MIRA INFORM REPORT

Report Date :

08.09.2014

IDENTIFICATION DETAILS

Name :	NSL TEXTILES LIMITED (w.e.f.24.09.2008)
Formerly Known As :	JAYAVENKATRAMA INDUSTRIES LIMITED JAYAVENKATRAMA SUGAR AND POWER LIMITED
Registered Office :	NSL Icon, Door No.8-2-684/2/A, Plot No.1 to 4, Road No.12, Banjara Hills, Hyderabad - 500034, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.02.2002
Com. Reg. No.:	01-038489
Capital Investment / Paid-up Capital :	Rs. 1031.063 Millions
CIN No.: [Company Identification No.]	U15429AP2002PLC038489
TAN No.: [Tax Deduction & Collection Account No.]	HYDJ00614F
PAN No.: [Permanent Account No.]	AABCJ1299A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Textile with capacities spread over seven locations encompassing ginning, spinning, weaving, processing and garmenting operations.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 9700000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of the NSL Group. It is an established company having moderate track. The company is gradually improving its overall performance by implementing the liquidity measures approved by the Corporate Debt Restructuring Cell (Empowered Group) following the company’s request for the same in March 2013. The management has improved the operating performance marked by increase in its revenue from sales and further lowering down the intensity of losses during 2013. The ratings also take into consideration the huge external borrowings recorded due to debt funded capital expenditure undertaken in the past, and high working capital requirements on account of seasonal availability of raw materials. Further, the frequent stocking of inventory at various stages of manufacturing results in higher holding cost thus impacting the net profit. However, trade relations appears to be fair. Business is active. Payment terms are reported as slow. In view of extensive experience of the promoters and senior management, the subject 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	Term Loans : B+
Rating Explanation	High risk of default regarding timely servicing of financial obligations.
Date	December 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED

Management Non-Cooperative (91-40-30514444)

LOCATIONS

Registered Office :	NSL Icon, Door No.8-2-684/2/A, Plot No.1 to 4, Road No.12, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
Tel. No.:	91-40-30514452/ 30514444
Fax No.:	91-40-30514350/ 23327919
E-Mail :	nsltextilehyd@gmail.com jvilhyd@gmail.com jaya_venkatrama@yahoo.co.in corp_jayavenkatrama@yahoo.co.in info@nsltextiles.com productinfo@nsltextile.com hrinfo@nsltextiles.com nstextilehyd@gmail.com karuturi.sairam@nsltextiles.com raghava.kpr@nsltextiles.com
Website :	http://www.nsltextiles.com http://www.nslgroup.co.in
Factory 1 :	Edlapadu Mandal and Post, Edlapadu, Near Chilakaluripet, Guntur – 522233, Andhra Pradesh, India
Factory 2 :	Inkollu Village and Mandal, District Prakasam – 523167, Andhra Pradesh, India
Factory 3 :	Survey No. 237, Kommunu Road, Rangannagudam Post, Hanuman Junction, District Krishna, Andhra Pradesh, India
Factory 4 :	Survey Nos. 371-379, Kunchalavaripalem Village, Cherukupali Mandal, District Guntur, Andhra Pradesh, India
Factory 5 :	Opposite Indira Gandhi Live Stock Research Centre, Thondur Mandal, Pulivendula, Cuddapah Post, Andhra Pradesh, India
Factory 6 :	Survey No. 253, Budampadu Village, Guntur Rural Mandal, District Guntur – 522017, Andhra Pradesh, India
Factory 7 :	Textile Park, Phase 3, IDA, Pashamylam, Patancheru, Distrct Medak – 502307, Andhra Pradesh, India

DIRECTORS

AS ON 29.07.2013

Name :

Mandava Rao Prabhakara

Designation :

Director

Address :

H. No. 8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India

Date of Birth/Age :

19.01.1959

Qualification :

M. Sc (Agricultural)

Date of Appointment :

12.02.2002

PAN No.:

ACVPM9483A

DIN No.:

00009650

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	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	01/07/2010	04/01/1985	-	Active	NO
2	U01112AP1992PLC014346	PRABHAT AGRI BIOTECH LIMITED	Director	09/06/1992	09/06/1992	-	Active	NO
3	L32101AP1990PLC011311	INCAP LIMITED	Director	28/06/1992	28/06/1992	18/02/2010	Active	NO
4	U18100AP1995PLC022418	PRABHAT INDUSTRIAL CORPORATION LIMITED	Director	28/11/1995	28/11/1995	30/03/2008	Amalgamated	NO
5	U74999AP1999PTC032118	MANDAVA COLD STORAGE PRIVATE LIMITED	Director	01/11/2000	01/11/2000	-	Active	NO
6	U99999AP1995PLC020845	PERPETUAL ENERGY SYSTEMS LIMITED	Director	23/07/2001	23/07/2001	30/03/2008	Amalgamated	NO
7	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	01/04/2010	26/07/2001	-	Active	NO
8	U05005AP2001PTC037782	SREE KAMADHENU AQUATECH PRIVATE LIMITED	Director	11/09/2001	11/09/2001	-	Active	NO
9	U40109AP2001PTC037830	INDUR GREEN POWER PRIVATE LIMITED	Director	21/09/2001	21/09/2001	-	Amalgamated	NO
10	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	12/02/2002	12/02/2002	-	Active	NO
11	U24231AP2002PLC038964	SWADESHI BIO-TECHNICS LIMITED	Director	15/05/2002	15/05/2002	30/03/2008	Active	NO
12	U24231AP2002PTC038984	SWARNABHARAT BIO-TECHNICS PRIVATE LIMITED	Director	17/05/2002	17/05/2002	-	Active	NO
13	U63023AP2003PTC040654	NSL POWER PRIVATE LIMITED	Director	11/03/2003	11/03/2003	-	Active	NO
14	U18101AP2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	14/09/2004	14/09/2004	-	Amalgamated	NO
15	U70102AP2004PTC044588	DIVYASREE NSL INFRASTRUCTURE PRIVATE LIMITED	Director	09/10/2008	10/11/2004	-	Active	NO
16	U45200AP2005PLC045511	NSL NAGAPATNAM POWER AND INFRATECH LIMITED	Director	02/03/2005	02/03/2005	-	Active	NO
17	U51225KA2005PTC036073	MADDURAMMA TRADERS PRIVATE LIMITED	Director	15/04/2005	15/04/2005	-	Strike off	NO
18	U45200AP2005PTC048066	NSL SEZ (HYDERABAD) PRIVATE LIMITED	Director	16/11/2005	16/11/2005	04/12/2013	Active	NO
19	U70102AP2004PTC043959	CENTURY AVENUES PRIVATE LIMITED	Director	16/11/2005	16/11/2005	01/12/2007	Active	NO
20	U45200AP2005PTC048067	ARENA INFRASTRUCTURE PRIVATE LIMITED	Director	16/11/2005	16/11/2005	15/12/2007	Active	NO
21	U24233AP2006PTC048679	GLOBAL AGRIGENETICS INDIA PRIVATE LIMITED	Director	05/01/2006	05/01/2006	-	Active	NO
22	U45200AP2005PTC048287	ASCENDANT ESTATES PRIVATE LIMITED	Director	17/06/2006	17/06/2006	30/03/2008	Active	NO
23	U18100AP1983PTC004121	KRISHNAGANGA SPINNING MILLS PRIVATE LIMITED	Director	29/07/2006	29/07/2006	01/08/2011	Active	NO
24	U15421AP2006PLC050837	NSL KRISHNAVENI SUGARS LIMITED	Director	08/06/2009	08/08/2006	-	Active	NO
25	U10102AP2006PTC050899	SPLENDID MINERALS PRIVATE LIMITED	Director	14/08/2006	14/08/2006	-	Active	NO
26	U70102AP2006PTC050279	GOODDEAL DEVELOPERS PRIVATE LIMITED	Director	26/10/2006	26/10/2006	31/03/2008	Amalgamated	NO
27	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Director	27/12/2006	27/12/2006	-	Active	NO
28	U70101AP2001PTC038151	NSL SEZ (CHENNAI) PRIVATE LIMITED	Director	12/03/2007	12/03/2007	04/12/2013	Active	NO
29	U70101AP2007PTC053994	TOPNOTCH PROJECTS PRIVATE LIMITED	Director	14/05/2007	14/05/2007	-	Active	NO
30	U17121AP2007PTC054034	NSL COTTON CORPORATION PRIVATE LIMITED	Director	17/05/2007	17/05/2007	-	Active	NO
31	U45203AP2007PTC054784	NSL INFRATECH PRIVATE LIMITED	Director	12/07/2007	12/07/2007	05/12/2013	Active	NO
32	U70102AP2007PTC054777	NSL ESTATES PRIVATE LIMITED	Director	12/07/2007	12/07/2007	05/12/2013	Active	NO
33	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	18/10/2007	18/10/2007	-	Active	NO
34	U74120AP2008PTC086206	NSL PROPERTIES PRIVATE LIMITED	Director	12/03/2008	12/03/2008	-	Active	NO
35	U74120DL2008PTC175254	NSL REAL ESTATES PRIVATE LIMITED	Director	12/03/2008	12/03/2008	-	Active	NO
36	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Director	12/03/2008	12/03/2008	-	Active	NO
37	U74120AP2008PLC074583	NUZIVEEDU SEEDS LIMITED	Managing director	01/07/2010	19/03/2008	-	Active	NO
38	U45200AP2007PTC055909	GOLDEN TOWER INFRATECH PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO
39	U01112AP1996PTC025622	YAAGANTI SEEDS SPRIVATE LIMITED	Director	14/09/2009	03/01/2009	-	Active	NO
40	U01119AP2008PTC061514	PRAVARDHAN SEEDS PRIVATE LIMITED	Director	30/09/2010	01/01/2010	-	Active	NO
41	U40109AP2008PTC059817	NSL ORISSA POWER AND INFRATECH PRIVATE LIMITED	Director	30/09/2011	18/08/2010	-	Active	NO
42	U14200DL2009PTC196457	CERES MINING PRIVATE LIMITED	Nominee director	02/10/2010	02/10/2010	-	Active	NO
43	U40101AP2008PTC057010	NSL ENERGY VENTURES PRIVATE LIMITED	Director	30/09/2011	20/12/2010	-	Active	NO
44	U45400AP2007PTC054029	NSL CONVENTIONAL POWER PRIVATE LIMITED	Director	30/09/2011	05/01/2011	-	Active	NO
45	U17124AP2007PTC079001	MAS FABRIC PARK (INDIA) PRIVATE LIMITED	Director	29/06/2011	31/03/2011	-	Active	NO
46	U15421OR2011PTC013452	NSL SUGAR & INDUSTRIES (ORISSA) PRIVATE LIMITED	Director	15/04/2011	15/04/2011	-	Active	NO
47	U40300AP2010PTC070092	SOLAR SEMICONDUCTOR POWER COMPANY (INDIA) PRIVATE LIMITED	Director	30/08/2011	06/05/2011	-	Active	NO
48	U15400AP2011PTC076567	SIMHAPURI MEGA FOOD PARK PRIVATE LIMITED	Director	16/09/2011	16/09/2011	10/09/2013	Active	NO
49	U40102TN2006PLC058922	MAHANADHI ABAN POWER COMPANY LIMITED	Additional director	15/02/2012	15/02/2012	-	Amalgamated	NO
50	U40300AP2013PTC089109	MKP POWER PRIVATE LIMITED	Director	23/07/2013	23/07/2013	-	Active	NO
51	U67190AP2014PTC092806	MANDAVA INVESTMENTS PRIVATE LIMITED	Director	07/02/2014	07/02/2014	-	Active	NO

Name :

Apparao Chigurupati

Designation :

Whole-time director

Address :

Flat No. A-704, Vertex Sadguru Krupa, Nizampet Road, Kukapally, Hyderabad-500085, Andhra Pradesh, India

Date of Birth/Age :

01.07.1948

Qualification :

B.Com, Fellow Member of Institute of Insurance

Date of Appointment :

01.07.2010

PAN No.:

AAJPC8469Q

DIN No.:

00011095

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	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Whole-time director	01/07/2010	22/03/2004	-	Active	NO
2	U70102AP2004PTC043959	CENTURY AVENUES PRIVATE LIMITED	Director	24/08/2004	24/08/2004	-	Active	NO
3	U18101AP2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	24/12/2004	24/12/2004	-	Amalgamated	NO
4	L32101AP1990PLC011311	INCAP LIMITED	Director	20/09/2005	20/09/2005	05/03/2010	Active	NO
5	U24233AP2005PTC047540	PRESTIGE AGRI INPUTS PRIVATE LIMITED	Director	21/09/2005	21/09/2005	-	Amalgamated	NO
6	U45200AP2005PTC048066	NSL SEZ (HYDERABAD) PRIVATE LIMITED	Director	16/11/2005	16/11/2005	-	Active	NO
7	U70102WB2005PTC124195	DESIGNER REAL ESTATE INDIA PRIVATE LIMITED	Nominee director	29/09/2006	17/11/2005	15/06/2007	Active	NO
8	U10300AP2005PLC048140	NSL POWER & INFRATECH LIMITED	Director	23/11/2005	23/11/2005	-	Active	NO
9	U70102AP2005PTC048141	COZY PROPERTIES PRIVATE LIMITED	Director	23/11/2005	23/11/2005	-	Active	NO
10	U17121AP2007PTC054726	NCC USHA GINNING MILLS PRIVATE LIMITED	Director	06/07/2007	06/07/2007	26/07/2010	Active	NO
11	U17111MH2007PTC172499	NCC CJ COTTON PRIVATE LIMITED	Director	19/07/2007	19/07/2007	05/01/2008	Active	NO
12	U17111MH2007PTC172498	NCC MATOSHRI COTTON PRIVATE LIMITED	Director	19/07/2007	19/07/2007	26/07/2010	Active	NO
13	U17111MH2007PTC172497	NCC JAY LAXMI FIBERS PRIVATE LIMITED	Director	19/07/2007	19/07/2007	26/07/2010	Active	NO
14	U17200MH2007PTC173015	KV BALAJI FIBERS PRIVATE LIMITED	Director	10/08/2007	10/08/2007	05/02/2009	Active	YES
15	U45209AP2007PTC056015	EXCELSIOR PROJECTS PRIVATE LIMITED	Director	19/10/2007	19/10/2007	-	Active	NO
16	U17200MH2007PTC173014	NCC ABHINANDAN COTTON PRIVATE LIMITED	Nominee director	01/11/2007	01/11/2007	26/07/2010	Active	NO
17	U17121MH2007PTC172490	NCC RADHAKRISHNA COTTON PRIVATE LIMITED	Nominee director	01/11/2007	01/11/2007	05/01/2008	Active	NO
18	U17121MH2007PTC173124	NCC NARSINH COTTON PRIVATE LIMITED	Nominee director	01/11/2007	01/11/2007	05/01/2008	Active	NO
19	U17200MH2007PTC173157	NCC SHRI COTTON PRIVATE LIMITED	Nominee director	01/11/2007	01/11/2007	05/01/2008	Active	NO
20	U17111MH2007PTC172496	NCC SANTOSH FIBERS PRIVATE LIMITED	Nominee director	01/11/2007	01/11/2007	05/01/2008	Active	NO
21	U17111MH2007PTC172500	NCC GANAPATHI COTTON PRIVATE LIMITED	Nominee director	01/11/2007	01/11/2007	26/07/2010	Active	NO
22	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	18/08/2008	26/12/2007	06/03/2010	Active	NO
23	U17100AP1998PTC029417	EXCEL COTTON COMPANY PRIVATE LIMITED	Director	30/09/2011	20/12/2010	-	Active	NO
24	U17124AP2007PTC079001	MAS FABRIC PARK (INDIA) PRIVATE LIMITED	Director	29/06/2011	31/03/2011	-	Active	NO
25	U18100AP1982PTC003448	SREE ANANTHA LAKSHMI TEXTILES PRIVATE LIMITED	Director	29/09/2012	25/01/2012	-	Active	NO
26	U17110AP1995PTC021407	SREE VENKATARAYA COTTON MILLS PRIVATE LIMITED	Director	29/09/2012	13/06/2012	-	Active	NO

