MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	T.C. TERRYTEX LIMITED
Registered Office :	Village Sarsini, Amb-Chd Highway, Near Lalru, Tehsil Derabassi – 140501, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.08.2005
Com. Reg. No.:	16-028877
Capital Investment / Paid-up Capital :	Rs. 962.183 Millions
CIN No.: [Company Identification No.]	U17220PB2005PLC028877
TIN No.:	03062024507
PAN No.: [Permanent Account No.]	AACCT3244L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Terry Towels, bath robes and bath mats.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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 company has recorded some accumulated losses. However, trade relations are reported as fair. Business is active. Payments 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating (B+) (Suspended)
Rating Explanation	High risk of default
Date	October 2013

Rating Agency Name	ICRA
Rating	Short term rating (A4) (Suspended)
Rating Explanation	Minimal degree of safety. It carry very high credit risk
Date	October 2013

Reason for Suspending: Inability to carry out rating in absence of requisite information from the company

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. Rajiv Chopra
Designation :	Account Manager
Contact No.:	91-9317993173
Date :	25.08.2014

LOCATIONS

Registered Office / Factory :	Village Sarsini, Amb-Chd Highway, Near Lalru, Tehsil Derabassi – 140501, Punjab, India
Tel. No.:	91-1762-506606 / 506607/ 506608
Mobile No.:	91-9317993173 (Mr. Rajiv Chopra)
Fax No.:	91-1762-506555
E-Mail :	accounts@tctl.in nfo@tctl.in psharmaandco@gmail.com camsharma@tctl.in
Website :	http://www.tctl.in
Location :	Owned
Branch Office 1 :	S.C.O. 90-92, Sector 8-C, Madhya Marg, Chandigarh-160018, India
Tel. No.:	91-172-4618377/ 2780023
Fax No.:	91-172-4648606
Branch Office 2 :	502, Naurang House, 21 KG Marg, Connaught Place, New Delhi - 110001, India
Tel. No.:	91-11-43542842
Fax No.:	91-11-43542843

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Anil Satia

Designation :

Director

Address :

Satia Niwas, Railway Road, Muktsar – 152026, Punjab, India

Date of Birth/Age :

12.08.1956

Date of Appointment :

29.09.2012

DIN No. :

00527205

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	U65910CH1991PTC010959	T C LEASING AND INVESTMENT PRIVATE LIMITED	Director	03/01/1991	03/01/1991	-	Active	NO
2	U17111PB1992PLC012747	SATIA SYNTHETICS LIMITED	Managing director	28/09/1996	28/09/1996	-	Active	NO
3	U65921PB1997PTC019344	HOLICITY INVESTMENT AND LEASING PRIVATE LIMITED	Director	21/01/1997	21/01/1997	01/09/2011	Active	NO
4	U23101PB1987PTC007484	MUKTI ENERGY PRIVATE LIMITED	Director	15/11/2000	15/11/2000	01/09/2011	Active	NO
5	U67120PB1997PTC019362	HOLI FINANCIAL SERVICES PRIVATE LIMITED	Director	15/11/2000	15/11/2000	01/09/2011	Active	NO
6	U17220PB2005PLC028877	T.C. TERRYTEX LIMITED	Director	29/09/2012	30/08/2005	07/03/2014	Active	NO
7	U17121PB2006PTC030623	T.C. SPINNERS Private Limited	Director	22/09/2006	22/09/2006	-	Active	NO
8	U17290PB2008PLC031599	T.C. FABRICS AND PAPERS LIMITED	Director	18/01/2008	18/01/2008	-	Strike off	NO
9	U55101CH2002PTC025117	DRIVE IN TOURIST RESORTS PRIVATE LIMITED	Director	30/09/2010	05/08/2010	14/02/2011	Active	NO
10	U70109PB2010PTC034271	ANKIT BUILDERS AND REALTORS PRIVATE LIMITED	Director	15/09/2010	15/09/2010	-	Strike off	NO
11	U70109PB2010PTC034268	BALRAJ INVESTMENTS PRIVATE LIMITED	Director	15/09/2010	15/09/2010	-	Active	NO
12	U70109PB2010PTC034280	BALRAJ PROPERTIES PRIVATE LIMITED	Director	17/09/2010	17/09/2010	-	Strike off	NO
13	U70109PB2010PTC034278	SHREE SHYAM PROPERTIES PRIVATE LIMITED	Director	17/09/2010	17/09/2010	-	Active	NO
14	U70109PB2010PTC034366	SHREE KRISHNA NESTPROVIDERS PRIVATE LIMITED	Director	18/10/2010	18/10/2010	-	Strike off	NO

