MIRA INFORM REPORT

Report Date :

22.11.2014

IDENTIFICATION DETAILS

Name :	TURTLE LIMITED [w.e.f.08.05.2000]
Formerly Known As :	TURTLE GARMENTS LIMITED [w.e.f.21.03.2000] TURTLE GARMENTS PRIVATE LIMITED
Registered Office :	Lemon Fresh, Block - 2, 3rd Floor, 29/1, Kalabagan Lane, Howrah – 711101, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.08.1992
Com. Reg. No.:	21-056339
Capital Investment / Paid-up Capital :	Rs. 60.000 Millions
CIN No.: [Company Identification No.]	U17219WB1992PLC056339
IEC No.:	0292016891
TAN No.: [Tax Deduction & Collection Account No.]	CALT01688B
PAN No.: [Permanent Account No.]	AABCT1375R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Men Garments and Apparels.
No. of Employees :	655 (In Office: 165, In Warehouse: 190 and In Factory: 300) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

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. Further, the rating also takes into consideration company limited pricing power and exposure to intense competition in the domestic market from Indian and global brands. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company 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 – 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 willfully 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	Long term rating = [B+ / Stable]
Rating Explanation	High risk of default.
Date	October 21, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = [A4]
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	October 21, 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 PARTED BY

Name :	Mr. Vivek Agarwal
Designation :	Merchant Banker
Contact No.:	91-9804674505
Date :	20.11.2014

LOCATIONS

Registered/ Head Office :	Lemon Fresh, Block - 2, 3rd Floor, 29/1, Kalabagan Lane, Howrah – 711101, West Bengal, India
Tel. No.:	91-33-26775311-18 (8 Lines)
Mobile No.:	91-9804674505 [Mr. Vivek Agarwal]
Fax No.:	91-33-26675319
E-Mail :	raju.bagaria@turtlelimited.com contact@turtlelimited.com vivek.agarwal@resurgentindia.com
Website :	http://www.turtlelimited.com
Area :	280000 Sq. ft.
Location :	Owned
Locality :	Commercial Area
Warehouse :	Sankrail Industrial Park, Dhulagarh, P.O. Kenduah, Howrah – 711302, West Bengal, India
Area :	60000 Sq. ft.
Location :	Leased
Locality :	Industrial Area
Factory 1 :	493B, G.T. Road, (S)bl – C 7A Bengal Jute Mill, Shibpur, Howrah – 711102, West Bengal, India
Area :	22000 Sq. ft.
Location :	Rented
Locality :	Industrial Area
Factory 2 :	Turtle Limited, 105, Cowish Ghat Road, Howrah – 711102, West Bengal, India
Area :	10000 Sq. ft.
Location :	Rented
Locality :	Industrial Area

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Rakesh Biyani

Designation :

Director

Address :

304, Jeevan Vihar, Manavi M. Andi, Malabhar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

05.04.1972

Date of Appointment :

05.08.2009

DIN No.:

00005806

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	L52399MH1987PLC044954	FUTURE RETAIL LIMITED	Managing director	10/11/2011	27/07/1992	-	Active	NO
2	U51311RJ2002PTC017552	SUPREME TRADELINKS PRIVATE LIMITED	Director	03/03/2005	03/03/2005	31/03/2009	Active	NO
3	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	15/03/2005	15/03/2005	18/06/2012	Active	NO
4	U52190MH2006PLC160377	GJ FREEDOM FASHIONS LIMITED	Director	08/03/2006	08/03/2006	30/01/2008	Active	NO
5	U74999MH2007PLC166866	STAPLES FUTURE OFFICE PRODUCTS LIMITED	Director	09/01/2007	09/01/2007	01/08/2007	Active	NO
6	U63030MH2006PLC160376	FUTURE SUPPLY CHAIN SOLUTIONS LIMITED	Director	30/11/2007	13/07/2007	-	Active	NO
7	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	22/12/2008	22/12/2007	26/12/2013	Active	NO
8	U74999MH2007PLC167122	FUTURE KNOWLEDGE SERVICES LIMITED	Director	30/09/2008	31/01/2008	-	Active	NO
9	U85110MH1998PLC226134	INDUS-LEAGUE CLOTHING LIMITED	Director	04/09/2008	23/04/2008	-	Active	NO
10	U74994MH2008PLC181891	CELIO FUTURE FASHION LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
11	U52110MH2006PLC159581	FUTURE AXIOM TELECOM LIMITED	Director	30/09/2008	15/05/2008	-	Active	NO
12	U17219WB1992PLC056339	TURTLE LIMITED	Director	05/08/2009	01/12/2008	-	Active	NO
13	U51900MH2006PLC159197	FUTUREBAZAAR INDIA LIMITED	Director	30/09/2010	21/10/2009	-	Active	NO
14	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	30/09/2010	24/12/2009	20/10/2010	Active	NO
15	U51109MH2010PTC207247	RADHA MULTITRADING PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
16	U45400MH2010PTC207216	UCCHAL INFRASTRUCTURE PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Active	NO
17	U51109MH2010PTC207312	SAACHI MULTITRADING PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
18	U19200DL2010PLC206824	CLARKS FUTURE FOOTWEAR LIMITED	Director	05/08/2011	29/09/2010	-	Active	NO
19	U93000MH2011PTC218630	INDIAN FOOTBALL COACHING PRIVATE LIMITED	Director	14/06/2011	14/06/2011	-	Active	NO
20	U85191MH2011NPL222989	RETAILERS ASSOCIATION'S SKILL COUNCIL OF INDIA	Director	13/10/2011	13/10/2011	-	Active	NO
21	U52100MH2007PLC171524	FUTURE VALUE RETAIL LIMITED.	Director	21/03/2013	10/02/2012	-	Amalgamated	NO
22	U72900MH2007PLC174787	NUFUTURE DIGITAL (INDIA) LIMITED	Director	29/09/2012	27/03/2012	-	Active	NO
23	U93090MH2012PTC234400	PLUGGERS SPORTS LIFESTYLE PRIVATE LIMITED	Director	13/08/2012	13/08/2012	01/02/2013	Active	NO
24	U70102MH2007PTC173373	SHREE BALAJI UMBER PROPERTIES PRIVATE LIMITED	Director	29/09/2014	15/03/2013	-	Active	NO
25	U70102MH2007PTC173944	SHREE BALAJI PARVAT VIEW PROPERTIES PRIVATE LIMITED	Director	29/09/2014	15/03/2013	-	Active	NO
26	L52100MH2012PLC231654	FUTURE LIFESTYLE FASHIONS LIMITED	Director	08/08/2014	10/06/2013	-	Active	NO
27	AAA-6346	SAACHI MULTITRADING LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
28	AAA-6387	RADHA MULTITRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO
29	AAA-6891	BIYANI CAPITAL RESOURCES LLP	Designated Partner	15/11/2011	15/11/2011	-	Active	NO
30	AAA-6892	GSR CAPITAL RESOURCES LLP	Designated Partner	15/11/2011	15/11/2011	-	Active	NO

