MIRA INFORM REPORT

Report No. :	338357
Report Date :	24.08.2015

IDENTIFICATION DETAILS

Name :	NAGREEKA EXPORTS LIMITED

Registered Office :	18, R.N. Mukherjee Road, 6^th Floor, Kolkata – 700001, West Bengal
Tel No.:	91-33-22108828

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	06.03.1989

Com. Reg. No.:	21-046387

Capital Investment / Paid-up Capital :	Rs.62.550 Million

CIN No.: [Company Identification No.]	L18101WB1989PLC046387

TIN No.:	Not Available

IEC No.:	0289003598

TAN No.: [Tax Deduction & Collection Account No.]	CALN02503E

PAN No.: [Permanent Account No.]	AAACN9999A

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturer, Exporter and Supplier of cotton fiber, Yarns, Dyed Yarns, Knit fabrics, woven fabrics and garments.

No. of Employees :	More Than 500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 :	Exist

Comments :	Subject is a part of Nagreeka group. It is involved in manufacturing and trading of textile products such as cotton yarn, knitted fabric, and dyed and bleached cotton yarn. Subject is an established company having satisfactory track record. For the financial year ended 2015, company has registered a sales turnover of Rs. 4,725.266 million with profit of Rs. 50.503 million as compared to previous turnover (2014) of Rs. 6,302.847 million along with a profit of Rs. 48.641 million. Rating takes into account of extensive industry experience of the promoters supported by geographically diverse customer base along with sound business profile of the company. Rating also takes into account of company's sound financial risk profile and above average debt protection metrics of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	15.10.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	15.10.2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. K. N. Bansal
Designation :	Finance Manager
Contact No.:	91-33-22484922
Date :	22.08.2015

LOCATIONS

Registered Office :	18, R.N. Mukherjee Road, 6^th Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22108828 / 22484922 / 4943
Fax No.:	91-33-22481693
E-Mail :	info@nagreeka.com sunil@nagreeka.com rathin@nagreeka.com knbansal@nagreeka.com vinodnagreeka.com
Website :	www.nagreeka.com
Location :	Owned
Locality :	Commercial

Corporate Office 1 :	7, Kala Bhavan 2, Mathew Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23670365 / 61447500
Fax No.:	91-22-23612579 / 23630475
E-Mail :	Info@nagreeka.com salea@nagreeka.com purchase@nagreeka.com

Corporate Office 2 :	21-22, Kala Bhavan, 3, Mathew Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23625977 / 61447500 / 23618873

Factory 1 :	Village Yavluji, Taluka Panhala, District – Kolhapur, Maharashtra, India

Factory 2 :	Plot No. T-48, MIDC, Kagal-Hatkanangale, Five Star Industrial Area, Village : Talandage, Taluka : Hatkanangale, District : Kolhapur, Maharashtra, India

DIRECTORS

As on 31.03.2014

Name :	Mr. Sushi Patwari
Designation :	Chairman and Managing Director
Date of Birth/Age :	20.08.1954
Qualification :	B. Com (H)
Date of Appointment :	06.03.1989

Name :	Mr. Sunil Patwani
Designation :	Vice Chairman and Managing Director

Name :	Mr. Kailash Chandra Purohit
Designation :	Whole – time Director
Date of Birth/Age :	18.06.1932
Qualification :	B. Tech
Date of Appointment :	30.06.2001

Name :	Mr. Mohan Kishen Ogra
Designation :	Director
Date of Birth/Age :	15.09.1930
Qualification :	Graduate (Maths and Stastic)
Date of Appointment :	30.06.2001

Name :	Mr. Bibhuti Charan Talukdar
Designation :	Director

Name :	Mr. Mahendra Patwari
Designation :	Whole-time Director
Date of Birth/Age :	15.03.1963
Qualification :	B. E. from IIT
Date of Appointment :	01.07.2004

