MIRA INFORM REPORT

Report Date :

06.06.2014

IDENTIFICATION DETAILS

Name :	SUPER SPINNING MILLS LIMITED
Registered Office :	‘Elgi Towers’, P. B. 7113, 737 – D, Green Fields, Puliakulam Road, Coimbatore - 641045, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.06.1962
Com. Reg. No.:	18-001200
Capital Investment / Paid-up Capital :	Rs. 55.000 Millions
CIN No.: [Company Identification No.]	L17111TZ1962PLC001200
IEC No.:	3201001988
TAN No.: [Tax Deduction & Collection Account No.]	CMBS03383C
PAN No.: [Permanent Account No.]	AADCS0672G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Selling of Cotton Yarn.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 2800000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is a well-established company having moderate track. The company has seen a vulnerability in its profitability due to volatility in raw material prices during 2013. The ratings also take into consideration the strained liquidity position due to high working capital intensive operations and sizeable loss incurred during FY 2012. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of long standing experience of the promoters in the textile industry, the subject can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BB+
Rating Explanation	Have moderate risk of default
Date	31.12.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	31.12.2013

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

Management Non Cooperative (91-422-2311711)

LOCATIONS

Registered / Corporate Office :	‘Elgi Towers’, P. B. 7113, 737 – D, Green Fields, Puliakulam Road, Coimbatore - 641045, Tamilnadu, India
Tel. No.:	91-422-2311711/ 2314511/ 4351711
Fax No.:	91-422-2311611/ 2315111
E-Mail :	super@ssh.saraelgi.com
Website :	www.superspinning.com
PLANT LOCATIONS
A and O.E. Unit:	Kirikera, Hindupur, District Anantapur – 515211, Andhra Pradesh, India
Tel. No.:	91-8556-220522 / 220194
Fax No.:	91-8556-220997.
E-Mail :	supera@ssa.saraelgi.com
B Unit :	Kotnur, Hindupur, Anantapur – 515213, Andhra Pradesh, India
Tel. No.:	91-8556-20182/20187
Fax No.:	91-8556-20858
E-Mail :	superb@ssb.saraelgi.com
C Unit :	D.- Gudalur, Dindigul – 624620, Tamilnadu, India
Tel. No.:	91-4551-225310
Fax No.:	91-4551-225229
E-Mail :	superc@ssc.saraelgi.com
Unit Super Sara :	Beerapalli, Hindupur - 515212, Andhra Pradesh, India
Tel. No.:	91-8556-249687/ 249786
Fax No.:	91-8556-249744
E-Mail :	supersara@sss.saraelgi.com
Garment Units:	Unit II, New Tirupur, Thekkalur-641654, Coimbatore District, Tamilnadu, India

DIRECTORS

As on 31.03.2013

Name :	Mr. Vidyaprakash D
Designation :	Chairman
Date of Birth/Age :	06.08.1945
Qualification :	B. Sc. [Maths]
Name :	Mr. Sumanth Ramamurthi
Designation :	Managing Director
Name :	Mr. C S K Prabhu
Designation :	Director
Date of Birth/Age :	10.09.1954
Qualification :	FCA
Name :	Mr. D Sarath Chandran
Designation :	Director
Date of Birth/Age :	12.05.1946
Qualification :	B.Sc (Hons), MBA
Name :	Mr. Sudarsan Varadaraj
Designation :	Director
Date of Birth/Age :	22.01.1958
Qualification :	B.E (Hons), M.S (ME)
Name :	Mr. B Vijayakumar
Designation :	Director
Date of Birth/Age :	22.01.1953
Qualification :	B. Sc.
Name :	Mr. Vijay Venkataswamy
Designation :	Director
Date of Birth/Age :	12.08.1947
Qualification :	MBA

