MIRA INFORM REPORT

Report Date :

27.10.2014

IDENTIFICATION DETAILS

Name :	REID AND TAYLOR (INDIA) LIMITED
Registered Office :	Marathon Innova IT Park, B2/501 and C – 501, 5^th Floor, Off. G. K. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.04.2000
Com. Reg. No.:	11-126018
Capital Investment / Paid-up Capital :	Rs.1345.975 Millions
CIN No.: [Company Identification No.]	U17114MH2000PLC126018
TAN No.: [Tax Deduction & Collection Account No.]	MUMR13430E
PAN No.: [Permanent Account No.]	AACCR2067H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company manufactures and markets Reid and Taylor Worsted suiting, Premium natural fibre suitings, premium Ready-to- Wear Garments.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 54100000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is a subsidiary of S. Kumars Nationwide Limited. It is a well-established company having satisfactory track record. There seems drastic dip in the profit of the company during 2013. However, general financial position of the company seems to be decent. Directors are reported to be experienced and respectable businessmen. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – 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

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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.

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

Management Non Co-Operative (Tel No.:91-22-24824500)

LOCATIONS

Registered Office :	Marathon Innova IT Park, B2/501 and C – 501, 5^th Floor, Off. G. K. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-28250797 / 24824500 / 24930180 / 24965700 / 24824500
Fax No.:	91-22-24931685 / 24931685
E-Mail :	nihar.avasare@sknl.co.in info@sknl.co.in sandeep.sharma@sknl.co.in abhishek.juvekar@sknl.co.in nimesh.shah@sknl.co.in
Website :	http://www.bondwithbest.com http://www.sknl.co.in
Factory :	Worsted Fabric Complex, Thandavpura, Nanjangud Taluka, Mysore District, Karnataka, India

DIRECTORS

As on 24.12.2013

Name :

Mr. Nitin Shambhukumar Kasliwal

Designation :

Managing Director

Address :

Flat No.1, Kanta, Little Gibbs Road, Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

22.11.1960

Date of Appointment :

19.05.2011

DIN No.:

00022630

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	U99999MH1968PLC013974	S.KUMAR ENTERPRISES (SYNFABS) LIMITED	Director	02/12/1978	02/12/1978	-	Active	NO
2	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Managing director	01/04/2012	28/09/1990	-	Active	NO
3	U65990MH1991PTC060533	ANJANEYA HOLDINGS PRIVATE LIMITED	Director	27/02/1991	27/02/1991	-	Active	NO
4	U52321MH1967PTC013807	S.K.WORSTEDS PRIVATE LIMITED	Director	30/06/1992	30/06/1992	20/11/2007	Active	NO
5	U66010MH2000PLC128178	S KUMARS LIFE ASSURANCE CORPORATION LIMITED	Director	09/08/2000	09/08/2000	31/03/2009	Active	NO
6	U17114MH2000PLC126018	REID AND TAYLOR (INDIA) LIMITED	Managing director	19/05/2011	01/02/2001	-	Active	NO
7	U70109MH2001PLC131631	K U ENTERPRISES LIMITED	Director	17/04/2001	17/04/2001	28/06/2008	Active	NO
8	U51494MH2002PLC136420	S KUMAR AND COMPANY (TRADES) LIMITED	Director	04/07/2002	04/07/2002	28/06/2008	Active	NO
9	L17110MH1935PLC002241	SHREE RAM URBAN INFRASTRUCTURE LIMITED	Director	28/04/2003	28/04/2003	29/01/2008	Active	NO
10	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	24/09/2003	24/09/2003	26/09/2007	Active	NO
11	L52320MH2004PLC146760	BRANDHOUSE RETAILS LIMITED	Managing director	30/01/2010	07/04/2006	-	Active	NO
12	U73100MH1970NPL014686	M.VISVESVARAYA INDUSTRIAL RESEARCH AND DEVELOPMENT CENTRE	Director	22/09/2006	22/09/2006	-	Active	NO
13	U65990MH1995PTC088586	NATTY FINANCE AND INVESTMENT PRIVATE LIMITED	Director	10/03/2007	10/03/2007	-	Active	NO
14	U67120MH1995PTC089606	VERVE PROPERTIES AND INVESTMENT PRIVATE LIMITED	Director	10/03/2007	10/03/2007	-	Active	NO
15	U65990MH1995PTC088313	INGENIOUS FINANCE AND INVESTMENT PRIVATE LIMITED	Director	10/03/2007	10/03/2007	-	Active	NO
16	U51909MH2007PTC169905	SANSAR EXIM PRIVATE LIMITED	Director	12/04/2007	12/04/2007	-	Active	NO
17	U74999MH2007PTC169900	MAVERICK MERCANTILE PRIVATE LIMITED	Director	12/04/2007	12/04/2007	-	Active	NO
18	U51909MH2007PTC170077	CHAMUNDESHWARI MERCANTILE PRIVATE LIMITED	Director	18/04/2007	18/04/2007	-	Active	NO
19	U51909MH2007PTC170076	TULJA ENTERPRISES PRIVATE LIMITED	Director	18/04/2007	18/04/2007	-	Active	NO
20	U52100MH2009PLC194418	BRANDHOUSE OVIESSE LIMITED	Director	29/07/2009	29/07/2009	18/12/2009	Active	NO
21	U74990MH2011PTC213690	ROSEWOOD HOLDINGS PRIVATE LIMITED	Director	18/02/2011	18/02/2011	-	Active	NO
22	U17120MH1977PLC019468	S KUMARS TEXTILES LIMITED	Director	05/04/2012	05/04/2012	-	Active	NO
23	U67120MH2009PLC189346	N'ESSENCE HOLDINGS LIMITED	Director	05/08/2013	05/08/2013	-	Active	NO
24	U85100MH2009NPL189775	ANJANEYA FOUNDATION	Director	05/08/2013	05/08/2013	-	Active	NO
25	U45202GJ2000PTC037991	SAILEE CONSTRUCTION PRIVATE LIMITED	Director	11/09/2013	11/09/2013	19/11/2013	Active	NO

