MIRA INFORM REPORT

Report No. :	354236
Report Date :	11.12.2015

IDENTIFICATION DETAILS

Name :	BANNARI AMMAN SPINNING MILLS LIMITED
Registered Office :	252, Mettupalayam Road, Coimbatore – 641043, Tamilnadu
Tel. No.:	91-422-2435555
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	10.07.1989
Com. Reg. No.:	18-002476
Capital Investment / Paid-up Capital :	Rs.157.543 Million
CIN No.: [Company Identification No.]	L17111TZ1989PLC002476
IEC No.:	3296003703
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB8513A
Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture of Cotton Yarn, woven and knitted fabrics, processing of fabrics, garments, and wind power generation for captive consumption. [Registered Activity]
No. of Employees :	2756 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 7300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was established in the year 1989 and it is engaged in the manufacturing of cotton yarn, woven and coated fabrics. The company is also engaged in the activities of wind power generation. For the financial year ended 2015, revenue of the company has marginally declined by 2.70% whereas, net profit has drastically declined by 59.37% during the year under review. Rating continue to factor in the company’s established track record with competitive position in the cotton spinning industry, experience of the promoters & management in this line of business and partly integrated nature of operations. Rating also takes into consideration its satisfactory financial base supported by its adequate net worth base and sound debt coverage indictors. Rating strength is partially offset by the susceptibility of the profit margins to the inherent volatility associated with the cotton & yarn prices, cyclicality associated with the textile industry, concentrated revenue profile driven predominantly by spinning and the continued investments towards the capital expenditure. Trade relations are reported as fair. Payments are reported to be regular and asper commitment. In view of aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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=A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	25.09.2014

Rating Agency Name	CARE
Rating	Short term bank facilities=A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	25.09.2014

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 31-03-2015.

LOCATIONS

Registered Office :	252, Mettupalayam Road, Coimbatore – 641043, Tamilnadu, India
Tel. No.:	91-422-2435555
Fax No.:	91-422-2434446
E-Mail :	shares@bannarimills.com
Website :	http://www.bannarimills.com
Spinning Unit :	· NaduKandanur Pirivu, Morepatty Post adamadurai, Dindigul – 624802, Tamilnadu, India · Velvarkottai, Dindigul Trichy National Highway 45, Vedasandur Taluk, Dindigul – 624803, Tamilnadu, India
Weaving Unit :	Karanampet - Paruvai Road, Paruvai Post, Coimbatore – 641658, Tamilnadu, India
Technical Textile Unit :	Kovai – Sathy Main Road, Kunnathur Village, Ganesapuram Post, S S Kulam (Via) Coimbatore – 641107, Tamilnadu, India
Processing Unit :	Factory H-11, E-12 & R-44, SIPCOT Industrial Growth Estate Perundurai, Erode – 638052, Tamilnadu, India
Garment Unit :	Palladam Hitech Weaving Park, Sukkampalayam Village, K N Puram (Po) Palladam – 641662, Tamilnadu, India
Windmill Unit :	· Irukandurai and Dhanakarkulam Villages, Radhapuram Taluk, Tirunelveli District, Tamilnadu, India · Chinnapudur Village, Dharapuram Taluk Erode District, Tamilnadu, India · Melkaraipatti and Kottathurai Villages, Palani Taluk Dindigul District, Tamilnadu, India · Virugalpatti and Illuppanagaram Village, Udumelpet Taluk Tirupur District, Tamilnadu, India

DIRECTORS

AS ON 31.03.2015

Name :	Mr. S. V. Arumugam
Designation :	Chairman and Managing Director
Name :	Mr. K N V Ramani
Designation :	Director
Name :	Mr. C. S. K. Prabhu
Designation :	Director
Name :	Dr. K R Thillainathan
Designation :	Director
Name :	Mr. S. Palaniswami
Designation :	Director
Name :	Mr. K. Sadhasivam
Designation :	Director
Name :	Mrs. S Sihamani
Designation :	Director

KEY EXECUTIVES

Name :	MR. A Senthil
Designation :	Chief Executive Officer
Name :	Mr. N Krishnaraj
Designation :	Company Secretary
Name :	Mr. C S Balakumar
Designation :	Chief Financial Officer

