MIRA INFORM REPORT

Report No. :	355169
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	SHRI DINESH MILLS LIMITED
Registered Office :	Post Box No 2501, Padra Road, Vadodara-390020, Gujarat
Tel. No.:	91-265-2330060 / 61/ 62/ 63/ 64/ 65
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.07.1935
Com. Reg. No.:	04-000494
Capital Investment / Paid-up Capital :	Rs. 50.844 Million
CIN No.: [Company Identification No.]	L17110GJ1935PLC000494
IEC No.:	0888001827
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCS3115Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Worsted Fabric catering to the requirements if high end suiting segment. (Confirmed by management)
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was established in the year 1935 and it is engaged in the manufacturing of worsted fabric catering to the requirements of high end suiting segment. Worsted fabrics manufactured by SDML are sold under the brand ‘Dinesh’ which is well-recognized in the domestic suiting fabric market. In 1966, the company commenced operations for manufacturing of industrial felt. Felt is a technical textile product made from synthetic fibers and is used as an abrasive / heat resistant material in the paper industry. For the financial year ended 2015, revenue of the company has been declined by 6.33% but it has able to maintain satisfactory margin at 5.41% during the year under review. Rating continue to factor its long and established track record of operations in manufacturing of worsted/woolen fabric as well as industrial felt, vast experience of its promoters in textile industry along with its comfortable leverage and debt coverage indicators. Rating strength is partially offset by company’s modest scale of operations, susceptibility of its profitability to volatility in raw material prices and foreign exchange rate, working capital intensive operations and its presence in the highly competitive worsted fabric segment. Trade relations are reported as fair. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities (A)
Rating Explanation	Adequate degree of safety and low credit Risk.
Date	26.12.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A1)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	26.12.2014

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.

INFORMATION PARTED BY

Name :	Mr. Samir Shah
Designation :	Finance Manager
Contact No.:	91-265-2330060
Date :	17.12.2015

LOCATIONS

Registered Office /Factory 1:	Post Box No 2501, Padra Road, Vadodara-390020, Gujarat, India
Tel. No.:	91-265-2330060 / 61/ 62/ 63/ 64/ 65
Fax No.:	91-265-2336195
E-Mail :	sojitra@dineshmills.com suiting@dineshmills.com exports@dineshmills.com bcshah@dineshmill.com
Website :	www.suiting.dinesh.com
Location :	Owned
Locality:	Industrial
Factory 2 :	Plot No.2501, Village Bhadkodra, Kapodra Road, Near N.H. No.8, Ankleshwar, District Bharuch, Gujarat, India

DIRECTORS

As on 31.03.2015

Name :	Mr. Bharatbhai Upendrabhai Patel
Designation :	Managing Director
Address :	"Samarpan", Samir Estate, Gotri-Sevasi Road, AT and PO Sevasi, Vadodara - 391101, Gujarat, India
Date of Birth/Age :	59 Years
Qualification :	B. Text, M.B.A
Experience :	40 Years
Date of Appointment :	14.01.1995
DIN No.:	00039543
Name :	Mr. Nimishbhai Upendrabhai Patel
Designation :	Managing Director
Address :	"Samarpan", Samir Estate, Gotri-Sevasi Road, AT and PO Sevasi, Vadodara - 391101, Gujarat, India
Date of Birth/Age :	47 Years
Qualification :	B.B.A, M.B.A (Finance)
Experience :	22 Years
Date of Appointment :	14.01.1995
DIN No.:	00039549
Name :	Mr. Tanuj Manubhai Patel
Designation :	Director
Address :	Turf View, A-Wing, Nehru Planetarium Road, Worli, Mumbai - 400018, Maharashtra, India
Date of Birth/Age :	61 years
Qualification :	B.S (USA)
Date of Appointment :	20.09.1984
DIN No.:	00016788
Name :	Mr. Jaman Boghabhai Sojitra
Designation :	Director
Address :	B-43, Megha Park, Opposite Raneshwar Mahadev, Vasana Road, Vadodara - 390015, Gujarat, India
Date of Appointment :	28.11.1996
DIN No.:	00036120
Name :	Mr. Upendrabhai Maganbhai Patel
Designation :	Director
Address :	Krishnarpan, Samir Estate, Gotri-Sevasi Road, AT and PO Sevasi, Vadodara - 391101, Gujarat, India
Date of Appointment :	15.01.1967
DIN No.:	00036315
Name :	Mr. Rakesh Shivbhagwan Agrawal
Designation :	Director
Address :	61, Alkapuri Society, Alkapuri, Vadodar - 390005, Gujarat, India
Date of Birth/Age :	68 years
Qualification :	M.E. (Chemical), (USA)
Date of Appointment :	10.02.2011
DIN No.:	00057955
Name :	Mr. Jal Ratanshaw Patel
Designation :	Director
Address :	3, Green Park, Tandalja Road, Vadodara - 390020, Gujarat, India
Date of Birth/Age :	77 years
Qualification :	B.Com, A.C.A., A.C.S.,
Date of Appointment :	28.09.2004
DIN No.:	00065021
Name :	Mr. Gorsi Atul Parekh
Designation :	Director
Address :	Shanti Niwas, Opposite ST. Xaviers College, Navrangpura Ahmedabad - 380009, Gujarat, India
Date of Appointment :	06.02.2015
DIN No.:	00343194
Name :	Mr. Ambubhai Taljabhai Patel
Designation :	Director
Address :	Tulsi Baug, Old Padra Road, Vadodara - 390020, Gujarat, India
Date of Birth/Age :	85 years
Qualification :	M.S., F.R.C.S.
Date of Appointment :	29.12.1979
DIN No.:	00752059
Name :	Mr. Hosi Navalsha Elavia
Designation :	Director
Address :	501, Pluto Apartment, Near Marble Arch, Race Course, Vadodara - 390007, Gujarat, India
Date of Birth/Age :	78 years
Qualification :	B. Com., LL.B., AICWA
Date of Appointment :	28.09.2004
DIN No.:	01013388