Name :

Mr. Amit Ladsaria

Designation :

Whole-time director

Address :

3N, Mani Pushpak, 13, Chapel Road, Hastings, Kolkata – 700022, West Bengal, India

Date of Birth/Age :

02.08.1973

Qualification :

Graduate

Date of Appointment :

01.04.2012

PAN No.:

AAWPL6346A

Passport No.:

Z2218026

DIN No.:

00233103

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	U17219WB1992PLC056339	TURTLE LIMITED	Whole-time director	01/04/2012	19/08/1992	-	Active	NO
2	U70101WB1946PTC013453	THE CHAMAN INDUSTRIES PRIVATE LIMITED	Director	10/11/2010	10/11/2010	01/07/2014	Active	NO
3	U67120WB1954PTC021984	ASHOKE INTERNATIONAL PRIVATE LIMITED	Director	10/11/2010	10/11/2010	01/07/2014	Active	NO

Name :

Mrs. Anu Ladsaria

Designation :

Whole-time director

Address :

3N, Mani Pushpak, 13, Chapel Road, Hastings, Kolkata – 700022, West Bengal, India

Date of Birth/Age :

25.06.1975

Qualification :

Graduate

Date of Appointment :

01.04.2012

PAN No.:

AAUPL9608D

Passport No.:

L4607058

DIN No.:

00233167

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	Company/ LLP Status	Defaulting status
1	U17219WB1992PLC056339	TURTLE LIMITED	Whole-time director	01/04/2012	01/04/2000	Active	NO

Name :

Mr. Sanjay Jhunjhunwalla

Designation :

Whole-time director

Address :

9, Pretoria Street, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

03.01.1963

Qualification :

Graduate

Date of Appointment :

01.04.2012

PAN No.:

ACRPJ7981Q

Passport No.:

J1020136

DIN No.:

00233225

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	U17219WB1992PLC056339	TURTLE LIMITED	Whole-time director	01/04/2012	19/08/1992	-	Active	NO
2	U18101WB2000PLC091544	HOWRAH STORES LIMITED	Director	31/03/2000	31/03/2000	01/05/2008	Active	NO
3	U45201WB2005PTC101472	JAMWATI CONSTRUCTION PRIVATE LIMITED	Director	01/02/2005	01/02/2005	05/03/2008	Active	NO
4	U51109WB2006PTC107835	SPADE COMMERCIAL PRIVATE LIMITED	Director	02/05/2006	02/05/2006	-	Active	NO
5	U51109WB2006PTC109949	RAOUL SALES PRIVATE LIMITED	Director	15/06/2006	15/06/2006	-	Amalgamated	NO
6	U45201WB2005PTC105327	LEMON CONSTRUCTIONS PRIVATE LIMITED	Director	12/09/2006	12/09/2006	-	Active	NO
7	U51909WB2010PTC152782	JAYTRA COMMOTRADE PRIVATE LIMITED	Director	03/09/2010	03/09/2010	-	Active	NO
8	U52190WB2012PTC181277	DAY LILY COMMOTRADE PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO
9	U52190WB2012PTC181321	SILVERWEED COMMOTRADE PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO

Name :

Mrs. Hemlata Jhunjhunwalla

Designation :

Whole-time director

Address :

9, Pretoria Street, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

30.09.1964

Qualification :

B. Sc.

Date of Appointment :

01.04.2012

PAN No.:

ACIPJ0434H

Passport No.:

Z2218721

DIN No.:

00233327

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	Company/ LLP Status	Defaulting status
1	U17219WB1992PLC056339	TURTLE LIMITED	Whole-time director	01/04/2012	01/04/2000	Active	NO
2	U51109WB2006PTC107829	NAVNEETA VINIMAY PRIVATE LIMITED	Director	02/05/2006	02/05/2006	Active	NO
3	U51909WB2010PTC152873	HEMVIN COMMOTRADE PRIVATE LIMITED	Director	08/09/2010	08/09/2010	Active	NO
4	U51909WB2011PTC162046	SAMVET COMMERCIAL PRIVATE LIMITED	Director	26/04/2011	26/04/2011	Active	NO
5	U52190WB2012PTC181312	SANDERLING TRADECOM PRIVATE LIMITED	Director	03/05/2012	03/05/2012	Active	NO
6	U52190WB2012PTC181512	STIBNITE TRADEVIN PRIVATE LIMITED	Director	09/05/2012	09/05/2012	Active	NO

Name :

Mrs. Saloni Jhunjhunwalla

Designation :

Whole-time director

Address :

9, Pretoria Street, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

14.11.1985

Qualification :

B.A. in Media

Date of Appointment :

01.04.2012

PAN No.:

AMRPS0924J

Passport No.:

H1473269

DIN No.:

02208368

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	U18101WB2000PLC091544	HOWRAH STORES LIMITED	Whole-time director	01/04/2008	01/02/2008	02/09/2010	Active	NO
2	U51909WB2008PTC130350	BUNCH OF BUDDIES ENTERTAINMENT PRIVATE LIMITED	Director	07/11/2008	07/11/2008	04/11/2011	Active	NO
3	U51909WB2010PTC153255	CHRYSANTHEMUM COMMERCIAL PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO
4	U17219WB1992PLC056339	TURTLE LIMITED	Whole-time director	01/04/2012	18/10/2010	-	Active	NO
5	U52190WB2012PTC181589	WATERCRESS VINTRADE PRIVATE LIMITED	Director	10/05/2012	10/05/2012	-	Active	NO

Name :

Mr. Shitanshu Jhunjhunwalla

Designation :

Whole-time director

Address :

9, Pretoria Street, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

13.12.1985

Qualification :

Engineer

Date of Appointment :

01.04.2012

PAN No.:

AFAPS3866J

DIN No.:

02208372

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	Company/ LLP Status	Defaulting status
1	U17219WB1992PLC056339	TURTLE LIMITED	Whole-time director	01/04/2012	01/01/2008	Active	NO
2	U51909WB2010PTC152781	RUPSHITA TRADECOM PRIVATE LIMITED	Director	03/09/2010	03/09/2010	Active	NO
3	U52190WB2012PTC181226	GREY KINGBIRD VINCOM PRIVATE LIMITED	Director	02/05/2012	02/05/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Vivek Agarwal
Designation :	Merchant Banker

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Sanjay Jhunjhunwalla	1400000	23.33
Amit Ladsaria	586700	9.78
Shitanshu Jhunjhunwalla	840000	14.00
Anu Ladsaria	355100	5.92
Hemlata Jhunjhunwalla	700000	11.67
Manju Ladsaria	200100	3.34
Amit Ladsaria HUF	335100	5.59
Aman Ladsaria	23000	0.38
Indus League Clothing Limited, India	1560000	26.00
Total	6000000	100.00

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	26.00
Directors or relatives of directors	68.42
Other top fifty shareholders	5.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Men Garments and Apparels.