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	168017	1.07
Bodies Corporate	8583233	54.48
Sub Total	8751250	55.55
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	8751250	55.55
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	2600585	16.51
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	1138756	7.23
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	2804078	17.80
Any Others (Specify)	459600	2.92
Clearing Members	60350	0.38
Non Resident Indians	91170	0.58
Hindu Undivided Families	308080	1.96
Sub Total	7003019	44.45
Total Public shareholding (B)	7003019	44.45
Total (A)+(B)	15754269	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)	15754269	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Cotton Yarn, woven and knitted fabrics, processing of fabrics, garments, and wind power generation for captive consumption. [Registered Activity]
Products :	Cotton Yarn Woven Coated Fabrics Knitted Fabrics
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark :	Not Available

Customers :

Company Name :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark :	Not Available

No. of Employees :

2756 (Approximately)

Bankers :

Banker Name :	The Karur Vysya Bank Limited
Branch :	Not Available
Person Name (With Designation) :	Not Available
Contact Number :	Not Available
Name of Account Holder :	Not Available
Account Number :	Not Available
Account Since (Date/Year of Account Opening) :	Not Available
Average Balance Maintained :	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Available
Account Operation :	Not Available
Remark :	Not Available

• Corporation Bank
• ICICI Bank Limited
• Oriental Bank of Commerce
• Indian Overseas Bank
• Bank of Maharashtra
• Indian Bank
• IDBI Bank
• Allahabad Bank

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
ICICI Bank	160.000	240.000
Corporation Bank	36.128	76.128
Bank of Maharashtra	109.375	171.875
Oriental Bank of Commerce	280.884	468.386
Indian Bank	890.683	478.641
Indian Overseas Bank	365.649	588.556
SIPCOT Soft Loan	206.698	0.000
Short Term Borrowings
Loans repayable on demand - from banks	1533.375	1781.771
Total	3582.792	3805.357

Auditors :
Name :	P N Raghavendra Rao and Company Chartered Accountants
Address :	Coimbatore – 641009, Tamilnadu, India
Internal Auditors :
Name :	B M and Associates Chartered Accountants
Address :	Coimbatore – 641014, Tamilnadu, India
Cost Auditors :
Name :	M Nagarajan Cost Accountant
Address :	Coimbatore – 641018, Tamilnadu, India
Collaborators :	Not Available
Membership :	Not Available
Related Parties :	· Shiva Texyarn Limited · Anamallais Automobiles Private Limited · Annamallai Infrastructures Limited · Young Brand Apparel Private Limited · Bannari Amman Flour Mill Limited · Sakthi Murugan Transports Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs.160.000 Million
50000	Cumulative Preference Shares	Rs.100/- each	Rs.5.000 Million
	Total		Rs.165.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15754269	Equity Share	Rs.10/- each	Rs.157.543 Million

Reconciliation of shares outstanding at the beginning and at the end of the reporting period

Name of the Share holder	As at 31.03.2015
	No. of shares	Amount in Million
Equity Shares
At the beginning of the period	1,57,54,269	157.543
At the end of the period	1,57,54,269	157.543

Terms/rights attached to the equity shares

The company has issued only one class of equity shares having a par value of Rs.10 per equity share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by Board of Directors is subject to the approval of Shareholders in the ensuing Annual General Meeting.

Details of shareholders holding more than 5% shares in the company.

Name of the Share holder	As at 31.03.2015
	No. of shares	% of holding
Equity Shares
Murugan Enterprises Private Limited	78,03,733	49.53
Gagandeep Credit Capital Private Limited	9,87,475	6.27

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	157.543	157.543	157.542
(b) Reserves & Surplus	2376.429	2271.063	1992.246
(c) Money received against share warrants	0.000	0.000	0.000
(2) Deferred Income pending apportionment	8.931	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2542.903	2428.606	2149.788
(3) Non-Current Liabilities
(a) long-term borrowings	2058.425	2035.626	2483.936
(b) Deferred tax liabilities (Net)	732.060	668.886	524.071
(c) Other long term liabilities	12.189	11.857	10.887
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2802.674	2716.369	3018.894
(4) Current Liabilities
(a) Short term borrowings	1728.266	1781.771	663.210
(b) Trade payables	594.609	385.002	328.204
(c) Other current liabilities	709.743	743.374	732.581
(d) Short-term provisions	43.858	47.415	46.591
Total Current Liabilities (4)	3076.476	2957.562	1770.586
TOTAL	8422.053	8102.537	6939.268
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4396.597	4400.453	4422.841
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	498.385	21.473	69.633
(iv) Foreign currency monetary items translation reserve a/c	5.124	17.247	32.083
(b) Non-current Investments	269.129	239.122	226.671
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	533.505	433.531	354.516
(e) Other Non-current assets	23.492	23.492	26.492
Total Non-Current Assets	5726.232	5135.318	5132.236
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1534.561	1833.520	908.501
(c) Trade receivables	739.923	672.181	446.436
(d) Cash and cash equivalents	135.752	208.097	218.988
(e) Short-term loans and advances	224.801	180.749	184.871
(f) Other current assets	60.784	72.672	48.236
Total Current Assets	2695.821	2967.219	1807.032
TOTAL	8422.053	8102.537	6939.268