KEY EXECUTIVES

Name :	Mr. Balubhai Bhagvanbhai Patel
Designation :	Chief Financial Officer
Address :	A17, Industrial Society, Near Abhilasha, New Sama Road, Vadodara - 390008, Gujarat, India
Date of Appointment :	13.11.2014
PAN No.:	AAWPP5977D
Name :	Mr. Jaman Boghabhai Sojitra
Designation :	Secretary
Address :	B-43,Megha Park, Opposite Raneshwar Mahadev, Vasna Road, Vadodara - 390015, Gujarat, India
Date of Appointment :	22.12.1992
PAN No.:	AEPPS0813N
Name :	Mr. Samir Shah
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2288372	45.01
Sub Total	2288372	45.01
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2288372	45.01
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10	0.00
Financial Institutions / Banks	3760	0.07
Sub Total	3770	0.07
(2) Non-Institutions
Bodies Corporate	118123	2.32
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1809448	35.59
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	850596	16.73
Any Others (Specify)	14073	0.28
Non Resident Indians	14073	0.28
Sub Total	2792240	54.92
Total Public shareholding (B)	2796010	54.99
Total (A)+(B)	5084382	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)	5084382	0.00

shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Name of the Shareholder	Details of Shares held
	No. of Shares held	No. of Shares held
Upendrabhai Maganbhai Patel	5,31,655	10.46
Bharatbhai Upendrabhai Patel	3,76,300	7.40
Nimishbhai Upendrabhai Patel	3,16,360	6.22
Nimish Upendrabhai Patel	2,57,028	5.06
Aditya B Patel	2,09,639	4.12
Patel Miraben Upendrabhai	1,81,856	3.58
Nishank Nimishbhai Patel	1,18,199	2.32
Bharatbhai Upendrabhai Patel	1,15,410	2.27
Arushaben Nimishbhai Patel	58,085	1.14
Minal Shekhar Desai	34,640	0.68
Ranak Kamlesh Lashkari	34,060	0.67
Roopaben Bharatbhai Patel	29,140	0.57
Jemika Bharatbhai Patel	20,560	0.40
Aditya Bharatbhai Patel	3,960	0.08
Aditya Bharatbhai Patel	880	0.02
Jemika Bharatbhai Patel	600	0.01
Total	22,88,372	45.01

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Name of the Shareholder	No. of Shares held	% of Total No. of Shares
Vinodchandra Mansukhlal Parekh	90721	1.78
Pranav Kumarpal Shah	86220	1.70
Sharad Kanayalal Shah	86118	1.69
Chandrika Madanmohan Desai	76750	1.51
Varsha Sharad Shah	64456	1.27
Total	404265	7.95

BUSINESS DETAILS

Line of Business :	Manufacturing of Worsted Fabric Catering to the requirements if high end suiting segment. (Confirmed by management)
Products :
Brand Names :	DINES
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	United State of America Middle East Canada Australia Asian Countries
Imports :
Products :	Raw material
Countries :	Australia Switzerland United State of America
Terms :
Selling :	Cash, L/C and Credit (30/ 60 90 Days)
Purchasing :	Cash, Advance Payment and Credit (30/ 60 90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Strong Holding Corporation, Vadodara

Name of the Person :

Mrs. Raksha Shah (Partner)

Contact No.:

91-265-2415360

Since How Long Known :

20 Years

Maximum Limit Dealt :

Rs.20.000 Million (P.M.)