Name :

Mr. Akhil Satia

Designation :

Director

Address :

Railway Road,Muktsar – 152026, Punjab, India

Date of Birth/Age :

10.02.1983

Date of Appointment :

30.08.2005

DIN No. :

01138038

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	U45201DL2004PTC125076	BASE DEVELOPERS PRIVATE LIMITED	Director	10/03/2004	10/03/2004	01/12/2009	Active	NO
2	U17220PB2005PLC028877	T.C. TERRYTEX LIMITED	Director	30/08/2005	30/08/2005	-	Active	NO
3	U17115PB1991PTC011007	S D S COTTON PVT LTD	Director	25/05/2006	25/05/2006	09/03/2007	Active	NO
4	U17121PB2006PTC030623	T.C. SPINNERS Private Limited	Director	22/09/2006	22/09/2006	10/06/2010	Active	NO
5	U17111PB1992PLC012747	SATIA SYNTHETICS LIMITED	Additional director	18/07/2007	18/07/2007	26/02/2009	Active	NO
6	U17290PB2008PLC031599	T.C. FABRICS AND PAPERS LIMITED	Director	18/01/2008	18/01/2008	-	Strike off	NO
7	U55101CH2002PTC025117	DRIVE IN TOURIST RESORTS PRIVATE LIMITED	Director	30/09/2010	05/08/2010	14/02/2011	Active	NO

Name :

Mr. Rajendra Prasad Sinha

Designation :

Director

Address :

D-1, Kinnelan Tower, 100A, Napeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

16.05.1950

Date of Appointment :

29.09.2012

DIN No. :

02129566

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	U72900MH2006PLC159038	C-EDGE TECHNOLOGIES LIMITED	Nominee director	02/06/2008	28/03/2008	07/09/2009	Active	NO
2	U74140CH1995PLC015952	EMBEE FINANCIAL SERVICES LIMITED	Managing director	01/10/2010	01/10/2010	-	Active	NO
3	L63040HP1994PLC019011	JAGSON AIRLINES LIMITED	Director	24/09/2011	28/04/2011	02/12/2013	Active	NO
4	U17220PB2005PLC028877	T.C. TERRYTEX LIMITED	Director	29/09/2012	12/10/2011	-	Active	NO
5	L29130GJ1971PLC001866	GUJARAT AUTOMOTIVE GEARS LIMITED	Additional director	12/09/2013	12/09/2013	-	Active	NO

Name :

Mr. Sameer Vaid

Designation :

Additional Director

Address :

32 Gujrat Vihar, Delhi – 110092, India

Date of Birth/Age :

19.09.1983

Date of Appointment :

02.09.2011

DIN No. :

03627370

Name :

Mr. Sunil Kaura

Designation :

Director

Address :

House No. 1390, Pushpak Complex, Sector 49 – B, Chandigarh – 160017, India

Date of Birth/Age :

20.03.1967

Date of Appointment :

29.09.2012

DIN No. :

05126396

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	U51909PB1992PLC012274	BHANDARI EXPORT INDUSTRIES LIMITED	Director	23/08/2011	23/08/2011	-	Active	NO
2	U17220PB2005PLC028877	T.C. TERRYTEX LIMITED	Director	29/09/2012	06/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajiv Chopra
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Anil Satia	48670400
Sa;loni Satia	4160100
Akhil satia	39038380
Ankit Satia	100
Krishna Satia	100
Shakti Singh	100
Rakesh Doomra	100
Ajay Satia	1908750
T.C. Leasing and Investment Private Limited, India	440250
Total	94218280

Names of Preference Shareholders	No. of Shares
Anil Satia	2000000
Total	2000000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	0.50
Directors or relatives of Directors	99.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Terry Towels, bath robes and bath mats.

