MIRA INFORM REPORT

Report No. :	316678
Report Date :	09.04.2015

IDENTIFICATION DETAILS

Name :	GINZA INDUSTRIES LIMITED
Registered Office :	11, Clive Row, 4^th Floor, Room No-1A/A, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.07.1986
Com. Reg. No.:	21-040991
Capital Investment / Paid-up Capital :	Rs. 88.831 Million
CIN No.: [Company Identification No.]	U17297WB1986PLC040991
IEC No.:	0392070138
TAN No.: [Tax Deduction & Collection Account No.]	MUMG10867D
PAN No.: [Permanent Account No.]	AAACM4342C
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Manufacture of all type of textile garments and clothing accessories.
No. of Employees :	Information declined by the management.

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 2100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects Ginza’s strong business risk profile marked by its established market position as one of the largest organized wrap-knit fabrics manufacturer in India, supported by a strong clientele and established distribution network of the company. Rating also reflects company’s healthy financial risk profile marked by decent profitability margins and adequate liquidity profile 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 – 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	CRISIL
Rating	Long Term Rating A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	February 28, 2015

Rating Agency Name	CRISIL
Rating	Short Term Rating A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	February 28, 2015

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-cooperative (91-22-40659600)

LOCATIONS

Registered Office :	11, Clive Row, 4^th Floor, Room No-1A/A, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22429984 / 32588589
Fax No.:	91-33-22429984
E-Mail :	hariaexports@vsnl.com suniljain73@rediffmail.com saraf_pralay@rediffmail.com ginza@vsnl.com ginza.kolkatta@ginzalimited.com
Website :	http://www.ginzalimited.com
Head Office / Corporate Office :	A-501, 502 Lotus Corporate Park, Jay Coach Lane, Off Western Express Highway, Goregaon East, Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-40659600
Fax No.:	91-22-40659650
E-Mail :	ginza@vsnl.com
Factory 1 :	Udhna [Godown] Plot No. A-2, 15-17, Sardar Patel Road No. 2, Udhana Udyog Nagar, Udhana – Surat – 394210 (Gujarat), India
Tel. No.:	91-261-2867 6227 / 2867 4015
E-Mail :	surat@ginzalimited.com
Factory 2 :	Yarn and Tape Unit Plot No. 6, 8 and 9, Unity Industrial Complex, Chala Daman Road, Kachhigam, Daman 396 210, Uttar Pradesh, India
Tel. No.:	91-2638-252986
Factory 3 :	Knitted Fabric Unit Plot No. A – 2/11, Sachin Udyog Nagar, Sahakari Mandali Dandi Road, Vanzgoan, Sachin, Surat, Gujarat, India
Factory 4 :	Embroidery Unit Plot No. B 2, 29 and 30, Sachin Udyog Nagar, Sahakari Mandali Dandi Road, Vanzgoan, Sachin, Surat, Gujarat, India
Factory 5 :	Knitted Fabric Unit Plot No 87, 88, 89, SUR SEZ Sachin, G. I. D. C. Road No. 4, Taluka Choryasi, Surat, Gujarat, India
Factory 6 :	Process House Plot No. 362, GIDC, Road No. 3, Near Manilal Dyeing Mill, Sachin, GIDC Sachin, Surat – 394230, Gujarat, India
Factory 7 :	Torchon Lace Unit Genisis Ind. Complex, Phase III, Plot[s] No. 23/26, Village Kolgaon, Taluka : Palghar, Thane, Maharashtra, India
Factory 8:	Apparel Park – Garment Unit Plot No. 61, Road No. 4, Apparel Park, Vanz Road, Sachin, Surat, Gujarat, India
Factory 9 :	Workshop of garments : “In-Tense” 20/168 Unnat nagar No. 4, M. G. Road, Goregaon [West], Mumbai – 400062, Maharashtra, India

DIRECTORS

AS ON 25.09.2013

Name :

Mr. Ashok Kumar Sethia

Designation :

Managing Director

Address :

1603, Galactica Tower, Lokhandwala Complex, Andheri [West], Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

17.11.1960

Qualification :

Chartered Accountant

Date of Appointment :

01.04.2013

DIN No.:

01283310

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	U17297WB1986PLC040991	GINZA INDUSTRIES LIMITED	Managing director	01/04/2013	24/07/1986	-	Active	NO
2	U17290MH2011PLC215134	GINZA LIFESTYLES LIMITED	Managing director	23/03/2011	23/03/2011	-	Active	NO
3	U17111WB1996PLC079636	TWISTEX INDIA LIMITED	Director	29/09/2012	22/12/2011	-	Active	NO

Name :

Mr. Arvind Kumar Sethia

Designation :

Director

Address :

610, Ashirwad Palace, ‘F’ Tower, Bhatar Road, Surat – 395006, Gujarat, India

Date of Birth/Age :

29.08.1958

Qualification :

B. Com.

Date of Appointment :

22.01.2002

DIN No.:

02502282

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	U17297WB1986PLC040991	GINZA INDUSTRIES LIMITED	Managing director	01/04/2013	22/01/2002	-	Active	NO
2	U17290MH2011PLC215134	GINZA LIFESTYLES LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO
3	U17111WB1996PLC079636	TWISTEX INDIA LIMITED	Director	29/09/2012	22/12/2011	-	Active	NO
4	U17112GJ2007PTC049841	SUNSILK DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	24/09/2013	02/07/2013	-	Active	NO

Name :

Mr. Manoj Kumar Sethia

Designation :

Managing Director

Address :

611, Ashirwad palace, ‘F’ Tower, Bhatar Road, Surat – 395006, Gujarat, India

Date of Birth/Age :

04.09.1966

Qualification :

B. Com.

Date of Appointment :

01.04.2013

DIN No.:

02528442

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	U17297WB1986PLC040991	GINZA INDUSTRIES LIMITED	Managing director	01/04/2013	29/08/1997	-	Active	NO
2	U17290MH2011PLC215134	GINZA LIFESTYLES LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO
3	U17111WB1996PLC079636	TWISTEX INDIA LTD	Director	29/09/2012	22/12/2011	-	Active	NO
4	U17112GJ2007PTC049841	SUNSILK DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	24/09/2013	02/07/2013	-	Active	NO

Name :

Mr. Laxmipat Banthia

Designation :

Whole Time Director

Address :

Flat No. 902, 9^th Floor Wing A, Reema Residency 607, 608, TPSIII CTS 17FP, Shimpoly, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

31.10.1974

Date of Appointment :

01.04.2013

DIN No.:

02464903

Name :

Mr. Mihir Mehta

Designation :

Director

Address :

7th Floor, Gangalaheri, Banganga, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Appointment :

25.09.2014

DIN No.:

00219614

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	U17100MH1937PTC002721	NEW MAHALAXMI SILK MILLS PRIVATE LIMITED	Director	03/03/1979	03/03/1979	-	Active	NO
2	U17100MH1939NPL002965	SYNTHETIC AND ART SILK MILLS ASSOCIATION LIMITED	Director	03/03/1979	03/03/1979	-	Active	NO
3	U51900MH1965PLC013114	RAYEX (INDIA) LIMITED	Director	27/09/2005	27/09/2005	-	Active	NO
4	L17120MH1992PLC068861	DHANLAXMI FABRICS LIMITED	Director	23/09/2006	28/07/2006	20/09/2014	Active	NO
5	U17100MH1956PLC009890	THE RAYON MILLS COMMERCIAL CORPORATION LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO
6	U17297WB1986PLC040991	GINZA INDUSTRIES LIMITED	Director	25/09/2014	27/07/2011	-	Active	NO
7	U80300MH1928GAP001375	VANITA VISHRAM	Director	26/09/2011	26/09/2011	-	Active	NO

Name :

Mr. Ajay Kumar Agarwal

Designation :

Whole Time Director

Address :

A-502, Citiscape, Andheri Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India

Date of Birth/Age :

14.07.1969

Qualification :

Chartered Accountant

Date of Appointment :

01.04.2013

DIN No.:

00278298

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	L17291MH1991PLC063752	PIONEER EMBROIDERIES LIMITED	Whole-time director	15/10/2003	15/10/2003	30/07/2007	Active	NO
2	U74899DL2000PTC104065	MAS EMBROIDERIES PRIVATE LIMITED	Director	31/03/2006	31/03/2006	20/07/2007	Active	NO
3	U17119GJ1986PTC009209	KIRAN INDUSTRIES Private Limited	Director	17/05/2006	17/05/2006	07/08/2007	Active	NO
4	U17291MH1994PLC076439	CRYSTAL LACE (INDIA) LIMITED	Director	07/11/2006	07/11/2006	04/08/2007	Active	NO
5	U70101MH2007PLC169361	PIONEER REALTY LIMITED	Director	29/03/2007	29/03/2007	13/08/2007	Active	NO
6	U18101MH1994PLC082837	GINI & JONY LIMITED	Director	16/09/2008	01/09/2007	31/12/2008	Active	NO
7	U17297WB1986PLC040991	GINZA INDUSTRIES LTD.	Director	01/04/2013	30/11/2010	-	Active	NO
8	U17291MH2012PTC228741	AMBIGUITY TRADING PRIVATE LIMITED	Director	01/06/2012	01/06/2012	-	Active	NO
9	U99999MH1988PTC048503	Buckwise Management Consultants Private Limited	Director	15/02/2013	15/02/2013	-	Active	NO
10	U51909MH2003PTC142336	ACE SIGN IMPEX PRIVATE LIMITED	Director	04/07/2013	04/07/2013	-	Active	NO

Name :

Mr. Abhay Vinodrai Chhapia

Designation :

Additional Director

Address :

70, Vallabh Niwas, Road No.25, Scheme No.6, Opposite D. S. High School, Sion (West), Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

27.10.1958

Date of Appointment :

25.09.2014

DIN No. :

05274546

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	U17297WB1986PLC040991	GINZA INDUSTRIES LIMITED	Director	25/09/2014	04/09/2012	-	Active	NO
2	AAB-0217	AMPIO INDUSTRIES LLP	Designated Partner	17/07/2012	17/07/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2013

Shareholders File Attached

As on 25.09.2013

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	0.06
Bodies corporate	58.28
Directors or relatives of Directors	40.87
Other top fifty shareholders	0.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of all type of textile garments and clothing accessories.

Products :

Item Code No. (ITC Code)	Product Description
62114900	Other garments of other textile materials

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 :

Banker Name	Union Bank of India (As lead bank of union bank consortium)
Branch Address	Abdul Rehman Street Branch, Bhagat Mansion, 1^st, 2^nd and 3^rd Floor, 176/180, Abdul Rehman Street, Mumbai - 400003 , Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans repayable on demand from banks	218.118	227.918
Loans repayable on demand from others	71.085	84.469
SHORT TERM BORROWINGS
Loans repayable on demand from bank	671.430	706.825
Total	960.633	1019.212

Auditors :
Name :	Agarwal Sanganeria and Company Chartered Accountants
Address :	Maker Bhawan 3 Room No. 208 21 New marine Lines behind Aaykar Bhawan Mumbai – 400020, Maharashtra, India
PAN No.:	AADFA8676M
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Twistex India Limited
Subsidiary company :	Ginza lifestyles Limited Sunsilk dyeing and Printing Mills Private Limited

CAPITAL STRUCTURE

As on 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8883106	Equity Shares	Rs.10/- each	Rs. 88.831 Million

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	88.831	88.831	88.831
(b) Reserves & Surplus	680.334	629.075	594.686
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	769.165	717.906	683.517
(3) Non-Current Liabilities
(a) long-term borrowings	378.434	385.915	400.483
(b) Deferred tax liabilities (Net)	133.850	83.172	86.257
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	512.284	469.087	486.740
(4) Current Liabilities
(a) Short term borrowings	671.430	706.825	586.287
(b) Trade payables	297.394	224.720	176.616
(c) Other current liabilities	258.431	218.600	212.951
(d) Short-term provisions	28.345	8.928	3.554
Total Current Liabilities (4)	1255.600	1159.073	979.408
TOTAL	2537.049	2346.066	2149.665
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1215.032	1221.479	1120.978
(ii) Intangible Assets	9.005	3.972	4.144
(iii) Capital work-in-progress	0.000	11.203	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	51.127	24.652	1.177
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.822	12.844	14.738
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1291.986	1274.150	1141.037
(2) Current assets
(a) Current investments	0.000	0.000	1.483
(b) Inventories	495.328	472.961	502.812
(c) Trade receivables	602.524	436.789	376.067
(d) Cash and cash equivalents	20.685	20.373	16.881
(e) Short-term loans and advances	102.081	101.912	64.036
(f) Other current assets	24.445	39.881	47.349
Total Current Assets	1245.063	1071.916	1008.628
TOTAL	2537.049	2346.066	2149.665

