MIRA INFORM REPORT

Report No. :	316410
Report Date :	09.04.2015

IDENTIFICATION DETAILS

Name :	BANSWARA SYNTEX LIMITED
Registered Office :	Industrial Area, Dohad Road, Post Box No. 21, Banswara - 327001, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.05.1976
Com. Reg. No.:	17-001684
Capital Investment / Paid-up Capital :	Rs.172.412 Million
CIN No.: [Company Identification No.]	L24302RJ1976PLC001684
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JDHB01978E / JDHB04353G
PAN No.: [Permanent Account No.]	AAACB8403F / AAACB8403F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is engaged in production of Textile products.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The ratings derive strength from experience of the promoters in the Textile industry supported by integrated presence across the textile value chain and diversified product profile. Rating also takes into consideration company’s healthy financial risk profile marked by sound liquidity position and fair profitability margins of the company. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities term loan = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October 07, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities non-fund based = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	October 07, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management non-co-operative (91-22-66336571)

LOCATIONS

Registered Office/Factory 1 :	Industrial Area, Dohad Road, Post Box No. 21, Banswara - 327001, Rajasthan, India
Tel. No.:	91-2962-242301 to 242306 / 240690 / 240691 / 240693 / 257676 - 681
Fax No.:	91-2962-240692
E-Mail :	secbsw@banswarafabrics.com software@banswarafabrics.com info@banswarafabrics.com
Website :	www.banswarasyntex.com
Head / Marketing Office :	4^th/5^th Floor, Gopal Bhawan, 199, Princess Street, Mumbai – 400002, Maharashtra, India
Delhi Office :	1E/5, Ground Floor, Near Mahindra Service Show Room, Jhandewalan Extension, New Delhi – 110055, India
Jaipur Office :	Ankur Apartments, S-6, Jyoti Nagar Extension, Jaipur – 302005, Rajasthan, India
Plants :	Daman Units : 98/3, Village Kadaiya, Nani Daman, Daman – 396210 (Union Territory), India
	Survey No.713/1, 713/2, 713/3, 725/2 and 725/1, Village Dabhel, Nani Daman, Daman – 396210 (Union Territory), India
	Survey No.722/9, Village Dabhel, Nani Daman, Daman – 396210 (Union Territory), India
	Plot No.85/3, 85/4 and 86/2, Village Kadaiya, Daman Industrial Area, Nani Daman, Daman - 396210
	Surat Unit (Garment) : Plot No.5-6, G.I.D.C., Apparel Park, SEZ Sachin, Surat – 394230, Gujarat, India

DIRECTORS

As on 31.03.2014

Name :	Mr. R. L. Toshniwal
Designation :	Chairman and Managing Director
Date of Birth/Age :	75 Years
Qualification :	M. Sc.
Name :	Mr. Ravindra Kumar Toshniwal
Designation :	Managing Director
Date of Birth/Age :	45 Years
Name :	Mr. Rakesh Mehra
Designation :	Vice Chairman
Date of Birth/Age :	51 Years
Qualification :	F.C.A.
Name :	Mr. Shaleen Toshniwal
Designation :	Managing Director
Date of Birth/Age :	31 Years
Qualification :	MBA
Name :	Mr. P. Kumar
Designation :	Director
Name :	Mr. D. P. Garg
Designation :	Director
Name :	Mr. S. B. Agarwal
Designation :	Director
Name :	Mr. Vijay Kumar Agarwal
Designation :	Director
Date of Birth/Age :	63 Years
Name :	Mr. P.K. Bhandari
Designation :	Director
Name :	Mr. Kamal Kishore Kacholia
Designation :	Director
Date of Birth/Age :	64 Years
Name :	Mr. Vijay Mehta
Designation :	Director
Date of Birth/Age :	61 Years
Name :	Mr. A. N. Jariwala
Designation :	Director
Name :	C. P. Ravindranath
Designation :	Nominee Director