Name :

Mr. Anil Kumar Channa

Name :

Director

Designation :

71, Sagar Tarang CHS., 15, K. Abdul Gafur Khan Road, Worli, Mumbai – 400018, Maharashtra

Address :

01.09.1948

Date of Birth/Age :

Bachelor's Degree in Textile Technology

Date of Appointment :

25.08.2008

DIN No.:

01359682

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	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Whole-time director	12/01/2010	30/12/2006	-	Active	NO
2	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	26/09/2007	26/09/2007	19/11/2009	Active	NO
3	U17114MH2000PLC126018	REID AND TAYLOR (INDIA) LIMITED	Director	25/08/2008	25/08/2008	-	Active	NO
4	U67120MH2009PLC189346	N'ESSENCE HOLDINGS LIMITED	Director	05/01/2009	05/01/2009	-	Active	NO
5	U52100MH2009PLC194418	BRANDHOUSE OVIESSE LIMITED	Director	03/12/2011	03/12/2011	-	Active	NO

Name :

Mrs. Ranjitha Godbole Pradeep

Designation :

Nominee Director

Address :

IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

23.11.1957

Date of Appointment :

23.11.2012

DIN No.:

02736644

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	U85110KA1992PTC013759	INTERNATIONAL POWER CORPORATION Private Limited	Nominee director	23/09/2003	23/09/2003	25/08/2008	Active	NO
2	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Nominee director	19/11/2012	19/11/2012	18/07/2014	Active	NO
3	U17114MH2000PLC126018	REID & TAYLOR (INDIA) LIMITED	Nominee director	23/11/2012	23/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nimesh S. Shah
Designation :	Secretary
Address :	C-602, 6^th Floor, Building No. 9, Whispering Palms Xxclusive, Lokhandwala Township, Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	08.04.1966
Date of Appointment :	19.07.2013
PAN No.:	ABBPS3490A
Name :	Mr. Shaji Abraham
Designation :	GM in Accounts

MAJOR SHAREHOLDERS

As on 24.12.2013

Names of Shareholders	No. of Shares	% of Holding
S. Kumars Nationwide Limited, India	65117650	48.38
Indivest Pte Limited, Singapore	34472453	25.61
IL And FS Financial Services Limited, India	24523656	18.22
ICICI Bank Limited, India	10483694	7.79
Total	134597453	100.00

Equity Share Break up (Percentage of Total Equity)

As on 24.12.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	25.61
Bodies corporate	26.01
Directors or relatives of Directors	48.38
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company manufactures and markets Reid and Taylor Worsted suiting and Premium natural fibre suitings, premium Ready-to- Wear Garments.

