MIRA INFORM REPORT

Report Date :

14.11.2014

IDENTIFICATION DETAILS

Name :	J C T LIMITED
Registered Office :	Village Chohal, District Hoshiarpur – 146024, Punjab
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.10.1946
Com. Reg. No.:	16-004565
Capital Investment / Paid-up Capital :	Rs. 1631.982 Millions
CIN No.: [Company Identification No.]	L17117PB1946PLC004565
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	JLDJ00405G/JLDJ00404F
PAN No.: [Permanent Account No.]	AAACJ6733E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Engaged in Manufacturing textiles and filament yarn
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and Delayed
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. There are accumulated losses recorded by the company. Rating also takes into account delay in repayment of bank loan and default in repayment of foreign currency convertible bond. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a safe and secured trade terms and conditions. Note – Financials are for 6 months ranging from 1-10-2013 to 31.03.2014

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

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

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

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based Limits = D
Rating Explanation	Lowest Credit quality and very low prospects of recovery
Date	March 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 DENIED BY

Name :	Ms. Nalini
Designation :	Deputy Manager
Date :	11.11.2014

LOCATIONS

Registered Office :	Village Chohal, District Hoshiarpur – 146 024, Punjab, India.
Tel. No.:	91-1882-258780/85
Fax No.:	91-1882-258045
E-Mail.:	jctdelhi@del2,vsnl.net.in jctsecretarial@jctltd.com
Website	http://www.jcttextiles.com
Corporate Office :	305-309 Rattanjyoti Building,18, Rajendra Place, New Delhi – 110008, Delhi, India
Tel. No.:	91-11-46290000
Fax No.:	91-11-28512222
Factory 1 :	Textiles Plant G T Road, Phagwara-144401, Punjab, Indias
Tel. No.:	91-1824-305000-07
Fax No.:	91-1824-261191/266389
Email:	sales@jctltd.com export@jctltd.com
Factory 2:	Filament Plant Dharamshala Road, Chohal, Hoshiarpur – 146024, Punjab, India
Tel. No.:	91-1882-258780 to 258784
Fax No.:	91-1882-258059
Email:	viveksaini@jctltd.com filament@jctltd.com
Branch office	K.K. Chambers, Sir P.T. Marg, P. B. No. 1579, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22072842
Fax No.:	91-22-22071942

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Samir Thapar
Designation :	Vice Chairman and Managing Director
Name :	Ms Priya Thapar
Designation :	Director
Name :	Mr. Gordhan Bhoraj Kathuria
Designation :	Director
Name :	Mr. Ajit Kumar Doshi
Designation :	Director
Name :	Mr. Chander Mohan Bhanot
Designation :	Director
Name :	Mr. Suresh Kumar Singhala
Designation :	Allahabad Bank Nominee

KEY EXECUTIVES

Name :	Ms. Nidhi Goel
Designation :	Company Secretary
Name :	Mr. M. P. S. Narang
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	636429	0.11
Bodies Corporate	222639445	39.99
Sub Total	223275874	40.10
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	223275874	40.10
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	158547	0.03
Financial Institutions / Banks	40236583	7.23
Central Government / State Government(s)	302244	0.05
Insurance Companies	9834186	1.77
Foreign Institutional Investors	59865080	10.75
Sub Total	110396640	19.83
(2) Non-Institutions
Bodies Corporate	63319510	11.37
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	92966506	16.70
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	46286320	8.31
Any Others (Specify)	20547799	3.69
Clearing Members	1622473	0.29
Non Resident Indians	18915826	3.40
Trusts	9500	0.00
Sub Total	223120135	40.07
Total Public shareholding (B)	333516775	59.90
Total (A)+(B)	556792649	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)	556792649	0.00

BUSINESS DETAILS

Line of Business :

Engaged in Manufacturing textiles and filament yarn

Products :

Item Code No. (ITC Code)	Product Description
5208 and 5210	Cotton and Blended Textiles
5402	Nylon Filament Yarn

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS - Not Available

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

• Allahabad Bank
• Bank of Baroda
• Punjab National Bank
• Punjab and Sind Bank
• State Bank of India
• State Bank of Patiala
• State Bank of Travancore

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	30.09.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from
Banks	1631.561	1737.030
SHORT TERM BORROWINGS
Working Capital loans from Banks	468.434	460.775
Total	2099.995	2197.805

SHORT TERM BORROWINGS:

Secured Working Capital Loans have been taken from consortium of scheduled banks and are secured by first charge ranking pari-passu inter-se amongst member banks on all the stocks of raw materials, stock in process, semi-finished and finished goods, stores and spares, bills receivable and books debts and all other moveables current assets both present and future pertaining to Company's Textile and Filament Units.These are also secured by second charge over the fixed assets pertaining to abovesaid Units and by personal guarantees of Chairman and Managing Director and Shri M M Thapar. Working capital loans from Allahabad Bank are additionaly secured by first charge by way of an equitable mortgage over the land admeasuring around 9 acres and structures thereon at Phagwara

Banking Relations :	--
Auditors :
Name :	S.P. Chopra and Company Chartered Accountants
Address :	F-31, Connaught Place, New Delhi - 110 001, Delhi, India
Tel. No.:	91-11-23313495-6-7
Fax No.:	91-11-23713516
E-Mail :	apchopra@airtelmail.com
Associates:	JCT Electronics Limited India International Airways Limited Provestment Securities Private Limited KCT Textiles Limited JCT Sports Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
600000000	Equity Shares	Rs.2.50/- each	Rs.1500.000 Millions
5000000	Redeemable Preference Shares	Rs. 100/- each	Rs. 500.000
	Total		Rs. 2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
556792649	Equity Shares	Rs.2.50/- each	Rs. 1391.982 Millions
2400000	Optionally Partially Convertible Preference Shares	Rs. 100/- each	Rs. 240.000 Millions
	Total		Rs. 1631.982 Millions

Note :

During the period, the Company alloted 11,59,54,059 equity shares at par @ Rs.2.50 per share aggregating to Rs. 2,89.886 Millions to Foreign Currency Convertible Bond holders in settlement of Foreign currency Convertible Bonds (FCCBs) liability of US$ 12.930 million on preferential basis with a lock in period of 1 year. Out of such shares so allotted, 4,41,95,092 equity shares shall be dematerialised on receipt of post allotment listing approval from Bombay Stock Exchange Limited.

In the previous period ended 30.09.2013, the Company alloted 8,17,60,000 equity shares at par @ Rs.2.50 per share aggregating to Rs. 2,04.400 Millions (Rs. 1,02.200 Millions each to a related Company and to secured lending bankers) on preferential basis with a lock in period of 1 year w.e.f. 30.05.2013 in terms of the Corporate Debt Restructuring (CDR) Scheme.

10,00,000 OPCPS of Rs. 1,00.000 Millions are redeemable on 31.12.2016 (date extended from 31.12.2011). 20% of the face value is optionally covertible into equity shares during the currency of OPCPS. They are neither entitled to dividend nor carry any voting right.

14,00,000 OPCPS of Rs. 1,40.000 Millions are redeemable on 26.12.2015 (date extended from 26.12.2010) with the option to convert before that the whole amount into equity shares at a rate to be determined and as permissble under the SEBI guidelines. They are neither entitled to dividend nor carry any voting right.

Reconciliation of Shares Outstanding

Particular	31.03.2014
	No. of Shares	Rs. in Millions
Equity Shares
At the beginning of the period Issued, Subscribed and Fully paid up:	440838590	1102.096
Previous period:	115954059	289.886
At the end of the period	556792649	1391.982
OPCPS At the beginning of the period	2400000	240.000
At the end of the period	2400000	240.000

Details of Shareholders holding more than 5% shares:

Particular	31.03.2014
	No. of Shares	%held
Equity Shares
Provestment Securities Private Limited	132094334	23.72
KCT Textiles Limited	90545111	16.26
ELM Park Fund Limited, Mauritius	53819225	9.67
Musk Holdings Limited, Mauritius	44195092	7.94
OPCPS Provestment Securities Private Limited	1000000	41.67
Alport Limited	1400000	58.33

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (6 Months)	30.09.2013 (18 Months)	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1631.982	1342.096	1137.696
(b) Reserves & Surplus	(611.401)	(1323.409)	(379.793)
(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)	1020.581	18.687	757.903
(3) Non-Current Liabilities
(a) long-term borrowings	1726.507	1856.253	1255.066
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	240.373	242.230	211.645
(d) long-term provisions	383.605	389.054	251.963
Total Non-current Liabilities (3)	2350.485	2487.537	1718.674
(4) Current Liabilities
(a) Short term borrowings	517.676	510.857	843.407
(b) Trade payables	1271.195	1015.076	1278.803
(c) Other current liabilities	1850.057	2894.851	2685.756
(d) Short-term provisions	65.580	58.116	52.691
Total Current Liabilities (4)	3704.508	4478.900	4860.657
TOTAL	7075.574	6985.124	7337.234
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3970.505	4129.803	4563.204
(ii) Intangible Assets	5.544	7.116	4.821
(iii) Capital work-in-progress	44.634	24.668	20.098
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	366.898	279.052	401.749
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	68.862	70.099	59.126
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4456.443	4510.738	5048.998
(2) Current assets
(a) Current investments	0.000	103.666	16.681
(b) Inventories	1360.626	1180.142	1284.341
(c) Trade receivables	672.318	565.210	479.176
(d) Cash and cash equivalents	65.507	131.860	77.223
(e) Short-term loans and advances	355.492	346.965	275.879
(f) Other current assets	165.188	146.543	154.936
Total Current Assets	2619.131	2474.386	2288.236
TOTAL	7075.574	6985.124	7337.234