Products/ Services :

ITC Code No.	Product Descriptions
62053000	Men's or Boy's Shirts of Man-Made Fibres

Brand Names :

· “TURTLE”

· “LONDONBRIDGE”

Agencies Held :

--

Exports :

Products :

Men Garments and Apparels

Countries :

· Middle East

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Credit [20 days and 45-60 days]

Purchasing :

Credit [25 days and 60 days]

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Actual Production
Shirts / T-Shirts / Trousers / Accessories	Qty. (Pcs.)	1870226

GENERAL INFORMATION

Suppliers :

Reference:	Bharat Vijay Mills
Name of the Person (Designation):	Mr. Sukhdev Kumar
Contact Number:	91-2764-253000
Since how long known:	5 Years
Experience:	It is a growing company, payments are regular.
Maximum limit dealt:	Rs. 15.000 Millions per month

· Arvind Limited

Contact Person: Mr. Ranjit Dugar [91-2764-395000]

Address: P.O. Khatraj, Tal. Kalol, District Gandhinagar – 382721, Gujarat, India

· Jaya Shree Textiles

Contact Person: Mr. Vaibhav Pasari [91-33-26001200]

[Address: Rishra, Prabasnagar, District Hooghly – 712249, West Bengal, India

Customers :

Reference:	Future Lifestyle Fashion Limited
Name of the Person (Designation):	Mr. Zubair Patel
Contact Number:	91-9343176933
Since how long known:	10 Years
Experience:	It is a good company. We don’t have any negative point against them.
Maximum limit dealt:	Rs. 250.000 Millions yearly

· Reliance Trends

Contact Person: Mr. Deepak Sonthalia [91-9686569722]

Address: External Brand Team, 4^th Floor, No. 62/2 Richmond Road, Bangalore – 560025, Karnataka, India

· Pantaloons Retail India Limited

Contact Person: Mr. Shiv Kumar [91-9324137553]

Address: 701/704, 7^th Floor, Sky Line Icon Business Park, 86/92 FF, A K Road, Marol Village, Andheri (East), Mumbai – 400059, Maharashtra, India

No. of Employees :

655 (In Office: 165, In Warehouse: 190 and In Factory: 300) (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Commercial Branch, N. S. Road, 8, N. S. Road, Kolkata - 700001, West Bengal, India
Person Name (with Designation):	Mr. Sanjay Kumar Mandal [Chief Branch Manager]
Contact Number:	91-9836877221 91-33-22902004/ 22902003
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Satisfactory
Remarks: As claimed by Mr. Sanjay Kumar Mandal, the subject having satisfactory track record for Banking transactions.

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	24.489
Deposits	38.888	21.471
SHORT TERM BORROWINGS
Loans repayable on demand from banks	466.108	497.595
Total	504.996	543.555
LONG-TERM BORROWINGS a) Term loan from a Bank is secured by way of extension of first charge over current assets of the Company both present and future. Further the above loan is equitable mortgage over two properties in the name of a director, LIC policies and personal guarantee of 6 directors of the Company. The loan is repayable instalments by 2nd quarter of 2014-15 and carries interest @14.5% p.a. (March 31, 2013: 14% p.a.) b) Loans from bodies corporate are repayable after March 31, 2015 and carries interest rate @ 15% to 17% p.a. SHORT-TERM BORROWINGS * Cash credit from a bank includes Stand-by-Line of Credit (SLC) of Rs. 60,000,000 (previous year Rs. 20,000,000) a) Cash credit from a bank is secured by hypothecation of entire current assets of the Company both present and future. Further, it is also secured by way of extension over fixed assets of the Company both present and future except hypothecated vehicles and equitable mortgage over a property at 20, Round Tank Road, Howrah. above loan is secured by way of equitable mortgage over two properties in the name of a director, LIC policies and personal guarantee of 6 directors of the credit is repayable on demand and carries interest @ 14% p.a. (March 31, 2013: 13.45% p.a.) b) Loans from bodies corporate are repayable before March 31, 2015 and carries interest rate @ 10% to 17% p.a.

Auditors :
Name :	S R B C and Company LLP Chartered Accountants
Address :	22, Camac Street, 3^rd Floor, Block 'C', Kolkata - 700016, West Bengal, India
Tel. No.:	91-33-66153400
Fax No.:	91-33-22817750
Income-tax PAN of auditor or auditor's firm :	ACHFS9117R
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Indus-League Clothing Limited [U85110MH1998PLC226134] · Lemon Constructions Private Limited [U45201WB2005PTC105327] · The Chaman Industries Private Limited [U70101WB1946PTC013453]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 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	60.000	60.000	60.000
(b) Reserves & Surplus	225.558	186.749	168.158
(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)	285.558	246.749	228.158
(3) Non-Current Liabilities
(a) Long-term borrowings	144.188	159.160	169.479
(b) Deferred tax liabilities (Net)	8.677	10.735	9.008
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.159	0.000	0.000
Total Non-current Liabilities (3)	154.024	169.895	178.487
(4) Current Liabilities
(a) Short term borrowings	711.508	645.395	584.848
(b) Trade payables	173.426	114.222	100.608
(c) Other current liabilities	18.473	8.237	5.475
(d) Short-term provisions	9.704	77.250	66.230
Total Current Liabilities (4)	913.111	845.104	757.161
TOTAL	1352.693	1261.748	1163.806
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	206.972	200.897	96.351
(ii) Intangible Assets	0.000	0.207	0.207
(iii) Capital work-in-progress	0.815	0.000	48.883
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	80.866	55.688	46.626
(e) Other Non-current assets	0.462	0.000	0.000
Total Non-Current Assets	289.115	256.792	192.067
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	529.816	371.223	397.434
(c) Trade receivables	509.915	405.653	399.481
(d) Cash and cash equivalents	9.038	12.650	37.722
(e) Short-term loans and advances	14.723	215.212	136.125
(f) Other current assets	0.086	0.218	0.977
Total Current Assets	1063.578	1004.956	971.739
TOTAL	1352.693	1261.748	1163.806