Products :

Product Description	Item Code No. (ITC Code)
Blended Fabrics	55159999

Brand Name:

” Reid and Taylor”

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· Indian Bank, No.1, Sane Guruji Premises, 386 Veer Savarkar Marg, Opposite Siddhi Vinayak Temple, Mumbai – 400025, Maharashtra, India

· IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· Export - Import Bank of India, 21st Floor, Center One Building, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· Bank of India, Nariman Point, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Rupee Term Loans from Banks	975.821	2234.375
Rupee Term Loans from Others	316.326	438.775
SHORT TERM BORROWINGS
Loans repayable on demand
Working Capital Loans from Banks	6309.728	8320.110
Total	7601.875	10993.260

Banking Relations :	--
Financial Institution :	IFCI Limited, IFCI Tower, 61 Nehru Place, New Delhi – 110019, India
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	42, Free Press House, 4^th Floor, 215, Nariman Point, Mumbai – 400021, Maharashtra, India
PAN No.:	AAAFH2010F
Holding Company :	S Kumars Nationwide Limited, India CIN No.: L17120MH1990PLC058361
Fellow Subsidiary :	SKNL International B.V. Fellow Subsidiary SKNL Europe B.V. SKNL Italy S.p.A. SKNL Global Holdings B.V. Wholly Owned Subsidiary of SKNL International B.V. SKNL North America B.V. Wholly Owned Subsidiary of SKNL Global Holdings B.V. SKNL (UK) Limited Subsidiary of SKNL Global Holdings B.V. Global Apparel (US) Limited Global Apparel (France) Limited Wholly Owned Subsidiary of SKNL (UK) 7172931 Canada Limited Global Apparel (Hong Kong) Limited Leggiuno S.p.A. Wholly Owned Subsidiary of SKNL Italy S.p.A. Marling & Evans Limited Subsidiary of Leggiuno S.p.A. Remala Trading B.V. Subsidiary of SKNL North America B.V. Coppley Corp. Wholly Owned Subsidiary of Remala HMX Poland sp. Z.o.o Trading B.V. HMX Acquisition Corp. Wholly Owned Subsidiary of HMX Poland sp Z.o.o HMX Des Plaines LLC Quartet Real Estate LLC Wholly Owned Subsidiary of HMX HMX LLC Acquisition Corp. HMX DTC Co.
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Brandhouse Retails Limited Brandhouse Oviesse Limited S. Kumars Enterprises (Synfabs) Limited S.Kumars Textiles Limited N?Essence Holdings Limited Rosewood Holdings Private Limited Anjaneya Holdings Private Limited (Formerly known as Anjani Finvest Private Limited) Verve Properties and Investment Private Limited Ingenious Finance and Investment Private Limited Natty Finance and Investment Private Limited S. K. Worsteds Private Limited Tulja Enterprises Private Limited Sansar Exim Private Limited Chamundeshwari Mercantile Private Limited Maverick Mercantile Private Limited Chamundeshwari Trading and Finance Private Limited SKNL Foundation Anjaneya Foundation Belmonte Retails Limited

CAPITAL STRUCTURE

As on 24.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
160000000	Equity Shares	Rs.10/- each	Rs.1600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
134597453	Equity Shares	Rs.10/- each	Rs.1345.975 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1,345.975	1,345.975	1,345.975
(b) Reserves & Surplus	17,590.955	16,982.784	14,211.726
(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)	18,936.930	18,328.759	15,557.701
(3) Non-Current Liabilities
(a) long-term borrowings	1,292.147	2,673.150	150.325
(b) Deferred tax liabilities (Net)	170.490	151.910	17.331
(c) Other long term liabilities	26.650	13.035	0.000
(d) long-term provisions	10.337	14.122	9.597
Total Non-current Liabilities (3)	1,499.624	2,852.217	177.253
(4) Current Liabilities
(a) Short term borrowings	6,341.247	8,366.207	6,161.960
(b) Trade payables	1,746.139	1,482.320	586.458
(c) Other current liabilities	7,634.781	791.050	1,042.585
(d) Short-term provisions	2,641.317	2,389.081	1,702.493
Total Current Liabilities (4)	18,363.484	13,028.658	9,493.496
TOTAL	38,800.038	34,209.634	25,228.450
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3,069.860	3,401.249	971.625
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2,241.350	2,228.342	42.009
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4,573.812	5,234.764	4,922.180
(e) Other Non-current assets	0.000	0.000	182.989
Total Non-Current Assets	9,885.032	10,864.365	6,118.813
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6,769.733	5,231.613	3,565.174
(c) Trade receivables	8,417.778	7,795.916	5,575.109
(d) Cash and cash equivalents	63.872	120.025	480.204
(e) Short-term loans and advances	13,557.307	10,153.183	9,452.619
(f) Other current assets	106.316	44.532	36.531
Total Current Assets	28,915.006	23,345.269	19,109.637
TOTAL	38,800.038	34,209.634	25,228.450