Name :	Mr. Rajendra Mahavirprasad Ruia
Designation :	Director

Name :	Mr. Mahabir Prasad Periwal
Designation :	Director
Date of Birth/Age :	12.08.1944
Qualification :	Graduate
Date of Appointment :	07.08.2008

KEY EXECUTIVES

Name :	Mr. K. N. Bansal
Designation :	Finance Manager

SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4472300	35.78
Bodies Corporate	2105186	16.84
Sub Total	6577486	52.62
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6577486	52.62
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3300	0.03
Financial Institutions / Banks	300	0.00
Foreign Institutional Investors	300	0.00
Qualified Foreign Investor	500	0.00
Sub Total	4400	0.04
(2) Non-Institutions
Bodies Corporate	2185718	17.49
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2441047	19.53
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1079053	8.63
Any Others (Specify)	211996	1.70
Clearing Members	7088	0.06
Non Resident Indians	204908	1.64
Sub Total	5917814	47.34
Total Public shareholding (B)	5922214	47.38
Total (A)+(B)	12499700	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)	12499700	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of cotton fiber, Yarns, Dyed Yarns, Knit fabrics, woven fabrics and garments.

Products :

Product Description	Item Code No. (ITC Code)
Cotton Yarn	52.05
Knitted Fabric	60.20

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

China
Bangladesh
Turkey

Imports :

Not Divulged

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

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
Remark :	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
Remark :	Not Divulged

No. of Employees :

More Than 500 (Approximately)

Bankers :

ING VYSYA Bank Limited – Overseas Branch, Mumbai, Maharashtra, India
Oriental Bank of Commerce – Overseas Branch, Kolkata, West Bengal, India
State Bank of Patiala – Commercial Branch, Mumbai, Maharashtra, India
Allahabad Bank – Industrial Finance Branch, Kolkata, West Bengal, India
ICICI Bank Limited – R.N. Mukherjee Road Branch, Kolkata, West Bengal, India
Canara Bank - Bandra- Kurla Complex, Mumbai, Maharashtra, India
Canara Bank – Overseas Branch, Mumbai Maharashtra, India

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
LONG TERM BORROWING
Term loan from bank	NA	802.441
SHORT TERM BORROWING
Working capital loans from bank	NA	1405.292
Total	NA	2207.733

NOTES (AS ON 31.03.2014)

Long Term Borrowing

7500) Maturity Profile

	Within 1-2 Year	Within 2-3 Year	Within 3-4 Year	Beyond 4 Year
Term Loans from Bank	152.608	149.064	131.141	217.202

ii) Rupee Term loan from Canara Bank – Kolkata, Oriental Bank of Commerce – Kolkata and State Bank of Patiala – Mumbai is secured by

(a) an equitable mortgage ranking pari passu inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its spinning unit premises at Village : Yavluj, District : Kolhapur, Maharashtra and

(b) by way of hypothecation ranking pari passu inter-se of all movable properties of the company both present and future including movable machineries, spares, tools and accessories (save and except book debts) subject to prior charges created or to be created in favor of the Company’s Bankers, on its stock of Raw Materials, finished goods, consumable stores, book debts and such other movables as may be specifically permitted by the institutions in writing, to secure borrowings for working capital requirements and

iii) Working Capital Term Loan from Canara Bank, Overseas Branch, Kolkata is secured by way of :

(a) hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharastra and stock-in-trade at trading unit Kolkata,

(b) Second charge on immovable properties of the company relating to above mentioned spinning unit, and

iv) For the above loan a ecuritization agreement entered in between the Company, AXIS Bank Limited and the above lenders.