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	1502.176	1275.203	1224.184
		Other Income	5.180	5.115	3.565
		TOTAL (A)	1507.356	1280.318	1227.749
Less	EXPENSES
		Cost of Materials Consumed	671.842	607.364	837.763
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(126.293)	26.211	(146.634)
		Employees benefits expense	142.522	56.667	42.777
		Other expenses	632.940	438.651	318.079
		TOTAL (B)	1321.011	1128.893	1051.985
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		186.345	151.425	175.764
Less	FINANCIAL EXPENSES (D)		103.338	106.548	73.231
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		83.007	44.877	102.533
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.165	9.586	7.574
	PROFIT BEFORE TAX (E-F) (G)		68.842	35.291	94.959
Less	TAX (H)		22.966	9.727	30.222
	PROFIT AFTER TAX (G-H) (I)		45.876	25.564	64.737
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Exports	13.263	13.406	9.894
	IMPORTS
		Raw Materials	28.419	18.260	22.194
	Earnings Per Share (Rs.)		7.65	4.26	10.79

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.05	2.00	5.29
Operating Profit Margin (PBDIT/Sales)	(%)	12.41	11.87	14.36
Return on Total Assets (PBT/Total Assets}	(%)	5.09	2.80	8.52
Return on Investment (ROI) (PBT/Networth)		0.24	0.14	0.42
Debt Equity Ratio (Total Debt/Networth)		3.00	3.26	3.31
Current Ratio (Current Asset/Current Liability)		1.16	1.19	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	60.000	60.000	60.000
Reserves & Surplus	168.158	186.749	225.558
Net worth	228.158	246.749	285.558
Long-term borrowings	169.479	159.160	144.188
Short term borrowings	584.848	645.395	711.508
Total borrowings	754.327	804.555	855.696
Debt/Equity ratio	3.306	3.261	2.997

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	1224.184	1275.203	1502.176
		4.168	17.799

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	1224.184	1275.203	1502.176
Profit	64.737	25.564	45.876
	5.29%	2.00%	3.05%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
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

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2013
LONG-TERM BORROWINGS
Other loans and advances	105.300	113.200
SHORT TERM BORROWINGS
Loans and advances from related parties	3.100	0.000
Other loans and advances	242.300	147.800
Total	350.700	261.000

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF DEBT SERVICE COVERAGE RATIO

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTED	31.03.2017 PROJECTED
	INFLOW
1	Cash Accruals	77.100	92.000	112.400
2	Interest on Term Loan	0.000	0.000	0.000
	SUB-TOTAL [a]	77.100	92.000	112.400
	OUTFLOW
3	Loan installment	0.000	0.000	0.000
4	Interest on Term Loan	0.000	0.000	0.000
	SUB-TOTAL [b]	0.000	0.000	0.000
	Gross DSCR [Cash accruals / Loan installment]	0.00	0.00	0.00
	Net DSCR [a / b]	0.00	0.00	0.00

------------------------------------------------------------------------------------------------------------------------------

BUILD UP OF NET CURRENT ASSETS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTED	31.03.2017 PROJECTED
	CURRENT ASSETS
1	Raw Material
	Indigenous	102.100	108.000	103.900
	[Holding in months]	1.70	1.84	1.76
	Imported	0.000	0.000	0.000
	[Holding in months]	--	--	--
2	Finished Goods	340.500	395.000	397.500
	[Holding in months]	4.57	5.47	5.17
3	Stock in Process	131.300	129.800	130.600
4	Receivables	592.600	622.300	653.400
	[Holding in months]	3.95	3.95	3.95
5	Other Assets
6	Cash and Bank	12.400	13.700	38.300
7	Consumables	0.000	0.000	0.000
8	Advance to Suppliers	34.700	34.700	34.700
9	Others	0.100	0.100	0.100
	TOTAL	1213.900	1303.600	1358.500
	CURRENT LIABILITIES
10	Sundry Creditors	149.900	145.800	144.700
	[Holding in months]	1.51	1.42	1.40
12	Others	29.100	38.800	40.300
13	Advance from Customers	0.000	0.000	0.000
14	Others	0.000	0.000	0.000
15	Loan installment repayable within 12 months	0.000	0.000	0.000
	TOTAL	179.000	184.600	185.000

------------------------------------------------------------------------------------------------------------------------------

KEY RATIOS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTED	31.03.2017 PROJECTED
	LIQUIDITY RATIO
1	Current Ratio	1.56	1.66	1.73
	SOLVENCY RATIOS
2	Solvency Ratio	1.30	1.37	1.45
	EFFICIENCY RATIOS
	Financial Management Ratios
3	Debt Equity Ratio	1.11	0.91	0.74
4	Quasi Debt Equity Ratio	1.11	0.91	0.74
5	Fixed Assets Coverage Ratio	0.61	0.70	0.82
6	Debtors Turnover Ratio	120.00	120.00	120.00
7	Creditors Turnover Ratio [No. of Days]	45.89	43.32	42.72
	Material Management Ratio
8	Raw Material Turnover Ratio [No. of Days]	51.78	56.02	53.55
9	Process Stock Turnover Ratio [No. of Days]	53.63	54.69	51.62
10	Finished Goods Turnover Ratio [No. of Days]	139.05	166.44	157.12
11	Assets Turnover Ratio	7.58	6.83	6.12
	PROFITABILITY RATIOS
12	Gross Profit Ratio	50.94	54.80	54.17
13	Net Profit Ratio	3.76	4.30	5.03
14	Operating Profit	5.67	6.49	7.59
15	Return on Investment / Net Operating Assets	90.40	87.70	83.52
	OTHER RATIOS
16	Paid up Capital	60.000	60.000	60.000
17	TNW	353.300	434.700	534.600
18	Total Outside Liabilities/ TNW	3.34	2.73	2.23
19	Net Sales / Total Tangible Assets	1.18	1.17	1.15
20	PBT / Total Tangible Assets	6.69	7.59	8.77
21	POA	12.07	14.37	17.44
22	Operating Cost / Net Sales	94.33	93.51	92.41
23	Assessed Bank Finance	600.000	600.000	600.000
24	Inventory + Receivables / Net Sales [In Days]	236.22	242.03	236.08
25	Inventory + Receivables	116.66	125.51	128.54
26	PBDIT	224.200	253.600	283.500
27	PBDIT / Interest [Times]	1.99	2.11	2.36
28	ROCE (%)PBDIT / Total Assets	14.62	15.63	16.43
29	Total Current Assets	1213.900	1303.600	1358.500
30	Other Current Liabilities	179.000	184.600	185.000
31	Working Capital Gap	1034.900	1119.000	1173.500
32	NWC	434.900	519.000	573.500
33	Bank Finance / Current Assets %	49.43	46.03	44.17
34	NWC / Total Current Assets %	35.83	39.81	42.22
35	Sundry Creditors to Total Current Assets %	12.35	11.19	10.65
36	Other Current Liabilities / Total Current Assets %	2.40	2.98	2.96
37	Chargeable Assets [Inclusive Debtors]	1201.400	1289.900	1320.200
38	Less: Sundry Creditors	149.900	145.800	144.700
39	Net Chargeable Current Assets	1051.600	1144.100	1175.500
40	Loan Installment repaid/ repayable	0.000	0.000	0.000
41	Interest paid/ payable	11.26	12.01	12.01
42	Total Purchases	1191.900	1228.600	1236.600