KEY EXECUTIVES

Name :	Mr. S. S. Sajal
Designation :	President
Name :	Mr. J. K. Rathi
Designation :	President (Commercial)
Name :	Mr. J. K. Jain
Designation :	Senior Vice President (Finance and Commerce) and Company Secretary
Name :	Mr. S. N. Gupta
Designation :	Senior Vice President (Technical)
Name :	Mr. S. S. Kella
Designation :	Vice President (Audit and Taxation)
Name :	Mr. S. R. Jain
Designation :	Vice President [Engineering]
Name :	Mr. Ashok Mishra
Designation :	Vice President [Technical Worsted]
Name :	Mr. Nailesh Joshi
Designation :	Vice Presidend (Technical Surat SFZ Unit)
Name :	Mr. Prashant Joshi
Designation :	Vice President [Processing]
Name :	Mr. D.K. Menariya
Designation :	Vice President [Personal]
Name :	Mr. Basant Kala
Designation :	Vice President (Finance and Accounts)
Name :	Mr. Rahul Bhadauria
Designation :	Vice President (Operation)
Name :	Mr. Arun Kumar Pareek
Designation :	Vice President (Technical)

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	8175332	49.71
Bodies Corporate	1319919	8.03
Sub Total	9495251	57.73
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	9495251	57.73
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4925	0.03
Financial Institutions / Banks	570	0.00
Foreign Institutional Investors	2108581	12.82
Sub Total	2114076	12.85
(2) Non-Institutions
Bodies Corporate	1855081	11.28
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1902173	11.57
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1079780	6.57
Sub Total	4837034	29.41
Total Public shareholding (B)	6951110	42.27
Total (A)+(B)	16446361	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	16446361	0.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in production of Textile products.
Products :	Textile Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

• Punjab National Bank
• Union Bank of India
• Bank of Baroda
• Bank of India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term Loans From Financial Institutions and Banks
IDBI BANK LIMITED
Term Loan -I	20.000	40.000
Term Loan -II	61.700	31.888
Term Loan -III	38.500	29.555
Term Loan -IV	91.800	88.100
EXPORT IMPORT BANK OF INDIA
Term Loan -I	213.000	231.000
Term Loan-II	280.938	304.188
Term Loan - III	23.640	39.640
Term Loan - IV	60.449	74.841
Term Loan-V	84.000	104.000
Term Loan - VI	337.500	387.500
Term Loan - VII	263.636	290.000
Working Capital Term Loan	68.500	---
BANK OF INDIA
Term Loan -I	215.000	290.600
Term Loan - II	---	3.438
Term Loan - III	111.250	135.000
Term Loan - IV	431.750	433.922
Term Loan - V	140.561	0.000
Punjab National Bank
Term Loan -I	0.000	15.000
Term Loan - II	0.000	4.375
Term Loan - III	143.454	174.328
Term Loan - IV	44.395	53.895
Term Loan - V	162.500	187.500
Working Capital Term Loan	210.000	0.000
BANK OF INDIA
Term Loan -I	10.901	20.301
Term Loan - II	71.372	81.372
UNION BANK OF INDIA
Term Loan -I	0.000	7.288
Term Loan - II	0.587	2.937
Term Loan - III	190.400	207.200
AXIS BANK LIMITED
Term Loan -I	150.000	176.527
LESS :
Current Maturities
IDBI Bank Ltd.	27.200	20.000
Export-Import Bank of India	191.107	166.814
Bank of Baroda	126.000	111.038
Punjab National Bank	115.750	91.000
Bank of India	19.400	19.400
Union Bank of India	22.987	26.438
Axis Bank Limited	25.000	26.527
Short Term Borrowings
Loans Repayable on Demand (Cash credits and packing credits) From Banks
Punjab National Bank	1690.950	1723.523
Union Bank of India	827.229	750.287
Bank of Baroda	505.509	454.790
Bank of India	347.378	248.269
Total	6269.455	6130.047