Name :

Mr. Ajay Kumar Paturi

Designation :

Whole-time director

Address :

1-4-210/49 to 51, Prathampuri, ECIL, Hyderabad - 520062, Andhra Pradesh, India

Date of Birth/Age :

17.09.1952

Qualification :

B. Tech in Textile Technology

Date of Appointment :

01.07.2011

PAN No.:

AGQPP1192C

DIN No.:

00053029

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	U18101AP2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Whole-time director	16/03/2010	16/03/2006	-	Amalgamated	NO
2	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Whole-time director	01/07/2011	16/03/2006	-	Active	NO
3	U24233AP2005PTC047540	PRESTIGE AGRI INPUTS PRIVATE LIMITED	Director	29/07/2009	15/06/2009	02/11/2011	Amalgamated	NO
4	U18100AP1982PTC003448	SREE ANANTHA LAKSHMI TEXTILES PRIVATE LIMITED	Director	29/09/2012	25/01/2012	-	Active	NO
5	U17110AP1995PTC021407	SREE VENKATARAYA COTTON MILLS PRIVATE LIMITED	Director	29/09/2012	13/06/2012	-	Active	NO

Name :

Mandava Ashapriya

Designation :

Director

Address :

H. No.8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India

Date of Birth/Age :

19.09.1962

Qualification :

Post-Graduation in Home Science

Date of Appointment :

12.02.2002

PAN No.:

AFWPM9031Q

DIN No.:

01199936

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	U18100AP1995PLC022418	PRABHAT INDUSTRIAL CORPORATION LIMITED	Director	28/11/1995	28/11/1995	-	Amalgamated	NO
2	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	18/10/1997	18/10/1997	-	Active	NO
3	U74999AP1999PTC032118	MANDAVA COLD STORAGE PRIVATE LIMITED	Managing director	01/09/2010	16/07/1999	-	Active	NO
4	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	26/07/2001	26/07/2001	-	Active	NO
5	U05005AP2001PTC037782	SREE KAMADHENU AQUATECH PRIVATE LIMITED	Director	11/09/2001	11/09/2001	-	Active	NO
6	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	12/02/2002	12/02/2002	-	Active	NO
7	U63023AP2003PTC040654	NSL POWER PRIVATE LIMITED	Director	11/03/2003	11/03/2003	-	Active	NO
8	U99999AP1995PLC020845	PERPETUAL ENERGY SYSTEMS LIMITED	Managing director	30/07/2011	30/07/2003	-	Amalgamated	NO
9	U45200AP2005PLC045511	NSL NAGAPATNAM POWER AND INFRATECH LIMITED	Director	02/03/2005	02/03/2005	-	Active	NO
10	U51225KA2005PTC036073	MADDURAMMA TRADERS PRIVATE LIMITED	Director	15/04/2005	15/04/2005	-	Strike off	NO
11	U70102AP2004PTC043959	CENTURY AVENUES PRIVATE LIMITED	Director	13/09/2005	13/09/2005	-	Active	NO
12	U45200AP2005PTC048066	NSL SEZ (HYDERABAD) PRIVATE LIMITED	Director	05/04/2006	05/04/2006	04/12/2013	Active	NO
13	U15421AP2006PLC050837	NSL KRISHNAVENI SUGARS LIMITED	Director	08/08/2006	08/08/2006	-	Active	NO
14	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Director	27/12/2006	27/12/2006	19/06/2009	Active	NO
15	U70101AP2007PTC053994	TOPNOTCH PROJECTS PRIVATE LIMITED	Director	14/05/2007	14/05/2007	-	Active	NO
16	U17121AP2007PTC054034	NSL COTTON CORPORATION PRIVATE LIMITED	Director	17/05/2007	17/05/2007	-	Active	NO
17	U45203AP2007PTC054784	NSL INFRATECH PRIVATE LIMITED	Director	12/07/2007	12/07/2007	05/12/2013	Active	NO
18	U70102AP2007PTC054777	NSL ESTATES PRIVATE LIMITED	Director	12/07/2007	12/07/2007	05/12/2013	Active	NO
19	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	14/09/2007	14/09/2007	-	Active	NO
20	U74120AP2008PTC086206	NSL PROPERTIES PRIVATE LIMITED	Director	12/03/2008	12/03/2008	-	Active	NO
21	U74120DL2008PTC175254	NSL REAL ESTATES PRIVATE LIMITED	Director	12/03/2008	12/03/2008	-	Active	NO
22	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Managing director	24/09/2012	12/03/2008	-	Active	NO
23	U74120AP2008PLC074583	NUZIVEEDU SEEDS LIMITED	Director	19/03/2008	19/03/2008	-	Active	NO
24	U45200AP2005PTC048287	ASCENDANT ESTATES PRIVATE LIMITED	Director	30/03/2008	30/03/2008	-	Active	NO
25	U40109AP2008PTC059817	NSL ORISSA POWER AND INFRATECH PRIVATE LIMITED	Director	23/06/2008	23/06/2008	-	Active	NO
26	U18101AP2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	05/07/2010	28/12/2009	-	Amalgamated	NO
27	U40100HP2005PTC000333	TANGNU ROMAI POWER GENERATION PRIVATE LIMITED	Director	30/09/2010	19/04/2010	-	Active	NO
28	U40103AP2010PTC068177	NSL ANDHRA POWER PRIVATE LIMITED	Director	29/04/2010	29/04/2010	-	Active	NO
29	U15421OR2011PTC013452	NSL SUGAR & INDUSTRIES (ORISSA) PRIVATE LIMITED	Director	15/04/2011	15/04/2011	-	Active	NO
30	U40300AP2010PTC070092	SOLAR SEMICONDUCTOR POWER COMPANY (INDIA) PRIVATE LIMITED	Director	30/08/2011	06/05/2011	-	Active	NO
31	U40101AP2008PTC057010	NSL ENERGY VENTURES PRIVATE LIMITED	Director	30/09/2011	22/05/2011	-	Active	NO
32	U40300AP2005PTC047541	NSL WIND POWER COMPANY (PHOOLWADI) PRIVATE LIMITED	Director	29/07/2011	24/06/2011	-	Active	NO
33	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Director	30/09/2011	25/06/2011	-	Amalgamated	NO
34	U70102AP2006PTC049313	AMBIENT INFRATECH PRIVATE LIMITED	Director	30/09/2011	27/07/2011	-	Active	NO
35	U40300AP2006PTC050579	NSL NAGAPATNAM POWER VENTURES PRIVATE LIMITED	Director	29/09/2012	29/11/2011	-	Active	NO
36	U40108AP2010PTC069059	NSL WIND POWER COMPANY (SATARA) PRIVATE LIMITED	Director	28/09/2012	11/02/2012	-	Active	NO
37	U45400AP2007PTC054029	NSL CONVENTIONAL POWER PRIVATE LIMITED	Director	27/09/2012	20/03/2012	-	Active	NO
38	U40104TN2011PTC080225	ORBIT WIND ENERGY PRIVATE LIMITED	Director	27/09/2012	26/04/2012	-	Active	NO
39	U40106AP2012PTC083194	NSL WIND POWER COMPANY (CHILARWADI) PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO
40	U40300AP2012PTC083193	NSL WIND POWER COMPANY (VIRLI) PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO
41	U45400AP2007PTC054361	NSL NAGAPATNAM INFRASTRUCTURE PRIVATE LIMITED	Director	31/12/2012	20/12/2012	-	Active	NO
42	U40105AP2013PTC085812	NSL WIND POWER COMPANY (KAYATHAR) PRIVATE LIMITED	Director	15/02/2013	15/02/2013	-	Active	NO
43	U40108AP2013PTC085811	NSL WIND POWER COMPANY (SAYAMALAI) PRIVATE LIMITED	Director	15/02/2013	15/02/2013	-	Active	NO
44	U40300AP2013PTC089109	MKP POWER PRIVATE LIMITED	Director	23/07/2013	23/07/2013	-	Active	NO
45	U40108AP2013PTC090454	SHAHUWADI WIND ENERGY PRIVATE LIMITED	Director	10/10/2013	10/10/2013	-	Active	NO
46	U40108AP2013PTC090479	JATH WIND ENERGY PRIVATE LIMITED	Director	11/10/2013	11/10/2013	-	Active	NO
47	U40101AP2013PTC090570	ALOT WIND ENERGY PRIVATE LIMITED	Director	17/10/2013	17/10/2013	-	Active	NO
48	U40108AP2013PTC090765	KHAGA SOLAR POWER PRIVATE LIMITED	Director	31/10/2013	31/10/2013	-	Active	NO
49	U40107AP2013PTC090869	SISPARA RENEWABLE POWER PRIVATE LIMITED	Director	06/11/2013	06/11/2013	-	Active	NO
50	U40104AP2013PTC090852	HARDEOL RENEWABLE POWER PRIVATE LIMITED	Director	06/11/2013	06/11/2013	-	Active	NO
51	U40102AP2013PTC090851	NILGIRI POWER PRIVATE LIMITED	Director	06/11/2013	06/11/2013	-	Active	NO
52	U40102AP2013PTC090850	AMBOLI POWER PRIVATE LIMITED	Director	06/11/2013	06/11/2013	-	Active	NO
53	U40102AP2013PTC090844	ANAMUDI RENEWABLE POWER PRIVATE LIMITED	Director	06/11/2013	06/11/2013	-	Active	NO
54	U40102AP2013PTC091094	KALSUBAI POWER PRIVATE LIMITED	Director	20/11/2013	20/11/2013	-	Active	NO
55	U67190AP2014PTC092806	MANDAVA INVESTMENTS PRIVATE LIMITED	Director	07/02/2014	07/02/2014	-	Active	NO

Name :

Mr. Prabal Ranjan Roy

Designation :

Director

Address :

36, Amaltas Bungalow, Bodakdev, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

11.07.1941

Qualification :

PhD in Textile

Date of Appointment :

28.12.2009

DIN No.:

00514330

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	U17219PB1993PLC013187	MALWA INDUSTRIES LIMITED	Director	27/04/2006	27/04/2006	-	Active	NO
2	U17110GJ1996PTC029824	SAN-BLUE ENTERPRISES PRIVATE LIMITED	Director	04/07/2009	04/07/2009	02/05/2012	Active	NO
3	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	28/12/2009	28/12/2009	-	Active	NO

Name :

Mandava Venkatram Chowdary

Designation :

Whole-time director

Address :

H. No.8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

30.11.1987

Qualification :

Bachelor of Business Administration

Date of Appointment :

05.09.2011

PAN No.:

AJZPC5236E

DIN No.:

03567730

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	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Director	30/09/2011	25/06/2011	-	Amalgamated	NO
2	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Whole-time director	05/09/2011	05/09/2011	-	Active	NO
3	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Director	29/09/2012	18/04/2012	04/12/2013	Active	NO
4	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	29/09/2012	11/05/2012	-	Active	NO
5	U70101AP2001PTC038151	NSL SEZ (CHENNAI) PRIVATE LIMITED	Additional director	04/12/2013	04/12/2013	-	Active	NO
6	U45203AP2007PTC054784	NSL INFRATECH PRIVATE LIMITED	Additional director	04/12/2013	04/12/2013	-	Active	NO
7	U70102AP2007PTC054777	NSL ESTATES PRIVATE LIMITED	Additional director	04/12/2013	04/12/2013	-	Active	NO
8	U45200AP2005PTC048066	NSL SEZ (HYDERABAD) PRIVATE LIMITED	Additional director	04/12/2013	04/12/2013	-	Active	NO
9	U67190AP2014PTC092806	MANDAVA INVESTMENTS PRIVATE LIMITED	Director	07/02/2014	07/02/2014	-	Active	NO

Name :

Mr. Anand Ramanna

Designation :

Director

Address :

Flat No.0-1,15th Floor, Cuffe Castle, Cuff Parade, Colaba, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

05.11.1933

Qualification :

Textile Technology Graduate

Date of Appointment :

25.09.2009

DIN No.:

00040325

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	U17110MH1982PTC027087	NOVA SILK PRIVATE LIMITED	Director	06/05/1982	06/05/1982	-	Active	NO
2	L33130AP1979PLC002521	NCL INDUSTRIES LIMITED	Director	14/06/2008	04/06/1982	-	Active	NO
3	U01711KA1993FTC014292	LUWA INDIA PRIVATE LIMITED	Director	10/05/1993	10/05/1993	16/07/2009	Active	NO
4	L18101MH1991PLC059804	MAXWELL INDUSTRIES LIMITED	Director	11/11/1993	11/11/1993	20/08/2009	Active	NO
5	L72200PN1988PLC068972	INDO COUNT INDUSTRIES LIMITED	Director	27/11/1995	27/11/1995	-	Active	NO
6	U29269TZ1996PLC007229	MEHALA MACHINES INDIA LIMITED	Director	30/05/1996	30/05/1996	13/02/2009	Active	NO
7	U29299KA2001PTC029952	EASTERN ENGINEERING COMPANY PRIVATE LIMITED	Director	31/12/2001	31/12/2001	21/07/2008	Active	NO
8	U74999MH1966NPL013602	THE INDO-ITALIAN CHAMBER OF COMMERCE AND INDUSTRY	Director	30/09/2002	30/09/2002	-	Active	NO
9	U99999MH1969NPL014319	INDIAN TEXTILE ACCESSORIES AND MACHINERY MANUFACTURERS' ASSOCIATION	Director	16/09/2005	16/09/2005	-	Active	NO
10	U28920MH1982PTC027261	EASTERN ENGINEERING CO (BOMBAY) PRIVATE LIMITED	Director	30/08/2006	01/06/2006	-	Active	NO
11	L17119PN1990PLC058139	PRANAVADITYA SPINNING MILLS LIMITED	Additional director	31/07/2007	31/07/2007	-	Active	NO
12	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	25/09/2009	29/08/2009	-	Active	NO
13	U18101AP2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Additional director	28/12/2009	28/12/2009	05/07/2010	Amalgamated	NO
14	U93000MH2010PTC199719	ETS EASTERN SERVICES PRIVATE LIMITED	Director	04/02/2010	04/02/2010	-	Active	NO
15	U29253KA2011PTC058597	MARZOLI TEXTILE MACHINERY MANUFACTURERS PRIVATE LIMITED	Director	11/05/2011	11/05/2011	-	Active	NO
16	U31400MH2012PTC225956	FERRARI EASTERN FANS INDIA PRIVATE LIMITED	Director	12/01/2012	12/01/2012	-	Active	NO
17	U29253MH2012PTC227674	SMIT TEXTILE MACHINERY MANUFACTURERS PRIVATE LIMITED	Director	05/03/2012	05/03/2012	-	Active	NO

Name :

Mr. Gopalakrishna Muddusetty

Designation :

Director

Address :

Bhramara, 12-2-823A/23, Santoshnagar, Mehdipathnam, Hyderabad – 500028, Andhra Pradesh, India

Date of Birth/Age :

12.01.1939

Qualification :

IAS Officer (Retd)

Date of Appointment :

30.09.2011

DIN No.:

00088454

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	L23209AP1984PLC004635	THE ANDHRA PETROCHEMICALS LIMITED	Director	30/09/1997	30/09/1997	30/08/2007	Active	NO
2	U31909AP1983PTC003971	PEC POTENTIOMETERS PRIVATE LIMITED	Director	17/09/2003	17/09/2003	30/04/2011	Active	NO
3	U24111AP1988PLC009231	ANDHRA PRADESH GAS POWER CORPORATION LIMITED	Director	09/01/2009	29/09/2003	30/09/2010	Active	NO
4	U31909AP1999PLC033104	RITHWIK ENERGY SYSTEMS LIMITED	Director	16/01/2004	16/01/2004	06/04/2009	Active	NO
5	L28990AP1978PLC002260	JOCIL LIMITED	Director	22/01/2005	22/01/2005	-	Active	NO
6	U01211AP2005PTC045437	SENTINI BIOPRODUCTS PRIVATE LIMITED	Director	11/05/2005	11/05/2005	-	Active	NO
7	L29253AP1983PLC004141	PITTI LAMINATIONS LIMITED	Additional director	28/06/2007	28/06/2007	-	Active	NO
8	L40106AP1985PLC005318	BGR ENERGY SYSTEMS LIMITED	Director	19/09/2008	18/07/2007	-	Active	NO
9	L64203AP2000PLC035451	GOLDSTONE INFRATECH LIMITED	Director	30/09/2008	29/10/2007	-	Active	NO
10	U40300AP2006PLC050927	ARANI POWER SYSTEMS LIMITED	Director	10/03/2008	10/03/2008	-	Active	NO
11	L30007AP1991PLC013211	KERNEX MICROSYSTEMS (INDIA) LIMITED.	Director	25/09/2008	25/09/2008	-	Active	NO
12	L72200AP1994PLC018351	B2B SOFTWARE TECHNOLOGIES LIMITED	Director	30/09/2009	30/09/2008	17/12/2010	Active	NO
13	U15540AP2008PTC060320	SENTINI BEVERAGES PRIVATE LIMITED	Director	31/12/2009	31/12/2009	02/01/2012	Active	NO
14	U24239AP2005PLC047307	VIJAYASRI ORGANICS LIMITED	Director	17/09/2010	19/05/2010	-	Active	NO
15	U74120AP2008PLC074583	NUZIVEEDU SEEDS LIMITED	Director	28/09/2011	17/08/2010	-	Active	NO
16	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	30/09/2011	08/09/2010	-	Active	NO
17	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	29/09/2010	28/09/2010	-	Active	NO
18	L24110AP1989PLC009713	SUVEN LIFE SCIENCES LIMITED	Director	13/08/2013	14/11/2012	-	Active	NO

Name :

Mr. Anil Chandra Gupta

Designation :

Director

Address :

24, Krishi Nagar, P.O. Manovikas Nagar, Hashmatpet Road, Secunderabad – 500009, Andhra Pradesh, India

Date of Birth/Age :

16.09.1943

Qualification :

Chartered Accountant

Date of Appointment :

29.07.2013

DIN No.:

06363513

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	L15421WB1952PLC020577	GOBIND SUGAR MILLS LIMITED	Director	28/12/2012	21/08/2012	Active	NO
2	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	29/07/2013	22/09/2012	Active	NO
3	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	23/09/2013	28/12/2012	Active	NO

KEY EXECUTIVES

Name :	Kunapareddy Raghavaiah Naidu
Designation :	Secretary
Address :	16-74, Ashok Nagar, Krishna District, Tiruvuru – 521235, Andhra Pradesh, India
Date of Birth/Age :	08.05.1987
Date of Appointment :	22.06.2011
PAN No.:	BCLPK1395N
Name :	Mr. Updeep Singh
Designation :	Chief Operating Officer
Date of Birth/Age :	47 Years
Qualification :	Science Graduate, Post-Graduation in Marketing & Human Resource and Certificate of Executive Program of Advanced Human Resource
Experience :	25 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.07.2013

Names of Shareholders	No. of Shares	Percentage of Holding
M. Prabhakar Rao	11663512	11.31
Mandava Holdings Private Limited, India	68368394	66.31
M. Asha Priya	2947515	2.86
M. Venkatram Choudary	12473	0.01
Mandava Cold Storage Private Limited, India	2500000	2.42
Mavi Investment Fund Limited, Mauritius	10000000	9.70
Dover Finance Limited, Mauritius	3420000	3.32
Krishna Prasad	4194444	4.07
Total	103106338	100.00

AS ON 29.07.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	17.09
Bodies corporate	68.73
Directors or relatives of directors	14.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Textile with capacities spread over seven locations encompassing ginning, spinning, weaving, processing and garmenting operations.