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	6804.236	6996.507	5597.151
		Other Income	13.067	10.590	10.925
		TOTAL (A)	6817.303	7007.097	5608.076
Less	EXPENSES
		Cost of materials consumed	4520.505	4383.916	3197.467
		Purchases of stock-in-trade	204.631	293.305	65.740
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(49.759)	(168.953)	104.271
		Employee benefits expenses	343.587	318.371	256.869
		Other expenses	989.516	991.341	838.440
		Exceptional Items	(11.302)	0.000	0.000
		TOTAL (B)	5997.178	5817.980	4462.787
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		820.125	1189.117	1145.289
Less	FINANCIAL EXPENSES (D)		362.063	378.606	380.481
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		458.062	810.511	764.808
Less	DEPRECIATION/ AMORTISATION (F)		266.624	350.015	357.566
	PROFIT /(LOSS) BEFORE TAX (E-F) (G)		191.438	460.496	407.242
Less	TAX (H)		63.175	144.815	134.061
	PROFIT /(LOSS) AFTER TAX (G-H) (I)		128.263	315.681	273.181
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		154.009	75.192	(61.125)
Less	APPROPRIATIONS
		Dividends proposed to be distributed to equity shareholders	23.631	31.509	31.509
		Tax on dividend	4.811	5.355	5.355
		Transfer to General Reserve	100.000	200.000	100.000
	BALANCE CARRIED TO THE B/S		153.830	154.009	75.192
	EARNINGS IN FOREIGN CURRENCY		2997.385	2911.429	2323.060
	IMPORTS
		Raw Materials	300.109	233.771	337.031
		Capital Goods & Spares	207.619	123.469	117.487
	TOTAL IMPORTS		507.728	357.240	454.518
	Earnings Per Share (Rs.)		8.14	20.04	17.34

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	643.650	660.500	676.150
Cash generated from operations	1182.738	119.065	1096.246
Net cash from operations	1129.746	41.692	1033.394

QUARTERLY RESULTS

Particulars	30.06.2015 (Unaudited)	30.09.2015 (Unaudited)
	1^st Quarter	2^nd Quarter
Net sales	1764.030	2060.790
Total Expenditure	1515.680	1769.560
PBIDT (Excluding Other Income)	248.350	291.230
Other income	NA	NA
Operating Profit	248.350	291.230
Interest	89.700	291.230
Exceptional Items	NA	NA
PBDT	158.650	197.530
Depreciation	70.560	77.850
Profit Before Tax	88.090	119.680
Tax	28.190	40.380
Provisions and contingencies	NA	NA
Profit after tax	59.900	79.300
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	59.900	79.300

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	1.89	4.51	4.88
Operating Profit Margin (PBDIT/Sales)	(%)	12.05	17.00	20.46
Return on Total Assets (PBT/Total Assets)	(%)	2.50	5.89	6.16
Return on Investment (ROI) (PBT/Networth)		0.08	0.19	0.19
Debt Equity Ratio (Total Debt /Networth)		1.74	1.84	1.78
Current Ratio (Current Asset/Current Liability)		0.88	1.00	1.02

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.260.50/-

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	157.542	157.543	157.543
Reserves & Surplus	1992.246	2271.063	2376.429
Deferred Income pending apportionment	0.000	0.000	8.931
Net worth	2149.788	2428.606	2542.903
long-term borrowings	2483.936	2035.626	2058.425
Short term borrowings	663.210	1781.771	1728.266
Current Maturities of Long term debt	676.150	660.500	643.650
Total borrowings	3823.296	4477.897	4430.341
Debt/Equity ratio	1.778	1.844	1.742

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	5597.151	6996.507	6804.236
		25.001	(2.748)

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	5597.151	6996.507	6804.236
Profit	273.181	315.681	128.263
	4.88%	4.51%	1.89%

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	No
8	Designation of contact person	No
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)	No
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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF OPERATIONS

The overall turnover of the Company has decreased by 2.50% in turnover as compared to the previous year, mainly due to lower off take of finished goods in the market. There is no change in the nature of Business of the Company.

