MIRA INFORM REPORT

Report Date :

10.09.2014

IDENTIFICATION DETAILS

Name :	MADURA COATS PRIVATE LIMITED (w.e.f.17.06.1998)
Formerly Known As :	COATS VIYELLA INDIA LIMITED
Registered Office :	144, Mahatma Gandhi Road, P.O. Box 5145, Bangalore – 560087, Karnataka
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	31.07.1974
Com. Reg. No.:	18-047421
Capital Investment / Paid-up Capital :	Rs.60.001 Millions
CIN No.: [Company Identification No.]	U18102KA1974PTC047421
TAN No.: [Tax Deduction & Collection Account No.]	BLRM05939D
PAN No.: [Permanent Account No.]	AABCM8279K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Zippers, Sliders Buttons and Sewing Accessories.
No. of Employees :	3500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 9600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for Normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

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	CRISIL
Rating	Long term rating : AA-
Rating Explanation	High degree of safety and low credit risk.
Date	October 09, 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 PARTED BY (General Details)

Name :	Mr. Chena
Designation :	Finance Department
Contact No.:	91-80-25584121
Date :	06.09.2014

LOCATIONS

Registered Office :	144, Mahatma Gandhi Road, P.O. Box 5145, Bangalore – 560087, Karnataka, India
Tel. No.:	91-80-25584121/ 41900400
Fax No.:	91-80-25584229/ 28518154
E-Mail :	madhura@coats.com ads@coats.com
Head Office :	7th Floor, Jupiter, 2A-Block, Prestige Technlogy Park, Sarjapur-Marathahalli Ring Road, Bangalore - 560103, Karnataka, India
Tel. No.:	91-80-41900400
Fax No.:	91-80-28518156
Corporate Office :	H-85, Post Box No. 1600, Old Madras Road, Bangalore – 560016, Karnataka, India
Tel. No.:	91-80-28510911/ 28510912/ 28532674
Fax No.:	91-80-28518046/ 28518156
Factory :	madurai Ø New Jail Road, P. B. No. 35, Madurai – 625001, Tamilnadu, India Tel. No. : 91-452-602751 Fax No. : 91-452-603130 / 602739 Ø Coats India, New Mill, Madurai Mill Compound, Madurai - 625001, Tamilnadu, India Ø Centenary Mill, no. 8, New Ramnad Road, Madurai - 625009, Tamilnadu, India Ø ambasamudram Ø Water Mill, Papavinasam Mills, Ambasamudram - 627422, Tamilnadu, India Ø Madura Textiles, Papavinasam Mills, Ambasamudram - 627422, Tamilnadu, India Ø Export Oriented Unit : 10-A, Papanasam Main Road, Ambasamudram - 627401, Tamilnadu, India Ø Interlining Manufacturing facility : Mela-Ambasamudram, Tirunelveli - 627401, Tamilnadu, India tuticorin Ø 83 and 88, Beach Road, Tuticorin - 628001, Tamilnadu, India panoli Ø 21/222, GIDC Industrial Estate, Ankleshwar, Panoli - 394116, District Bharuch, Gujarat, India serampore Serampore (Hooghly), West Bengal - 712201, India
Sales Offices :	Bangalore Consumer Depot Ø 216, Nagavar Palya Road, C. V. Raman Nagar, Bangalore - 560093, Karnataka, India Ø Chitrakoot Building, H. K. House Lane, Off. Ashram Road, Navrangpura, P. B. No. 4043, Ahmedabad – 380009, Gujarat, India Bangalore Industrial Depot Ø 46-D, Lalbagh Road, P. B. No. 2750, Bangalore – 560027, Karnataka, India Ø Sanghavi Sadan, Off. Western Express Highway, Near Jay Coach, P. B. No, 9100, Goregaon (East), Mumbai – 400063, Maharashtra, India Ø 203, Samudra Gaurav (II Floor), 6-A, Worli Sea Face, Abdul Gaffarkhan Road, Worli, Mumbai – 400025, Maharashtra, India Ø Green View, 3^rd Floor, P. B. No.2725, 3^rd Floor, 19, Circus Avenue, Kolkata – 700017, West Bengal, India Ø 19-A, Prana Nath Pandit Street, Flat NO. 2-B, Kolkata – 700020, West Bengal, India Ø No. 2, Gurucharan Roychowdhury, Ghat Road, Shibpur, Howrah – 711102, West Bengal, India Ø B-II/35, Mohan Co-operative Industrial Estate, Main Mathura Road, Badarpur, New Delhi – 110044, India Ø E-1, Green Park Extn (II Floor), New Delhi - 110016, India Ø A8-Sectro 6, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India Ø Cears Towers, P. B. No. 1671, Alappat Cross Road, Cochin – 682015, Kerala, India Ø Mahatma Gandhi Road, P. B. No. 40, Fancy Bazar, Guwahati – 781001, Assam, India Ø GF 32/33, Meghdoot, Park Road, Vijayanagar, Indore – 452010, Madhya Pradesh, India Ø 10, Karthapura, 22, Godown Industrial Area, Jaipur – 301206, Rajasthan, India Ø 13/6-7, Civil Lines, P. B. No, 112, Pormat, Kanpur – 208001, Uttar Pradesh, India Ø Guru Govind Singh Nagar, Sisbro Complex, Sherpur Chowk (Hero Chowk), Behind Saini Motors, G T Road, Ludhiana – 141003, Punjab, India Ø 37A, Velachery Main Road, Opposite Vijayanagar Bus Terminus, Chennai – 600042, Tamilnadu, India Ø Plot No. 19, S. No. 206/3, P. B. No. 8, Viman Nagar, Nagar Road, Pune, Maharashtra, India Ø No. 66/67, Harvey Road Tirupur – 641602, Tamilnadu, India Ø MBN Reddy Estate, Survey No. 133, Plassy Lane Bowenpally, Secunderabad - 500011, Andhra Pradesh, India

