MIRA INFORM REPORT

Report No. :	307038
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	BANG OVERSEAS LIMITED
Registered Office :	Masjid Manor, 16 Homi Modi Street, Fort, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.06.1992
Com. Reg. No.:	11-067013
Capital Investment / Paid-up Capital :	Rs.135.600 Millions
CIN No.: [Company Identification No.]	L51900MH1992PLC067013
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The company is primarily engaged in manufacturing and marketing of textile and textile products.
No. of Employees :	884 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has incurred a loss from its operations during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BB-
Rating Explanation	Have moderate risk of default.
Date	January 13, 2015

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	January 13, 2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Dige
Designation :	Finance Department
Contact No.:	91-22-66607965
Date :	06.02.2015

LOCATIONS

Registered Office :	Masjid Manor, 16 Homi Modi Street, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22043496
Fax No.:	91-22-22810379
E-Mail :	bol@banggroup.com cs@banggroup.com
Website :	http://www.banggroup.com
Corporate Office :	405/406, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-66607965
Fax No.:	91-22-66607970
Manufacturing Units :	Unit No. 2 - FCC 19/2, 9th Main, Basavapura Village, BegurHobli, Electronic City Post, Bangalore – 560100, Karnataka, India Unit No. 3 - RCC 1941/ A and 2011, Gramathana Kacharakanahalli, Hennur Main Road, Bangalore – 560084, Karnataka, India
Warehouses :	1) Rajlaxmi Commercial Complex, Gala No. O -10/11/12, Mane Farm House, Opposite Durgesh Park, Kalher Village, Bhiwandi – 421302, Maharashtra, India 2) Reunion Clothing Company, Plot No.: Z-5, Phase II, VSEZ, Dauvvada, Visakhapatnam – 530046, Andhra Pradesh, India

DIRECTORS

As on 29.09.2014

Name :	Mr. Brijgopal Bang
Designation :	Chairman and Managing Director
Name :	Mr. Raghvendra Bang
Designation :	Whole-Time Director
Name :	Mr. Purshottam Bang
Designation :	Whole-Time Director
Name :	Mr. Subrata Kumar Dey
Designation :	Independent Director
Name :	Dr. Mithilesh Kumar Sinha
Designation :	Independent Director
Name :	Mr. Vijay Ajgaonkar
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. Jaydas Tulshiram Dighe
Designation :	Chief financial Officer
Name :	Ms. Hemali Gohil
Designation :	Company Secretary and Compliance Officer

SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9854588	72.67
Bodies Corporate	41780	0.31
Sub Total	9896368	72.98
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	9896368	72.98
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1611448	11.88
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	1654005	12.20
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	383608	2.83
Any Others (Specify)	14571	0.11
Non Resident Indians	14414	0.11
Clearing Members	157	0.00
Sub Total	3663632	27.02
Total Public shareholding (B)	3663632	27.02
Total (A)+(B)	13560000	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)	13560000	100.00

BUSINESS DETAILS

Line of Business :	The company is primarily engaged in manufacturing and marketing of textile and textile products.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

884 (Approximately)

Bankers :

· Bank of India

· Oriental Bank of Commerce

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Car Loan	1.791	2.927
SHORT TERM BORROWINGS
Working capital loans from banks	140.673	---
Buyers credit in foreign currency	294.446	339.802
Short term loan from bank	---	27.000
Car loan	0.038	0.251
Total	436.948	369.980
Note : Nature of Security for Long term borrowings : Car Loan is taken from Kotak Mahindra Prime Ltd is secured agaisnt hypothecation of car. There is no defualt in repayment of principal amount and interest thereon . Nature of Security for Short term borrowings : Working Capital loans and Buyer’s Credit loans taken from bank’s are secured against hypothecation of inventories, book debts and equitable mortage of immovable proerties being factory land and buildings/other structures and embedded plant & machinery, and personal guarantee of Mr. Venugopal Bang and Mr. Brijgopal Bang.

Statutory Auditors :
Name :	Rajendra K. Gupta and Associates Chartered Accountants
Address :	Room No. 3, Kshipra Society, Akurli Cross Road No.1, Kandivali (East), Mumbai – 400101, Maharashtra, India
Tel. No.:	91-22-28874879
E-Mail :	rk.gupta@hawcoindia.com
Internal Auditors :
Name :	Vishal Khade and Company Chartered Accountants
Address :	Prerana Apartment, 2^nd Floor, Room No. 12, Parshuramwadi, Kolsewadi, Kalyan (E) – 421306, Thane, Maharashtra, India
Secretarial Auditors :
Name :	Kothari H. and Associates Practicing Company Secretaries
Address :	208, 2^nd Floor, BSE Building, Dalal Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22721831
E-Mail:	hiteshkotharics@yahoo.co.in
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	· Vedanta Creations Limited · Bang Europa SRO · Bang HK Limited · A.S.Raiment Private Limited
Enterprises owned or significantly influenced by key mangement perosnnel or their relatives :	· Bang Data Forms Private Limited · Thomas Scott India Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/-each	Rs.160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13560000	Equity Shares	Rs. 10/-each	Rs.135.600 Millions