Auditors :
Name :	Kalani and Company Chartered Accountants
Address :	“Shankar Ratan Chambers”, S-23A, Mangal Marg, Bapu Nagar, Jaipur – 302015, Rajasthan, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary, Joint Venture and Associate concerns:	Banswara Global Limited (formerly known as Carreman Fabrics India Limited) Treves Banswara Private Limited Banswara Fabrics Limited
Enterprises where Key Management Personnel has control /interest:	Dhruv Impex Mehra International Lawson Trading Company Private Limited Niral Trading Private Limited Shaleen Syntex Limited Moonfine Trading Company Private Limited Speed Shore Trading Company Private Limited Toshniwal Trust APM Industries Limited
Relatives of Key Management Personnel and their Enterprises where transactions have taken place :	Rameshwar Lal Ravindra Kr Toshniwal HUF Ravindra Kumar Toshniwal HUF Sarvodaya Impex Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- each	Rs.450.000 Million
500000	3% Redeemable Preference Shares	Rs.100/- each	Rs.50.000 Million
	Total		Rs.500.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
15526361	Equity Shares	Rs.10/- each	Rs.155.264 Million
173000	3% Redeemable Preference Shares	Rs.100/- each	Rs.17.300 Million
	Total		Rs.172.564 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
	Subscribed and fully Paid
15496061	Equity Shares	Rs.10/- each	Rs.154.961 Million
173000	3% Redeemable Preference Shares	Rs.100/- each	Rs.17.300 Million
	Total		Rs.172.261 Million
	Subscribed but not fully Paid
30300	Equity Shares	Rs.10/- each	Rs.0.303 Million
Less:	Allotment money due
	From Directors		---
	From Others		Rs.0.152 Million
	Total		Rs.172.412 Million

Reconciliation of the number of shares

Particulars	As at 31.03.2014
Equity Shares	Equity Shares	Preference Shares
At the beginning of the year	14756361	173000
Issued During the year	770000	---
Redeemed/bought back during the year	---	---
At the end of the year	15526361	173000

Equity Shares: - all equity shareholders are having right to get dividend in proportion to paid up value of the each equity share as and when declared.

No member shall be entitled to exercise any voting rights either personally or by proxy at any meeting of the company in respect of any shares registered in his name on which any calls or other sums presently payable by him have not been paid or in regard to which the company has, and has exercised, any right of lien.

Preference Shares: - The Preference share have been redeemed on 10.05.2014.

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Equity Shares
Shri R.L. Toshniwal	62765	0.40%
Shri Ravindra Kumar Toshniwal	1763947	11.36%
Shri Shaleen Toshniwal	1750680	11.28%
Smt. Radhika Toshniwal	1028065	6.62%
Smt. Prem Toshniwal	851449	5.48%
Macquarie Bank Limited	1299801	8.37%
Royal Bank of Scotland	---	---
3% Redeemable Preference Shares
Carreman Michel Thierry, France	173000	100.00%

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	172.412	164.712	164.712
(b) Reserves & Surplus	1958.523	1721.826	1588.269
(c) Money received against share warrants	14.836	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2145.771	1886.538	1752.981
(3) Non-Current Liabilities
(a) long-term borrowings	2941.899	2996.718	3170.650
(b) Deferred tax liabilities (Net)	444.204	381.675	325.751
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	100.942	107.758	98.176
Total Non-current Liabilities (3)	3487.045	3486.151	3594.577
(4) Current Liabilities
(a) Short term borrowings	3383.766	3206.369	3088.500
(b) Trade payables	1062.972	1294.740	928.092
(c) Other current liabilities	761.752	711.315	715.735
(d) Short-term provisions	214.537	93.197	71.036
Total Current Liabilities (4)	5423.027	5305.621	4803.363
TOTAL	11055.843	10678.310	10150.921
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5142.194	5148.830	4883.270
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	85.376	77.675	256.718
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	142.998	93.499	73.509
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	86.092	81.409	113.157
(e) Other Non-current assets	74.870	75.714	58.723
Total Non-Current Assets	5531.530	5477.127	5385.377
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3046.116	2943.673	2725.630
(c) Trade receivables	1543.651	1526.723	1331.643
(d) Cash and cash equivalents	321.417	164.048	128.574
(e) Short-term loans and advances	270.162	220.549	286.564
(f) Other current assets	342.967	346.190	293.133
Total Current Assets	5524.313	5201.183	4765.544
TOTAL	11055.843	10678.310	10150.921