KEY EXECUTIVES

Name :	Mr. R Srikanth
Designation :	Company Secretary
Name :	Mr. A S Thirumoorthy
Designation :	Chief Operating Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	17729730	32.24
Bodies Corporate	3585000	6.52
Any Others (Specify)	2001410	3.64
Trusts	1351410	2.46
HUF	650000	1.18
Sub Total	23316140	42.39
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	23316140	42.39
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1470	0.00
Foreign Institutional Investors	1000	0.00
Sub Total	2470	0.00
(2) Non-Institutions
Bodies Corporate	3778943	6.87
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	19876987	36.14
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6095311	11.08
Any Others (Specify)	1930149	3.51
Clearing Members	224568	0.41
Non Resident Indians	228138	0.41
Market Maker	5146	0.01
Hindu Undivided Families	432867	0.79
Any Other	1039430	1.89
Sub Total	31681390	57.60
Total Public shareholding (B)	31683860	57.61
Total (A)+(B)	55000000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	55000000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Cotton Yarn.

Products/ Services :

ITC Code No.	Product Descriptions
5205.14	Single Yarn of Uncombed Fiber
5205.22 – 28	Single Yarn of Combed Fiber
5205.41 – 48	Multiple Yarn of Combed Fiber
6109.10	Knitted Garments

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Union Bank of India
• State Bank of India
• IDBI Bank
• Andhra Bank
• ICICI Bank Limited
• Axis Bank
• State Bank Of Hyderabad

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long-term Borrowings
From Banks	76.110	177.583
Short-term Borrowings
Loans repayable on demand From Banks	1137.779	1050.270
Total	1213.889	1227.853
a. First charge by way of Hypothecation of Inventories, Book Debts and other current assets of the Company. b. Second charge on specific Moveable and Immoveable properties of the Company.

Banking Relations :	---
Auditors :
Name :	Reddy, Goud and Janardhan Chartered Accountants
Subsidiaries :	Sara Elgi Arteriors Limited Elgi Building Products Limited
Others :	Elgi Electric and Industries Limited Super Sara Textiles Limited Sara Elgi Industries Limited Super Farm Products Limited Kakatiya Textiles Limited Sara Elgi Insurance Advisory Services Private Limited Sara Elgi Envirotech Limited Sara Trading and Industrial Services Limited Sara Elgi Industrial Research and Devlopment Limited Coimbatore Pioneer Fertilisers Limited Prashanth Textiles Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Re. 1/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Re. 1/- each	Rs.55.000 Millions

Name of the Shareholders	31.03.2013
	No of Shares	% of Holding
Sumanth Ramamurthi	8,568,220	15.58
Nikhil Govind Ramamurthi	4,000,000	7.27
Sanjay Krishna Ramamurthi	4,000,000	7.27

The Company declares and pays dividends in indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amount exists currently. 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	55.000	55.000	55.000
(b) Reserves & Surplus	645.163	570.108	999.276
(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)	700.163	625.108	1054.276
(3) Non-Current Liabilities
(a) long-term borrowings	76.110	177.583	369.508
(b) Deferred tax liabilities (Net)	0.000	0.000	127.314
(c) Other long term liabilities	3.531	3.553	0.000
(d) long-term provisions	42.471	39.962	0.000
Total Non-current Liabilities (3)	122.112	221.098	496.822
(4) Current Liabilities
(a) Short term borrowings	1141.490	1057.267	1393.891
(b) Trade payables	462.762	313.452	394.935
(c) Other current liabilities	234.442	349.519	510.752
(d) Short-term provisions	21.203	19.312	51.865
Total Current Liabilities (4)	1859.897	1739.550	2351.443
TOTAL	2682.172	2585.756	3902.541
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1007.525	1171.635	1429.855
(ii) Intangible Assets	0.000	0.252	0.497
(iii) Capital work-in-progress	3.214	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	282.537	282.437	282.437
(c) Deferred tax assets (net)	89.218	97.809	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1382.494	1552.133	1712.789
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	495.794	362.651	1409.568
(c) Trade receivables	406.539	351.048	360.732
(d) Cash and cash equivalents	24.005	26.829	49.736
(e) Short-term loans and advances	312.264	279.212	357.034
(f) Other current assets	61.076	13.883	12.682
Total Current Assets	1299.678	1033.623	2189.752
TOTAL	2682.172	2585.756	3902.541

