MIRA INFORM REPORT

Report Date :

21.11.2014

IDENTIFICATION DETAILS

Name :	JAGANNATH TEXTILE COMPANY LIMITED
Formerly Known As :	JAGANNATH TEXTILE COMPANY PRIVATE LIMITED
Registered Office :	23, 23-1, East Periaswamy Road, R S Puram, Coimbatore – 641002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.05.1987
Com. Reg. No.:	18-001965
Capital Investment / Paid-up Capital :	Rs. 379.150 Millions
CIN No.: [Company Identification No.]	U17111TZ1987PLC001965
TAN No.: [Tax Deduction & Collection Account No.]	CMBJ03187C CMBJ03038A CMBJ03006D
PAN No.: [Permanent Account No.]	AAACJ5552D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Superior Quality Yarn, Fabric, Appeal and Home Textiles.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 1740000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and leverage capital structure of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – 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	CRISIL
Rating	B- (Long Term Rating)
Rating Explanation	Risk-prone credit quality and high risk of default.
Date	December 18, 2013

Rating Agency Name	CRISIL
Rating	A4 (Short Term Rating)
Rating Explanation	Minimal degree of safety and very high credit risk
Date	December 18, 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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Narendra
Designation :	--
Contact No.:	91-422-4304000
Date :	20.11.2014

LOCATIONS

Registered Office :	23, 23-1, East Periaswamy Road, R S Puram, Coimbatore – 641002, Tamilnadu, India
Tel. No.:	91-422-4304000/ 2540074
Fax No.:	91-422-4304049/ 2545342
E-Mail :	response@jtcl.in jayanthi@jtcl.in
Website :	www.jtcl.in
Factory 1 :	4/145, Karuvalur Road, Karuvettipalayam, Palladam Taluk, Karumathampatti (Post), Coimbatore - 641659, Tamilnadu, India
Tel. No.:	91-422-4304045-48

DIRECTORS

As on 27.09.2014

Name :

Mr. Ramesh Kumar Tibrewal

Designation :

Managing Director

Address :

4AB, Swagat Charu Appartments, Cowly Brown Road, R. S. Puram, Coimbatore – 641002, Tamilnadu, India

Date of Birth/Age :

03.08.1959

Qualification :

B.Com

Date of Appointment :

01.04.2013

PAN No.:

ABNPT6287A

DIN No.:

00203487

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17111TZ1987PLC001965	JAGANNATH TEXTILE COMPANY LIMITED	Managing director	01-04-2013	15-09-1989	-	Active	NO
2	U45201WB2005PTC106641	AKS TOWERS PVT LTD	Director	20-05-2006	20-05-2006	19-07-2011	Active	NO

Name :

Mr. Kangeyam Nagesh Sreedharan

Designation :

Director

Address :

D No. 19AD, Sridevi Residency, Thudiyalur, Coimbatore, Tamilnadu, India

Date of Birth/Age :

08.03.1939

Qualification :

Chartered Accountant

Date of Appointment :

22.08.2005

DIN No.:

00321585

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L17115TZ1988PLC002269	AMBIKA COTTON MILLS LIMITED	Director	05-10-1994	05-10-1994	-	Active	NO
2	U17111TZ1987PLC001965	JAGANNATH TEXTILE COMPANY LIMITED	Director	22-08-2005	22-08-2005	-	Active	NO
3	U51494TN2005PTC057097	TRADE LINE ENTERPRISES PRIVATE LIMITED	Additional director	20-11-2010	20-11-2010	03-07-2013	Active	NO

Name :

Sama Naidu Palaniswamy

Designation :

Director

Address :

3/545B, Pothiampalayam, Pachapalayam Post, Coimbatore – 6411007, Tamilnadu, India

Date of Birth/Age :

16.01.1947

Date of Appointment :

22.08.2005

DIN No.:

00296811

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L17115TZ1989PLC002491	GANGOTRI TEXTILES LIMITED	Director	31-01-2003	31-01-2003	28-01-2009	Active	NO
2	U17111TZ1987PLC001965	JAGANNATH TEXTILE COMPANY LIMITED	Director	22-08-2005	22-08-2005	-	Active	NO

Name :

Gouri Shankar Tibrewal

Designation :

Whole-Time Director

Address :

34/35/2/1, Sri Aravind Road, Block - E , Salkia, Howrah - 711106, West Bengal, India

Date of Birth/Age :

01.01.1947

Qualification :

B.Com, LLB

Date of Appointment :

01.09.2011

PAN No.:

ABSPT1522D

DIN No.:

00321527

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17111TZ1987PLC001965	JAGANNATH TEXTILE COMPANY LIMITED	Whole-time director	01-09-2011	22-08-2005	-	Active	NO
2	U45201WB2005PTC106641	AKS TOWERS PVT LTD	Director	20-05-2006	20-05-2006	19-07-2011	Active	NO

KEY EXECUTIVES

Name :	Ramaa Krishnakumar
Designation :	Secretary
Address :	Sunnyside Apartments, B Block, I Floor, F Flat, Ramlakshman Nagar, Sowripalayam P.O., Coimbatore - 641028, Tamilnadu, India
Date of Birth/Age :	31.08.1970
Date of Appointment :	17.09.2014
PAN No.:	AKMPR4440F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Equity Shareholders	No. of Shares
Deepak Kumar Tibrewal	11767
Usha Tibrewal	5558494
Gauri Shankar Tibrewal	10187
Hemalatha Tibrewal	100
Binod Kumar Tibrewal	6347
Ramesh Kumar Tiberwal	13831747
Abhishek Tibrewal	1007222
Anubhav Tibrewal	1006247
Ramesh Kumar Tiberwal (HUF)	252000
Anurag Tibrewal	1000000
K. Ganga Rathna	6667
K. Narendran	6111
V. Jayanthi	6111
V. Jayanthi Priya	100000
Kiran Devi Tibrewal	85444
Maina Devi Tibrewal	1556
K. N. Sreedharan	25000
Total	22915000

Names of Preference Shareholders	No. of Shares
Gangotri Textiles Limited	15000000
Total	15000000

As on 27.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.37
Other top fifty shareholders	0.63
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Superior Quality Yarn, Fabric, Appeal and Home Textiles.

Products :

Item Code No. (ITC Code)	Product Description
52051190	Cotton Yarn
52021000	Cotton Waste
61091000	Bale cloth and Fabrics
63029900	"Garment (Finished Goods)"

Exports :

--

Imports :

--

Terms :

Selling :

--

Purchasing :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Experience :
Maximum Limit Dealt:

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Experience :
Maximum Limit Dealt:

No. of Employees :

Not Divulged

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· The South Indian Bank Limited, R.S.Puram Branch, 79/A, Sri Shanmugam Road, R.S. Puram, Coimbatore - 641002, Tamilnadu, India

· State Bank of India, Commercial Branch, 1443, Trichy Road, Coimbatore - 641018, Tamilnadu, India

· HDFC Bank Limited

· Indian Overseas Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (First charge on the entire fixed assets of the company)	939.527	925.874
SHORT TERM BORROWINGS
Loans repayable on demand from banks (Secured by a paripasu first charge of the current assets of the company and paripasu second charge on the immovable property)	529.327	529.665
Total	1468.854	1455.539