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	12121.996	10963.166	9238.354
	Other Income	41.045	80.479	53.644
	TOTAL	12163.041	11043.645	9291.998
Less	EXPENSES
	Cost of Materials Consumed	5821.089	5525.926	4920.844
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(30.127)	(84.329)	(362.908)
	Manufacturing Expenses	2034.349	1992.977	1665.675
	Employees benefits expense	1608.826	1307.976	1072.558
	Other expenses	915.819	750.384	639.737
	TOTAL	10349.956	9492.934	7935.906
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1813.085	1550.711	1356.092
Less	FINANCIAL EXPENSES	812.974	823.032	751.980
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1000.111	727.679	604.112
Less/ Add	DEPRECIATION/ AMORTISATION	519.639	516.797	431.109
	PROFIT/ (LOSS) BEFORE TAX	480.472	210.882	173.003
Less	TAX	214.195	90.226	24.133
	PROFIT/ (LOSS) AFTER TAX	266.277	120.656	148.870
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5240.166	5181.552	4506.300
	Other Realization	178.977	168.808	160.685
	TOTAL EARNINGS	5419.143	5350.360	4666.985
	IMPORTS
	Raw Materials	383.212	392.665	226.865
	Dyes and Chemicals	11.199	11.631	8.076
	Components and Stores parts	117.356	105.882	95.407
	Capital Goods	152.389	183.605	452.608
	TOTAL IMPORTS	664.156	693.783	782.956
	Earnings / (Loss) Per Share (Rs.)	17.18	7.79	9.61

QUARTERLY RESULTS

Particulars (Rs. In Million)	30.06.2014 1^st Quarter	30.09.2014 2^nd Quarter	31.12.2014 3^rd Quarter
Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	2998.200	3209.100	2999.700
Total Expenditure	2596.300	2812.100	2625.000
PBIDT (Excl OI)	41.900	396.900	374.800
Other Income	16.000	19.400	11.400
Operating Profit	417.900	416.300	386.200
Interest	199.100	204.600	205.100
Exceptional Items	0.000	0.000	0.000
PBDT	218.800	211.700	181.100
Depreciation	131.500	159.500	150.700
Profit Before Tax	87.300	52.200	30.400
Tax	38.200	22.100	12.700
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	49.100	30.200	17.700
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	49.100	30.200	17.700

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.20	1.10	1.61
Operating Profit Margin (PBDIT / Sales)	(%)	14.96	14.14	14.68
Return on Total Assets (PBT/Total Assets}	(%)	4.44	2.01	1.76
Return on Investment (ROI) (PBT/Networth)		0.22	0.11	0.10
Debt Equity Ratio (Total Debt /Networth)		2.95	3.29	3.57
Current Ratio (Current Asset/Current Liability)		1.02	0.98	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	164.712	164.712	172.412
Reserves & Surplus	1588.269	1721.826	1958.523
Money received against share warrants	0.000	0.000	14.836
Net worth	164.712	164.712	187.248
long-term borrowings	3170.650	2996.718	2941.899
Short term borrowings	3088.500	3206.369	3383.766
Total borrowings	6259.150	6203.087	6325.665
Debt/Equity ratio	38.001	37.660	33.782

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	9238.354	10963.166	12121.996
		18.670	10.570

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	9238.354	10963.166	12121.996
Profit	148.870	120.656	266.277
	1.61%	1.10%	2.20%

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Fixed Deposits
From Directors	7.200	7.200
From Other Includes Rs.19.900 Million (Previous Years Rs.20.400 Million) from related parties	128.170	117.760
Less: Current Maturities	91.860	81.420
Term Loans Corporate (From Related Parties) Repayable in one bullet payment by July 14	0.000	20.000
Other Corporate Repayable in one bullet payment by March'15	15.000	15.000
Less: Current Maturities	15.000	35.000
Short Term Borrowings
Loans from related parties	12.700	29.500
Total	56.210	73.040