DIRECTORS

AS ON 26.03.2014

Name :

Mr. Joseph Stephen Remedios

Designation :

Director

Address :

Villa No.B-10, Prestige Ozone, White Field Main Road, White Field, Bangalore – 560066, Karnataka, India

Date of Birth/Age :

26.12.1951

Date of Appointment :

01.01.2012

DIN No.:

00245094

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	U18102KA1974PTC047421	MADURA COATS PRIVATE LIMITED	Director	01/01/2012	01/10/2002	-	Active	NO
2	U17111KA1994PLC015767	MADURA SPINNING AND MANUFACTURING LIMITED	Director appointed in casual vacancy	28/09/2006	28/09/2006	17/01/2008	Active	NO
3	U85110KA1982PTC004577	KOR INVESTMENTS PRIVATE LIMITED	Nominee director	28/09/2006	28/09/2006	01/01/2012	Active	NO
4	U85110KA1982PTC004578	VAIGAI INVESTMENTS PRIVATE LIMITED	Nominee director	28/09/2006	28/09/2006	01/01/2012	Amalgamated	NO

Name :

Mr. Anil Lasantha Naomal Dias

Designation :

Whole-time director

Address :

27/1, MEG Officers Colony, Banaswadi Main Road, Cooke Town, Bangalore – 560 005, Karnataka, India

Date of Birth/Age :

29.12.1958

Date of Appointment :

01.04.2002

DIN No.:

00245165

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	U18102KA1974PTC047421	MADURA COATS PRIVATE LIMITED	Whole-time director	01/04/2002	01/04/2002	-	Active	NO
2	U01409TN1949PLC002085	MADURA AGRO INDUSTRIES LIMITED	Director appointed in casual vacancy	26/06/2006	26/06/2006	-	Dissolved	NO
3	U85110KA1982PTC004577	KOR INVESTMENTS PRIVATE LIMITED	Nominee director	28/09/2006	28/09/2006	-	Active	NO
4	U85110KA1982PTC004578	VAIGAI INVESTMENTS PRIVATE LIMITED	Nominee director	28/09/2006	28/09/2006	-	Amalgamated	NO
5	U17111KA1994PLC015767	MADURA SPINNING AND MANUFACTURING LIMITED	Director appointed in casual vacancy	29/09/2006	29/09/2006	17/01/2008	Active	NO

Name :

Mr. Ashok Mathur

Designation :

Managing Director

Address :

E/1-131, Shobha Lavendari, Sarjapur Marathahialliring, Road, Bangalore – 560103, Karnataka, India

Date of Birth/Age :

27.03.1955

Date of Appointment :

01.01.2012

DIN No.:

05154435

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	U85110KA1982PTC004577	KOR INVESTMENTS PRIVATE LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
2	U85110KA1982PTC004578	VAIGAI INVESTMENTS PRIVATE LIMITED	Director	01/01/2012	01/01/2012	-	Amalgamated	NO
3	U18102KA1974PTC047421	MADURA COATS PRIVATE LIMITED	Managing director	01/01/2012	01/01/2012	-	Active	NO

Name :

Mr. Ambuj Kalra

Designation :

Whole-time Director

Address :

403, Benaka Towers, 16 D, Main Hall III Stage, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

17.02.1957

Date of Appointment :

08.03.2013

DIN No.:

00491283

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	U17231DL1992PTC047458	S & P THREADS PRIVATE LIMITED	Director	19/03/1999	19/03/1999	15/12/2009	Active	NO
2	U18102KA1974PTC047421	MADURA COATS PRIVATE LIMITED	Whole-time director	08/03/2013	11/05/2012	-	Active	NO