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2746.031	2291.766	2059.192
	Other Income	2.964	3.062	1.186
	TOTAL (A)	2748.995	2294.828	2060.378
Less	EXPENSES
	Cost of Materials Consumed	1374.751	1117.796	1162.183
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.346)	28.962	(47.325)
	Employees benefits expense	438.105	328.223	246.195
	Other expenses	486.632	434.602	360.393
	Exceptional Item		2.828	1.260
	TOTAL (B)	2299.142	1912.411	1722.706
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	449.853	382.417	337.672
Less	FINANCIAL EXPENSES (D)	174.924	175.179	155.081
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	274.929	207.238	182.591
Less/ Add	DEPRECIATION/ AMORTISATION (F)	126.992	133.860	114.961
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	147.937	73.378	67.630
Less	TAX (H)	53.104	15.415	17.407
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	94.833	57.963	50.223
	EARNINGS IN FOREIGN CURRENCY	342.284	181.576	109.400
	Earnings / (Loss) Per Share (Rs.)	10.68	3.87	5.65

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.45	2.53	2.44
Operating Profit Margin (PBDIT/Sales)	(%)	16.38	16.69	16.40
Return on Total Assets (PBT/Total Assets}	(%)	5.95	3.18	3.15
Return on Investment (ROI) (PBT/Networth)		0.19	0.10	0.10
Debt Equity Ratio (Total Debt/Networth)		1.36	1.52	1.44
Current Ratio (Current Asset/Current Liability)		0.99	0.92	1.03

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	88.831	88.831	88.831
Reserves & Surplus	594.686	629.075	680.334
Net worth	683.517	717.906	769.165
long-term borrowings	400.483	385.915	378.434
Short term borrowings	586.287	706.825	671.430
Total borrowings	986.770	1092.740	1049.864
Debt/Equity ratio	1.444	1.522	1.365

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	2059.192	2291.766	2746.031
		11.294	19.822

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	2059.192	2291.766	2746.031
Profit	50.223	57.963	94.833
	2.44%	2.53%	3.45%

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

BUSINESS OPERATIONS:

The Company’s gross income for the financial year ended March 31, 2014 increased to Rs. 2745.058 Million, from Rs. 2291.194 Million in the previous year, registering a growth of over 19.81%. The operating profit (PBDITA) of the Company increased by 24.38% to Rs. 449.852 Million during the year, from Rs. 361.671 Million in the previous year. Total Interest and Depreciation was at Rs. 301.916 Million as against Rs. 309.039 Million in the previous year down by 2.30%. The net profit for the year increased by 175.76% to Rs. 94.833 Million from Rs. 34.389 Million in the previous year. The long term Debt Equity ratio of the Company improved to 0.49 as on 31.03.2014 from 0.54 as on 31.03.2013. The net operating Cash Flow position of the company was also positive during the year. The Company's Net worth as on March 31, 2014, stood at Rs. 903.015 Million as against Rs.801.079 Million last year.

Indian textiles industry is a well-established with showing strong features and a bright future. In fact, the country is the second biggest textiles manufacturer worldwide, right after China. The textiles manufacturing business is a pioneer activity in the Indian manufacturing sector and it has a primordial importance in the economic life of the country, which is still predominantly based on the agro-alimentary sector. Employing around 35 million people, textiles industry stands as a major foreign currency revenue generator and further proves it in its 14% share of industrial production and the 16% of export revenues it generated.

Textiles industry is not limited to manufacture and export of garments. The success of Indian textiles lies in effective vertical integrations policies which have helped operators in taming the processes which while lying beyond simple manufacturing exercise do have a serious impact on it, for example, raw material treatment. The company has a cutting edge in the industry due to its diversified product portfolio and in house production and distribution of its production requirement.

