MIRA INFORM REPORT

Report No. :	354552
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	GTN ENTERPRISES LIMITED (w.e.f. 20.04.2005)
Formerly Known As :	PACKWORTH UDYOG LIMITED RAJTEX HOLDINGS LIMITED
Registered Office :	Erumathala Post, Alwaye, Ernakulam – 683112, Kerala
Tel No.:	91-484-3080100
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.07.1981
Com. Reg. No.:	09-013244
Capital Investment / Paid-up Capital :	Rs.45.023 Million
CIN No.: [Company Identification No.]	U67120KL1981PLC013244
IEC No.:	1099004616
TIN No.:	33882462971
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCG3607J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Cotton Yarn. (Confirmed by management)
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1981 having a moderate track record. It is engaged in the business as manufacturer of cotton. As per registrar of companies the date of balance sheet (i.e, financial filed) is shown as 31.03.2015 but the documents related to the financial for the year 2015 are not available from any sources. As per available financial of 2014, the company has achieved fair profitability. However, the rating takes into consideration highly fragmented industry with low entry barriers. The rating is further constrained by company is instances of delays in servicing its debt. Business is active. Payments terms are reported to be slow. The company can be considered for business dealings on safe and secured 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	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 : (D)
Rating Explanation	The company is default or expected to be in default soon.
Date	06.11.2015

Rating Agency Name	CARE
Rating	Short term bank facilities : A4
Rating Explanation	Minimal degree of safety and carry very high credit risk.
Date	06.11.2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Venkat Subhramaniam
Designation :	General Manager
Contact No.:	91-484-3928300
Date:	12.12.2015

LOCATIONS

Registered Office :	Erumathala Post, Alwaye, Ernakulam – 683112, Kerala, India
Tel. No.:	91-484-3080100 / 2838585
Fax No.:	Not Available
E-Mail :	cs@gtntextiles.com mumbai@gtntextiles.com mktg.ho@gtntextiles.com
Website :	www.gtntextiles.com
Location:	Rented
Locality:	Commercial
Head Office 1 :	6^th Floor, Palal Towers, M.G. Road Ravipuram, Kochi - 682016, Kerala, India
Tel. No.:	91-484-3928300
Fax No.:	91-484-2370812/3928380
E-Mail :	Ho2gtntextiles.com
Corporate / Branch Office :	43, Mittal Chambers, 4^th Floor, 228, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22021013
Fax No.:	91-22-22874144
Factory:	Dharapuram Road, Indira Nagar, Yhungavi Po Udumalpet – 642203, Tamilnadu, India
Tel. No.:	91-4252-320172
Factory :	Located at · Udumalpet, Tamilnadu, India
Head Office 2 / Marketing Office:	3rd Floor, Palal Towers, MG Road, Ravipuram, Kochi - 682016, Kerala, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Ankur Patodia

Designation :

Managing Director

Address :

45, Mount Unique, 62 A, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

10.11.1973

Qualification :

Bachelor Degree in Arts

Date of Appointment :

04.06.2014

PAN No.:

AAACG8605N

DIN No.:

00003567

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01119MH1993PLC074630	PURAV TRADING LIMITED	Director	21/10/93	21/10/93	-	Active	NO
2	U18101KL1998PTC012497	PATSPIN APPARELS PRIVATE LIMITED	Director	27/09/99	27/09/99	-	Active	NO
3	U67120KL1981PLC013244	GTN ENTERPRISES LIMITED	Managing director	04/06/14	22/10/01	-	Active	NO

Name :

Mr. Binod Kumar Patodia

Designation :

Director

Address :

XXXV 608, Diwans Road, Ernakulam, Kochi - 682016, Kerala, India

Date of Birth/Age :

01.01.1945

Qualification :

BE

Date of Appointment :

27.07.1981

PAN No.:

AFUPP3972R

Voter ID No.:

JRW0945253

DIN No.:

00003516

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120KL1981PLC013244	GTN ENTERPRISES LIMITED	Director	27/07/81	27/07/81	-	Active	NO
2	U51420WB1981PTC034017	PATODIA EXPORTS & INVESTMENTS PVT LTD	Director	25/04/87	25/04/87	-	Active	NO
3	U17120MH1965PLC015806	HINDUSTAN POLYAMIDES AND FIBRES LIMITED	Director	29/06/89	29/06/89	04/12/12	Active	NO
4	U67120WB1990PTC048375	UMANG FINANCE PVT. LTD.	Director	12/02/90	12/02/90	-	Active	NO
5	U65999WB1990PTC048390	BEEKAYPEE CREDIT PVT LTD	Director	14/02/90	14/02/90	-	Active	NO
6	L18101KL1991PLC006194	PATSPIN INDIA LTD	Director	20/09/91	20/09/91	-	Active	NO
7	U67120WB1961PTC025238	MADAN LAL BRIJ LAL PVT LTD	Director	31/01/95	31/01/95	04/02/11	Active	NO
8	U45309KL1961SGC001937	KERALA STATE INDUSTRIAL DEVELOPMENT CORPN LTD	Director	18/12/96	18/12/96	14/05/07	Active	NO
9	U18101KL1998PTC012497	PATSPIN APPARELS PRIVATE LIMITED	Director	28/09/98	28/09/98	-	Active	NO
10	U74999DL1951PLC161818	THE INDIA THERMIT CORPORATION LIMITED	Director	08/09/01	08/09/01	-	Active	NO
11	U67190WB1990PTC048536	M B CREDIT PVT LTD	Director	27/01/03	27/01/03	30/12/06	Amalgamated	NO
12	L18101KL2005PLC018062	GTN TEXTILES LIMITED	Managing director	01/06/14	28/03/05	-	Active	NO
13	L28900MH1958PLC011077	HIND RECTIFIERS LIMITED	Director	14/08/14	18/04/07	-	Active	NO

Name :

Mr. Banwari Lal Singhal

Designation :

Director

Address :

7, Chittaranjan Avenue, 2nd Floor, Kolkata-700072, West Bengal, India

Date of Birth/Age :

15.04.1947

Qualification :

B. Com

Date of Appointment :

19.09.2014

Voter ID No.:

WB22158153379

DIN No.:

00006433

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L70200TZ1936PLC000001	PRIME URBAN DEVELOPMENT INDIA LIMITED	Director	14/08/14	15/05/88	-	Active	NO
2	U67190WB1990PTC048536	M B CREDIT PVT LTD	Director	08/03/90	08/03/90	-	Amalgamated	NO
3	U67120WB1989PTC046638	PRITI CREDIT PVT.LTD.	Director	15/07/92	15/07/92	-	Active	NO
4	U67120KL1981PLC013244	GTN ENTERPRISES LIMITED	Director	19/09/14	21/06/94	-	Active	NO
5	U67120WB1995PTC072283	BLS SECURITIES PVT LTD	Director	22/06/95	22/06/95	-	Active	NO
6	L18101KL1991PLC006194	PATSPIN INDIA LTD	Director	20/06/00	20/06/00	31/07/14	Active	NO
7	U65910TZ1996PLC007068	ATL TEXTILE PROCESSORS LIMITED	Director	01/01/05	01/01/05	-	Active	NO
8	L18101KL2005PLC018062	GTN TEXTILES LIMITED	Director	19/09/14	08/04/05	-	Active	NO
9	L18101AP1962PLC054323	GTN INDUSTRIES LIMITED	Director	22/11/06	22/11/06	-	Active	NO

Name :

Mr. Prakash Chandra Seksaria

Designation :

Director

Address :

8C Link Heights, Panampilly Nagar, Kochi-682036, Kerala, India

Date of Birth/Age :

30.01.1946

Date of Appointment :

19.09.2014

DIN No.:

00003611

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L18101KL1991PLC006194	PATSPIN INDIA LTD	Director	11/10/91	11/10/91	26/03/10	Active	NO
2	U67120KL1981PLC013244	GTN ENTERPRISES LIMITED	Director	19/09/14	13/05/05	-	Active	NO

Name :

Mr. Puthenpurayil Narayanan Sukumaran Nair

Designation :

Director

Address :

Nalina Vihar, Karingarapully P. O., Palakkad-678559, Kerala, India

Date of Birth/Age :