Spinning Division

During the year, the Spinning Mills produced 22054.34 tonnes (20700.32 tonnes) inclusive of purchased quantity 885.25 tonnes (1378.53 tonnes) of Yarn and sold 20818.38 tonnes (21050.40 tonnes) of Yarn.

The sales include 11195.79 tonnes (10732.84 tonnes) by way of Export. The total sales of this division amounted to Rs.4893.122 million (Rs.5236.613 million) of which export sales amounted to Rs.2539.885 million (Rs.2545.437 million) constituting 51.91% (48.60%) of the total sales.

Weaving Division

The Weaving Division specializes in manufacturing wider-width cotton fabric. During the year, 96.40 Lakh Metres (76.23 Lakh Metres) of Fabric were produced and 88.85 Lakh Metres (71.59 Lakh Metres) of Fabric were sold.

Knitting Division

During the year, 3176.25 tonnes (1672.42 tonnes) of Knitted fabric were produced and 3224.01 tonnes (1529.40) tonnes were sold. The total sales of this division amounts to Rs.736.793 million (Rs.364.095 million) of which export sales amounted to Rs.137.013 million (Rs.80.607 million). Processing Division and Technical Textiles Division

During the year, 768.54 tonnes (583.32 tonnes) of fabrics were processed and the total processing charges of this division amounts to Rs.61.462 million (Rs.46.413 million).

Garment Division

During the year, 9.10 lakhs (7.46 lakhs) pieces of Garments were produced and sold 8.68 lakhs (7.09 lakhs) pieces. The total sales of this division amounts to Rs.357.256 million (Rs.319.249 million) of which export sales amounted to Rs.353.338 million (Rs.314.325 million).

Wind Mill Division

The company has 4 windmills of 1250 KW each totaling 5 MW in Radhapuram Taluk, Tirunelveli District, Tamilnadu, 25 Nos windmills, each of 800 KW capacity totaling 20 MW capacity in Dharapuram Taluk, Tirupur District and Palani Taluk, Dindigul District, Tamilnadu and 3 Windmills of 1650 KW each in Kongalnagaram, Udumalpet Taluk, Tirupur District, Tamilnadu. The total installed capacity of Windmills is 29.95 MW and the whole of the power generated is captively consumed by the Spinning and Weaving Unit.

The windmills produced 449.40 Lakh units of power as against 492.39 Lakh units produced in the last year.

MANAGEMENT DISCUSSION AND ANALYSIS

COMPANY'S BUSINESS

The Company's business is manufacture of Cotton Yarn, woven and knitted fabrics, processing of fabrics, garments, and wind power generation for captive consumption. Substantial portion of cotton yarn and the entire garment production are exported to various countries. Entire green power generated by windmills is being captively consumed.

The Company has two modern spinning units near Dindigul, Tamilnadu with installed capacity of 1,44,240 Spindles, Weaving unit located at Karnempettai near Palladam, Tamilnadu with installed capacity of 147 Looms, Processing unit located at SIPCOT Industrial Growth Center, Perundurai, Tamilnadu with installed capacity to process 3600 tonnes of fabrics per annum, Knitting unit near Karnempettai, Palladam Tamilnadu with installed capacity to produce 7200 tonnes of Knitted Fabrics per annum, Garments unit located at Palladam Hi-tech Weaving Park, Palladam, Tamilnadu with a capacity to produce 12 Lakh pieces of Garments per annum and 32 Windmills with installed capacity of 29.95 MW power.

INDUSTRY STRUCTURE AND DEVELOPMENT:

India's textile sector is one of the mainstays of the national economy. It is also one of the largest contributing sectors of India's exports contributing around 13 per cent to the country's total exports basket and the textile industry contributes 4 percent to the GDP. The textiles industry is labour intensive and is one of the largest employment providers.

India is one of the world's largest producers of textiles and garments. Abundant availability of raw materials as well as skilled workforce had made the country a sourcing hub. It is the world's second largest producer of textiles and garments. The Indian textiles industry accounts for about 24% of the world's spindle capacity. The potential size of the Indian textiles and apparel industry is expected to reach US$ 223 billion by 2021.