Indians have well understood the importance of staying one step ahead of developments in the world economic environment. The industry is now preparing itself to take share of opportunities expected to arise out of the market freed from quota restrictions and other trade barriers. Industry operators are increasingly moving towards modernization and expansion as encouraged by the so-designated Textile Upgradation Fund Scheme implemented by Government. Geared with expanded capacity, the Company is ready for the new opportunities in the expansion strategy direction. The Textile upgradation fund has helped the industry to increase capacity. Such expansion strategies have not only had an impact on production volume, also assisted companies in better providing customized products. Further Maharashtra State Government has also incentivized the textile sector in big way to promote the growth in this sector. The company expects that these steps will increase the investment in textile sector and will result in increased exports.

FUTURE OUTLOOK:

The Company is already creating new benchmarks for itself. The robust growth last year has created new flamboyance for the current year. The expanded capacity with the new garment unit at Ambernath would create additional growth in its exports. The initiation of the brand campaign SOIE on the national level through penetration via print and digital media will provide the desired acceptance of the company brand. The Company already maintaining healthy order flow position with increased acceptance of its product at both national and international level is expected to help the Company to achieve more than 25% growth in revenue. Current Financial Year has started with a positive note. Outlook for most of the units have become more positive. The Company is already leveraging its expertise and effective maintain of manufacturing and financial cost is expected to result into PBT increase by more than 100% during the current year. The ongoing expansion is progressing well and is expected to start contributing in the revenue and profitability from second half of this financial year

Company’s existing infrastructure in terms of quality, product range, marketing network, technical capabilities and dedicated management team has laid the foundation for a much faster growth. The vertical integration taken up by the company in their foray into intimate wears and apparels have been successful. The future of exports as well as domestic brand looks bright and the directors are confident to set fresh milestones in this relatively new field as well.

With focus on adding more value added product lines and consolidating its premium positioning, Ginza is well set on its course to achieve bigger milestones year after year.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans repayable on demand from others	89.231	73.528
Total	89.231	73.528

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10555877	28/02/2015	26,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND, VERAVAL, GUJARAT - 362266, INDIA	C47158415
2	10512241	11/08/2014 *	76,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	ANDHERI BRANCH OFFICE, SHOW ROOM NO. 1 & 2, UPPER GROUND FLOOR, SAMRUDHI VENTURE PARK, MIDC, MUMBAI, MAHARASHTRA - 400093, INDIA	C16355620
3	10471675	10/12/2014 *	339,400,000.00	UNION BANK OF INDIA (AS LEAD BANK OF UNION BANK CO  NSORTIUM)	ABDUL REHMAN STREET BRANCH,BHAGAT MANSION, 1ST,2ND & 3^RD FLOOR, 176/180,ABDUL REHMAN STREET, MUMBAI, MAHARASHTRA - 400003, INDIA	C46079448
4	10353560	05/05/2012	85,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND, VERAVAL, GUJARAT - 362266,  INDIA	B38886156
5	10280584	30/03/2011	255,000,000.00	UNION BANK OF INDIA (LEAD BANK)	ABDUL REHMAN STREET BRANCH, BHAGAT MANSION, 176/180,ABDUL REHMAN STREET, MUMBAI, MAHARASHTRA - 400003, INDIA	B10708477
6	10131494	10/12/2014 *	253,341,647.00	UNION BANK OF INDIA (AS LEAD BANK OF UNION BANK CO  NSORTIUM)	ABDUL REHMAN STREET BRANCH, BHAGAT MANSION, 1ST,2ND & 3RD FLOOR,176/180,ABDUL REHMAN STREET, MUMBAI, MAHARASHTRA - 400003, INDIA	C46102166
7	10106989	10/12/2014 *	760,000,000.00	UNION BANK OF INDIA (AS LEAD BANK OF UNION BANK CO  NSORTIUM)	ABDUL REHMAN STREET BRANCH, BHAGAT MANSION, 1ST,2ND & 3RD FLOOR,176/180,ABDUL REHMAN STREET, MUMBAI, MAHARASHTRA - 400003, INDIA	C46076139

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Other building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Other equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.33
UK Pound	1	Rs. 92.53
Euro	1	Rs. 67.60

INFORMATION DETAILS

Information Gathered by :	NYA
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
--PROFITABILITY	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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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.