Terms/rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

Reconciliation of Issued Share Capital

Particulars	No. of Shares	Rs. In Millions
Equity shares outstanding at beginning of year	13560000	135.600
Add: Issued During the year	---	---
Less: Brought Back During the year	---	---
Equity shares outstanding at end of year	13560000	135.600

Shareholders holding more than 5% of shares in the company

Particulars	No. of Shares	% of Shares
Mr. Venugopal Bang	2056600	15.17%
Mr. Brijgopal Bang	1521000	11.22%
Mr. Krishna Kumar Bang	1301700	9.60%
Mr. Ramanuj Das Bang	774600	5.71%
Mr. Raghvendra Bang	689600	5.09%

FINANCIAL DATA

[all figures are in Rupees Millions]

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	135.600	135.600	135.600
(b) Reserves & Surplus	506.214	668.245	658.090
(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)	641.814	803.845	793.690
(3) Non-Current Liabilities
(a) long-term borrowings	1.791	2.927	4.786
(b) Deferred tax liabilities (Net)	17.622	18.591	8.625
(c) Other long term liabilities	1.319	3.819	3.819
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	20.732	25.337	17.230
(4) Current Liabilities
(a) Short term borrowings	665.046	596.011	427.651
(b) Trade payables	116.481	89.934	67.291
(c) Other current liabilities	16.077	9.957	63.904
(d) Short-term provisions	13.978	10.423	10.986
Total Current Liabilities (4)	811.582	706.326	569.832
TOTAL	1474.128	1535.507	1380.752
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	203.070	175.687	168.937
(ii) Intangible Assets	2.372	1.849	1.404
(iii) Capital work-in-progress	100.704	100.147	100.745
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	33.376	31.988	19.958
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	66.391	78.091	35.100
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	405.913	387.763	326.144
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	325.017	188.601	233.586
(c) Trade receivables	472.150	740.325	500.301
(d) Cash and cash equivalents	141.110	97.935	174.321
(e) Short-term loans and advances	117.356	113.933	144.000
(f) Other current assets	12.582	6.951	2.400
Total Current Assets	1068.215	1147.745	1054.608
TOTAL	1474.128	1535.507	1380.752

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1626.533	2358.868	1364.335
	Other Operating Revenue	7.222	7.059	8.043
	Other Income	31.157	37.385	35.778
	TOTAL	1664.912	2403.312	1408.156
Less	EXPENSES
	Cost of Materials Consumed	147.032	140.525	188.253
	Purchases of Stock-in-Trade	1295.646	1874.980	964.554
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(127.086)	26.180	(23.487)
	Employees benefits expense	147.898	123.606	107.807
	Other expenses	303.212	146.801	107.751
	TOTAL	1766.702	2312.092	1344.878
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(101.790)	91.220	63.278
Less	FINANCIAL EXPENSES	48.659	47.409	50.299
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(150.449)	43.811	12.979
Less/ Add	DEPRECIATION/ AMORTISATION	12.429	12.492	12.342
	PROFIT/ (LOSS) BEFORE TAX	(162.878)	31.319	0.637
Less	TAX	(0.847)	21.165	(1.644)
	PROFIT/ (LOSS) AFTER TAX	(162.031)	10.154	2.281
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	265.011	1098.140	224.831
	TOTAL EARNINGS	265.011	1098.140	224.831
	IMPORTS
	Raw Materials	2.522	1.627	22.269
	Components and Stores parts	1446.086	1108.914	660.981
	TOTAL IMPORTS	1448.608	1110.541	683.250
	Earnings / (Loss) Per Share (Rs.)	(11.95)	0.75	0.17

QUARTERLY RESULTS

Particulars (Rs. In Millions)	Jun 2014	Sep 2014
Audited / Unaudited	Unaudited	Unaudited
Net Sales	450.600	283.100
Total Expenditure	462.400	263.500
PBIDT (Excl OI)	(11.800)	19.600
Other Income	8.400	5.100
Operating Profit	(3.400)	24.700
Interest	12.000	12.000
Exceptional Items	0.000	0.000
PBDT	(15.400)	12.700
Depreciation	3.100	3.000
Profit Before Tax	(18.400)	9.700
Tax	0.000	0.000
Provisions and contingencies	0.000	0.000
Profit After Tax	(18.400)	9.700
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	(18.400)	9.700