Banking Relations :	--
Auditors :
Name :	Thakker and Sanghani Chartered Accountants
Address :	No 47 West Periasamy Road, R S Puram, Coimbatore - 641002, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AACFT5465E
Name :	Srikishen and Company Chartered Accountants
Address :	Kanapathy Towers, III Floor, 1391/A-1, Sathy Road Ganapathy PO Coimbatore – 641006, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AEWPM3706M
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs.10/- each	Rs.250.000 Millions
15,000,000	6% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.150.000 Millions
	Total		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22,915,000	Equity Shares	Rs.10/- each	Rs.229.150 Millions
15,000,000	6% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.150.000 Millions
	Total		Rs. 379.150 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	379.150	329.150	297.150
(b) Reserves & Surplus	231.933	212.486	254.982
(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)	611.083	541.636	552.132
(3) Non-Current Liabilities
(a) long-term borrowings	971.027	925.874	1183.525
(b) Deferred tax liabilities (Net)	42.788	24.732	46.083
(c) Other long term liabilities	15.372	72.251	41.938
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1029.187	1022.857	1271.546
(4) Current Liabilities
(a) Short term borrowings	534.327	531.665	508.080
(b) Trade payables	246.205	209.543	119.903
(c) Other current liabilities	276.734	394.918	341.144
(d) Short-term provisions	9.467	0.098	0.115
Total Current Liabilities (4)	1066.733	1136.224	969.242
TOTAL	2707.003	2700.717	2792.920
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1602.448	1748.725	1845.351
(ii) Intangible Assets	149.268	141.393	123.385
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.500	4.500	4.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	33.472	12.308	91.315
(e) Other Non-current assets	37.203	32.108	31.164
Total Non-Current Assets	1826.891	1939.034	2095.715
(2) Current assets
(a) Current investments	2.302	2.302	2.302
(b) Inventories	562.441	451.854	333.878
(c) Trade receivables	129.275	165.569	236.609
(d) Cash and cash equivalents	62.505	9.542	61.501
(e) Short-term loans and advances	123.589	132.416	62.915
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	880.112	761.683	697.205
TOTAL	2707.003	2700.717	2792.920

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3052.462	2783.994	2193.772
		Other Income	56.795	24.278	10.974
		TOTAL (A)	3109.257	2808.272	2204.746
Less	EXPENSES
		Cost of Materials Consumed	1964.802	1844.486	1499.656
		Purchases of Stock-in-Trade	0.000	0.000	39.263
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(71.562)	(82.220)	43.730
		Employees benefits expense	133.324	128.110	97.662
		Other expenses	673.576	617.886	435.912
		Extraordinary items	0.000	0.000	-147.312
		TOTAL (B)	2700.140	2508.262	1968.911
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		409.117	300.010	235.835
Less	FINANCIAL EXPENSES (D)		247.128	247.191	211.247
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		161.989	52.819	24.588
Less/ Add	DEPRECIATION/ AMORTISATION (F)		115.105	116.666	90.983
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		46.884	(63.847)	(66.395)
Less	TAX (H)		27.436	(21.351)	48.590
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		19.448	(42.496)	(114.985)
	EARNINGS IN FOREIGN CURRENCY		978.642	240.276	5.842
	IMPORTS
		Components and Spare Parts	14.985	11.097	9.632
		Capital Goods	6.501	0.000	0.000
	TOTAL IMPORTS		21.486	11.097	9.632
	Earnings / (Loss) Per Share (Rs.)		0.51	(3.01)	(18.44)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.64	(1.53)	(5.24)
Operating Profit Margin (PBDIT/Sales)	(%)	13.40	10.78	10.75
Return on Total Assets (PBT/Total Assets}	(%)	1.73	(2.37)	(2.38)
Return on Investment (ROI) (PBT/Networth)		0.08	(0.12)	(0.12)
Debt Equity Ratio (Total Debt/Networth)		2.46	2.69	3.06
Current Ratio (Current Asset/Current Liability)		0.83	0.67	0.72

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	297.150	329.150	379.150
Reserves & Surplus	254.982	212.486	231.933
Net worth	552.132	541.636	611.083
long-term borrowings	1183.525	925.874	971.027
Short term borrowings	508.080	531.665	534.327
Total borrowings	1691.605	1457.539	1505.354
Debt/Equity ratio	3.064	2.691	2.463