Products :

Item Code No. (ITC Code)	Product Description
52051130	Dyed Yarn

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity	Actual Production
Terry Towel	48 Looms	4022399 Kg
Dyed Yarn	3600 MT/Annum	2312383 Kg

Note: Installed capacity is as certified by the Management but not verified by the Auditors being a technical matter

GENERAL INFORMATION

No. of Employees :

1000 (Approximately)

Bankers :

· Union Bank of India, Sector 17 - B, Chandigarh - 160017, India

· State Bank of India, Industrial Finance Branch, l, Golden Tower Dholewa Chowk, Ludhiana - 141003, Punjab, India

· Allahabad Bank, Bank Square Sector 17B, Sector-17B, chandigarh - 160017, Chandigarh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from bank	451.467	408.578
Term Loans from others	1.265	0.000
SHORT TERM BORROWINGS
Term Loans	112.603	108.815
Working capital loans from bank	607.684	451.644
Total	1173.019	969.037

Banking Relations :	--
Auditors :
Name :	Rakesh Bansal and Company Chartered Accountants
Address :	Kernail Theatre, Muktsar – 152026, Punjab, India
PAN No.:	ABJPB2567P
Associates:	T.C. Spinners Private Limited Satia Synthetics Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
94500000	Equity Shares	Rs.10/- each	Rs.945.000 Millions
2000000	Preference shares	Rs.10/- each	Rs. 20.000 Millions
	Total		Rs. 965.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
94218280	Equity Shares	Rs.10/- each	Rs.942.183 Millions
2000000	Preference shares	Rs.10/- each	Rs. 20.000 Millions
	Total		Rs. 962.183 Millions

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
97500000	Equity Shares	Rs.10/- each	Rs.975.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
97318300	Equity Shares	Rs.10/- each	Rs.973.183 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	962.183	650.040	650.040
(b) Reserves & Surplus	(73.836)	(120.056)	(163.781)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	56.243	33.243
Total Shareholders’ Funds (1) + (2)	888.347	586.227	519.502
(3) Non-Current Liabilities
(a) long-term borrowings	483.100	448.178	529.420
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	278.174	47.518	47.518
(d) long-term provisions	5.714	0.000	0.000
Total Non-current Liabilities (3)	766.988	495.696	576.938
(4) Current Liabilities
(a) Short term borrowings	729.403	568.347	396.137
(b) Trade payables	375.007	270.412	266.612
(c) Other current liabilities	53.225	22.390	31.245
(d) Short-term provisions	9.752	5.191	4.300
Total Current Liabilities (4)	1167.387	866.340	698.294
TOTAL	2822.722	1948.263	1794.734
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	799.884	835.941	879.682
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	601.986	70.720	72.266
(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	16.846	13.298	6.583
(e) Other Non-current assets	2.122	2.387	2.502
Total Non-Current Assets	1420.838	922.346	961.033
(2) Current assets
(a) Current investments	0.450	0.450	0.000
(b) Inventories	797.089	623.481	485.870
(c) Trade receivables	402.732	259.730	224.843
(d) Cash and cash equivalents	35.676	38.561	19.586
(e) Short-term loans and advances	0.381	0.513	0.721
(f) Other current assets	165.556	103.182	102.681
Total Current Assets	1401.884	1025.917	833.701
TOTAL	2822.722	1948.263	1794.734