Experience :

Payment Behaviour	Market Goodwill	Overall
Average	Good	Good

Remark:

They are happy with market goodwill. The payment get delay, no other issue.

Customers :

End Users and OEM’s

Reference :

Ranka Brothers, Bangalore

Name of the Person :

Mr. Bal Krishna (Manager)

Contact No.:

91-80-22971467

Since How Long Known :

41 Years

Maximum Limit Dealt :

--

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

No complaints: They are satisfied with product quality and delivery behaviour.

No. of Employees :

1200 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Mandvi Branch, Vadodara, Gujarat, India
Person Name (With Designation)	Mr. S. P. Khanna (Chief Manager)
Contact Number	91-265-2431177
Name of Account Holder	Shri Dinesh Mills Limited
Account Number	01930500000001
Account Since (Date/Year of Account Opening)	51 Years
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	Cash and Credit Rs.70.000 (Approximately)
Account Operation	Satisfactory
Remarks (If any)	No complaints: Transactions are good they are satisfied with the customer.

• Central Bank of India
• Indian Overseas Bank

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loans from Banks (Term loan under Technology Upgradtion Fund Scheme is secured by way of hypothecation of machineries purchased therefrom.)	71.144	141.966
Short-term borrowings
Cash credit (Cash credits from Banks, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in-progress)	(4.815)	(6.112)
Total	66.329	135.854

Auditors :
Name :	Dhirubhai Shah and Company Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Memberships :	--
Collaborators :	--
Subsidiary:	Dinesh Remedies Limited
Other Related Parties :	Shri Dinesh Foundation Shri Maganbhai B. Patel's Charity Trust

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Shares	Rs. 10/- each	Rs. 95.000 Million
50000	Unclassified Shares	Rs. 100/- each	Rs. 5.000 Million
	Total		Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5084382	Equity Shares	Rs. 10/- each	Rs. 50.844 Million

The reconciliation of the number of shares outstanding at the beginning and at the end of the year:-

PARTICULARS	No. of Shares	As at 31st March, 2015
Shares outstanding at beginning of the year	5,084,382	50.844
Less: * Buy Back of Equity shares	--	--
Shares outstaning at end of the year	5,084,382	50.844

* During the F.Y. 2013-14, Company had bought back 193118 equity shares at a premium out of General Reserves and amount equal to nominal value of bought back shares i.e Rs.1.931 Million has been transferred from General Reserve to Capital Redemtpion Reserve

PARTICULARS	As at 31^st March, 2015
	No. of Shares held	% of Holding
U.M.Patel	531,655	10.46
B.U.Patel	491,710	9.67
N.U.Patel	573,388	11.28

330,780 Equity shares allotted to Shareholders of Platewel Processes and Chemicals Limited as fully paid without payment being received in cash in terms of amalgamation scheme sanctioned by Gujarat High Court, as per order Dated 20th March, 1981.

The Company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

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	50.844	50.844	52.775
(b) Reserves & Surplus	946.098	945.766	927.428
(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)	996.942	996.610	980.203
(3) Non-Current Liabilities
(a) long-term borrowings	71.144	141.966	175.961
(b) Deferred tax liabilities (Net)	48.290	74.123	78.981
(c) Other long term liabilities	48.253	49.345	55.142
(d) long-term provisions	27.496	25.867	25.485
Total Non-current Liabilities (3)	195.183	291.301	335.569
(4) Current Liabilities
(a) Short term borrowings	-4.815	26.171	14.137
(b) Trade payables	13.714	17.482	15.550
(c) Other current liabilities	185.241	194.273	194.222
(d) Short-term provisions	25.799	14.073	14.556
Total Current Liabilities (4)	219.939	251.999	238.465
TOTAL	1412.064	1539.910	1554.237
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	493.489	621.379	627.010
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.204	0.000	20.584
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	140.325	202.284	214.407
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.448	9.020	7.711
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	647.466	832.683	869.712
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	301.579	321.668	403.549
(c) Trade receivables	121.546	126.465	112.268
(d) Cash and cash equivalents	311.456	224.998	144.645
(e) Short-term loans and advances	16.212	20.735	18.100
(f) Other current assets	13.805	13.361	5.963
Total Current Assets	764.598	707.227	684.525
TOTAL	1412.064	1539.910	1554.237

