1970.296
(d) Short-term provisions	341.665	210.243	298.328
Total Current Liabilities (4)	19519.674	12373.158	8454.258
TOTAL	51149.412	39208.480	29219.964
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25180.996	13522.921	8754.032
(ii) Intangible Assets	37.266	33.781	0.000
(iii) Capital work-in-progress	242.548	5508.355	2110.918
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5564.465	1857.188	2142.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	223.859	2837.967	3886.265
(e) Other Non-current assets	594.836	306.683	171.642
Total Non-Current Assets	31843.970	24066.895	17065.157
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10753.063	6165.244	5498.736
(c) Trade receivables	5522.276	6319.185	4389.165
(d) Cash and cash equivalents	246.705	732.058	1083.388
(e) Short-term loans and advances	851.817	792.637	545.546
(f) Other current assets	1931.581	1132.461	637.972
Total Current Assets	19305.442	15141.585	12154.807
TOTAL	51149.412	39208.480	29219.964

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	31542.169	20383.424	15832.155
		Other Income	1719.882	962.790	245.439
		TOTAL (A)	33262.051	21346.214	16077.594
Less	EXPENSES
		Cost of Materials Consumed	14649.027	13884.860	4337.111
		Purchases of Stock-in-Trade	10498.699	3819.825	9252.379
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1896.239)	(2217.610)	(1837.785)
		Employees benefits expense	1277.701	603.281	379.394
		Other expenses	3016.207	1719.809	1126.993
		TOTAL (B)	27545.395	17810.165	13258.092
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5716.656	3536.049	2819.502
Less	FINANCIAL EXPENSES (D)		2679.319	1705.852	769.214
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3037.337	1830.197	2050.288
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1355.926	751.118	557.872
	PROFIT BEFORE TAX (E-F) (G)		1681.411	1079.079	1492.416
Less	TAX (H)		617.060	360.750	488.502
	PROFIT AFTER TAX (G-H) (I)		1064.351	718.329	1003.914
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3177.090	3090.352	2328.576
	Tax Adjustment Relating to Previous Year		0.000	(131.791)	7.862
Less	APPROPRIATIONS
		Transfer to General Reserve	1000.000	499.800	250.000
	BALANCE CARRIED TO THE B/S		3241.441	3177.090	3090.352
	EARNINGS IN FOREIGN CURRENCY
		F.O.B Value	9924.234	4645.635	3185.085
		Overseas Income	8048.376	2958.449	1425.373
	TOTAL EARNINGS		17972.61	7604.084	4610.458
	IMPORTS
		Raw Materials	67.892	19.962	13.937
		Stores & Spares	91.182	10.206	23.788
		Capital Goods	1564.441	4098.756	2181.435
	TOTAL IMPORTS		1723.515	4128.924	2219.160
	Earnings Per Share (Rs.)
	- Basic		3.61	8.47	12.73
	- Diluted		3.56	8.47	12.73

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.20	3.37	6.24
Net Profit Margin (PBT/Sales)	(%)	5.33	5.29	9.43
Return on Total Assets (PBT/Total Assets}	(%)	3.71	3.39	5.98
Return on Investment (ROI) (PBT/Networth)		0.12	0.10	0.15
Debt Equity Ratio (Total Debt /Networth)		1.98	2.16	1.49
Current Ratio (Current Asset/Current Liability)		0.99	1.22	1.44

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	993.470	1113.470	3313.470
Reserves & Surplus	8980.303	9620.290	10826.585
Money received against share warrants	0.000	0.000	218.700
Net worth	9973.773	10733.760	14358.755
long-term borrowings	10176.265	15140.801	15745.485
Short term borrowings	4710.636	8017.717	12656.150
Total borrowings	14886.901	23158.518	28401.635
Debt/Equity ratio	1.493	2.158	1.978

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	15832.155	20383.424	31542.169
		28.747	54.744

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	15832.155	20383.424	31542.169
Profit	1003.914	718.329	1064.351
	6.34%	3.52%	3.37%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
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

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
i) Vehicle Loans
‐ From Banks	22.847	27.030
Total	22.847	27.030

CORPORATE INFORMATION

Subject is a public company incorporated in India under the provisions of the Companies Act, 1956. The Company is engaged in the manufacturing, processing and trading of yarn, fabric, readymade garments and towel.

BUSINESS:

The Company is vertically integrated multi-product textile company, manufacturing various kinds of Knitted Garments, Terry Towels, Knitted and Processed Fabric and various kind of Yarn with production facilities located at Ludhiana and NawanSheher in Punjab, Baddi in Himachal Pradesh and Sehore in Madhya Pradesh.