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014 (6 Months)	30.09.2013 (18 Months)	31.03.2012
	SALES
	Income	4722.584	12679.741	7928.064
	Other Income	48.228	163.589	72.812
	TOTAL (A)	4770.812	12843.330	8000.876
Less	EXPENSES
	Cost of Materials Consumed	2768.409	7108.979	5055.990
	Other Manufacturing expenses	857.842	2619.807	1351.823
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(130.207)	100.239	(42.184)
	Employees benefits expense	552.062	1443.874	825.902
	Other expenses	356.231	941.725	587.050
	Exceptional Items	0.000	162.200	6.070
	TOTAL (B)	4404.337	12376.824	7784.651
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	366.475	466.506	216.225
Less	FINANCIAL EXPENSES (D)	170.621	529.473	411.552
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	195.854	(62.967)	(195.327)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	165.649	739.160	469.507
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	30.205	(802.127)	(664.834)
Less	TAX (H)	(8.279)	8.200	1.417
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	38.484	(810.327)	(666.251)
Add	(LOSS) FOR THE PERIOD FROM DISCONTINUING OPERATIONS	(5.108)	(67.359)	(14.289)
	PROFIT /(LOSS) FOR THE PERIOD AFTER TAX	33.376	(877.686)	(680.540)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	496.064	1601.881	897.493
	TOTAL EARNINGS	496.064	1601.881	897.493
	IMPORTS
	Raw Materials	80.134	226.677	163.714
	Components and Stores parts	34.727	149.763	92.471
	Capital Goods	0.015	8.926	2.799
	TOTAL IMPORTS	114.876	385.366	258.984
	Earning/(Loss) per share before exceptional items
	- Basic	0.07	(1.72)	(1.85)
	- Diluted	0.06	(1.47)	(1.57)
	Earning/(Loss) per share after exceptional items
	- Basic	0.07	(2.32)	(1.90)
	- Diluted	0.06	(1.99)	(1.61)

KEY RATIOS

PARTICULARS		31.03.2014 (6 Months)	30.09.2013 (18 Months)	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.81	(6.39)	(8.40)
Operating Profit Margin (PBDIT/Sales)	(%)	7.76	3.68	2.73
Return on Total Assets (PBT/Total Assets}	(%)	0.45	(12.01)	(9.61)
Return on Investment (ROI) (PBT/Networth)		0.03	(42.92)	(0.88)
Debt Equity Ratio (Total Debt /Networth)		2.20	126.67	2.77
Current Ratio (Current Asset/Current Liability)		0.71	0.55	0.47

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	30.09.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1137.696	1342.096	1631.982
Reserves & Surplus	(379.793)	(1323.409)	(611.401)
Net worth	757.903	18.687	1020.581
long-term borrowings	1255.066	1856.253	1726.507
Short term borrowings	843.407	510.857	517.676
Total borrowings	2098.473	2367.110	2244.183
Debt/Equity ratio	2.769	126.671	2.199

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	30.09.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7928.064	12679.741	4722.584
		59.935	(62.755)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	30.09.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	7928.064	12679.741	4722.584
Profit	(666.251)	(810.327)	38.484
	(8.40%)	(6.39%)	0.81%

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	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	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	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

LITIGATION DETAILS:

High Court of Punjab and Haryana Chandigarh
View Judgement
Case Details For Case CA-140-2014
Diary Number	1153884	District	OTHER-DISTRICTS
Category	21-COMPANY PETITIONS	Main Case Detail	CP-106-2012
Party Detail	BANK OF NEW YORK MELLON LONDON BRANCH V/S JCT LTD.
Advocate Name	ROHIT KHANNA	List Type
Status	PENDING	Next date	Not Available
Case Listing Details
Cause List Date	List Type:Sr. No.	Bench	Order Link
20-MAR-2014	NA:101	HON'BLE MR. JUSTICE RAJIV NARAIN RAINA	----
Judgment Details For Case: CA-140-2014 Party Detail: BANK OF NEW YORK MELLON LONDON BRANCH V/S JCT LTD.
Order Date	Order Type	Bench	Judgment Link
20-MAR-14	Final Order	HON'BLE MR. JUSTICE RAJIV NARAIN RAINA	View Order

OPERATIONS

The Textile Division at Phagwara operated at an average of 95% of the installed capacity and produced 21.455 Millions meters of fabrics during the six months period ended 31st March 2014. Though the capacity utilisation has improved during the period but the capacities have not been utilized to its optimum level because of shortage of working capital funds. The performance improved substantially in terms of turnover and margins despite increased raw material cost.