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4354.407	3807.838	4777.637
		Other Income	66.752	144.762	60.183
		TOTAL (A)	4421.159	3952.600	4837.820
Less	EXPENSES
		Cost of materials consumed	2292.587	2731.073	2869.880
		Purchases of Stock-in-Trade	168.600	140.100	105.000
		Changes in inventories of Finished Goods / Work-in-progress and Stock-in-Trade	9.791	162.029	(126.379)
		Employee benefits expense	427.033	365.119	407.319
		Other expenses	1038.936	680.665	996.403
		TOTAL (B)	3936.947	4078.986	4252.223
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		484.212	(126.386)	585.597
Less	FINANCIAL EXPENSES (D)		231.097	302.289	229.278
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		253.115	(428.675)	356.319
Less/ Add	DEPRECIATION/ AMORTISATION (F)		169.709	190.019	208.122
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		83.406	(618.694)	148.197
Less	TAX (H)		8.351	(189.526)	9.144
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		75.055	(429.168)	139.053
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(445.188)	(16.020)	(155.073)
	BALANCE CARRIED TO THE B/S		(370.133)	(445.188)	(16.020)
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods (FOB value)	992.085	576.076	894.576
	TOTAL EARNINGS		992.085	576.076	894.576
	Earnings Per Share (Rs.)		1.36	(7.80)	(2.53)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.70	(10.86)	2.87
Net Profit Margin (PBT/Sales)	(%)	1.92	(16.25)	3.10
Return on Total Assets (PBT/Total Assets}	(%)	3.62	(28.25)	4.09
Return on Investment (ROI) (PBT/Networth)		0.12	(0.99)	0.14
Debt Equity Ratio (Total Debt /Networth)		1.74	1.98	1.67
Current Ratio (Current Asset/Current Liability)		0.70	0.59	0.93

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	55.000	55.000	55.000
Reserves & Surplus	999.276	570.108	645.163
Net worth	1054.276	625.108	700.163
long-term borrowings	369.508	177.583	76.110
Short term borrowings	1393.891	1057.267	1141.490
Total borrowings	1763.399	1234.850	1217.600
Debt/Equity ratio	1.673	1.975	1.739

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	4777.637	3807.838	4354.407
		(20.299)	14.354

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	4777.637	3807.838	4354.407
Profit / (Loss)	139.053	(429.168)	75.055
	2.91%	(11.27%)	1.72%

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

LITIGATIONS DETAILS

CHENNAI COURT

CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:
Case No.:	673
Year :	2011
Petitioner :	M/S.HAMSAVENI SPINNERS PRIVATE LIMITED
Respondent :	M/S.SUPER SPINNING MILLS LIMITED
Pet's Advocate :	M/S.ANANDA GOMATHY SIVAKU
Res's Advocate :
Category :	NO CATEGORY MENTIONED
	Last Listed on: No Date Mentioned
Case Updated on :	Oct 13 2011

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2013	As on 31.03.2012
Short-term Borrowings
Loans repayable on demand From Directors	3.711	6.997
Total	3.711	6.997

CORPORATE INFORMATION

Super Spinning Mills Limited is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacture and selling of cotton yarn and its shares are listed on the Bombay Stock Exchange and the National Stock Exchange. The company has manufacturing units in Tamilnadu and Andhra Pradesh.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY CONDITIONS AND REVIEW OF OPERATIONS

The Indian textile industry witnessed noticeable improvement during the course of the year. During the year the company was able to effect a turnaround in performance due to stable cotton prices, remunerative yarn price, upward trend in export of cotton yarn and through dedicated efforts aimed at improving operational efficiency, focus on optimal product mix and effective cost saving practices, all of which resulted in improved sales and return to profitability.