They are expanding their existing capacities in spinning/knitting. The Company is setting up a new project in the state of Madhya Pradesh consisting of spinning unit with a capacity of 571,200 spindles, out of which 326,400 spindles have already been installed. The said spinning facility is the largest under one roof in India. Further, the Company also proposes to set up Knitted Fabric/ Cloth capacity of 72,000 TPA out of which 28,000 TPA is already installed. The Company has also set up Open end spinning with capacity of 4,440 Rotors.

OPERATIONS:

During the year, the company has achieved Revenue from Operations of Rs. 31542.169 Millions as compared to Rs. 20383.424 Millions in the previous year. The profit before tax stood at Rs. 1681.411 Millions as compared to Rs. 1079.079 Millions during the previous year. After providing for taxes and other adjustments, the Profit after tax stood at Rs. 1064.350 Millions as compared to Rs. 718.329 Millions during the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

OUTLOOK: OPPORTUNITY, THREATS, RISKS AND CONCERNS

Textile Industry has made a major contribution to the national economy in terms of direct and indirect employment generation and net foreign exchange earnings. India is the one of the world's largest producers of textiles and garments. The textiles sector has witnessed a spurt in investment during the last five years. India's growing population has been a key driver of textile consumption growth in the country and a rising middle class has also aided demand growth for the sector. The turbulent global conditions, falling value of rupee, inflation coupled with a weak industrial sector have emerged as challenges for India economy. However, a stable outlook would require favourable policy environment, improvements in demand-supply position, continued stability in input costs and consequent improvement in margins/liquidity.

CONTINGENT LIABILITIES

There are contingent liabilities in respect of the following items: No outflow is expected in view of the past history relating to these items:-