03.12.1942

Date of Appointment :

19.09.2014

DIN No.:

00005237

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120KL1981PLC013244	GTN ENTERPRISES LIMITED	Director	19/09/14	22/02/01	-	Active	NO
2	U18101KL1998PTC012497	PATSPIN APPARELS PRIVATE LIMITED	Director	20/04/01	20/04/01	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Venkat Subramaniam
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares
Binod Kumar Patodia	472310
Binod Kumar Patodia HUF	608500
Umang Patodia HUF Binod Kumar Patodia Prabha Patodia	555000
Umang Patodia HUF	392000
Ankur Patodia HUF Binod Kumar Patodia Prabha Patodia	650000
Ankur Patodia HUF	360000
Prabha Patodia	580000
Mala Patodia Binod Kumar Patodia Prabha Patodia	473000
Swati Patodia Binod Kumar Patodia Prabha Patodia	410000
Patodia Exports and Investments Private Limited, India	500
Beekaypee Credit Private Limited, India	500
Umang Finance Private Limited, India	500
Total	4502310

As on 19.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	0.03
Directors or relatives of Directors	99.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cotton Yarn. (Confirmed by management)

Products :

Item Code No. (ITC Code)	Product Description
52050000	Cotton Yarn / Processed Yarn
60062400	Knitted Fabric

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• European Country
• Middle East

Imports :

Products :

Raw Material

Countries :

• USA
• Australia

Terms :

Selling :

Cheque

Purchasing :

Cheque

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers

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

No. of Employees :

600 (Approximately)

Bankers :

• Export- Import Bank of India, Floor 21, Centre One Building, World Trade Center , Cuffe Paade, Mumbai - 400005, Maharashtra, India

Banker Name	Central Bank of India
Branch Address	Willingdon Island Branch, Cochin - 682003, Kerala, India
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 (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from bank	211.679	316.100
Rupee term loans from others	161.758	239.899
Long-term maturities of finance lease obligations	0.572	1.705
SHORT TERM BORROWINGS
Loans repayable on demand from banks	370.146	262.086
Total	744.155	819.790

Auditors :
Name :	M.S Jagannathan and Visvanathan Chartered Accountants
Address :	67A, Sri Krishna Krupa, P and T Colony Main Road Kavundapalyam, Coimbatore – 641030, Tamilnadu, India
PAN No. :	AAEFM3256C
Memberships :	Not Available
Collaborators :	Not Available
Associates :	GTN Textiles Limited, India [L18101KL2005PLC018062] Patspin India Limited, India [L18101KL1991PLC006194]
Enterprises / Entities having Common Key Management Personnel :	Umang Finance Private Limited Purav Trading Company

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4997500	Equity Shares	Rs.10/- each	Rs.49.975 Million
250	Preference Shares	Rs.100/- each	Rs.0.025 Million
	Total		Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4502310	Equity Shares	Rs.10/- each	Rs.45.023 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.023	45.023	45.023
(b) Reserves & Surplus	202.534	169.350	217.369
(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)	247.557	214.373	262.392
(3) Non-Current Liabilities
(a) long-term borrowings	374.830	558.554	680.928
(b) Deferred tax liabilities (Net)	134.149	119.470	149.784
(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)	508.979	678.024	830.712
(4) Current Liabilities
(a) Short term borrowings	372.294	263.596	145.660
(b) Trade payables	258.267	231.638	165.296
(c) Other current liabilities	213.937	198.340	183.930
(d) Short-term provisions	3.739	3.077	2.419
Total Current Liabilities (4)	848.237	696.651	497.305
TOTAL	1604.773	1589.048	1590.409
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	766.510	852.477	932.800
(ii) Intangible Assets	2.518	1.872	0.777
(iii) Capital work-in-progress	8.786	0.707	0.707
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.036	0.036	0.036
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	74.132	75.832	75.152
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	851.982	930.924	1009.472
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	462.644	423.322	243.918
(c) Trade receivables	172.265	116.027	206.058
(d) Cash and cash equivalents	34.611	41.141	54.950
(e) Short-term loans and advances	81.544	75.961	75.918
(f) Other current assets	1.727	1.673	0.093
Total Current Assets	752.791	658.124	580.937
TOTAL	1604.773	1589.048	1590.409