The close linkage of the Industry to agriculture and the ancient culture, the traditions of the country make the Indian textiles sector unique in comparison to the textiles industry of other countries. This also provides the industry with the capacity to produce a variety of products suitable to the different market segments, both within and outside the country.

OUTLOOK

The Indian cotton textile sector that has not been faring quite well for the past few years could see some stability in the current financial year. The sector would maintain an overall stable outlook led by stable spinning margins in the cotton yarn segment, range-bound cotton prices and favourable domestic market conditions and it is expected to pick up this year on account of improving economic sentiments.

However, the outlook for cotton yarn exporters is negative due to a slowdown in demand for yarn particularly from

China, leading to softer yarn realizations and lower capacity utilization.

Government's initiatives to revive manufacturing industry with textile as key segment in its 'Make in India' program also adds to the positive outlook for the sector. Notably, Capital investments in the textile sector is witnessing a revival with projects worth hundreds of crore of rupees being announced in the past six months. Several of these projects are scheduled to come online over the next couple of years, adding capacity in the sector when consumer demand is expected to fully revive from the current slump.

UNSECURED LOAN:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Long-term maturities of finance lease obligations	9.008	12.040
Short Term Borrowings
Loans repayable on demand	194.891	0.000
Total	203.899	12.040

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2015

(Rs. In Million)

Particulars	Quarter ended		Half Year Ended
	30.09.2015	30.06.2015	30.09.2015
	UNAUDITED
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	2011.957	1737.653	3749.610
b) Other operating income	48.833	26.375	75.208
Total income from Operations(net)	2060.790	1764.028	3824.818
2.Expenditure
a) Cost of material consumed	1219.627	1056.399	2276.026
b) Purchases of stock in trade	166.644	104.249	270.893
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	2.706	(37.138)	(34.432)
d) Employees benefit expenses	110.062	98.013	208.075
e) Depreciation and amortization expenses	77.852	70.558	148.409
f) Other expenditure	270.527	294.157	564.684
Total expenses	1847.418	1586.238	3433.656
3. Profit from operations before other income and financial costs	213.372	177.790	391.162
4. Other income	--	--	--
5. Profit from ordinary activities before finance costs	213.372	177.790	391.162
6. Finance costs	93.696	89.697	183.393
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	119.676	88.093	207.769
8. Exchange Currency Fluctuation Loss/ (Gain)	--	--	--
9. Profit from ordinary activities before tax Expense:	119.676	88.093	207.769
10.Tax expenses	40.374	28.190	68.564
11.Net Profit / (Loss) from ordinary activities after tax	79.303	59.903	139.206
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period	79.303	59.903	139.206
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	157.543	157.543	157.543
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 and diluted	5.03	3.80	8.84
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	7003019	7003019	7003019
- Percentage of shareholding	44.45%	44.45%	44.45%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil	Nil	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil	Nil	Nil
Percentage of shares (as a % of total share capital of the company)	Nil	Nil	Nil
b) Non Encumbered
Number of shares	8751250	8751250	8751250
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	55.55%	55.55%	55.55%
Percentage of shares (as a % of total share capital of the company)	100.00%	100.00%	100.00%
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

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2015

Rs. In Million

SOURCES OF FUNDS	30.09.2015 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	157.543
(b) Reserves & Surplus	2515.635
(c) Deferred Income pending apportionment	8.668
Sub-total Shareholders’	2681.846
(2) Non-Current Liabilities
(a) long-term borrowings	1982.737
(b) Deferred tax liabilities (Net)	800.624
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Sub-total of Non-Current liabilities	2783.361
(3) Current liabilities
(a) Short term borrowings	1505.380
(b) Trade payables	562.318
(c) Other current liabilities	860.450
(d) Short-term provisions	36.377
Sub-total of Current liabilities	2964.525
TOTAL
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	5067.224
(b) Non-Current investments	270.399
(c) Long term loans and advances	456.719
(d) Other non-current assets	40.514
Sub-total of Non-Current Assets	5834.856
(2) Current assets
(a) Current investments	0.000
(b) Inventories	1344.457
(c) Trade receivables	811.549
(d) Cash and cash equivalents	79.322
(e) Short-term loans and advances	252.955
(f) Other current assets	106.593
Sub-total of Current Assets	2594.876
TOTAL	8429.732

NOTES:

1. The above results have been reviewed by the Audit Committee at its meeting held on 07.11.2015 and approved by the Board of Directors at their meeting held on 12.11.2015.