The inadequacy of power had a major impediment for the year. Company has incurred additional cost on power and fuel in the states of Andhra Pradesh and Tamil Nadu, where the Company’s units are located. This has reduced the profit considerably.

COMPANY OUTLOOK

The demand for export yarn for the first quarter is subdued. The Company expects the trend will change and the demand of yarn will improve in rest of the year both in domestic and export markets. However, the significant matter of concern is continuing power shortage in the states of Andhra Pradesh and Tamilnadu, where the Company’s units are located.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10450995	30/08/2013 *	200,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	B87664181
2	10125234	31/07/2012 *	140,000,000.00	AXIS BANK LIMITED	1095, AVINASHI ROAD, PAPPANAICKENPALAYAM, COIMBATORE, TAMILNADU - 641037, INDIA	B56268006
3	10032468	22/06/2009 *	250,000,000.00	STATE BANK OF HYDERABAD	UNITED INDIA BUILDING, 1028 AVINASHI ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	A65664328
4	90004498	10/11/2004	100,000,000.00	ICICI BANK LIMITED	LANDMARK, RACE COURCE CIRCLE, VADODARA, GUJARAT -  390007, INDIA	-
5	90003899	29/10/2007 *	250,000,000.00	ANDHRA BANK	17, MILL ROAD, COIMBATORE, TAMILNADU- 641001, INDIA	A26807974
6	90003887	08/02/2010 *	300,000,000.00	IDBI BANK LIMITED	72, MAYFLOWER 'E' CASTLE, DR. BALASUNDARAM ROAD,  ATT COLONY, COIMBATORE, TAMILNADU - 641018, INDIA	A80427297
7	90000222	29/10/2007 *	699,000,000.00	UNION BANK OF INDIA	MAIN BRANCH, COIMBATORE, TAMILNADU - 640001, INDIA	A26818047
8	80034363	30/08/2013 *	352,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	B87663779

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Computer software

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2014

Rs. In Millions

Sr. No.	Particulars	Quarter Ended		Six Months Ended
		31.03.2014	31.12.2013	31.03.2014
		Audited	Audited	Audited
1	a. Net Sales / Income from Operations	1260.900	1349.600	5140.500
	b. Other Operating Income	36.900	14.000	71.500
2	Expenditure
	Consumption of Raw Materials	716.100	818.000	3045.000
	Purchase of stock in trade	35.700	24.600	143.800
	Changes in inventories of finished goods, work in progress and stock in trade	10.700	23.400	(60.500)
	Employee benefit expense	136.800	134.200	524.700
	Power and Fuel	173.200	134.600	622.400
	Depreciation	35.600	37.700	151.100
	Other Expenditure	152.700	137.400	549.600
	Total	1260.800	1309.900	4976.100
3	Profit from Operations before Other Income, Interest and Exceptional Items (1-2)	37.000	53.700	235.900
4	Other Income	38.800	9.800	50.300
5	Profit before Interest and Exceptional Items (3+4)	75.800	63.500	286.200
6	Finance costs	67.100	61.000	238.000
7	Profit after finance costs but before Exceptional Items (5-6)	8.700	2.500	48.200
8	Exceptional Items – Income	--	--	--
	Exceptional Items -Expenses	--	--	--
9	Profit (+) / Loss (-) from Ordinary Activities Before Tax (7 + 8)	8.700	2.500	48.200
10	Tax expense	7.200	0.200	15.000
11	Net Profit (+) / Loss (-) from Ordinary Activities after Tax (9-10)	1.500	2.300	33.200
12	Extraordinary Items	--	---	--
13	Net Profit (+) / Loss (-) for the period (11-12)	1.500	2.300	33.200
14	Share of profit / (loss) of Associates	--	--	--
15	Net Profit (+) / Loss (-) for the period (13 -14)	1.500	2.300	33.200
16	Paid-up Equity Share Capital - (face value of equity share Re 1 each)
	- Equity	55.000	55.000	55.000
17	Reserves excluding revaluation reserves	--	--	678.400
18	Earnings per Share
A	Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not to be annualized)	0.03	0.04	0.60
B	Basic and diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not to be annualized)	0.03	0.04	0.60
1	A. Particulars of Shareholding
	Public Share Holdings
	- No. of Shares	31683860	31683860	31683860
	- Percentage	57.61	57.61	57.61
	Promoters and Promoter Group Shareholding
	Pledged / Encumbered
	- Number of Shares	--	--	--
	- Percentage of Shares (as a % of the total outstanding of promoter and promoter group)	--	--	--
	- Percentage Of Shares (as a % of the total share capital of the Company)	--	--	--
	Non-encumbered
	- Number of Shares	23316140	23316140	23316140
	- Percentage of Shares (as a % of the total outstanding of promoter and promoter group)	100.00	100.00	100.00
	- Percentage Of Shares (as a % of the total share capital of the Company)	42.39	42.39	42.39