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	2977.472	2138.431	1548.908
		Other Income	5.998	7.286	9.983
		TOTAL	2983.470	2145.717	1558.891
Less	EXPENSES
		Cost of Materials Consumed	1156.916	1099.416	824.133
		Purchases of Stock-in-Trade	977.862	540.383	143.599
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(26.445)	(85.845)	16.193
		Employees benefits expense	114.448	94.283	78.735
		Other expenses	474.723	360.475	260.835
		TOTAL	2697.504	2008.712	1323.495
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		285.966	137.005	235.396
Less	FINANCIAL EXPENSES		140.592	126.540	106.585
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		145.374	10.465	128.811
Less/ Add	DEPRECIATION/ AMORTISATION		87.198	88.798	86.375
	PROFIT/ (LOSS) BEFORE TAX		58.176	(78.333)	42.436
Less	TAX		24.992	(30.314)	11.094
	PROFIT/ (LOSS) AFTER TAX		33.184	(48.019)	31.342
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Exports		1781.916	1219.649	NA
	IMPORTS
	Raw Materials – Cotton		541.915	553.796	NA
	Stores		1.482	3.230	NA
	TOTAL		543.397	557.026	NA
	Earnings / (Loss) Per Share (Rs.)		7.37	(10.37)	6.96

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	182.562	140.905	123.790
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	168.627	128.207	363.

Particulars	31.03.2015
Sales Turnover (Approximately)	2360.000

Expected Sales (2015-2016) : Rs.3000.000 Million

The above information has been parted by Mr. Venkat Subhramaniam

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.11	(2.25)	2.02
Operating Profit Margin (PBDIT/ Sales)	(%)	9.60	6.41	15.20
Return on Total Assets (PBT/Total Assets}	(%)	3.65	(4.93)	2.67
Return on Investment (ROI) (PBT/Networth)		0.24	(0.37)	0.16
Debt Equity Ratio (Total Debt/Networth)		3.76	4.49	3.62
Current Ratio (Current Asset/Current Liability)		0.89	0.94	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	45.023	45.023	45.023
Reserves & Surplus	217.369	169.350	202.534
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	262.392	214.373	247.557
long-term borrowings	680.928	558.554	374.830
Short term borrowings	145.660	263.596	372.294
Current maturities of long-term debts	123.790	140.905	182.562
Total borrowings	950.378	963.055	929.686
Debt/Equity ratio	3.622	4.492	3.755

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	1548.908	2138.431	2977.472
		38.061	39.236

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	1548.908	2138.431	2977.472
Profit	31.342	(48.019)	33.184
	2.02%	(2.25%)	1.11%

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 four 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	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE REVIEW

There has been steady demand recovery in textile business from second half of FY 2012-13, both in international as well as domestic market. Accordingly, the year witnessed overall improvement in performance of the company, with sales, operating margin and cash profit reporting substantial increase. Exports of the company showed handsome increase of 45% over previous year to Rs. 1800.000 Million, significant part of which came from outsourced yarn business. Amongst various importing countries, demand from China was main factor leading to export led growth of the industry. However, of late, exports to China have been showing a declining trend for various reasons including uncertainty over cotton stocking policies of that country, which has direct impact on their export prices.

Total income during the year was substantially higher at Rs. 3009.900 Million as against Rs. 2231.600 Million of the previous years. While Operating profit increased to Rs. 286.000 Million from Rs. 137.000 Million, cash profit stood at Rs. 145.400 Million as compared to Rs. 10.500 Million. After charging depreciation of Rs. 87.200 Million, the profit before tax was at Rs. 58.200 Million as against a loss of Rs. 78.300 Million in previous year. After provision for deferred Tax of Rs. 14.700 Million, the Net profit was at Rs. 33.200 Million in comparison to previous year's Net Loss of Rs. 48.000 Million.