Products/ Services :

ITC Code No.	Product Descriptions
52051410	Yarn
52081230	Grey fabric
52084230	Processed fabric
62052000	Garments
12072100	Cotton seed
52021000	Cotton/yarn waste
52029900	Fabric waste

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of Hyderabad

Overseas Branch, 6-3-652, " Kautilya", Somajiguda, Hyderabad - 500082, Andhra Pradesh, India

· Canara Bank

Prime Corporate Branch, Shankarnarayana Building, No.25, M G Road, Bangalore - 560001, Karnataka, India

· State Bank of India (Lead Bank)

Mid Corporate Group, Speeialised Commercial Branch, Kannavari Thota, Guntur - 522004, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans from Banks	6958.304	6028.380
SHORT TERM BORROWINGS
Working capital loans from banks	2190.495	1783.692
Total	9148.799	7812.072
LONG-TERM BORROWINGS Existing term loans of the Company were restructured during the year under the Corporate Debt Restructuring (CDR) mechanism. The CDR, Empowered Group approved the restructuring package vide its letter dated 26th March, 2013, with 1st October, 2012 as the cut-off date for restructuring. The restructuring package, inter-alia includes reschedulement of repayment of existing term loans, revision in rate of interest of existing term loans in a step-up manner, funding of interest obligation on existing term loans for a period of 12 months, sanction of new term loan, long term loan and need based additional working capital, reduction in margin % and rate of interest for working capital loan and protection of lender’s sacrifices, on NPV basis, by upfront contribution from the Promoters. The package has been implemented with effect from 30th March 2013. SHORT TERM BORROWINGS Rupee loans from banks are repayable on demand and carry a floating interest rate of 12% per annum as per the restructuring package approved by the CDR, Empowered Group vide its letter dated 26th March, 2013. Export and domestic bills receivables are discounted with banks for a tenor of upto 180 days and carry an interest rate of 3% to 11% per annum. Pari passu first charge on all current assets, both present and future, and second charge on all fixed assets, both present and future, of the Company and guaranteed by personal guarantee of the Promoter Directors.

Banking Relations :	--
Financial Institution :	· SBICAP Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai - 400005, Maharashtra, India
Auditors :
Name :	Mastanaiah And Company Chartered Accountants
Address :	11/1, Arundelpet, Guntur-522002, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AADFM5561H
Cost Auditor :
Name :	Narasimha Murthy And Company Cost Accountants
Address :	Hyderabad, Andhra Pradesh, India
Holding Company :	Mandava Holdings Private Limited [U74120AP2008PTC074522]
Subsidiary Company :	· Sree Anantha Lakshmi Textiles Private Limited [U18100AP1982PTC003448] Sree Venkataraya Cotton Mills Private Limited [U17110AP1995PTC021407]
Fellow Subsidiary Company :	· Nuziveedu Seeds Limited [U74120AP2008PLC074583] NSL Sugars Limited [U15429KA1999PLC026121] NSL Estates Private Limited [U70102AP2007PTC054777] NSL Cotton Corporation Private Limited [U17121AP2007PTC054034] NCC Narsinh Cotton Private Limited [U17121MH2007PTC173124] NCC Radhakrishna Cotton Private Limited [U17121MH2007PTC172490] NCC Santosh Fibers Private Limited [U17111MH2007PTC172496] NCC Shri Cotton Private Limited [U17200MH2007PTC173157] NCC Abhinandan Cotton Private Limited NCC Jay Laxmi Fibres Private Limited NCC Usha Ginning Mills Private Limited [U17121AP2007PTC054726] NCC Venkateswara Cotton Fibers Private Limited [U01405AP2007PTC054727] Yaaganti Seeds Private Limited [U01112AP1996PTC025622] Pravardhan Seeds Private Limited [U01119AP2008PTC061514] Prabhat Agri Biotech Limited [U01112AP1992PLC014346] Asian Agri Genetics Limited [U73200AP2004PLC042560] Fortune Hybrid Seeds Limited [U01119AP2004PLC042741] NSL Krishnaveni Sugars Limited [U15421AP2006PLC050837] NSL Sugars (Tungabhadra) Limited [U40102KA1983PLC058128] NSL Energy Ventures Private Limited [U40101AP2008PTC057010]
Enterprises over which individuals owning controlling interest, relatives of such individuals exercise significant influence :	Solar Semiconductor Power Company (India) Private Limited [U40300AP2010PTC070092]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
173,000,000	Equity Shares	Rs. 10/- each	Rs. 1730.000 Millions
400,000	Preference Shares	Rs. 100/- each	Rs. 40.000 Millions
	Total		Rs. 1770.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
103,106,338	Equity Shares	Rs. 10/- each	Rs. 1031.063 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	1,031.063	1,026.263	1,004.224
(b) Reserves & Surplus	1,308.431	1,776.356	2,557.308
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	15.439
(3) Deferred Government Grants	96.492	97.822	0.000
Total Shareholders’ Funds (1) + (2)	2,435.986	2,900.441	3,576.971
(3) Non-Current Liabilities
(a) long-term borrowings	9,433.327	6,987.043	7,563.382
(b) Deferred tax liabilities (Net)	0.000	0.000	55.316
(c) Other long term liabilities	587.332	1.500	10.200
(d) long-term provisions	20.613	15.021	9.266
Total Non-current Liabilities (3)	10,041.272	7,003.564	7,638.164
(4) Current Liabilities
(a) Short term borrowings	2,459.764	3,402.548	2,500.453
(b) Trade payables	1,170.024	1,105.348	774.619
(c) Other current liabilities	490.486	1,552.858	1,061.719
(d) Short-term provisions	1.024	0.428	0.386
Total Current Liabilities (4)	4,121.298	6,061.182	4,337.177
TOTAL	16,598.556	15,965.187	15,552.312
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11,313.970	10,359.641	10,395.618
(ii) Intangible Assets	22.207	19.761	21.351
(iii) Capital work-in-progress	44.139	1,293.784	276.518
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	92.280	19.136	0.228
(c) Deferred tax assets (net)	231.171	298.708	0.000
(d) Long-term Loan and Advances	458.101	343.961	193.944
(e) Other Non-current assets	13.671	16.661	87.618
Total Non-Current Assets	12,175.539	12,351.652	10,975.277
(2) Current assets
(a) Current investments	0.000	0.070	0.000
(b) Inventories	2,018.355	1,633.451	2,986.365
(c) Trade receivables	964.981	747.111	421.364
(d) Cash and cash equivalents	49.384	289.971	203.250
(e) Short-term loans and advances	1,299.768	902.437	154.742
(f) Other current assets	90.529	40.495	811.314
Total Current Assets	4,423.017	3,613.535	4,577.035
TOTAL	16,598.556	15,965.187	15,552.312