Name :

Mr. Minor Ganesan

Designation :

Director

Address :

102 Om Saideepa Mansio - , 7 Thcross, 5^th Main Malleshpalya, Bangalore – 560075, Karnataka, India

Date of Birth/Age :

02.02.1971

Date of Appointment :

08.08.2013

DIN No. :

06657045

KEY EXECUTIVES

Name :	Mr. Arup Chandra Borua
Designation :	Secretary
Address :	B 304 Raja Prakruthi 4 Thcross, Jayanagar, 1^stBlock, Bangalore – 560011, Karnataka, India
Date of Birth/Age :	04.03.1967
Date of Appointment :	12.04.2003
PAN No.:	ACYPB5331M

MAJOR SHAREHOLDERS

As on 26.03.2014

Names of Shareholders	No. of Shares
Coats International Pte. Limited, Singapore	6000000
Coats Industrial Threads Limited, United Kingdom	100
Total	6000100

As on 26.03.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Zippers, Sliders Buttons and Sewing Accessories.

Products :

Item Code No. (ITC Code)	Product Description
52041110	Cotton thread, sewing, containing any synthetic staple fibre

Exports :

Products :

Finished Goods

Countries :

All over the countries

Imports :

Products :

Raw Material

Countries :

China, Hongkong and Japan

Terms :

Selling :

Cash, L\C and Credit

Purchasing :

Cash, L\C and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailer and End Users

No. of Employees :

3500 (Approximately)

Bankers :

· Hong Kong and Shanghai Banking Corporation, 7 MG Road, Bangalore - 560001, Karnataka, India

· Standard Chartered Bank, Raheja Towers, M.G. Road, Bangalore - 560001, Karnataka, India

· State Bank of India, Industrial Finance Branch, Residency Road, Bangalore – 560025, Karnataka, India

· Axis Bank Limited

Facilities :

SECURED LOANS	31.12.2013 (Rs. in Millions)	31.12.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	140.625	196.875
Total	140.625	196.875

Banking Relations :	--
Auditors :
Name :	Deloitte, Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2 Richmond Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-66276000
Fax No.:	91-80-66276011
PAN.:	AACFD3771D
Subsidiary :	· KOR Investments Private Limited, India CIN : U85110KA1982PTC004577 · Vaigai Investments Private Limited, India CIN : U85110KA1982PTC004578
Joint Venture :	S and P Threads Private Limited, India CIN : U17231DL1992PTC047458
Ultimate Holding Company :	Guiness Peat Group Plc, UK
Holding Company :	Coats International PTE Limited, Singapore
Associates :	· Coats and clark USA · Coats (Turkiye) Iplik Sanayi · Coats American · Coats Australian Pty Limited · Coats Bangladesh Limited · Coats Bulgaria Eood · Coats Cadena S A · Coats China Holdings Limited · Coats Corrente Ltda · Coats Egypt For Manufacturing and Dyeing Sewing Thread, SPE · Coats Gmbh · Guangzhou Coats Limited · Coats North America Consolidated Inc · Coats Hongkong Limited · Coats Crafts Hungary Limited · Pt Coats Rejo Indonesia · Coats Industrial Nz Limited · Coats Israel · Coats Korea Company Limited · Coats Llc · Coats Madagascar · Coats Manila Bay Inc · Coat S Maroc · Coats Mauritius International Company Limited · Coats Mexico S A De Cv · S C Coats Odorhei Srl · Coats Opti Oy · Coats Opti Shenzhen Limited · Coats Phong Phu Company Limited · Coats Opti Germany Gmbh · Coats Polska Sp Zoo · Coat Shanghai Limited · Coat Shenzhen Limited · Coats South Africa (Pty) Limited · Coats Thread (Thailand) Limited · Coats Thread Lanka Private Limited · Coats Thread Malaysia Sdn Bhd · Coats Trading Tunisie · Coat Ukraine Limited · Coats Zimbabwe (Private) Limited · J and P Coats Pakistan (Private) Limited · The Central Agency Limited UK · J and P Coats Limited UK · Coats Thread Exports Private Limited · Sc Coats Romania Impex Srl · J and P Coats (Mauritius) Limited · Steiner Freres Sa · Coats Opti Oy – Unilever