V) Rupee Term loan from Canara Bank – Kolkata is secured by

(a) an equitable mortgage ranking exclusive charges inter-se by deposit of title deeds of all the immovable properties of the company both present and future, relating to its Dying and Bleaching unit premises at Village : Kagla, District : Kolhapur, Maharastra

(b) all the existing securities for other regular limits will be available as co-lateral security on pari pasu basis

Short Term Borrowing

7500) Working Capital Loan from Canara Bank, Overseas Branch, Kolkata and Mumbai , Oriental Bank of Commerce, Overseas Branch, Kolkata, Allahabad Bank, Industrial Finance Branch, Kolkata, State Bank of Patiala – Commercial Branch, Mumbai and ICICI Bank Limited, Kolkata are secured by way of :

(a) First charge by way of hypothecation of stock of Raw materials, Work-in-process, finished goods and book debts relating to spinning unit at Village : Yavluj, District : Kolhapur, Maharastra and stock-in-trade at trading unit Kolkata, both present and future in a form and manner satisfactory to the bank, ranking pari pasu with each other participating working capital banks.

(b) Second charge on all the fixed assets of the company, both present and future ranking pari pasu with each other participating working capital banks.

Auditors :
Name :	Das and Prasad Chartered Accountants
Address :	4, Chowringhee Lane, Kolkata – 700001, West Bengal, India

Memberships :	--

Collaborators :	--

Associate Company (AS ON 31.03.2014):	Nagreeka Capital and Infrastructure Limited Nagreeka Foils Limited Nagreeka Synthetics Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued Subscribed & Paid-up Capital : Rs.62.550 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

30000000	Equity Shares	Rs.5/- each	Rs.150.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount

12510000	Equity Shares	Rs.5/- each	Rs.62.550 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

12499700	Equity Shares	Rs.5/- each	Rs.62.498 Million
	Add : 10300 Equity Forfeited Shares		Rs.0.052 Million
	Total		Rs.62.550 Million

Reconciliation of the number of shares

Equity Shares	Number of Shares	Rs. In Million

Shares Outstanding at April 1, 2012	12499700	62.498
Shares Outstanding at March 31, 2013	12499700	62.498

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

Name of Shareholder	Number of Shares	% holding
Mala Patwari	891700	7.13%
Sunil Patwari	712000	5.70%
Nagreeka Synthetics Private Limited	940270	7.52%

The Company has one class of equity share having a par value of Rs.5 per share. Each shareholder is eligible for one vote per share held.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	62.550	62.550	62.550
(b) Reserves & Surplus	925.486	876.328	834.999
(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)	988.036	938.878	897.549

(3) Non-Current Liabilities
(a) long-term borrowings	653.691	802.441	867.708
(b) Deferred tax liabilities (Net)	179.260	184.485	160.950
(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)	832.951	986.926	1028.658

(4) Current Liabilities
(a) Short term borrowings	1227.376	1405.292	1131.966
(b) Trade payables	237.582	226.055	224.460
(c) Other current liabilities	111.870	186.451	114.822
(d) Short-term provisions	13.885	36.383	26.155
Total Current Liabilities (4)	1590.713	1854.181	1497.403

TOTAL	3411.700	3779.985	3423.610

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1292.367	1325.152	1362.275
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	21.953	16.452	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	142.434	142.434	142.434
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	40.983	32.828	38.580
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1497.737	1516.866	1543.289

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	713.918	939.341	826.455
(c) Trade receivables	226.438	285.882	133.511
(d) Cash and cash equivalents	14.824	19.191	23.354
(e) Short-term loans and advances	958.783	1018.705	897.001
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1913.963	2263.119	1880.321

TOTAL	3411.700	3779.985	3423.610

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	4725.266	6,302.847	6,418.391
		Other Income	58.689	46.425	30.275
		TOTAL (A)	4783.955	6,349.272	6,448.666

Less	EXPENSES
		Cost of Materials Consumed	80.865	1,512.509	1,324.123
		Purchases of Stock-in-Trade	1326.736	3,676.226	3,828.515
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2195.939	(59.305)	124.003
		Employees benefits expense	178.956	162.396	125.660
		Other expenses	684.323	658.793	699.294
		TOTAL (B)	4466.819	5,950.619	6,101.595