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	8,332.792	6,990.056	5,743.488
		Other Income	90.530	587.021	247.305
		TOTAL (A)	8,423.322	7,577.077	5,990.793
Less	EXPENSES
		Cost of materials consumed	4,490.520	4,793.034	3,365.928
		Purchases of stock-in-trade	42.613	102.526	188.538
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(77.637)	67.598	(634.051)
		Employee benefit expense	630.065	584.582	520.059
		Other expenses	2,181.786	1,601.333	1,354.484
		Prior Period Items	0.000	0.000	0.213
		Extraordinary Items	0.000	0.000	894.288
		TOTAL (B)	7,267.347	7,149.073	5,689.459
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1,155.975	428.004	301.334
Less	FINANCIAL EXPENSES (D)		982.677	1,055.437	661.416
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		173.298	(627.433)	(360.082)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		589.578	526.708	453.309
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(416.280)	(1,154.141)	(813.391)
Less	TAX (H)		67.537	(354.025)	1.617
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(483.817)	(800.116)	(815.008)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1505.077	811.230	754.420
	IMPORTS
		Raw Materials	171.891	321.244	55.887
		Components and spare parts	38.265	42.215	56.221
		Capital Goods	36.578	768.188	436.446
	TOTAL IMPORTS		246.734	1131.647	548.554
	Earnings/ (Loss) Per Share (Rs.)
	Basic		(4.70)	(7.96)	(8.59)
	Diluted		(4.70)	(7.96)	0.84

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(5.74)	(10.56)	(13.60)
Net Profit Margin (PBT/Sales)	(%)	(5.00)	(16.51)	(14.16)
Return on Total Assets (PBT/Total Assets}	(%)	(2.56)	(8.04)	(5.32)
Return on Investment (ROI) (PBT/Networth)		(0.17)	(0.40)	(0.23)
Debt Equity Ratio (Total Debt/Networth)		4.88	3.58	2.81
Current Ratio (Current Asset/Current Liability)		1.07	0.60	1.06

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	1004.224	1026.263	1031.063
Reserves & Surplus	2557.308	1776.356	1308.431
Share Application money pending allotment	15.439	0.000	0.000
Deferred Government Grants	0.000	97.822	96.492
Net worth	3,576.971	2,900.441	2,435.986
long-term borrowings	7563.382	6987.043	9433.327
Short term borrowings	2500.453	3402.548	2459.764
Total borrowings	10,063.835	10,389.591	11,893.091
Debt/Equity ratio	2.814	3.582	4.882

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	5,743.488	6,990.056	8,332.792
		21.704	19.209

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	5,743.488	6,990.056	8,332.792
Profit/ (Loss)	(815.008)	(800.116)	(483.817)
	(14.19%)	(11.45%)	(5.81%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	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	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10438187	21/06/2013	13,195,250,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B80185325
2	10417216	30/03/2013	720,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH, SHANKARNARAYANA BUILDING,  NO.25, M G ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B72444961
3	10376665	18/08/2012	8,480,000,000.00	CANARA BANK (LEAD BANK)	PRIME CORPORATE BRANCH, SHANKARNARAYANA BUILDING,  NO.25, M G ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B58178898
4	10374820	18/08/2012	3,063,000,000.00	STATE BANK OF INDIA (LEAD BANK)	MID CORPORATE GROUP, SPEEIALISED COMMERCIAL BRANCH, KANNAVARI THOTA, GUNTUR - 522004, ANDHRA PRADESH, INDIA	B57417438
5	10266943	11/01/2011	1,000,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH, SHANKARNARAYANA BUILDING,  NO.25, M G ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B05649207
6	10194027	19/03/2011 *	50,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, MY HOME, JUPALLY, AMEERPET, HYDERABAD - 500016, ANDHRA PRADESH, INDIA	B10825636
7	10064262	22/08/2007 *	2,650,000,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, 5-10-194, CHAKRAPANI ESTATE, SAIFABAD, HYDERABAD - 500004, ANDHRA PRADESH, INDIA	A22665707
8	10035650	30/03/2011 *	7,262,700,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, KANNAVARITHOTA, GUNTUR - 522004, ANDHRA PRADESH, INDIA	B09101528
9	90260188	22/02/2005	127,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, GUNTUR, ANDHRA PRADESH, INDIA	-
10	90259070	21/03/2011 *	4,441,000,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, (MID CORPORATE GROUP) KANNAVARITHOTA, GUNTUR - 522004, ANDHRA PRADESH, INDIA	B11397791

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Debentures	2450.000	900.000
Deferred payment liabilities	25.023	34.663
Loans and advances from related parties	0.000	24.000
SHORT TERM BORROWINGS
Intercorporate deposits	173.212	880.000
Other Loans and advances	96.057	738.856
Total	2744.292	2577.519

CHANGE OF ADDRESS:

The Registered office of the company has been shifted from 6/275-1, Inkollu (Mandal), Prakasam (District) - 523167, Andhra Pradesh, India to the present address w.e.f.23.01.2010.

NATURE OF OPERATIONS

Subject is engaged in textile manufacturing with capacities spread over seven locations encompassing ginning, spinning, weaving, processing and garmenting operations.

REVIEW OF OPERATIONS

The Company produced 2.42 lakh qtls. of cotton lint (PY 1.63 lakh qtls.), 2.25 lakh qtls. (PY 2.17 lakh qtls.) of cotton yarn, 0.26 lakh qtls. of dyed yarn (PY 0.16 lakh qtls.), 282.03 lakh mtrs. (PY 300.53 lakh mtrs.) of grey fabric, 131.26 lakh mtrs. Of finished fabric (PY 66.88 lakh mtrs.) and 7.72 lakh pcs. of garments (PY 9.47 lakh pcs.), including job work production, during the financial year 2012-13 and sold 1.83 lakh qtls. (PY 1.75 lakh qtls.) of cotton yarn, 144.94 lakh mtrs. (PY 242.36 mtrs.) of grey fabric, 123.07 lakh mtrs. of finished fabric (PY 55.41lakh mtrs.) and 6.72 lakh pcs. of garments (PY 4.76 lakh pcs.) including retail sales.

Acute power shortage and erratic power supply in the State during FY 2013 significantly hampered the Company’s operations causing about 12%loss of production, especially in spinning and weaving segments. The Company was forced to buy private power from exchange through open access, at significantly higher cost. Power cost being the second highest cost element in textile manufacturing process, the increase in its cost and loss of production due to power shortage, adversely affected the Company?s profitability during 2012-13, but for which the Company would have earned profits.

To mitigate the power crisis, the Company is currently meeting its power requirement through purchase from power exchange. It has also initiated discussions for purchase private power under group captive scheme while purchase of solar power is another option available. Once the grid connectivity is improved, availability of power will improve and power cost will also come down.

Steps taken during the year for further stabilisation of the ETP yielded encouraging results with noteworthy increase in capacity utilisation of the Process House. With some additional planned investment, it is expected that full stabilisation of the ETP at 100% utilisation will be achieved by March 2014.