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	804.908	860.986	863.321
	Other Income	33.371	33.947	24.144
	TOTAL (A)	838.279	894.933	887.465
Less	EXPENSES
	Cost of Materials Consumed	221.376	228.741	283.972
	Purchases of Stock-in-Trade	3.250	1.494	0.180
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	12.399	46.093	(19.044)
	Employees benefits expense	256.639	237.615	243.671
	Other expenses	198.248	188.957	204.923
	Exceptional Items	0.000	0.000	(1.766)
	TOTAL (B)	691.912	702.900	711.936
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	146.367	192.033	175.529
Less	FINANCIAL EXPENSES (D)	27.107	32.556	37.064
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	119.260	159.477	138.465
Less/ Add	DEPRECIATION/ AMORTISATION (F)	78.762	102.971	97.479
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	40.498	56.506	40.986
Less	TAX (H)	(4.906)	13.232	10.081
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	45.404	43.274	30.905
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	18.923	18.855	23.991
Add	Earlier year excess proposed dividend and dividend distribution tax (L)	0.000	0.000	0.000
Less	APPROPRIATIONS
	Proposed Dividend	9.152	9.152	9.499
	Dividend Tax on above	1.863	1.554	1.542
	General Reserve	35.000	32.500	25.000
	Total (M)	46.015	43.206	36.041
	Balance Carried to the B/S (J+K+L-M)	18.312	18.923	18.855
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	62.721	53.422	46.558
	TOTAL EARNINGS	62.721	53.422	46.558
	IMPORTS
	Raw Materials	105.970	106.759	152.576
	Components and Stores parts	23.137	7.946	0.000
	Capital Goods	0.000	87.505	8.792
	TOTAL IMPORTS	129.107	202.210	161.368
	Earnings / (Loss) Per Share (Rs.)	8.93	8.42	5.86

Expected Sales (2015-2016) : Rs.850.000 Million

The above information has been parted by Mr. Samir Shah (Finance Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	70.732	77.472	64.633
Cash generated from operations	174.949	180.623	141.738
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.64	5.03	3.58
Operating Profit Margin (PBIDT/Sales)	(%)	18.18	22.30	20.33
Return on Total Assets (PBT/Total Assets}	(%)	3.19	4.22	3.11
Return on Investment (ROI) (PBT/Networth)		0.04	0.06	0.04
Debt Equity Ratio (Total Debt /Networth)		0.14	0.25	0.26
Current Ratio (Current Asset/Current Liability)		3.48	2.81	2.87

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.117.60/-

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	52.775	50.844	50.844
Reserves & Surplus	927.428	945.766	946.098
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	980.203	996.610	996.942
long-term borrowings	175.961	141.966	71.144
Short term borrowings	14.137	26.171	(4.815)
Current Maturities of Long-Term Debts	64.633	77.472	70.732
Total borrowings	254.731	245.609	137.061
Debt/Equity ratio	0.260	0.246	0.137

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	863.321	860.986	804.908
		(0.270)	(6.513)

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	863.321	860.986	804.908
Profit	30.905	43.274	45.404
	3.58%	5.03%	5.64%

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	Yes
19	Major customers	Yes
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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

MANAGEMENT DISCUSSION AND ANALYSIS

OVERALL REVIEW OF OPERATIONS

They are a composite textile sector company manufacturing woolen / worsted suiting and machine clothing (felt). The Company manufactures and markets high quality products under the brand name 'dinesh'. There are few organized sector companies and many companies are in un-organized sector and the Company has to face cut throat competition in the domestic and international markets. The Textile Industry is labour and capital intensive and one of the largest employers in India and the industry has to face various internal and external challenges and our Company is not an exception to these challenges. Despite sluggish domestic and international markets and intense competition on prices, there Company could achieve sales turnover of Rs.804.900 Million and the net profit of Rs.45.400 Million during the year as compared to Rs.861.000 Million and Rs.43.300 Million respectively f the previous year. The profitability has been improved slightly due to proper monitoring of expenses.

During the year, they could achieve the higher export turnover amounting to Rs.68.700 Million as compared to Rs. 53.700 Million of the previous year.