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		317.136	398.653	347.071

Less	FINANCIAL EXPENSES (D)		211.277	198.555	212.133

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)		105.859	200.098	134.938

Less/ Add	DEPRECIATION/ AMORTISATION (F)		60.685	99.284	70.529

	PROFIT BEFORE TAX (E-F) (G)		45.174	100.814	64.409

Less	TAX (H)		(5.329)	52.173	20.222

	PROFIT AFTER TAX (G-H) (I)		50.503	48.641	44.187

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	138.533	101.656

Less	APPROPRIATIONS
		Proposed Dividend	NA	6.249	6.249
		Income tax on Dividend	NA	1.062	1.062
	BALANCE CARRIED TO THE B/S		NA	179.863	138.532

	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	NA	NA	3,018.436
	TOTAL EARNINGS		NA	NA	3,018.436

	Earnings Per Share (Rs.)		4.04	3.89	3.54

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	(103.545)	118.301
Net Cash Flow from / (used in) Operating Activities	NA	(122.976)	106.665

QUARTERLY RESULTS

Particulars			30.06.2015 (Unaudited)
			1^st Quarter
Net Sales			1195.900
Total Expenditure			1131.030
PBIDT (Excl OI)			64.870
Other Income			11.790
Operating Profit			76.660
Interest			48.880
Exceptional Items			NA
PBDT			27.780
Depreciation			15.120
Profit Before Tax			12.660
Tax			NA
Provisions and contingencies			NA
Profit After Tax			12.660
Extraordinary Items			NA
Prior Period Expenses			NA
Other Adjustments			NA
Net Profit			12.660

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	1.07	0.77	0.69

Operating Profit Margin (PBDIT/Sales)	(%)	6.71	6.32	5.41

Return on Total Assets (PBT/Total Assets}	(%)	1.39	2.78	1.96

Return on Investment (ROI) (PBT/Networth)		0.05	0.11	0.07

Debt Equity Ratio (Total Debt /Networth)		1.90	2.35	2.23

Current Ratio (Current Asset/Current Liability)		1.20	1.22	1.26

STOCK PRICES

Face Value	Rs.5/-
Market Value	Rs.28.50/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	62.550	62.550	62.550
Reserves & Surplus	834.999	876.328	925.486
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	897.549	938.878	988.036

long-term borrowings	867.708	802.441	653.691
Short term borrowings	1131.966	1405.292	1227.376
Total borrowings	1999.674	2207.733	1881.067
Debt/Equity ratio	2.228	2.351	1.904

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6418.391	6302.847	4725.266
		(1.800)	-25.030

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6418.391	6302.847	4725.266
Profit	44.187	48.641	50.503
	0.69%	0.77%	1.07%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF CALCUTTA - ORIGINAL SIDE
CASE STATUS INFORMATION SYSTEM

Case Status :	Pending
Status Of :	APPEAL FROM DECREE (APD) 208 Of 2015
Litigants :	PUBALI BANK LTD. Vs. NAGREEKA EXPORTS LIMITED. & ORS,.
Pet's Adv :	FOX & MONDAL
Res's Adv :
Last Date of Hearing :	Tuesday, May 05, 2015
Next / Final Date of Hearing :	Monday, May 11, 2015
Case Updated On :	Friday, June 12, 2015
Category :	MONEY CLAIMS/COMPENSATION/DAMAGES/MESNE PROFITS

Connected Application(s)

No Connected Application

Connected Matter(s)

No Connected Cases

COMPANY OVERVIEW (AS ON 31.03.2014):

The Company was incorporated on 6th March, 1989 under the laws of republic of India and has its registered office at Kolkata, West Bengal. The company is engaged in manufacturing and export of cotton yarn and other various merchandise. The shares of the company are listed in National Stock Exchange. Company has set up 100% export oriented unit with the state of art, Plant with manufacturing capacity of 55440 spindles at Kolhapur in Maharashtra. The company has also set up yarn dying and cotton bleaching plant at Kagal Kolhapur. The Company was also awarded International standard Organization certificate for export performance. The company's marketing network is spread over in various countries. The Company is also doing trading of cotton yarn and various commodities. The company is Merchant exporter also.