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2193.772	2783.994	3052.462
		26.904	9.643

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2193.772	2783.994	3052.462
Profit/ (Loss)	(114.985)	(42.496)	19.448
	(5.24%)	(1.53%)	0.64%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10030471	22/06/2009 *	32,000,000.00	STATE BANK OF HYDERABAD	UNITED INDIA BUILDING, 1028, AVANASHI ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	A67696989
2	10022748	29/09/2006	100,000,000.00	STATE BANK OF INDORE	U R HOUSE, GROUND FLOOR, 1056-C AVINASHI ROAD, C OIMBATORE, TAMILNADU - 641018, INDIA	A05852470
3	10008116	20/06/2006	50,000,000.00	STATE BANK OF HYDERABAD	UNITED INDIA BUILDING, 1028 AVANASHI ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA	A02197036
4	10003657	22/06/2009 *	200,000,000.00	STATE BANK OF HYDERABAD	UNITED INDIA BUILDING, 1028, AVANASHI ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	A67696393
5	10001712	15/03/2006	280,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 1443 TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	A00663542
6	10001711	29/06/2009 *	150,000,000.00	CORPORATION BANK	OPPANAKKARA STREET, COIMBATORE, TAMIL NADU - 641001, INDIA	A67663351
7	90009300	30/03/2013 *	2,776,350,000.00	STATE BANK OF INDIA (LEAD BANK) AND OTHER 4 BANKS UNDER CONSORTIUM	COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	B73761744
8	90009284	29/06/2009 *	190,000,000.00	THE SOUTH INDIAN BANK LIMITED	R.S.PURAM BRANCH, 79/A, SRI SHANMUGAM ROAD, R.S. PURAM, COIMBATORE, TAMILNADU - 641002, INDIA	A68059377
9	90009244	28/05/2014 *	12,300,000.00	STATE BANK OF PATIALA	654-656, R S PURAM,, METTUPALAYAM ROAD, COIMBATORE, TAMILNADU - 641002, INDIA	C06117428
10	90009231	22/06/2009 *	160,000,000.00	STATE BANK OF HYDERABAD	UNITED INDIA BUILDING, 1028, AVANASHI ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	A67695882
11	90009219	27/08/2014 *	126,700,000.00	CORPORATION BANK	OPPANAKKARA STREET, COIMBATORE, TAMILNADU - 641001, INDIA	C20703856
12	90009194	11/05/2009 *	1,210,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 1443, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA	A64190226

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Intercorporate borrowings	31.500	0.000
SHORT TERM BORROWINGS
Loans and advances from directors	5.000	2.000
Total	36.500	2.000

COMPANIES AFFAIR

The performance of the Company during the year has been better when compared to the performance of the immediately preceding two years. The general trend in the industry has not been very encouraging, particularly, open yarn segment is experiencing difficult times. There has been slow movement of yarn coupled with higher prices for cotton waste. The ring spinning, on a comparative basis, has been doing better and has contributed to the working during the year. The garment segment has been making improvement, in the sense that the turnover of garments which stood at Rs.175.300 Millions for the year ended 31.03.2013 improved to Rs.213.400 Millions and an improvement of close to 25%. It is expected during the current year, viz. year ended 31.03.2015, the improvement of turnover of this segment is expected to improve by more than 50%. The efforts are on in full swing in widening and intensifying the marketing for their brand “Crusoe”.

The Company has taken on lease a premise for purposes of production of colour yarn. The Company has after carrying out certain modification in civil work, shifted some of its machinery to this unit for production of colour yarn. However, this unit could not contribute any profit worth mentioning to the overall performance. However, the situation has improved during the current year and it is expected that there will be contribution by this unit to the overall profitability during the current year.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Other Equipments

Intangible Assets

· Copyrights, Patents and Other Operating Rights

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.62.10
UK Pound	1	Rs.97.32
Euro	1	Rs.77.91

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.