During the year, the Company received end-to-end orders (cotton to garment) from international brands of UK and USA and added prestigious labels like Intermode, Color Plus, Ranger Apparel, Ann Taylor, GAP, MESH, TM Lewin etc. to its portfolio, reflecting their confidence in our products. Trials are in progress for other prestigious labels and your Company’s marketing and customer servicing capabilities will see the list expanding further in the coming years.

With all these welcome developments coupled with improved market conditions, the Company is poised for an era of prosperous future.

EXPANSION ACTIVITIES

The Company is focusing on stabilization of production across the value chain and maximizing utilization of current capacities. Additional equipments are planned only in cases where there are major production bottlenecks or where the returns on investment are quite significant. The on-going expansion achieved financial closure under the CDR process. In Spinning, autoconers have been planned for increasing our flexibility in product mix. Specialized spinning attachments will add value to our product lines at yarn, greige fabric as well as finished fabric stages. Yarn dyeing capacity is also planned with smaller vessel configuration to enable executing small combo size orders for the brands business. Upgradition of ETP will remove the current limitations on processing production and quality of its output. Addition of balancing equipment for product mix improvements in spinning and capacity enhancement for debottlenecking and achieving economies of scale in weaving, yarn dyeing and processing is in progress and the additional capacities are expected to operational by September 2013.

INDUSTRY SCENIARIO

After suffering unprecedented crisis during 2011-12 due to spikes in cotton commodity prices, 2012-13 saw a recovery phase in the textile industry with yarn and fabric prices remaining steady and growth in domestic markets. Global demand remained subdued due to slump in US and Europe markets. Realizations for all products - yarn, fabric and garments were better in the current year compared to last year.

The Indian apparel market is estimated to grow at a CAGR of 12% over next 10 years against expected CAGR of 5% for the world apparel market. Going by this trend, by 2025, India and China combined will be a bigger apparel market as compared to the US and Europe combined. This creates a huge opportunity for textile companies in these two countries, especially for integrated mills like theirs.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Guarantees outstanding	15.916	16.761
Custom and excise duty liability in case of non fulfilment of export obligation pertaining to EPCG Authorisations and Advance License for import of capital goods and raw material at concessional rate of customs duty and refund of excise duty on domestic purchase of capital goods	1193.959	1374.626
Bills receivable discounted	224.807	157.473
Claims not acknowledged as debt as per details below
i. Demand from ESI authorities towards recovery of ESI dues pertaining to the period when the Unit was under occupation of the previous employers. The Company has contested the demand before the Employees Insurance Court and Chairman, Industrial Tribunal at Hyderabad and obtained a stay order. An amount of Rs.0.033 Million was deposited with the Court and Rs.0.136 Million debited towards recovery proceeding. The aggregate amount has been shown as Amounts paid under protest under Long-term loans and advances.	0.099	0.099
ii. Demand from Provident Fund Authorities towards recovery of provident fund dues and liquidated damages pertaining to the period when the Unit was under occupation by the previous employers. The Company has contested the demand in a petition before the Hon'ble High Court of Andhra Pradesh and the Court has granted stay till further order. The Liquidator in the matter of The Chilakaluripet Cotton Growers Cooperative Spinning Mills Limited, the previous employer, has also filed an undertaking before the Hon'ble High Court to pay the Provident Fund dues.	2.703	2.703
iii. Demand from ESI authorities towards damages for the wage period June 2000 to October 2003 of which an amount of Rs.1.445 Millions pertains to the period when the Unit was under occupation of the previous employers. The Company has contested the demand before the Employees Insurance Court and Chairman, Industrial Tribunal at Hyderabad and obtained a stay order. An amount of Rs.0.381 Million, being 25% of the amount demanded, was deposited with the ESI authorities and shown as Amounts paid under protest under Long-term loans and advances.	1.521	1.521
iv. Demand towards Non Agricultural Land Assessment Tax and Water Royalty from Mandal Revenue Inspector, Inkollu Mandal, Prakasam District pertaining to dues of the period during which the Unit was under occupation by previous owners. As the Unit was purchased by the Company free of encumbrances, the Company has contested the demand in a writ petition before the Hon'ble High Court of Andhra Pradesh. An amount of Rs.1.600 Millions was deposited with the Tahsildar, Inkollu Mandal for obtaining interim injunction and is shown as Amounts paid under protest under Long-term loans and advances.	3.161	3.161
v. Demand from Eastern Power Distribution Company of A.P. Limited towards electricity consumed during the period February to April 2009 at the Company's Power Plant at Uppalguptam even though there was a net export of power to the grid during that period from the power plant. The Company has paid the amount under protest and shown as Amounts paid under protest under Long-term loans and advances.	0.015	0.015
vi. Demand from Southern Power Distribution Company of Andhra Pradesh Limited towards Fuel Surcharge Adjustment. The Company had contested the demand in a writ petition before the Hon'ble High Court of Andhra Pradesh and received a favourable ruling. An amount of Rs.0.243 Million was paid against this demand and has been shown as Amounts paid under protest under Long-term loans and advances.	0.680	0.680
vii. Demand from ESI authorities towards ESI contribution when the Unit was not under ESI coverage. The Company has contested the demand before the Employees Insurance Court and Chairman, Industrial Tribunal at Hyderabad and obtained stay order. An amount of Rs.0.716 Million, being 30% of the amount demanded, was deposited with the ESI authorities and shown as Amounts paid under protest under Long-term loans and advances.	2.387	2.387
viii. Demand from Joint Commissioner of Labour towards cess on construction works. The Company has paid an amount of Rs.0.050 Million under protest and the same is shown as Amounts paid under protest under Long-term loans and advances.	2.635	2.635
ix. Maintenance fee in respect of SAP Enterprise Support Services which are under negotiation as services were not rendered as per the service contract.	0.000	2.797
x. Fuel surcharge Adjustment (FSA) for the quarter October 2012 to December 2012 proposed to be levied by the Southern Power Distribution Company of Andhra Pradesh Limited in term of Andhra Pradesh Electricity Regulatory Commission's Order dated 23.04.13 has not been provided for as the Company is in the process of contesting the levy in a writ petition before the Hon'ble High Court of Andhra Pradesh.	15.863	0.000
xi. Private power wheeled under Transmission and Wheeling Agreements and power purchased from exchange against open access granted have been also billed by the Southern Power Distribution Company of Andhra Pradesh Limited (SPDCL) in their invoices for the period December 2012 to March 2013. The same have not been paid or provide for and representation made to the Chairman and Managing Director, SPDCL for revision of the invoices to that extent.	391.164	0.000
Total	1854.910	1564.858
NOTE: The Company does not expect any reimbursements in respect of the above contingent liabilities. It is not practicable to estimate the timing of the cash outflows, if any, in respect of matters pending appellate proceedings. In respect of other matters the cash outflows, if any, could generally occur in the next four years being the period over which validity of the guarantees / letters of credit extends. The Management believes that the ultimate outcome of appellate proceedings will not have a material adverse effect on the Company's financial position and result of operations.

FIXED ASSETS:

· Land

Buildings

Office building

Factory building

Plant and equipment

Factory equipments

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

Livestock

Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records 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.60.44
UK Pound	1	Rs.98.64
Euro	1	Rs.78.20

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.