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10361339	07/06/2012 *	584,400,000.00	CANARA BANK	OVERSEAS BRANCH, 2/1 RUSSEL STREET, KOLKATA, WEST BENGAL - 700071, INDIA	B42471334
2	10291360	14/05/2011	658,300,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, ATLANTA, FIRST FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B14696447
3	10280260	26/03/2011	200,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE RO AD, 4TH FLOOR, KOLKATA, WEST BENGAL - 700001, INDI A	B10532141
4	10224705	14/05/2010	400,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE RO AD, 4TH FLOOR, KOLKATA, WEST BENGAL - 700001, INDI A	A87611406
5	10167712	30/06/2009	75,000,000.00	CANARA BANK	OVERSEAS BRANCH, 2/1, RUSSEL STREET, KOLKATA, WES T BENGAL - 700071, INDIA	A66193087
6	10123576	19/10/2006	1,319,840,000.00	UTI BANK LTD	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, IN DIA	A05693890
7	10077469	15/05/2012 *	3,284,500,000.00	AXIS BANK LIMITED	AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND,, PANDUR ANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400 025, INDIA	B39648290
8	80014430	12/02/2015 *	275,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, (LORD'S BUILDING), 7/1, LORD SIN HA ROAD (GROUND FLOOR), KOLKATA, WEST BENGAL - 700 071, INDIA	C45716115
9	90254762	06/10/2005	150,000,000.00	STATE BANK OF PATIALA	1ST FLOOR ; NARIMAN POINT, MUMBAI, MAHARASHTRA - 4 00021, INDIA	-
10	90254736	29/06/2009 *	244,600,000.00	CANARA BANK	OVERSEAS BRANCH, 2/1, RUSSEL STREET, KOLKATA, WES T BENGAL - 700071, INDIA	A66193012

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30^TH JUNE, 2015

Particulars	Quarter Ended ( Unaudited)
	30.06.2015

1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	1195.900
b) Other operating income	0.000
Total income from Operations(net)	1195.900
2.Expenditure
a) Cost of material consumed	155.667
b) Purchases of stock in trade	297.918
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	469.979
d) Employees benefit expenses	38.768
e) Depreciation and amortization expenses	15.124
f) Other expenditure	168.696
Total expenses	1146.153
3. Profit from operations before other income and financial costs	49.748
4. Other income	11.786
5. Profit from ordinary activities before finance costs	61.534
6. Finance costs	48.878
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	12.656
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	12.656
10.Tax expenses	0.00
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	12.656
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	12.656
14.Paid-up equity share capital (Nominal value Rs.5/- each)	925.486
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--
16.i) Earnings per share (before extraordinary items)
(a) Basic	1.01
(b) Diluted	1.01

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	5922214
- Percentage of shareholding	47.38
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NIL
Percentage of shares (as a % of total share capital of the company)	NIL

b) Non Encumbered
Number of shares	6577486
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	52.62
Percentage of shares (as a % of total share capital of the company)	100

B. Investor Complaints
Pending at the beginning of the quarter	NIL
Receiving during the quarter	--
Disposed of during the quarter	--
Remaining unreserved at the end of the quarter	NIL

NOTE:

The above financial results have been reviewed by Audit Committee at its meeting held on August 12, 2015 and approved by the Board of Directors at its meeting held on the same day.

The Statutory Auditors of the Company have carried out the Limited review of the above financial results.

Provision for Income Tax for the quarter under review was not mode in view of MAT credit available for adjustment to final tax liability and deffered tax provision will be made at year end.

The Company has only one business segment i.e. Textiles and thus no further disclosure are required in accordance with accounting standard 17 on Segment reporting

Previous period's figures have been rearranged/regrouped wherever necessary

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 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.65.83
UK Pound	1	Rs.103.39
Euro	1	Rs.74.27

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	KAR

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.

MIRA INFORM REPORT

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