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		14,358.625	15,398.022	12,516.542
		Other Income		288.900	335.987	440.358
		TOTAL (A)		14,647.525	15,734.009	12,956.900
Less	EXPENSES
		Cost of Materials Consumed		10,043.176	8,322.272	6,679.164
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(1,460.879)	(683.027)	(563.180)
		Employee Benefits Expenses		442.905	541.588	419.994
		Other Expenses		2,105.761	2,187.272	1,753.049
		TOTAL (B)		11,130.963	10,368.105	8,289.027
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			3,516.562	5,365.904	4,667.873
Less	FINANCIAL EXPENSES (D)			2,259.588	1,329.687	835.591
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1,256.974	4,036.217	3,832.282
Less	DEPRECIATION/ AMORTISATION (F)			329.922	104.700	107.418
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			927.052	3,931.517	3,724.864
Less	TAX (H)			318.881	962.673	1,299.566
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			608.171	2,968.844	2,425.298
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			8938.104	6167.046	3741.748
Less	APPROPRIATIONS			0.000	197.786	0.000
	BALANCE CARRIED TO THE B/S			9546.275	8938.104	6167.046
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	241.638	374.719	424.732
	TOTAL EARNINGS			241.638	374.719	424.732
	IMPORTS
			Raw Materials	120.338	364.321	206.868
			Stores & Spares	4.875	18.183	14.881
			Capital Goods	0.631	1.625	72.513
			Finished Goods	0.000	0.000	56.851
	TOTAL IMPORTS			125.844	384.129	351.113
	Earnings / (Loss) Per Share (Rs.)			4.52	22.06	18.02

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.15	18.87	18.72
Net Profit Margin (PBT/Sales)	(%)	6.46	25.53	29.76
Return on Total Assets (PBT/Total Assets}	(%)	2.54	12.29	14.79
Return on Investment (ROI) (PBT/Networth)		0.05	0.21	0.24
Debt Equity Ratio (Total Debt /Networth)		0.40	0.60	0.41
Current Ratio (Current Asset/Current Liability)		1.57	1.79	2.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	1345.975	1345.975	1345.975
Reserves & Surplus	14211.726	16982.784	17590.955
Share Application money pending allotment	0.000	0.000	0.000
Net worth	15557.701	18328.759	18936.930
Long Term borrowings	150.325	2673.150	1292.147
Short Term borrowings	6161.960	8366.207	6341.247
Total borrowings	6312.285	11039.357	7633.394
Debt/Equity ratio	0.406	0.602	0.403

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	12,516.542	15,398.022	14,358.625
		23.021	(6.750)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	12,516.542	15,398.022	14,358.625
Profit	2,425.298	2,968.844	608.171
	19.38%	19.28%	4.24%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS

Case Details
Bench:- Bombay
Presentation Date:-				23/09/2013
Lodging No.:-	CPL/655/2013	Filing Date:-	23/09/2013		Reg. No.:-	CP/639/2013	Reg. Date:-	16/12/2013
Petitioner:-	THE COMMISSIONER OF INCOME TAX		Respondent:-		RELIANCE INDUSTRIES
Petn.Adv:-	A R Malhotra (I3164)		Resp. Adv.:		0 (0)
District:-	OUTSIDE MAHARASHTRA
Bench:-	SINGLE
Status:-	Pre-Admission		Category:-		COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Next Date:-	03/11/2014		Stage:-		PETITIONS FOR ADMISSION - FRESH [ORIGINAL SIDE MATTERS]
Coram:-	HON'BLE SHRI JUSTICE S.J. KATHAWALLA
Last Date:-	14/10/2014		Stage:-		PETITIONS FOR ADMISSION - FRESH [ORIGINAL SIDE MATTERS]
Last Coram:-	HON'BLE SHRI JUSTICE S.J. KATHAWALLA
Act :-	Companies Act & Rules 1956		Under Section:-		433 434

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
SHORT TERM BORROWINGS
Loans repayable on demand	31.519	46.097
Total	31.519	46.097

YEAR IN RETROSPECT:

From last one year, the textile sector witnessed a challenging time showing low growth primarily on account of slowdown in the economy and unfavorable market scenario. This sector has been reeling under the pressure of increase in the raw material costs, manufacturing cost, administrative expenses and other overheads during the year which have had a big impact on EBIDTA margin of upto 34 %.

The company’s turnover has decreased to Rs.14358.600 Millions showing a reduction of 7% (YoY), PW (polyester worsted) sales have reduced upto 27 % as compared to previous year. There has also been a change in the product mix which has resulted in a reduction in the average realization per meter. Interest charges have increased to Rs.2259.600 Millions showing 70 % increase (YoY) compared to previous year. The Profit/(Loss) after Tax ( P AT) decreased to Rs.608.200 Millions showing down fall upto 80 % ( YoY) as compared to previous year.