CAPITAL STRUCTURE

As on 26.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000100	Equity Shares	Rs.10/- each	Rs. 60.001 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	60.001	74.651	74.651
(b) Reserves & Surplus	2345.506	2733.610	2276.708
(c) Deferred government grants	0.671	1.669	2.667
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2406.178	2809.930	2354.026
(3) Non-Current Liabilities
(a) long-term borrowings	154.725	210.975	261.900
(b) Deferred tax liabilities (Net)	0.000	27.000	36.000
(c) Other long term liabilities	6.849	6.341	7.626
(d) long-term provisions	909.590	835.869	807.449
Total Non-current Liabilities (3)	1071.164	1080.185	1112.975
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	3803.009	3224.952	3492.327
(c) Other current liabilities	381.775	382.860	440.676
(d) Short-term provisions	376.493	126.386	257.923
Total Current Liabilities (4)	4561.277	3734.198	4190.926
TOTAL	8038.619	7624.313	7657.927
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1486.618	1552.414	1663.219
(ii) Intangible Assets	0.503	4.456	24.633
(iii) Capital work-in-progress	287.075	100.166	78.930
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	108.273	64.945	66.695
(c) Deferred tax assets (net)	1.000	0.000	0.000
(d) Long-term Loan and Advances	297.822	179.064	175.642
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2181.291	1901.045	2009.119
(2) Current assets
(a) Current investments	875.343	1235.458	1050.315
(b) Inventories	2020.131	1804.358	1793.720
(c) Trade receivables	2319.134	2069.416	2190.649
(d) Cash and cash equivalents	200.736	232.984	240.348
(e) Short-term loans and advances	428.635	364.462	310.978
(f) Other current assets	13.349	16.590	62.798
Total Current Assets	5857.328	5723.268	5648.808
TOTAL	8038.619	7624.313	7657.927

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	SALES
	TURNOVER	13024.600	11812.700	11612.100
	TOTAL	13024.600	11812.700	11612.100
Less	EXPENSES
	TOTAL	11681.100	10676.100	10584.100
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1343.500	1136.600	1028.000
Less	FINANCIAL EXPENSES	104.300	116.200	106.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1239.200	1020.400	921.400
Less/ Add	DEPRECIATION/ AMORTISATION	271.100	281.900	278.800
	PROFIT/ (LOSS) BEFORE TAX	968.100	738.500	642.600
Less	TAX	324.000	222.000	197.000
	PROFIT/ (LOSS) AFTER TAX	644.100	516.500	445.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	2617.000	2238.900	2247.500
Less	ADJUSTMENT FOR BUYBACK OF SHARES AS PER SEC.77A	593.000	0.000	191.200
Less	APPROPRIATIONS
	Transfer to General Reserve	64.400	51.700	44.600
	Dividend	300.000	74.600	205.300
	Tax on Dividend	51.000	12.100	33.300
	Total (M)	415.400	138.400	283.200
	Balance Carried to the B/S	2252.700	2617.000	2218.700
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS	3605.147	NA	NA
	Earnings / (Loss) Per Share (Rs.)	102.44	69.20	56.51

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PBT/Sales)	(%)	7.43	6.25	5.53
Return on Total Assets (PBT/Total Assets}	(%)	12.67	9.90	8.55
Return on Investment (ROI) (PBT/Networth)		0.40	0.26	0.27
Debt Equity Ratio (Total Debt /Networth)		0.06	0.08	0.11
Current Ratio (Current Asset/Current Liability)		1.28	1.53	1.35

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	74.651	74.651	60.001
Reserves & Surplus	2276.708	2733.610	2345.506
Deferred government grants	2.667	1.669	0.671
Net worth	2354.026	2809.930	2406.178
long-term borrowings	261.900	210.975	154.725
Short term borrowings	0.000	0.000	0.000
Total borrowings	261.900	210.975	154.725
Debt/Equity ratio	0.111	0.075	0.064

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11612.100	11812.700	13024.600
		1.728	10.259

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11612.100	11812.700	13024.600
Profit	445.600	516.500	644.100
	3.84%	4.37%	4.95%

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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
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	10050660	25/04/2007	450,000,000.00	UTI BANK LIMITED	"ESQUIRE CENTRE", 9, M.G.ROAD, BANGALORE, Karnataka - 560001, INDIA	A14983605
2	80028253	09/12/2011 *	1,450,000,000.00	STANDARD CHARTERED BANK	RAHEJA TOWERS 26/27, M. G. ROAD, BANGALORE, Karnataka - 560001, INDIA	B28539252
3	80026923	18/07/2013 *	300,000,000.00		INDUSTRIAL FINANCE BRANCH, RESIDENCY ROAD, BANGAL  ORE, Karnataka - 560025, INDIA	B81799215
4	80029501	13/05/2014 *	2,250,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	NO. 7,, M G ROAD, BANGALORE, Karnataka - 560001,  INDIA	C05996368

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.12.2013 (Rs. in Millions)	31.12.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Intercorporate borrowing	14.100	14.100
Total	14.100	14.100

FIXED ASSETS

· Buildings

· Factory building

· Plant and equipment

· Factory Equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer Equipments

· Land

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. 60.42
UK Pound	1	Rs. 97.24
Euro	1	Rs. 77.92

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.