Particulars	31.03.2013 (Rs. in millions)	31.03.2012 (Rs. in millions)
Export Bills Discounted	1270.900	203.800
Estimated amount of capital contracts remaining to be executed net of advances	719.500	2381.100
Guarantees given by the Company on behalf of SEL Textiles Limited (Subsidiary Company)	14875.500	14875.500
Performance Guarantee	10884.300	13819.200
Others (Net of deposit of Rs. 0.700 Million against the said demand, contested in appeal.	0.700	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10473552	30/12/2013	35,000,000.00	CORPORATION BANK	PREMISES NO-5 , NEW LAJPAT NAGAR, LUDHIANA, PUNJAB  - 141001, INDIA	B94701661
2	10473723	30/12/2013	15,000,000.00	KARUR VYSYA BANK LIMITED	BRAR COMPLEX, DUGRI ROAD, MODEL TOWN, LUDHIANA, PUNJAB - 141001, INDIA	B94767084
3	10463623	06/11/2013	2,240,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, G.T. ROAD, MILLERGANJ, LUDHIANA, PUNJAB -141003, INDIA	B90883869
4	10459858	04/10/2013	200,000,000.00	SBERBANK	DR. GOPAL DAS BHAWAN, 28, BARAKHAMBA ROAD,, NEW DELHI, DELHI - 110001, INDIA	B89394506
5	10455760	27/09/2013	500,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, G.T. ROAD, MILLERGANJ, LUDHIANA, PUNJAB -141003, INDIA	B87829230
6	10454444	24/09/2013	320,000,000.00	UNION BANK OF INDIA	MID CORPORATE BRANCH, WALIA COMPLEX,DUGRI ROAD, LUDHIANA, PUNJAB - 141001, INDIA	B87281838
7	10438236	16/09/2013 *	9,800,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 165, INDUSTRIAL AREA-A, NEAR CHEEMA CHOWK, LUDHIANA, PUNJAB - 141001, INDIA	B87008702
8	10441047	12/07/2013	1,000,000,000.00	INDIAN OVERSEAS BANK	MID CORPORATE BRANCH, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	B81118481
9	10426703	30/03/2013	7,000,000,000.00	ALLAHABAD BANK	I.I.F.B., 165, INDUSTRIAL AREA-A, CHEEMA CHOWK, LUDHIANA, PUNJAB - 141001, INDIA	B75473884
10	10346003	31/03/2012	750,000,000.00	ANDHRA BANK	SECTOR 17-C, CHANDIGARH, CHANDIGARH - 160018, INDIA	B36472934
11	10321045	13/10/2011	7,350,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 165, INDUSTRIAL AREA-A  , NEAR CHEEMA CHOWK, LUDHIANA, PUNJAB -141001, INDIA	B26801167
12	10298898	18/06/2011	2,300,000,000.00	CENTRAL BANK OF INDIA	FOCAL POINT, LUDHIANA, PUNJAB - 141010, INDIA	B17555046
13	10272484	07/03/2011	750,000,000.00	STATE BANK OF PATIALA	CB, G.T.ROAD, MILLERGANJ, LUDHIANA, PUNJAB - 141001, INDIA	B08349698
14	10244730	17/09/2010	500,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, LUDHIANA, PUNJAB - 141001, INDIA	A96866033
15	10247091	05/07/2013 *	300,000,000.00	KARUR VYSYA BANK LIMITED	BRAR COMPLEX, DUGRI ROAD, MODEL TOWN, LUDHIANA, PUNJAB -141001, INDIA	B83126748
16	10244546	08/09/2010	107,000,000.00	INDIAN BANK	1601, KALSI NAGAR, LUDHIANA, PUNJAB - 141003, INDIA	A96825682
17	10245504	02/09/2010	450,000,000.00	BANK OF MAHARASHTRA	LINK ROAD, PREET NAGAR, LUDHIANA, PUNJAB - 141001, INDIA	A97109698
18	10237619	25/08/2010	500,000,000.00	PUNJAB AND SIND BANK	IFB, DHOLEWAL CHOWK,, G.T. ROAD, LUDHIANA, PUNJAB  - 141001, INDIA	A94208105
19	10237603	13/08/2010	500,000,000.00	STATE BANK OF BIKANER AND JAIPUR	SME BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	A94185485
20	10236457	03/08/2010	1,000,000,000.00	STATE BANK OF TRAVANCORE	COMMERCIAL BRANCH, K. G. MARG, TRAVANCORE HOUSE, NEW DELHI, DELHI - 110001, INDIA	A93664571
1	10239136	03/08/2010	500,000,000.00	STATE BANK OF HYDERABAD	74, JANPATH, NEW DELHI, DELHI - 110001, INDIA	A94785243
22	10227505	28/06/2010	300,000,000.00	UNITED BANK OF INDIA	CLOCK TOWER, LUDHIANA, PUNJAB - 141008, INDIA	A89210546
23	10208965	21/06/2012 *	13,401,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, G.T. ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	B45414539
24	10187442	30/12/2011 *	7,875,500,000.00	CENTRAL BANK OF INDIA	FOCAL POINT, LUDHIANA, PUNJAB -141010, INDIA	B30479083
25	10181676	24/10/2009	500,000,000.00	PUNJAB AND SIND BANK	INDUSTRIAL FINANCE BRANCH, G.T. ROAD, DHOLEWAL, LUDHIANA, PUNJAB - 141003, INDIA	A72111206
26	10162582	17/06/2009 *	500,000,000.00	STATE BANK OF TRAVANCORE	COMMERCIAL BRANCH,, TRAVANCORE PALACE, K.G. MARG, NEW DELHI, DELHI - 110001, INDIA	A66331299
27	10152505	21/03/2009	500,000,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, JMD PACIFIC SQUARE,, SECTOR  15, PART II, NH8, GURGAON, HARYANA - 122001, INDIA	A60629425
28	10143852	24/02/2009	450,000,000.00	PUNJAB AND SIND BANK	INDUSTRIAL FINANCE BRANCH, G.T. ROAD, DHOLEWAL, LUDHIANA, PUNJAB - 141003, INDIA	A57356479
29	10150144	23/02/2009	300,000,000.00	INDIAN BANK	1601, KALSI NAGAR, LUDHIANA, PUNJAB - 141003, INDIA	A59690396
30	10142698	11/02/2009	1,000,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	A56647571

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Leasehold Land
• Building
• Road
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipments

Intangible Assets

• Computer Software

STATEMENT OF UNAUDITED / AUDITED FINANCIAL RESULTS FOR THE QUARTER / YEAR ENDED MARCH 31, 2014

(Rs. in millions)