OVERALL OUTLOOK

Despite the efforts being made by the Government to revive the economy, sluggish global demand and declining export competitiveness, the situation at ground level are not showing the improvement as expected after the formation of the new Government. However, our Company is taking appropriate actions to increase the sales turnover and profitability by innovative techniques of marketing with proper product mix.

The Company assumes no responsibility in respect of forward looking statements made herein above which may substantially change based on subsequent developments, events, change in the Government policies, exchange rate etc. over the globe

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
From Directors and Shareholders	0.000	23.230
From Public	0.000	9.053
Total	0.000	32.283

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10339474	10/02/2012	360,000,000.00	THE SOUTH INDIAN BANK LIMITED	Orient Business Centre First Floor, Sayajigunj, Opposite Suraj Plaza, Vadodara, Gujarat - 390005, INDIA	B33823220
2	10336196	23/01/2012	66,000,000.00	THE SOUTH INDIAN BANK LIMITED	Orient Business Centre First Floor, Sayajigunj, Opposite Suraj Plaza, Vadodara, Gujarat - 390005, INDIA	B32365140
3	10115661	22/07/2008	131,000,000.00	INDIAN OVERSEAS BANK	MEHTA POLE, NEAR. MANDVI, VADODARA, Gujarat - 390006, INDIA	A43165851
4	10115664	22/07/2008	167,500,000.00	INDIAN OVERSEAS BANK	MEHTA POLE, NR. MANDVI, VADODARA, Gujarat - 390006, INDIA	A43166479
5	90379810	22/07/2003 *	152,900,000.00	HDFC BANK LTD.	169 BACKBAY RECLAMATION, CHURCH GATE, MUMBAI, Maharashtra, INDIA	-

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND HALF YEAR ENDED 30^th SEPTEMBER 2015

(Rs. In Million)

		Particulars	Quarter Ended 30.09.2015	Quarter Ended 30.06.2015	Half Year Ended 30.09.2015
1		Income from Operations
		Sales/Income from Operations (Gross)	205.700	160.500	366.200
		b) Other Operating Income	3.300	1.400	4.700
	Total Income from Operations (Net)		209.000	161.900	370.900
2	Expenses
	a)	Cost of Materials consumed	55.400	53.100	108.500
	b)	Purchase of Stock-in-trade	1.800	2.600	4.400
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(6.000)	3.300	(1.700)
	d)	Employee benefit expenses	68.100	63.700	131.800
	e)	Depreciation and amortization expense	19.100	18.000	37.100
	f)	Other expenses	47.100	44.700	91.800
	Total Expenses		186.500	185.400	371.900
3		Profit /(Loss) from operations before other income, finance costs and exceptional items	22.500	(23.500)	(1.000)
4	Other Income		5.400	6.300	11.700
5	Profit /(Loss) from ordinary activities before finance costs and exceptional items		27.900	(17.200)	10.700
6	Finance Costs		3.900	5.100	9.000
7	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		24.000	(22.300)	1.700
8	Exceptional Items		0.000	0.000	0.000
9	Profit /(Loss) from ordinary activities before tax		24.000	(22.300)	1.700
10	Tax Expense		(3.500)	(2.900)	(6.400)
11	Net Profit /(Loss) from ordinary activities after tax		27.500	(19.400)	8.100
12	Paid up equity share capital (Eq. shares of Rs.10/- each)		50.800	50.800	50.800
13	Reserve excluding revaluation reserves		--	--	--
14		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic & Diluted	5.41	(3.82)	1.59
			5.41	(3.82)	1.59
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	2796010	2796010	2796010
		- Percentage of Shareholding	54.99%	54.99%	54.99%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	Nil	Nil	Nil
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	NA	NA	NA
		- Percentage of shares (as a % of the total share capital of the Company)	NA	NA	NA
		b) Non- encumbered
		- Number of shares	2288372	2288372	2288372
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00%	100.00%	100.00%
		- Percentage of shares (as a % of the total share capital of the Company)	45.01%	45.01%	45.01%

Particulars	Quarter Ended 30.09.2015
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Workers' demand - matter under appeal	21.656	3.596
Claims against the company not acknowledged as debts	0.000	0.000
Income tax Demands - matter under appeal	84.203	71.478
Excise matter under appeal	21.409	21.459

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Dead stock
• Vehicles
• Electrical Installations
• Tubewell and Waterworks
• Computer Software

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.66.64
UK Pound	1	Rs.99.61
Euro	1	Rs.72.32

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--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	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		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.