CURRENT BUSINESS OUTLOOK AND PLANS:

The Company manufactures Reid and Taylor Worsted suiting and Premium natural fibre suitings. The Company also manufactures and markets premium Ready-to- Wear Garments under the brand “Reid and Taylor”.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10399847	29/12/2012	430,000,000.00	IDBI Bank Limited	IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B66744392
2	10362117	16/06/2012	1,000,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, Mumbai, Maharashtra - 400001, India	B42229757
3	10358902	02/05/2012	100,000,000.00	STATE BANK OF INDIA	Commercial Branch No 7/3, Mrn Signature, Vishwamanava Double Road, Saraswathipuram, Mysore, Karnataka - 570009, India	B40870842
4	10344330	16/06/2012 *	200,000,000.00	EXPORT - IMPORT BANK OF INDIA	21st Floor, Center One Building,, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B43010099
5	10324245	24/12/2011	1,000,000,000.00	UCO Bank	Flagship Corporate Branch, 1st Floor, Mafatlal Centre, Nariman Point,, Mumbai, Maharashtra - 400021, India	B28257020
6	10321597	10/12/2011 *	1,400,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B27416031
7	10322509	16/06/2012 *	750,000,000.00	Lakshmi Vilas Bank Limited	Fort Mumbai Branch, Bharat Hosue, 104, B. S. Marg, Fort, Mumbai, Maharashtra - 400001, India	B42966150
8	10311664	16/06/2012 *	500,000,000.00	L & T FINANCE LIMITED	L&T House,, Ballard Estate, Mumbai, Maharashtra - 400001, India	B42298844
9	10309328	18/11/2011 *	400,000,000.00	Union Bank Of India	Industrial Finance Br., 1 Floor,Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra - 400021, India	B27583731
10	10306732	16/06/2012 *	413,900,000.00	IDBI Bank Limited	IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B43242106
11	10277968	19/04/2011 *	588,400,000.00	IDBI Bank Limited	IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B11701356
12	10238165	06/09/2010 *	945,400,000.00	PUNJAB NATIONAL BANK	PNB HOUSE, P.M.ROAD,, FORT,, MUMBAI, Maharashtra - 400001, INDIA	A96524640
13	10239750	16/06/2012 *	800,000,000.00	INDIAN OVERSEAS BANK	2/10, ELPHINSTONE BUILDING,, VEER NARIMAN ROAD, F ORT,, MUMBAI, Maharashtra - 400023, India	B44488955
14	10195934	11/07/2011 *	800,000,000.00	IDBI Bank Limited	IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B18018416
15	10179546	30/09/2009 *	50,000,000.00	EXPORT-IMPORT BANK OF INDIA	Center One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	A71979843
16	10182563	17/09/2009	2,750,000,000.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	A69951358
17	10169760	04/08/2009	429,100,000.00	IDBI Bank Limited	IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	A66632092
18	10165880	28/08/2009 *	997,000,000.00	STATE BANK OF INDIA	Commercial Branch No 7/3, Mrn Signature, Vishwamanava Double Road, Saraswathipuram, Mysore, Karnataka - 570009, India	A71534994
19	10166237	12/06/2009	507,200,000.00	STATE BANK OF INDIA	Commercial Branch No 7/3, Mrn Signature, Vishwamanava Double Road, Saraswathipuram, Mysore, Karnataka - 570009, India	A65483570
20	10163026	12/06/2009 *	79,300,000.00	EXPORT IMPORT BANK OF INDIA	21st Floor, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	A65015349
21	10147732	16/11/2011 *	8,800,000,000.00	BANK OF INDIA	Large Corporate Banking Br, 92/93 Free Press House, Free Press Journal Marg, 215 Nariman Point, Mumbai, Maharashtra - 400021, India	B26164020
22	10136737	18/11/2011 *	2,386,500,000.00	BANK OF INDIA	Large Corporate Banking Br, 92/93 Free Press House, Free Press Journal Marg, 215 Nariman Point, Mumbai, Maharashtra - 400021, India	B26535393
23	10135439	12/06/2009 *	821,300,000.00	IDBI Bank Limited	IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	A63979926
24	10118186	12/06/2009 *	3,270,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba llard Estate,, MUMBAI- 400 001., Maharashtra - 400 001, INDIA	A64164601

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.24
UK Pound	1	Rs.98.67
Euro	1	Rs.77.97

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.