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	2395.903	1994.670	1754.833
	Other Income	3.504	2.807	0.887
	TOTAL	2399.407	1997.477	1755.720
Less	EXPENSES
	Cost of Materials Consumed	1731.609	1440.790	1290.262
	Purchases of Stock-in-Trade	20.518	4.338	2.068
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(104.712)	(136.057)	(137.212)
	Employees benefits expense	152.901	131.237	123.127
	Other expenses	308.668	295.892	256.743
	TOTAL	2108.984	1736.200	1534.988
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	290.423	261.277	220.732
Less	FINANCIAL EXPENSES	150.002	130.210	97.023
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	140.421	131.067	123.709
Less/ Add	DEPRECIATION/ AMORTISATION	89.671	85.335	84.049
	TOTAL PROFIT BEFORE PRIOR PERIOD ITEMS, EXCEPTIONAL ITEMS, EXTRAORDINARY	50.750	45.732	39.660
Add	PRIOR PERIOD ITEMS BEFORE TAX	(4.288)	(2.007)	1.177
	PROFIT/ (LOSS) BEFORE TAX	46.462	43.725	40.837
Less	TAX	0.242	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	46.220	43.725	40.837
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	766.480	721.981	786.194
	TOTAL EARNINGS	766.480	721.981	786.194
	C.I.F. VALUE OF IMPORTS	177.392	9.373	4.713
	Earnings / (Loss) Per Share (Rs.)	0.49	0.69	0.65

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.93	2.19	2.33
Net Profit Margin (PBT/Sales)	(%)	1.94	2.19	2.33
Return on Total Assets (PBT/Total Assets}	(%)	2.09	2.33	2.37
Return on Investment (ROI) (PBT/Networth)		0.05	0.07	0.08
Debt Equity Ratio (Total Debt /Networth)		1.36	1.73	1.78
Current Ratio (Current Asset/Current Liability)		1.20	1.18	1.19

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	650.040	650.040	962.183
Reserves & Surplus	(163.781)	(120.056)	(73.836)
Share Application money pending allotment	33.243	56.243	0.000
Net worth	519.502	586.227	888.347
long-term borrowings	529.420	448.178	483.100
Short term borrowings	396.137	568.347	729.403
Total borrowings	925.557	1016.525	1212.503
Debt/Equity ratio	1.782	1.734	1.365

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	1754.833	1994.670	2395.903
		13.667	20.115

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	1754.833	1994.670	2395.903
Profit	40.837	43.725	46.220
	2.33%	2.19%	1.93%

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

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481126	06/01/2014	80,000,000.00	Union Bank of India	SECTOR 17 - B, CHANDIGARH, Chandigarh - 160017, INDIA	B97780068
2	10457893	10/10/2013	225,000.00	Union Bank of India	SECTOR 17 - B, CHANDIGARH, Chandigarh - 160017, INDIA	B88662630
3	10434803	22/05/2013	475,000.00	Union Bank of India	SECTOR 17 - B, CHANDIGARH, Chandigarh - 160017, INDIA	B78721594
4	10374338	06/09/2012	190,000,000.00	UNION BANK OF INDIA	CHANDIGARH MAIN BRANCH, SCO 64-65, SECTOR 17 - B,  CHANDIGARH, Chandigarh - 160017, INDIA	B57198467
5	10371909	20/07/2012	210,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH SCO 103-107, SECTOR 8 - C, CHANDIGARH, Chandigarh - 160008, INDIA	B56148679
6	10117733	19/07/2014 *	1,098,900,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, GOLDEN TOWER, DHOLEWAL  CHOWK, LUDHIANA, Punjab - 141003, INDIA	C15805427
7	10058069	30/12/2009 *	100,000,000.00	Punjab National Bank	Bura Gujar Road, Muktsar, Punjab - 152026, INDIA	A75618033
8	10051971	12/04/2007	250,000,000.00	STATE BANK OF HYDERABAD	74, JANPATH, NEW DELHI, Delhi - 110001, INDIA	A15585300

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from others	30.368	39.600
SHORT TERM BORROWINGS
Term Loans	9.116	7.888
Total	39.484	47.488

FIXED ASSETS

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory Equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer Equipments

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. 60.47
UK Pound	1	Rs. 100.35
Euro	1	Rs. 79.86

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.