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTED	31.03.2017 PROJECTED
1	Gross Sales
	1. Domestic Sales	1802.600	1892.700	1987.400
	2. Export Sales	0.000	0.000	0.000
	Add: Other Revenue Income	0.000	0.000	0.000
	Total	1802.600	1892.700	1987.400
2	Less: Excise Duty	0.000	0.000	0.000
3	Net Sales [1 - 2]	1802.600	1892.700	1987.400
4	% rise [+] or fall [-] in net sales as compared to previous year [annualized]	20.00%	5.00%	5.00%
5	Cost of Sales
	1. Raw Materials [including stores and other items used in the process of manufacture]
	Imported	0.000	0.000	0.000
	Indigenous [Purchase of Raw Material Stores, Consumable and Labour Charges]	720.100	703.800	708.500
	2. Other Consumables
	Imported	0.000	0.000	0.000
	Indigenous	18.400	18.400	18.400
	3. Power and Fuel	7.400	7.400	7.400
	4. Direct Labour [Factory wages and salary]	158.100	163.500	164.600
	5. Other manufacturing expenses	15.400	15.400	15.400
	6. Depreciation	9.300	10.700	12.500
	7. SUB-TOTAL	928.600	919.200	926.700
	8. Add: Opening stock in process	123.500	131.300	129.800
	9. Deduct: Closing stock in process	131.300	129.800	130.600
	10. Cost of Production	920.800	920.800	925.800
	11. Add: Opening stock of finished goods	313.400	340.500	395.000
	12. Deduct: Closing stock of finished goods	340.500	395.000	397.500
	13. SUB-TOTAL [Total cost of Sales]	893.800	866.200	923.400
6	Selling, General and administrative expenses	694.000	783.600	793.000
7	SUB-TOTAL [5+6]	1587.800	1649.800	1716.300
8	Operating profit before interest [3-7]	214.800	242.900	271.000
9	1. Interest on Term Loan	0.000	0.000	0.000
	2. Interest on WC Limit and Bank charges	112.600	120.100	120.100
10	Operating profit after interest [8-9]	102.200	122.800	150.900
11	1. Add: Other Non-Operating Income
	- Interest Income on deposits and advances	0.400	0.400	0.400
	- Other Non-operating Income	0.000	0.000	0.000
	- Unspent liabilities written back	0.000	0.000	0.000
	SUB-TOTAL [INCOME]	0.400	0.400	0.400
	2. Deduct: Other Non-Operating Expense
	- Less: Remuneration to partners	0.000	0.000	0.000
	- Less: Interest on Partners Capital	0.000	0.000	0.000
	-	0.000	0.000	0.000
	SUB-TOTAL [EXPENSES]	0.000	0.000	0.000
	3. Net of Other Non-Operating Income / Expense	0.400	0.400	0.400
12	Profit before tax / loss [10 + 11[iii]]	102.700	123.200	151.400
13	Provision for taxes	34.900	41.900	51.400
14	Net Profit / Loss [12-13]	67.800	81.300	99.900
15	- Equity Dividend paid	0.000	0.000	0.000
	- Dividend Rate	0.000	0.000	0.000
16	Retained Profit [14-15]	67.800	81.300	99.900
17	Retained Profit / Net Profit %	100%	100%	100%

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTED	31.03.2017 PROJECTED
1	Short term borrowings from bank (incl. Bills purchased, discounted and excess borrowings placed on repayment basis)
	(i) From Applicant bank	0.000	0.000	0.000
	(ii) From other banks	600.000	600.000	600.000
	(iii) Of which BP and BD	0.000	0.000	0.000
	SUB-TOTAL (A)	600.000	600.000	600.000
2	Short term borrowings from Others/ Body Corporate	0.000	0.000	0.000
3	a. Sundry Creditors [Trade]	149.900	145.800	144.700
	b. Sundry Creditors for Capital Goods	0.000	0.000	0.000
	c. Sundry Creditors against Usance FLC	0.000	0.000	0.000
4	Advance payments from Customers/ deposits from debtors	0.000	0.000	0.000
5	Provision for Taxation	0.000	0.000	0.000
6	Dividend Payable	0.000	0.000	0.000
7	Other statutory liabilities (due within one year)	0.000	0.000	0.000
8	Deposits/Instalments of term loan/ DPGs/ Debentures etc. (due within one year)	0.000	0.000	0.000
9	Other current liabilities & Provisions (due within one year) (Specify major items)	29.100	38.800	40.300
	SUB-TOTAL (B)	179.000	184.600	185.000
10	TOTAL CURRENT LIABILITIES [1 to 9]	779.000	784.600	785.000
	TERM LIABILITIES
11	Debentures [Not maturing within one year]	0.000	0.000	0.000
12	Preference Shares [Redeemable after one year]	0.000	0.000	0.000
13	Term loans [excluding installments payable within one year]	0.000	0.000	0.000
14	Deferred payments credits [excluding installments due within one year]	0.000	0.000	0.000
15	Term Deposits [repayable after one year]	0.000	0.000	0.000
16	Other term liabilities	392.700	394.700	396.900
17	TOTAL TERM LIABILITIES [11 to 16]	392.700	394.700	396.900
	Deferred Tax Liability	8.700	8.700	8.700
18	TOTAL OUTSIDE LIABILITIES [10+17]	1180.300	1188.000	1190.500
	NET WORTH
19	Share Capital	60.000	60.000	60.000
20	General Reserve / Term Deposits/ CIS	225.600	293.300	374.700
21	Revaluation Reserve	0.000	0.000	0.000
22	Share Premium	0.000	0.000	0.000
23	Surplus (+) or deficit (-) in Profit & Loss Account	67.800	81.300	99.900
	a. Others [Specify]	0.000	0.000	0.000
24	NETWORTH	353.300	434.700	534.600
25	TOTAL LIABILITIES	1533.700	1622.700	1725.100
	CURRENT ASSETS
26	Cash and Bank balances [Cheque and Draft under collection]	12.400	13.700	38.300
27	Investments [Other than trustee securities]
	(i) Government and Other Trustee securities	0.000	0.000	0.000
	(ii) Fixed Deposits with banks	0.000	0.000	0.000
28	(i) Receivables other than deferred and exports [including bills purchased/ discounted by banks]	592.600	622.300	653.400
	(ii) Export receivables [including bills purchased/ discounted by banks]	0.000	0.000	0.000
29	Installments of deferred receivable [due within 1 year]	0.000	0.000	0.000
30	Inventory
	(i) Raw Material [including stores and other items used in the process of manufacture]
	Imported	0.000	0.000	0.000
	Indigenous	102.100	108.000	103.900
	(ii) Stock in process	131.300	129.800	130.600
	(iii) Finished Goods	340.500	395.000	397.500
	(iv) Other Consumable stores
	Imported	0.000	0.000	0.000
	Indigenous	0.000	0.000	0.000
31	Advances to suppliers of Raw Material and stores/ spares	34.700	34.700	34.700
32	Advance payment of Taxes	0.000	0.000	0.000
33	Other Current Assets	0.100	0.100	0.100
34	TOTAL CURRENT ASSETS [26 to 33]	1213.900	1303.600	1358.500
	FIXED ASSETS
35	Gross Block	256.500	296.500	346.500
	Add: Additions during the year	40.000	50.000	60.000
	Less: Sales / Adj.	0.000	0.000	0.000
	Closing Gross Block	296.500	346.500	406.500
36	Depreciation to date	58.800	69.500	82.000
37	NET BLOCK [35-36]	237.700	277.000	324.500
	OTHER NON-CURRENT ASSETS
38	Investments/book debts /advances deposits which are not current assets
	(i) Investments in subsidiary companies/ affiliates	0.000	0.000	0.000
	(ii) Others	0.000	0.000	0.000
	(iii) Advances to suppliers of capital goods and contractors	81.700	41.700	41.700
	(iv) Deferred receivables	--	--	--
	(v) Others – Security Deposit	0.000	0.000	0.000
39	Non Consumable Stores and Spares	0.000	0.000	0.000
40	Other non-current assets including due from Directors	0.500	0.500	0.500
41	TOTAL OTHER NON-CURRENT ASSETS	82.100	42.100	42.100
42	Intangible Assets [patents, Goodwill, Preliminary expenses, Bad doubtful debts not provided for etc.]	0.000	0.000	0.000
	SUB-TOTAL	319.800	319.100	366.600
43.	TOTAL ASSETS	1533.700	1622.700	1725.100
44	TANGIBLE NET WORTH [24-42]	353.300	434.700	534.600
45	NET WORKING CAPITAL	434.900	519.000	573.500
46	Current Ratio	1.56	1.66	1.73
47	Total Outside Liabilities / Tangible Networth + USD	3.34	2.73	2.23
48	Total Term Liabilities / Tangible Networth	1.11	0.91	0.74