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(9.96)	0.43	0.16
Operating Profit Margin (PBDIT/Sales)	(%)	(6.25)	3.86	4.63
Return on Total Assets (PBT/Total Assets}	(%)	(12.15)	2.23	0.05
Return on Investment (ROI) (PBT/Networth)		(0.25)	0.04	0.00
Debt Equity Ratio (Total Debts/Networth)		1.04	0.75	0.54
Current Ratio (Current Asset/Current Liability)		1.32	1.62	1.85

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	135.600	135.600	135.600
Reserves & Surplus	658.090	668.245	506.214
Net worth	793.690	803.845	641.814
long-term borrowings	4.786	2.927	1.791
Short term borrowings	427.651	596.012	665.046
Total borrowings	432.437	598.939	666.837
Debt/Equity ratio	0.545	0.745	1.039

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1364.335	2358.868	1626.533
		72.895	(31.046)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1364.335	2358.868	1626.533
Profit	2.281	10.154	(162.031)
	0.17%	0.43%	(9.96%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10334528	12/01/2012	150,000,000.00	Oriental Bank of Commerce	Palace Corner Building, 209/01, Upper Palace Orchards, Sadashivanagar,, Bangalore, Karnataka - 560080, INDIA	B31661846
2	10251251	22/10/2013 *	570,000,000.00	BANK OF INDIA	SAKINAKA CORPORATE BANKING BR, SAGAR TECH PLAZA, B, ANDHERI-KURLA RD, SAKINAKA JUNCTION, ANDHERI EAST, MUMBAI, Maharashtra - 400072, INDIA	B89219687
3	90165443	06/02/2002	23,500,000.00	THE NEDUNGADI BANK LIMITED	265 BIRYA HOUSE BAZAR GATE STREET, FORT, MUMBAI, Maharashtra - 400001, INDIA	-
4	90166669	05/06/2000	30,000,000.00	THE NEDUNGAI BANK LIMITED	265 BAZAR GALE, FORT, MUMBAI, Maharashtra - 400001, INDIA	-

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
From promoters and promoter group	200.504	136.642
From Directors	24.327	25.759
From related party	5.058	66.557
Total	229.889	228.958

PERFORMANCE REVIEW

During the year, the Company achieved revenue of Rs.1633.755 Millions as against Rs.2365.928 Millions in previous year. The Company has incurred a Net loss after tax of Rs. 162.031 Millions as against Net Profit after tax of Rs.10.155 Millions for the corresponding previous financial year.

MANAGEMENT DISCUSSION AND ANALYSIS

Industry Structure And Developments

India is the one of the world’s largest producers of textiles and garments. Abundant availability of raw materials such as cotton, wool, silk and jute as well as skilled workforce have 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 per cent of the world’s spindle capacity and 8 per cent of global rotor capacity. The potential size of the Indian textiles and apparel industry is expected to reach US$ 223 billion by 2021, according to a report by Technopak Advisors.

The textiles industry has made a major contribution to the national economy in terms of direct and indirect employment generation and net foreign exchange earnings. The sector contributes about 14 per cent to industrial production, 4 per cent to the gross domestic product (GDP), and 27 per cent to the country’s foreign exchange inflows. It provides direct employment to over 45 million people. The textiles sector is the second largest provider of employment after agriculture. Thus, the growth and all round development of this industry has a direct bearing on the improvement of the India’s economy.

Indian Apparel Retail Market

The Indian retail market, estimated at US$ 500 billion in 2012, is expected to demonstrate a robust growth rate of 13% p.a. over the coming years to become US$ 1.3 trillion by 2020 (Source: IBEF Retail Sector Report). Apparel retail market’s share out of this is 8%, which puts the market size at approx. US$ 40 billion in 2012.

The overall consumption growth story of India, driven by favourable demographic trends and rising income level fuelling consumerism, is expected to continue to gain momentum. In addition, favourable government policies to boost investor confidence are increasing investments in organised retail. Currently, organised retail’s penetration in India is only 8%, which is expected to increase to 20% by 2020.

Indian Apparel market has demonstrated resilience and growth in an environment characterized by slow economic growth. This trend is further strengthened by demographic dividend of India, i.e. young consuming age group. By 2020, India will have 64% of the population in working age group, making it the world’s youngest emerging economy. This young consuming class has new aspirations and is more open to experimenting with fashion brands and modern designs.

Purchase behaviour of consumers is also going through a significant change. Fashion today is heavily influenced by global social media, international fashion icons, increasing disposable income and rising confidence level. This is leading the shift from need-based purchasing to aspiration-based purchasing, and fast adoption of international fashion statements.

Further, favourable policy environment (e.g. the decision to allow Foreign Direct Investment (FDI) in multi-brand retail), has boosted investor confidence and opened doors for many international retailers to enter India. The apparel retail industry is expected to benefit from better product designs, while improving business performance learning from global best practices. The policy also requires investment in back-end infrastructure and substantial local sourcing of products. Businesses with strong local expertise and vertical-integrated set-up in textiles and apparel, like your company, are expected to benefit from this.