The company has since expanded its customer base and has gone deeper with the existing customers to fully secure its production. Marketing strategy has been changing with the time and there has been a shift in product mix accordingly. The company has adopted a strategy of covering cotton to have minimum risk.

There has no operation in Sriganganagar since operations have been discontinued in earlier years. Some administrative expenses have been incurred over there to look after the land there.

Filament Unit continues to maintain its position as one of the largest manufacturer of textile grade nylon yarn in India with installed capacity of 14000 MTS. During the period the unit produced 6464 MT of filament yarn with average denier of 36.9.

The company has been changing its in product mix on the basis of dependability on yarn sold in Surat market has been shifted to yarn being sold in Amritsar & Mau markets. In view of LOY base 20 Mono Yarn is less prone to market fluctuations and has a much higher margin. To save on power cost the unit has installed CHS.

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10062854	26/09/2009 *	250,000,000.00	STATE BANK OF PATIALA	G T ROAD, PHAGWARA, Punjab - 144401, INDIA	A70950688
2	10058869	26/09/2009 *	350,000,000.00	PUNJAB NATIONAL BANK	74 JANPATH, NEW DELHI, Delhi - 110001, INDIA	A71494082
3	10020686	16/09/2009 *	730,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, PARLIAMENT STREET,  NEW DELHI, Delhi - 110001, INDIA	A70827712
4	80011655	18/06/2011 *	1,250,851,000.00	ALLHABAD BANK	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17, PARLIAMENT STREET, NEW DELHI, Delhi - 110001, INDIA	B16845554
5	80011651	03/10/2005	8,844,000.00	PUNJAB AND SIND BANK	H BLOCK, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001, INDIA	-
6	80011656	16/09/2009 *	58,400,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, PARLIAMENT STREET,  NEW DELHI, Delhi - 110001, INDIA	A70828165
7	90170035	26/09/2009 *	54,200,000.00	PUNJAB NATIONAL BANK	74, JANPATH, NEW DELHI, Delhi - 110001, INDIA	A71493779
8	80011657	30/10/2009 *	500,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, WORLD TRADE TOWER, CUFFE PARADE,  MUMBAI, Maharashtra - 400005, INDIA	A72204373
9	90170874	04/09/2009 *	1,737,700,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, PARLIAMENT STREET,  NEW DELHI, Delhi - 110001, INDIA	A69493062
10	90172398	19/10/2006 *	1,409,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, PARLIAMENT STREET, NEW  DELHI, Delhi - 110001, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	30.09.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Fixed Deposits from Public	37.146	61.423
Interest free loan from a related company	57.800	57.800
SHORT TERM BORROWINGS
Book Overdraft	49.242	50.082
Total	144.188	169.305

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER 30TH JUNE, 2013

Particulars		Three months ended
		30.06.2014
		Unaudited
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	2184.700
	(b) Other Operating Income	91.600
	Total income from operations (net)	2276.300
2	Expenses
	(a) Cost of materials consumed	1396.000
	(b) Purchases of stock-in trade	--
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(170.100)
	(d) Employee benefits expense	277.200
	(e) Depreciation and Anmortisation Expenses	68.000
	(f) Power and Fuel	365.800
	(g) Other Expenses	257.300
	Total expenses	2194.200
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	82.100
4	Other Income	14.500
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	96.600
6	Finance Costs	75.400
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	21.200
8	Exceptional items
	(a) NPV Protection against lenders’ sacrifice	--
	(b) (Loss)/Profit from discontinued operations	(0.800)
9	Profit/ (Loss) from ordinary activities before tax (7+8)	20.400
10	Tax expenses	--
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	20.400
12	Extraordinary item (net of tax expense)	--
13	Net Profit / (Loss) for the period (11-12)	20.400
14	Share of profit' (loss) of associates	--
15	Minority Interest	--
16	Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)	20.400
17	Paid up equity share capital (Face Value of Rs 2.50/- each)	1392.000
18	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	--
19.i	Earnings per share (before extraordinary items) of Rs.2.50/- each (not annualised):
	(a) Basic	0.04
	(b) Diluted	0.03
19.ii	Earnings per share (after extraordinary items) of Rs.2.50/- each (not annualised)
	(a) Basic	0.04
	(b) Diluted	0.03
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of shares	333516775
	- Percentage of shareholding	59.90
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	222768457
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	99.77
	- Percentage of shares (as a % of the total Share Capital of the Company)	40.01
	b) Non Encumbered
	- Number of shares	507417
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	0.23
	- Percentage of shares (as a % of the total Share Capital of the Company)	0.09
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	NIL
	Received during the quarter	4
	Disposed off during the quarter	4
	Remaining unresolved at the end of the quarter	NIL

UNAUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Particulars		30.06.2014
		Unaudited
1	Segment Revenue
	(a) Textiles	1305.600
	(b) Nylon Filament Yarn	879.100
	(c) Unallocated	--
	Total	2184.700
	Less: Inter-Segment revenue	--
	Net Sales / Income from Operations	2184.700
2	Segment Results Profit / (Loss) (before tax and interest from each segment)
	(a) Textiles	93.300
	(b) Nylon Filament Yarn	23.800
	(c) Unallocated	--
	Total	117.100
	Less:
	i) Finance costs	75.400
	ii) Other Unallocable expenditure (Net)	20.500
	iii) Un-allocable Income	--
	iv) Exceptional items (income)	--
	(a) (Loss)/profit from discontinued operations	(0.800)
	(b) NPV Protection against lenders’ Sacrifice	--
	Total Profit(Loss) before Tax	20.400
3	Capital employed (Segment Assets – Segment Liabilities)
	(a) Textiles	3036.200
	(b) Nylon Filament Yarn	480.500
	(c) Unallocated	(2954.200)
	Total Segment Capital Employed	562.500

Note:

The above results for the quarter ended June 30, 2014 are after the Limited Review carried out by the Statutory Auditors and have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at its meeting held on August 12, 2014.

In earlier years, operations of both the Units at Sriganganagar Textile Mill were discontinued. The identified assets being land in both the Units, having net book value of Rs.13.458 Millions and is being carried at book value as expected net realizable value is higher, and has been shown as Assets held for disposal'. The Company has recognised Rs. 0.800 Millions as loss from discontinued operations during the quarter.

The Company could not redeem Foreign Currency Convertible Bonds (FCCBs) of US$ 12.490 million (equivalent to Rs. 7,55.520 Millions) alongwith premium of 20.075% (US$ 2.510 million equivalent to Rs. 1,51.671 Millions) on April 08, 2011 due to paucity of cash funds. Further, provision of Rs.13.608 Millions for the quarter and to date Rs. 175.844 Millions towards yield protection on the unpaid amount is not considered necessary as this will not be payable once the restructuring / settlement of FCCBs is completed. The Bank of New York, trustees of the FCCBs, filed a winding up petition in the Hon'ble High Court of Punjab and Haryana on September 29, 2012, on behalf of the FCCBs holders, which is pending for disposal. Bondholders of FCCBs are pursuing the matter in the court for winding up of the Company for non payment of their dues. The Company has been advised that the merits of the case do not warrant winding up.

Debit/credit balances in account of few parties are subject to confirmation / reconciliation.

The financial statements have been prepared on a going concern basis, though the accumulated losses are more than 50% of the Capital and Free Reserves of the Company, on the strength of continuing improvement in operations, future plans and support of the promoters, bankers/ other lenders and workmen and successful implementation of corporate debt restructuring by all the banks.

The figures of the previous period have been regrouped/reclassified, wherever necessary, to confirm to current period's classification.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	30.09.2013 (Rs. In Millions)
(a) Claims against the Company not acknowledged as debts	7.687	2.078
(b) Guarantees given by the bankers on behalf of the Company	28.492	33.631
(c) Unutilised letter of credit	0.000	2.840
(d) Disputed liabilities not adjusted as expenses in the Accounts for various years being in appeals towards:
- Sales tax	124.148	168.130
- Excise Duty	420.770	426.538
- Stamp Duty	18.772	18.772
- Custom Duty	18.605	18.605
- Entry Tax	193.414	148.808
- Others	21.704	21.224
Total	797.413	802.077

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Data Processing Equipment
• Electric Installations
• Including Gadgets
• Tools and Implements
• Furniture and Fixtures
• Office Equipment
• Vehicles
• Scrap
• Computer Software

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. 61.55
UK Pound	1	Rs. 97.09
Euro	1	Rs. 76.61

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		12

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.