Sr. No.	Particulars	Quarter Ended 31.03.2014
	B. Investor Complaints [Nos.]
1	Pending at the beginning of the year	--
2	Received during the quarter	--
3	Disposed of during the quarter	--
4	Remaining unresolved at the end of the quarter	--

Segment wise Revenue Details

Rs. In Millions

Sr. No.	Particulars	Standalone 31.03.2014
1	Segment Revenue
	Operating Revenue form
	a) textile operations	5212.000
	b) UPVC Windows, Parts and Accessories	93.500
	Total	5305.500
	Less: Inter Segment Revenue	21.100
	Net Sales / Income for Operations	5284.400
2	Segment Revenue (Profit before tax and interest form each segment)
	a) Textile operations	286.200
	b) UPVC Windows, Parts and Accessories	(14.200)
	c) Unallocated	--
	Total	272.000
	Less: Interest	238.200
	Un-allocable expenditure net off	--
	Un-allocable income	--
	Total Profit Before Tax	33.900
3	Capital Employed
	a) Textile operations	2126.100
	b) UPVC Windows, Parts and Accessories – Domestic	142.500
		2268.600
	Unallocated Corporate Capital Employee	--
	Total Capital Employee	2268.600

STATEMENT OF ASSETS AND LIABILITIES

Rs. In Millions

Sr. No.	Particulars	Standalone 31.03.2014
A	EQUITY AND LIABILITIES
1	Shareholders' Funds
	a) Share Capital	55.000
	b) Reserves and Surplus	678.400
2	Share application money pending allotment	--
3	Non-current liabilities
	a) Long-term borrowings	315.700
	(b) Other long term liabilities	3.000
	(c) long-term provisions	45.900
4	Current liabilities
	a) Short-term borrowings	1000.900
	b) Trade payables	462.800
	c) Other current liabilities	226.200
	d) Short-term provisions	27.100
	Total	2815.000
B	ASSETS
1	Non-current assets
	a) Fixed Assets
	I) Tangible Assets	951.900
	ii) Intangible Assets	-
	iii) Capital work-in-progress	8.400
	b) Non-current investments	273.100
	c) Deferred tax assets (net)	74.200
2	Current assets
	a) Inventories	620.100
	b) Trade receivables	433.900
	c) Cash and cash equivalents	21.900
	d) Short-term loans and advances	356.100
	e) Other current assets	75.400
	Total	2815.000

Notes:

1. The above results were reviewed by the Audit Committee held on the 19^th May 2014 and approved by the Board of Directors in their meeting held on 28^th May 2014.
2. Due to carry forward losses, the directors have not recommended any dividend for the year.
3. Previous period figures have been re-grouped wherever necessary.
4. The figures of last quarter are the balancing figures between audited figures in respect of full financial year and the published year-todate figures upto the third quarter of the current financial year.

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 records 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.59.30
UK Pound	1	Rs.99.34
Euro	1	Rs.80.70

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	YES
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		32

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.