------------------------------------------------------------------------------------------------------------------------------

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTED	31.03.2017 PROJECTED
1	SOURCES
	a. Net Profit after Tax	67.800	81.300	99.900
	b. Depreciation	9.300	10.700	12.500
	c. Increase in Capital	0.000	0.000	0.000
	d. Increase in Term Liabilities [Including public deposits]	1.900	2.000	2.100
	e. Increase in Reserves	45.900	67.800	81.300
	f. Increase in Term Loan	0.000	0.000	0.000
	g. Decease in:
	ü Fixed Assets	0.000	0.000	0.000
	ü Other Non-Current assets	0.000	40.000	0.000
	ü Other [Intangible Assets]	0.000	0.000	0.000
	h. TOTAL	124.900	201.800	195.900
2	USES
	a. Net Loss	0.000	0.000	0.000
	b. Decrease in Term Liabilities [Including Public Deposits]	0.000	0.000	0.000
	Decrease in Capital	0.000	0.000	0.000
	c. Increase in:
	ü Fixed Assets	40.000	50.000	60.000
	ü Other Non-Current assets	0.000	0.000	0.000
	ü Others [Intangible Assets]	0.000	0.000	0.000
	d. Accumulated Loss	0.000	0.000	0.000
	e. Dividend Payments	0.000	0.000	0.000
	f. TOTAL	40.000	50.000	60.000
3	Long term Surplus [+], Deficit [-] [1-2]	84.900	151.800	135.900
4	Increase/ Decrease in Current Assets	150.300	89.700	54.900
5	Increase/ Decrease in Current Liabilities	(22.600)	5.700	0.400
6	Increase/ Decrease in Working Capital Gap	172.900	84.100	54.400
7	Net Surplus [+] Deficit [-] Difference of [3 - 6]	(88.000)	67.800	81.300
8	Increase/ Decrease in Bank Borrowings	133.900	0.000	0.000

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTED	31.03.2017 PROJECTED
	CURRENT ASSETS
1	Raw Material including stores and other items use in the process of manufacture
	Imported	0.000	0.000	0.000
	Months Consumption	--	--	--
	Indigenous	102.100	108.000	103.900
	Months Consumption	1.70	1.84	1.76
2	Other Consumable Spares
	Imported	0.000	0.000	0.000
	Months Consumption	0.00	0.00	0.00
	Indigenous	0.000	0.000	0.000
	Months Consumption	0.00	0.00	0.00
3	Stock in process	131.300	129.800	130.600
	Month Cost of production	1.71	1.69	1.69
4	Finished Goods	340.500	395.000	397.500
	Month cost of sales	4.57	5.47	5.17
5	Receivables other than deferred and exports [including bills purchases and discounted by banks]	592.600	622.300	653.400
	Months Domestic Sales [excluding deferred payment sales]	3.95	3.95	3.95
6	Export receivables [including bills purchased and discounted by banks]	0.000	0.000	0.000
7	Advances to suppliers of raw materials and stores/ spares	34.700	34.700	34.700
8	Other current assets inclusive cash and bank balances [specify major items]	12.500	13.800	38.300
9	TOTAL CURRENT ASSETS	1213.900	1303.600	1358.500
	CURRENT LIABILITIES
10	a. Creditors for purchase of raw materials, stores other than borrowings for working capital	149.900	145.800	144.700
	[Holding in Months]	1.51	1.42	1.40
	b. Creditors against Capital Goods	0.000	0.000	0.000
	c. Creditors for Usance FLC	0.000	0.000	0.000
11	Statutory Liabilities	0.000	0.000	0.000
12	Other Current Liabilities [Specify major items]	29.100	38.800	40.300
	Short term borrowings from banks [including unsecured loans dividend, installment of public deposits, debenture etc.]	600.000	600.000	600.000
13	TOTAL CURRENT LIABILITIES	779.000	784.600	785.000
	To agree with sub-total B