The Directors would like to mention that on account of evacuation problem in the State of Tamil Nadu, the revenue from the Wind Mill division is adversely affected. Wind Mills could achieve the revenue of 118.57 lacs units as against 142.08 lacs units in the previous year. Recently, TNEB has announced that hereafter they evacuate energy produced by Wind Mills to the maximum level and as such, they hope that the performance of

Wind Mills for the current year will substantially improve.

The Directors are glad to inform that the power situation in Tamilnadu has improved considerably and effective from June, 2014, TNEB has withdrawn all power restrictions and load shedding. They are also glad to report that they have completed the project of direct feeder from TNEB sub station to their mills. The advantage of direct feeding will be more stable and better quality of power as well as possibility of procuring cheaper power besides lesser dependence on costly captive DG power. The Company is also well covered for raw material for F.Y 2014-15 and as such inspite of signs of slow down in demand and pressure on prices, they are hopeful that they will continue to perform reasonably well during coming year.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Public deposits	0.821	0.850
SHORT TERM BORROWINGS
Public deposits	2.148	1.510
Total	2.969	2.360

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10587327	16/11/2015 *	1,360,000,000.00	CENTRAL BANK OF INDIA	SEBROF HOUSE, SUBRAMANIAN ROAD, WILLINGDON ISLAND BRANCH, KOCHI, KERALA - 682003, INDIA	C72285240
2	10583430	02/07/2015	60,000,000.00	EXPORT- IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE, CUFFE PAADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C60513116
3	10338070	25/08/2012 *	77,700,000.00	EXPORT- IMPORT BANK OF INDIA	FLOOR 21, CENTER ONE BUILDING, WORLD TRADE CENTER , CUFFE PAADE, MUMBAI, MAHARASHTRA - 400005, INDI A	B58390048
4	10022039	08/06/2007 *	151,700,000.00	CENTRAL BANK OF INDIA	OVERSEAS BUSINESS CENTRE BRANCH, WILLINGDON ISLAN D, ERNAKULAM, KERALA - 682003, INDIA	A16668006
5	10008927	13/02/2007 *	200,000,000.00	STATE BANK OF TRAVANCORE	OVERSEAS BRANCH, JJ BUILDING, CIVIL LINES ROAD, P ALARIVATTOM, COCHIN, KERALA - 682025, INDIA	A02263606
6	10004957	11/11/2009 *	250,000,000.00	EXPORT- IMPORT BANK OF INDIA	FLOOR 21, CENTER ONE BUILDING, WOLD TRADE CENTER , CUFFE PAADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A74405556
7	80003726	15/10/2014 *	655,000,000.00	CENTRAL BANK OF INDIA	WILLINGDON ISLAND BRANCH, COCHIN, KERALA - 682003, INDIA	C30165294
8	80003725	13/02/2007 *	270,000,000.00	CENTRAL BANK OF INDIA	SUBRAMANIAN ROAD, WILLINGDON ISLAND BRANCH, COCHI N, KERALA - 682003, INDIA	-
9	80003729	04/01/2012 *	386,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH,, 1ST FLOOR,VANKARATH TOWERS,BY E PASS JN.,PADIVATTOM, KOCHI, KERALA - 682024, IND IA	B30703094
10	80003730	11/11/2009 *	10,700,000.00	EXPORT- IMPORT BANK OF INDIA	FLOOR 21, CENTER ONE BUILDING, WOLD TRADE CENTER , CUFFE PAADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A74402686

* Date of charge modification

CONTINGENT LIABILITIES (AS ON 31.03.2014)

1 Contingent Liabilities not provided in respect of

Disputed amounts of Taxes and duties and other claims not acknowledged as debts:

a) Market committee cess Rs. 0.066 Million (Previous year Rs. 0.066 Million)

b) Income Tax Demand for A.Y. 2006-07 contested in appeal : Rs 0.559 Million (Previous year Rs 0.559 Million)

2 The company has given Corporate Guarantee amounting to Rs.170.000 Million (Previous year Rs. 170.000 Million) to a Financial Institution in financial assistance provided by them to Patspin India Ltd and the outstanding loan amount thereof is Rs.1198 lacs as on 31st March Previous Year Rs. 123.700 Million).

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

Intangible assets

• 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.66.32
UK Pound	1	Rs.98.99
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	--
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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.