2. The Statutory Auditors of the Company have carried out limited review of the above half yearly/quarterly results.

3. The entire business of the company relate to only one segment. Viz., Textiles.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10574098	02/06/2015	350,000,000.00	ICICI BANK LIMITED	NO.1090, CHERAN PLAZA, FIRST FLOOR, TRICHY ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA	C56028558
2	10560780	25/03/2015	200,000,000.00	BANK OF BAHRAIN AND KUWAIT B.S.C	GROUND FLOOR, HOTEL SUNNY'S BUILDING, NO.19/1(2), RE.S.NO.26 & 81, NH 47, BYEPASS JUNCTION, ALUVA, KERALA - 683101, INDIA	C49756257
3	10490357	23/07/2014 *	261,600,000.00	STATE INDUSTRIES PROMOTION CORPORATION OF TAMILNADU (SIPCOT)	19-A, RUKMANI LAKSHMIPATHY ROAD, EGMORE, CHENNAI, TAMIL NADU - 600008, INDIA	C12936613
4	10379309	09/10/2012 *	400,000,000.00	ICICI BANK LIMITED	CHERAN PLAZA, 1ST FLOOR, 1090, TRICHY ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA	B59558296
5	10269574	17/02/2011	250,000,000.00	ICICI BANK LIMITED	CHERAN PLAZA, I FLOOR, 1090, TRICHY ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA	B06817647
6	10261570	09/05/2012 *	450,000,000.00	ALLAHABAD BANK	98 MECRICAR ROAD, R S PURAM, COIMBATORE, TAMIL NADU - 641002, INDIA	B39241567
7	10113425	21/03/2014 *	1,344,000,000.00	INDIAN BANK	31, VARIETY HALL ROAD, P O BOX NO:65 MAIN BRANCH, COIMBATORE, TAMIL NADU - 641001, INDIA	C00730937
8	10092799	20/12/2007	400,000,000.00	INDIAN OVERSEAS BANK	125, D B ROAD, R S PURAM, COIMBATORE, TAMIL NADU - 641002, INDIA	A34351296
9	10046357	23/07/2014 *	570,000,000.00	BANK OF MAHARASHTRA	194/1, RANGAI GOWDER STREET, NEAR TEPPAKULAM, COIMBATORE, TAMIL NADU - 641001, INDIA	C14806228
10	10032654	23/07/2014 *	850,000,000.00	ORIENTAL BANK OF COMMERCE	1057, JAYA ENCLAVE, AVINASHI ROAD, COIMBATORE, TA MIL NADU - 641018, INDIA	C17856857
11	10011950	27/06/2006	18,750,000.00	CORPORATION BANK	816, OPPANAKARA STREET,, COIMBATORE, TAMIL NADU - 641001, INDIA	A02898864
12	10001306	23/07/2014 *	300,000,000.00	CORPORATION BANK	816, OPPANAKARA STREET, COIMBATORE, TAMIL NADU - 641001, INDIA	C15019789
13	10001714	13/06/2015 *	2,737,100,000.00	INDIAN OVERSEAS BANK	1027- AVINASHI ROAD, NEAR VOC GROUND, UPPILIPALAYAM, COIMBATORE, TAMIL NADU - 641018, INDIA	C56564792
14	10000025	23/07/2014 *	1,500,000,000.00	ORIENTAL BANK OF COMMERCE	1057, JAYA ENCLAVE, COIMBATORE, TAMIL NADU - 641018, INDIA	C17852047
15	90003184	23/07/2014 *	695,000,000.00	CORPORATION BANK	816, OPPANAKARA STREET, COIMBATORE, TAMIL NADU - 641001, INDIA	C15017189
16	80063829	03/09/2004 *	78,000,000.00	THE KARUR VYSYA BANK LIMITED	OPPANAKKARA STREET, , COIMBATORE, TAMIL NADU - 641001, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land and Site Development

· Building

· Plant and Machinery

· Office Equipments

· Furniture and Fittings

· Vehicles

· Tools and Implements

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.66.79
UK Pound	1	Rs.101.37
Euro	1	Rs.73.46

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NKT

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	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.