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015 ESTIMATED	31.03.2016 PROJECTED	31.03.2017 PROJECTED
1	Total Current Assets [9 in form IV]	1213.900	1303.600	1358.500
2	Other Current Liabilities [other than Bank borrowings] [14 of form IV]	179.000	184.600	185.000
3	Working Capital Gap [1 - 2]	1034.900	1119.000	1173.500
4	Minimum stipulated Net Working Capital [25% of total current assets the case may be depending upon the method of lending being applied export receivables to be excluded under both method]	303.500	325.900	339.600
5	Actual / Projected Net Working Capital [45 in form III]	434.900	519.000	573.500
6	Item 3 – Item 4	731.400	793.100	833.900
7	Item 3 – Item 5	600.000	600.000	600.000
8	Maximum permissible bank finance [Item 6 or 7] whichever is less	600.000	600.000	600.000
9	Excess borrowings representing short fall in NWC	0.000	0.000	0.000

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STATEMENT OF ASSETS AND LIABILITIES

MR. SANJAY JHUNJHUNWALLA

(RS. IN MILLIONS)

LIABILITIES	31.03.2014		ASSETS	31.03.2014
Loans from Banks			Cash
State Bank of India		--	In Hand	0.150
			In Bank
			Cheques in hand		0.150
Other Banks			Marketable Investments
Bank Account		2.292	Stocks, Stores FD etc.	17.592
			Sundry Debtors and Bill receivables	0.440
			Advances	14.012
			Advances against property	1.500
			Total Current Assets		33.544
Other Loans		--	Fixed Assets
			Land and Buildings	6.568
			Machinery and Equipment
			Jewellery and Bullion	0.764
			Sundry Assets [Furniture, fittings, motor car, tools etc.]	0.131
Sundry Creditors		--	Total Fixed Assets		7.463
			Less: Depreciation written off to date		--
For Purchases		--
			Net Fixed Assets		--
Expenses outstanding		--
			Miscellaneous Assets [Specify large items]
Other Liabilities		--	LIC	6.760
			PPF	2.362
			TDS	5.485
					14.607
Capital and Surplus		53.472
At the beginning of the year	37.707
Add: Guarantors current account is in credit	--
Add: Profits earned during the year	19.183
Add: Further capital introduced during the year	--
Less: Drawings of Guarantors	3.418
Guarantors current accounts if in debit	--
Loss for the year	--
Intangible assets	--
TOTAL		55.764	TOTAL		55.764

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STATEMENT OF ASSETS AND LIABILITIES

MRS. SALONI JHUNJHUNWALLA

(RS. IN MILLIONS)

LIABILITIES	31.03.2014		ASSETS	31.03.2014
Loans from Banks			Cash
State Bank of India		--	In Hand	0.150
			In Bank	0.890
					1.040
Other Banks			Marketable Investments
Dhanlakshmi Bank Limited		--	Stocks, Stores FD etc.	0.252
			Sundry Debtors and Bill receivables	--
			Advances against property	1.500
			Advances	0.150
			I.T. Advance Tax and TDS	1.425
			Total Current Assets		3.327
Other Loans		--	Fixed Assets
			Land and Buildings	1.692
			Machinery and Equipment
			Jewellery	--
			Sundry Assets [Furniture, fittings, motor car, tools etc.]	--
Sundry Creditors		--	Total Fixed Assets		1.692
			Less: Depreciation written off to date		--
For Purchases		--
			Net Fixed Assets		--
Expenses outstanding		--
			Miscellaneous Assets [Specify large items]
Other Liabilities		--	LIC	2.964
			PPF	1.151
					4.115
Capital and Surplus		10.174
At the beginning of the year	5.010
Add: Guarantors current account is in credit	--
Add: Profits earned during the year	5.164
Add: Further capital introduced during the year	--
Less: Drawings of Guarantors	--
Guarantors current accounts if in debit	--
Loss for the year	--
Intangible assets	--
TOTAL		10.174	TOTAL		10.174

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STATEMENT OF ASSETS AND LIABILITIES

MR. AMIT LADSARIA

(RS. IN MILLIONS)

LIABILITIES	31.03.2014		ASSETS	31.03.2014
Loans from Banks			Cash
State Bank of India		--	In Hand	--
			In Bank		0.157
			FD		0.000
Other Banks			Marketable Investments
Bank Account		7.742	Stocks, Stores etc.	5.974
			Sundry Debtors and Bill receivables	0.005
			Advances	3.458
			Advances against property	20.624
			Total Current Assets		30.061
Other Loans			Fixed Assets
Unsecured Loans		1.319	Land and Buildings	1.368
			Machinery and Equipment
			Jewellery	0.102
			Sundry Assets [Furniture, fittings, motor car, tools etc.]	0.079
Sundry Creditors		--	Total Fixed Assets		1.549
			Less: Depreciation written off to date		--
For Purchases		--
			Net Fixed Assets		--
Expenses outstanding		--
			Miscellaneous Assets [Specify large items]
Other Liabilities		--	LIC	4.444
			PPF	1.091
			TDS	2.652
					8.187
Capital and Surplus		30.893
At the beginning of the year	22.377
Add: Guarantors current account is in credit	--
Add: Profits earned during the year	9.472
Add: Further capital introduced during the year	0.200
Less: Drawings of Guarantors	1.156
Guarantors current accounts if in debit	--
Loss for the year	--
Intangible assets	--
TOTAL		39.954	TOTAL		39.954

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STATEMENT OF ASSETS AND LIABILITIES

MR. SHITANSHU JHUNJHUNWALLA

(RS. IN MILLIONS)

LIABILITIES	31.03.2014		ASSETS	31.03.2014
Loans from Banks			Cash
State Bank of India		--	In Hand	0.150
			In Bank
					0.150
Other Banks			Marketable Investments
From Bank		5.917	Stocks	5.514
			Stores	8.490
			Sundry Debtors	0.154
			Bill Receivables	0.080
			Advances against property	6.978
			Advances	6.500
			Total Current Assets		27.716
Other Loans			Fixed Assets
From Others		--	Land and Buildings	--
			Machinery and Equipment
			Jewellery	--
			Sundry Assets [Furniture, fittings, motor car, tools etc.]	0.089
Sundry Creditors		--	Total Fixed Assets
			Less: Depreciation written off to date		--
For Purchases		--
			Net Fixed Assets		0.089
Expenses outstanding		--
			Miscellaneous Assets [Specify large items]
Other Liabilities		--	LIC	5.684
			PPF	1.807
			TDS	2.659
					10.150
Capital and Surplus		32.188
			Investments		--
TOTAL		38.105	TOTAL		38.105

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STATEMENT OF ASSETS AND LIABILITIES

MRS. ANU LADSARIA

(RS. IN MILLIONS)