Sr. No.	Particulars	Standalone
		Unaudited	Unaudited	Unaudited
		Quarter Ended		Year to date
		31.03.2014	31.12.2013	31.03.2014
1	Income from operations
	a) Net sales/Income from operation (Net of excise duly)	5990.879	6799.180	29560.395
	b) Other operating Income	0.000	0.000	0.000
	Total Income from operations (net)	5990.879	6799.180	29560.395
2	Expenses
	a) Cost of material consumed	7829.335	3995.317	22122.392
	b) Purchase of stock-In-trade	897.764	117.663	2134.776
	c) Changes In inventories of finished goods, work in progress and stock in trade	(3215.996)	747.081	(1870.909)
	d) Employee benefits expenses	323.756	262.902	1227.893
	e) Depredation and amortization expenses	544.432	529.461	2124.311
	f) Other expenses	819.059	929.650	3790.110
	Total expenses	7198.350	6582.074	29528.573
3	Profit from operations before other Income, finance cost and exceptional items (1-2)	(1207.471)	217.106	31.822
4	Other income	(234.451)	(62.393)	901.218
5	Profit from ordinary activities before finance cost ft exceptional Items (3+4)	(1441.922)	154.713	933.040
6	Finance cost	688.930	697.560	3122.243
7	Profit from ordinary activities after finance cost but exceptional items (5-6)	(2130.852)	(542.847)	(2189.203)
8	Exceptional Items	1809.431	0.000	1809.431
9	Profit (+)/ loss (-) from ordinary activities before tax (7±8)	(3940.283)	(542.847)	(3998.634)
10	Tax Expenses	(1559.653)	56.988	(1444.344)
11	Net Profit (+)/ Loss (-) from ordinary activities after tax (9-10)	(2380.630)	(599.835)	(2554.290)
12	Extraordinary items (net of tax expenses )	0.000	0.000	0.000
13	Net Profit (+)/ loss (-) for the period (11±12)	(2380.630)	(599.835)	(2554.290)
14	Paid-up equity share capital of Rs.10/-each	3313.470	3313.470	3313.470
15	Reserves excluding Revaluation Reserves	--	--	8490.995
16	I. Earning per share (EPS) (before extraordinary items) (In Rs.) (not annualised)
	a) Basic	(7.18)	(1.81)	(7.71)
	b) Diluted	(7.18)	(1.81)	(7.71)
	II. Earning per Share (EPS) (after extraordinary items) (In Rs.) (not annualised)
	a) Basic	(7.18)	(1.81)	(7.71)
	b) Diluted	(7.18)	(1.81)	(7.71)
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- No. of shares	279071802	303617956	279071802
	- Percentage of shareholding	84.22%	91.63%	84.22%
2	Promoters and promoter group shareholding
	a) Pledge/Encumbered
	-Number of shares	52275198	27729044	52275198
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100%	100%	100%
	- Percentage of shares (as a % of the total share capital of the company)	15.78%	8.37%	15.78%
	b) Non-encumbered
	- Number of shares	NIL	NIL	NIL
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	--	--	--
	- Percentage of shares (as a % of the total share capital of the company)	--	--	--
B.	INVESTOR COMPLAINTS
	Pending at the beginning of the Quarter	0
	Received during the quarter	2
	Disposed off during the Quarter	2
	Remaining unresolved at the end of the quarter	0

Note :

1. The above results are reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors on May 29, 2014.

2. Consolidation has been made by applying Accounting Standard-21 "Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India.

3. The Consolidated Financial results include results of M/s SE Exports, SEL Textiles Limited (Consolidated), 
SEL Textiles Corporation and SEL Aviation Private Limited Subsidiaries of the Company.

4. The Company has only one Reportable Segment i.e. "Textiles", hence Segment Reporting required under AS-17 is not applicable.

5. figures of the quarter ended March 31, 2014 and March 31, 2013 are the balancing figures between audited figures in respect of full financial year and published year to date figures upto the third quarter of the relevant financial year

6. Exceptional Item(s) in the aforesaid results includes write off amount on the on moving show moving inventory of the Company.

7. Previous period's figures have been re-grouped and re-classified wherever necessary

STATEMENT OF ASSETS AND LIABILITIES

Particulars		As at 31.03.2014
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	3313.470
	b) Reserves & Surplus	8490.995
	c) Money received against share warrants	0.000
	Sub Total- Shareholders funds	11804.465
2	Share application money pending allotment	--
3	Minority Interest	--
4	Non-current liabilities
	(a) long-term borrowings	14564.425
	(b) Deferred tax liabilities (Net)	--
	(c) Other long term liabilities	--
	(d) long-term provisions	39.825
	Sub Total- Non Current Liabilities	14604.250
5	Current liabilities
	(a) Short term borrowings	15793.870
	(b) Trade Payables	2032.652
	(c) Other current liabilities	6852.395
	(d) Short term provisions	7.724
	Sub Total- Current Liabilities	24686.641
	TOTAL-EQUITY AND LIABILITIES	51095.366
B	ASSETS
1	Non-current assets
	(a) Fixed assets
	(i) Tangible assets	23199.115
	(ii) Intangible Assets	31.395
	(iii) Capital work-in-progress	1640.046
	(iv) Intangible assets under development	--
	(b) Non-current Investments	5579.958
	(c) Deferred tax assets (net)	9.661
	(d) Long-term Loan and Advances	1376.299
	(e) Other Non-current assets	553.360
	Sub-Total- Non current assets	32389.834
2	Current assets
	a) Current Investments	--
	b) Inventories	7099.769
	c) Trade Receivables	8168.099
	d) Cash and cash equivalents	133.298
	(e) Short term loans and advances	590.142
	(f) Other current assets	2714.214
	Sub-Total- current assets	18705.522
	TOTAL ASSETS	51095.356

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.59.98
UK Pound	1	Rs.102.90
Euro	1	Rs.82.02

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		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.