Unaudited Standalone Financial Results for the Quarter and Half Year Ended 30^th September, 2014

(Rs.In Millions)

Particulars	Quarter Ended		Half Year Ended
	30.09.2014 Unaudited	30.06.2014 Unaudited	30.09.2014 Unaudited
Income from Operations
Net Sales/Income from Operations	281.159	448.347	729.506
Other Operating Income	1.946	2.205	4.151
Total Income from operations (net)	283.105	450.552	733.657
Expenses
(a) Cost of Materials Consumed	41.448	55.496	96.944
(b) Purchase of stock in trade	250.541	199.418	449.959
(c) Changes in inventories of finished goods, work in progress and stock in trade	(101.063)	142.174	41.138
(d) Employee benefit expenses	42.736	41.784	84.520
(e) Depreciation and amortization expenses	3.002	3.062	6.064
(f) Other Expenses	29.815	23.488	53.303
Total Expenses	266.506	465.422	731.928
Profit from Operations before Other Income, Finance costs and Exceptional item	16.599	(14.870)	1.729
Other Income	5.049	8.419	13.468
Profit/ Loss from Ordinary Activities before Finance costs and Exceptional item	21.648	(6.452)	15.197
Finance costs	11.953	11.979	23.932
Profit/ Loss from Ordinary Activities after Finance costs but Exceptional item	9.695	(18.431)	(8.735)
Exceptional item	---	---	---
Profit/ Loss from Ordinary Activities before tax	9.695	(18.431)	(8.735)
Tax Expenses	---	---	---
Net Profit/ Loss from Ordinary Activities after tax	9.695	(18.431)	(8.735)
Extraordinary Items	---	---	---
Net Profit for the period	9.695	(18.431)	(8.735)
Paid- up Equity Share Capital (Face value of the share – Rs. 10)	135.600	135.600	135.600
Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year
Earnings per share (before extraordinary items) (of Rs. 10/- each) (not annualized) - Basic	0.71	(1.36)	(0.64)
- Diluted	0.71	(1.36)	(0.64)
Earnings per share (after extraordinary items) (of Rs. 10/- each) (not annualized) - Basic	0.71	(1.36)	(0.64)
- Diluted	0.71	(1.36)	(0.64)
PARTICULARS OF SHAREHOLDING
1. Public shareholding
- Number of Shares	3663632	3663632	3663632
- Percentage of Shareholding	27.02	27.02	27.02
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 promoter and promoter group)	Nil	Nil	Nil
- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
Non - encumbered
- Number of Shares	9896368	9896368	9896368
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
- Percentage of Shares (as a % of the total share capital of the company)	72.98	72.98	72.98

	Particulars	Quarter Ended 30.09.2014
B	Investor complaints (Nos.)
	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

STATEMENT OF EQUITY AND LIABILITIES

Particulars		31.09.2014
A. EQUITY AND LIABILITIES		Unaudited
1. Shareholders Funds
a] Share Capital		135.600
b] Reserves and Surplus		497.479
Sub-total – Shareholders’ funds		633.079
2. Non-current Liabilities
a] Long term Borrowings		1.184
b] Deferred Tax Liabilities		17.622
c] Other long term liabilities		1.319
Sub-total - Non-current Liabilities		20.126
3. Current Liabilities
a] Short term Borrowings		554.215
b] Trade Payables		134.245
c] Other Current Liabilities		16.291
d] Short Term Provision		15.090
Sub-total - Current Liabilities		719.842
TOTAL - EQUITY AND LIABILITIES		1373.047
B ASSETS
1. Non-current assets
a] Fixed assets		301.768
b] Non-current investment		33.376
c] long Term loans and Advances		69.004
Sub-total – Non- current assets		404.148
2. CURRENT ASSETS
	Inventories	296.332
	Trade Receivables	405.195
	Cash & Bank Balances	157.804
	Short Term loans and advances	107.256
	Other Current Assets	2.313
Sub-total – Current Assets		968.899
TOTAL - ASSETS		1373.047

Note :

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 14, 2014.

2. Tax Expenses doesn't includes deferred tax. Deferred Tax will be provided annually.

3. Basic & Diluted earnings per share has been calculated in accordance with the Accounting Standard 20 issued by ICAI.

4. The Company operates in a single segment; manufacture of readymade garments and trading of fabrics.

5. The above results are subject to provision of bad and doubtful debts.

6. Previous period figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current period's classification.

7. The statutory auditors have carried out a Limited Review of results for the 3 months ended September 30, 2014.

FIXED ASSETS

• Land
• Building
• Factory Building
• Office Equipment
• Computer Systems
• Plant and Machinery
• Furniture and Fixture
• Motor Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.15
UK Pound	1	Rs.94.72
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.