LIABILITIES	31.03.2014		ASSETS	31.03.2014
Loans from Banks			Cash
State Bank of India		--	In Hand	--
			In Bank	(0.078)
					(0.078)
Other Banks			Marketable Investments
Bank Account		--	Stocks	3.862
			Stores, FD etc.	0.135
			Sundry Debtors and Bill receivables	0.340
			Advances	1.150
			Advances against property	3.032
			Total Current Assets		8.519
Other Loans		--	Fixed Assets
			Land and Buildings	1.367
			Machinery and Equipment
			Jewellery and Bullion	0.160
			Sundry Assets [Furniture, fittings, motor car, tools etc.]	0.057
Sundry Creditors		--	Total Fixed Assets		1.584
			Less: Depreciation written off to date		--
For Purchases		--
			Net Fixed Assets		--
Expenses outstanding		--
			Miscellaneous Assets [Specify large items]
Other Liabilities		--	LIC	1.092
			PPF	1.800
			TDS	0.828
					3.720
Capital and Surplus		13.745
At the beginning of the year	11.101
Add: Guarantors current account is in credit	--
Add: Profits earned during the year	3.277
Add: Further capital introduced during the year	0.007
Less: Drawings of Guarantors	0.640
Guarantors current accounts if in debit	--
Loss for the year	--
Intangible assets	--
TOTAL		13.745	TOTAL		13.745

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STATEMENT OF ASSETS AND LIABILITIES

MRS. HEMLATA JHUNJHUNWALLA

(RS. IN MILLIONS)

LIABILITIES	31.03.2014		ASSETS	31.03.2014
Loans from Banks			Cash
State Bank of India		--	In Hand	0.150
			In Bank
			Cheques in hand	--
					0.150
Other Banks			Marketable Investments
Dhanlakshmi Bank Limited		2.222	Stocks	9.337
			Stores FD etc.	--
			Sundry Debtors	--
			Bill Receivables	--
			Advances	0.300
			Deposits	0.016
			Total Current Assets		9.653
Other Loans			Fixed Assets
From Others		2.259	Land and Buildings	8.311
			Machinery and Equipment
			Jewellery	1.030
			Sundry Assets [Furniture, fittings, motor car, tools etc.]	0.613
Sundry Creditors		--	Total Fixed Assets
			Less: Depreciation written off to date		--
For Purchases		--
			Net Fixed Assets		9.954
Expenses outstanding		--
			Miscellaneous Assets [Specify large items]
Other Liabilities		--	Advance against Property	1.500
			Income Tax advance etc.	2.063
			LIC	8.491
			PPF	1.871
					13.925
Capital and Surplus		29.201
At the beginning of the year	22.702		Investments		--
Add: Guarantors current account is in credit	--
Add: Profits earned during the year	7.133
Add: Further capital introduced during the year	0.900
Less: Drawings of Guarantors	1.534
Guarantors current accounts if in debit	--
Loss for the year	--
Intangible assets	--
TOTAL		33.682	TOTAL		33.682

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INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10119266	03/02/2014 *	525,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N. S. ROAD, 8, N. S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B96056502

* Date of charge modification

------------------------------------------------------------------------------------------------------------------------------

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from 20, Round Tank Lane, Howrah - 711101, West Bengal, India to the present address w.e.f.27.09.2012.

COMPANY PROFILE

The Company was founded by Mr. Sanjay Jhunjhunwalla and Mr. Amit Ladsaria in the year 1992. Today, company has made its presence felt in 400 cities across India with over 95 exclusive Turtle and London Bridge stores. Turtle and London Bridge merchandise is available in over 1200 multi-branch outlets and in over 200 large format retail stores [including Shoppers Stop, Pantaloons, Central and Relaince Trendz]. Turtle has also joined the online bandwagon recently and is available on www.turtleonline.in, jabong.com, flipkart.com, Myntra.com, Amazon.in and honeshop18.com and some other leading e-shopping sites.

Turtle is also among the few brands from India with a foothold in the overseas market such as Dubai, Bahrain, Muscat, Jeddah, Saudi Arabia and Kuwait. New product launches such as the limited Edition KHADI collection and men’s footwear range have made Turtle a holistic men’s lifestyle brand.

Engaged in the conservation and protection of Olive Ridley turtles in India for many years, Turtle has recently entered into a partnership with TSA [Turtle Survival Alliance] – an international organization working towards conservation of endangered species of turtle in multiple countries across the globe.

Corporate Head office of the company is spread across 28000 Sq. ft. campus in Howrah [West Bengal], near the warehouse and factory with a production capacity of 25 Lac pcs per annum and cover an area of over 60000 sq. ft.

BRANDS

TURTLE:

A powerhouse of manufacturing menswear, Turtle aims to be the best. Its core vision is simple, to give the buyer the best in their range of affordability. Company is dedicated of making the most pocket-friendly world class apparel.

LONDON BRIDGE:

London Bridge, a trendsetter for generation next, is responsible for some of the most fashionable apparel to be ever worn by the youth. Company strives to give young buyers the best chance to impress with its range of uber stylish world class menswear.

AWARDS

1) Company received CMAI - The brand of the year – Men formal wear [small and medium] – Apex Awards 2007 on 22^nd November, 2007.

2) Mr. Amit Ladsaria received Indira Super Acheivers Awards from Indira Super Acheivers Awards on 22nd August, 2008.

3) Company has also received Texcellance Award for Best Brand for Shirt.

4) Company also received Emerging India Awards Sponsored by CNBC TV 18 London 2008.

5) Company has also received Images East Retail Awards – 2011

6) Mr. Sanjay Jhunjhunwalla received the award for being the Most admired Retail Personality of the Year [East India] at the East India Retail Summit 2012.

7) Ranked 4 in Brand Trust Report 2014 – All India Apparel Menswear Category.

CORPORATE INFORMATION

Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in manufacture and sale of men Garments and apparels.

COMPANY PERFORMANCE

During the year, the company business has grown by 17.38 % over the previous year. Accordingly the profit before depreciation, interest and tax has also increased by 22 % over the previous year. Profit before Tax is up by 95% and Profit after Tax is up by 79%. During the year the exports sales were Rs. 13.263 Millions as against 13.406 Millions in previous financial year. The Directors are hopeful of better growth in the current year.

BRAND INVESTMENT

The year 2013-14 witnessed a boost in products style, innovations and new launches of products which were well received in the market. Additionally, newly launched products/accessories were introduced during the year giving a new dimension to the brand. During the current year Company had spend Rs 91.665 Millions as against Rs 72.685 Millions in the previous year.

FIXED ASSETS:

· Buildings

· Office building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· Other equipments

· Brands and trade marks

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. 61.85
UK Pound	1	Rs. 97.01
Euro	1	Rs. 77.62

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.