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10542394	23/12/2014	200,000,000.00	UNION BANK OF INDIA	BURHANI COMPLEX, NAI ABADI, BANSWARA, Rajasthan - 327001, INDIA	C39994488
2	10535627	15/11/2014	70,000,000.00	UNION BANK OF INDIA	BURHANI COMPLEX, NAI ABADI, BANSWARA, Rajasthan - 327001, INDIA	C36193928
3	10515787	16/07/2014	35,000,000.00	Bank of Baroda	Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, Banswara, Rajasthan - 327001, INDIA	C16817348
4	10512600	16/07/2014	100,000,000.00	Punjab National Bank	Near Kushal Bagh Ground, Banswara, Rajasthan - 327001, INDIA	C14840151
5	10490643	20/12/2014 *	315,000,000.00	Punjab National Bank	Near Kushal Bagh Ground, Banswara, Rajasthan - 327001, INDIA	C44364081
6	10464937	27/11/2013	176,000,000.00	Bank of Baroda	Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, Banswara, Rajasthan - 327001, INDIA	B91335091
7	10376409	05/02/2013 *	38,500,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B68242585
8	10376407	05/02/2013 *	61,700,000.00	IDBI Bank Limited	IDBI TOWER, WTC COMPLEX,, CUFFE PARADE, MUMBAI, M  aharashtra - 400005, INDIA	B68491026
9	10376408	05/02/2013 *	91,800,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B68493378
10	10308149	10/09/2012 *	440,000,000.00	Bank of Baroda	Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, BANSWARA, Rajasthan - 327001, INDIA	B59143891

* Date of charge modification

OPERATIONS

The production of yarn during 2013-14 has been 301 lac kgs. As against 310 lac Kgs. during 2012-13. During the year, the Company started production of cotton yarn and produced 18.73 lac Kgs. The production of worsted yarn has increased from 10.19 lac kgs. In 2012-13 to 11.19 lac kgs. In 2013-14. The Company has almost maintained the fabric production at around 360 lac mtrs. While the garment production has increased by 28% over the year.

During the year, the Company`s net income from operations aggregated Rs.12120.000 Million as against Rs10960.000 Million in 2012-13- an increase of 11%. The Company`s turnover in value terms has increased by 1% for yarn, 9% for fabric and 39% for garments. This confirms Company`s major thrust on sale of value added fabrics and the readymade garments.

The Company has earned profit before interest, depreciation and tax (PBIDT) at Rs1810.000 Million as against Rs1550.000 Million during 2012-13. Similarly, the profit before depreciation and tax (PBDT) has been Rs1000.000 Million as against Rs730.000 Million for the previous year. The post-tax net profit of the company at Rs266.300 Million was higher by 121 % over Rs120.700 Million for 2012-13 during the year.

The basic and diluted EPS for the year 2013-14 works out to Rs16.86 and Rs16.30 respectively as against Rs8.14. (basic and diluted) for2012-13.

UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND PERIOD ENDED

31^ST DECEMBER 2014

(Rs. In Millions)

Particulars	3 Months Ended ( Unaudited)		Year to Date Period Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	2884.304	3083.776	8839.130
b) Other operating income	115.407	125.295	367.823
Total income from Operations(net)	2999.711	3209.071	9206.954
2.Expenditure
a) Cost of material consumed	1525.550	1756.774	4732.800
b) Purchases of stock in trade	0.000	0.000	0.000
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(97.957)	(165.337)	(178.653)
d) Employees benefit expenses	448.078	469.349	1339.164
e) Depreciation and amortization expenses	150.700	159.502	441.686
f) Power and Fuel	283.278	286.141	821.677
g) Other expenditure	465.997	465.218	1318.436
Total expenses	2775.646	2971.647	8475.060
3. Profit from operations before other income and financial costs	224.065	237.424	731.894
4. Other income	11.428	19.412	46.844
5. Profit from ordinary activities before finance costs	235.493	256.836	778.738
6. Finance costs	(205.121)	(204.626)	(608.835)
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	30.372	52.210	169.902
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	30.372	52.210	169.902
10.Tax expenses	(12.718)	(22.047)	(72.988)
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	17.654	30.163	96.915
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	17.654	30.163	96.915
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	164.314	155.114	155.114
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	---	---	---
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a)Basic	1.11	1.94	6.11
(b) Diluted	1.08	1.78	5.92
ii) Earnings per share (after extraordinary items)
(a)Basic	1.11	1.94	6.11
(b) Diluted	1.08	1.78	5.92

Particulars	3 Months Ended ( Unaudited)		Year to Date Period Ended (Unaudited)
	31.12.2014	30.09.2014	31.12.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	695110	695110	695110
- Percentage of shareholding	42.27%	42.27%	42.27%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	---	---	---
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	---	---	---
Percentage of shares (as a % of total share capital of the company)	---	---	---
b) Non Encumbered
Number of shares	9495251	9495251	9495251
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%	100.00%	100.00%
Percentage of shares (as a % of total share capital of the company)	57.73%	57.73%	57.73%
B. Investor Complaints
Pending at the beginning of the quarter	NIL
Receiving during the quarter	NIL
Disposed of during the quarter	NIL
Remaining unreserved at the end of the quarter	NIL

Note:

1. The above standalone results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 13 2015. The Statutory Auditors have carried out a Limited Review of the results.

2. The Company and collectively group companies are engaged in production of Textile products having integrated working. For management purposes, Company is organized into major operating activity of the textile products. The Company has no activity outside India except export of textile products manufactured in India. Thereby, there is no geographical segment. Accordingly, segment-wise information is not being reported.

3. The Net Sales / Income from operations is exclusive of Inter Division Transfers.

4. As per SEBI (DIP) Guidelines, the Board of Directors at its meeting held on 13th November, 2013, has allotted 6 Lac equity shares to other than promoter group and 16 Lac warrants to promoter group; each warrant is entitled to 1 equity share. Out of 16 Lac warrants allotted to promoter, 10.90 Lacs share warrants have been converted into fully paid up equity shares upto 31st December, 2014. Balance 5.10 Lacs warrants are outstanding to be converted into equal number of equity shares up to 11th May 2015 i.e. 18 months from allotment.

5. a) Banswara Global Limited, formerly known as Carreman Fabrics India Limited (That Company), was formed as 50:50 Joint venture between Carreman, France, and Banswara Syntex Limited (The Company). The Company purchased entire shareholding from Carreman, France and That Company became a wholly owned subsidiary of The Company. Accordingly, financial working of that Company has been considered in preparing the financial results for the Quarter/ Period Ended 31st Dec, 2014.

b) Company has 50% Joint Venture interest in Treves Banswara Private Limited (TBPL). Accordingly, proportionate share of turnover, expenses and profit after tax of TBPL have been considered in consolidated results in accordance with Accounting Standard-27 prescribed under Companies (Accounting Standard) Rules 2006.

6. Effective from 1 April 2014, the Company has started providing depreciation in terms of the requirement of Schedule II of the Companies Act, 2013. Due to this, depreciation charge for the Quarter/ Period ended 31st December 2014 is higher by Rs. 11.427 Million and Rs. 32.377 Million respectively which has been charged to the statement of profit and loss. Further, based on transitional provision provided in Note 7(b) of Schedule II, the carrying value of assets which has completed its depreciation period as on 1st April 2014 has been charged to the opening balance of retained earnings as on that date. On certain assets, based on chartered engineer's certificate, the company has adopted a useful life different from what is specified in Companies Act 2013.

7. The figures of previous period/year have been re-grouped/re-arranged and/or recast, wherever necessary, to make them comparable.

FIXED ASSETS

· Lease Hold Land

· Free Hold Land

· Buildings and Road

· Plant and Equipment

· Building Machinery

· Electric and Water

· Supply Installation

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Live Stock

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.62.32
UK Pound	1	Rs.92.52
Euro	1	Rs.67.59

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.