MIRA INFORM REPORT

Report No. :	308005
Report Date :	17.02.2015

IDENTIFICATION DETAILS

Name :	MAFATLAL INDUSTRIES LIMITED
Registered Office :	Asarwa Road, Ahmedabad – 380016, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.01.1913
Com. Reg. No.:	04-000035
Capital Investment / Paid-up Capital :	Rs. 139.122 Millions
CIN No.: [Company Identification No.]	L17110GJ1913PLC000035
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMM01779B
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 :	Manufacturing and Trading of Textile.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an old and established company having satisfactory track. Profitability of the company is fair. General financial of the company appears to be decent. Trade relations are reported as fair. Business is active. Business is active. Payments are reported to be usually correct and as per commitments. In the view of experienced promoters and management, the company can be considered for 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 Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 20, 2013

Rating Agency Name	CARE
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	December 20, 2013

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

Management non-cooperative (Tel No.: 91-22-67713830)

LOCATIONS

Registered Office :	Asarwa Road, Ahmedabad – 380016, Gujarat, India
Tel. No.:	91-79-22123944/ 2123940
Fax No.:	91-79-22123045
E-Mail :	asaram@mafatlals.com rasesh@mafatlas.com ashish@mafatlals.com ahmedabad@mafatlals.com
Website :	www.maftlals.com
Location :	Owned
Corporate Office 1:	Kaledonia, 6^th Floor, Sahar Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-67713800/ 3900
Fax No.:	91-22-67713924/ 25
E-Mail :	marketing@mafatlals.com sales@mafatlaldenim.com
Corporate Office 2 :	Mafatlal House, 4^th Floor, H T Parekh Marg, Backbay Reclamation, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-66173636/ 67713800/ 3900
Fax No.:	91-22-67713924/ 66357633/ 25
Factory 1 :	Textile Division Post Box No.: 55, Kapadvanj Road, Nadiad – 387001, Gujarat, India
Tel. No.:	91-268-2550226
Fax No.:	91-268-2565030
Factory 2 :	Textile Division and Denim Division Vejalpore Road, Navsari – 396445, Gujarat, India
Tel. No.:	91-2637-243120
Fax No.:	91-2637-241504
Factory 3:	Textile Division Rambhau Bhogale Marg, Mumbai - 400010, Maharashtra, India

DIRECTORS

As on 31.03.2014

Name :	Mr. H. A. Mafatlal
Designation :	Chairman
Date of Birth/Age :	59 Years
Qualification :	B.Com (Hons)
Expertise in functional Areas :	He is an industrialist having diversified experience of more than 36 years in the areas of Textiles, Chemicals, Petrochemicals, Financial Services, etc.
Date of Appointment :	03.05.1979
Name :	Mr. P. R. Amin
Designation:	Director
Date of Birth/Age :	78 Years
Qualification :	B.Com., ACA
Expertise in functional Areas :	Experience of over 51 years in Finance, Production, Management and Corporate Affairs.
Date of Appointment :	13.06.1985
Name :	Mr. P. J. Desai
Designation :	Director (upto 30.05.2014)
Name :	Mr. N. K. Parikh
Designation :	Director
Date of Birth/Age :	79 Years
Qualification :	Commerce Graduate
Expertise in functional Areas :	Experience of over 53 years in the field of Finance, Accounts, Taxation and Commerce.
Date of Appointment :	17.06.2005
Name :	Mr. V. R. Gupte
Designation :	Director
Date of Birth/Age :	69 Years
Qualification :	Graduate in Commerce and a Chartered Accountant
Expertise in functional Areas :	Experience of more than 41 years at various companies in Finance, Legal and Commercial matters.
Date of Appointment :	30.05.2013
Name :	Mr. P. N. Kapadia
Designation :	Director
Date of Birth/Age :	62 Years
Qualification :	B.A., LL.B
Expertise in functional Areas :	Advocate & Solicitor Experience of more than 36 years in the legal field. He is a partner of Vigil Juris, Advocates & Solicitors, Mumbai
Date of Appointment :	30.05.2013
Name :	Mr. V. K. Balasubramanian
Designation :	Director (upto 31.07.2013)
Name :	Mr. A. K. Srivastava
Designation :	Director
Name :	Mr. V. P. Mafatlal
Designation:	Vice-Chairman
Name :	Mr. Rajiv Dayal
Designation :	Managing Director and Chief Executive Officer

KEY EXECUTIVES

Name :	Mr. Rasesh Shah
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	No. of Shares	% of holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4870883	35.01
Bodies Corporate	5483927	39.42
Any Others (Specify)	65145	0.47
Trusts	65145	0.47
Sub Total	10419955	74.89
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	10419955	74.89
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9115	0.07
Financial Institutions / Banks	209574	1.51
Insurance Companies	154897	1.11
Sub Total	373586	2.69
(2) Non-Institutions
Bodies Corporate	434765	3.12
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	1538360	11.06
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	1088631	7.82
Any Others (Specify)	57589	0.41
Trusts	38	0.00
Non Resident Indians	57551	0.41
Sub Total	3119345	22.42
Total Public shareholding (B)	3492931	25.11
Total (A)+(B)	13912886	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	13912886	100.00

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

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Rupal Vishad Mafatlal	12,03,465	8.65
2	Rekha Hrishikesh Mafatlal	8,04,283	5.78
3	Priyavrat Hrishikesh Mafatlal	5,54,232	3.98
4	Anjali Hrishikesh Mafatlal	1,50,999	1.09
5	Aarti Hrishikesh Mafatlal	1,02,512	0.74
6	A.N. Mafatlal Karta Of A.N.M. Huf 4 Mafatlal	5,585	0.04
7	Maithili N Desai	3,303	0.02
8	Aarti Manish Chadha	1,830	0.01
9	Anjali Kunal Agarwal	1,830	0.01
10	Narendra Dharmsinh Desai	1,611	0.01
11	P.A.Mafatlal As Karta Of P.A.M. Huf 1 Mafatlal	1,455	0.01
12	Vishad P.Mafatlal Pam Huf1 P Mafatlal	455	0.00
13	Chetna Padmanabh Mafatlal	204	0.00
14	Vishad Padmanabh Mafatlal	12,11,581	8.71
15	Hrishikesh Arvind Mafatlal	8,21,578	5.91
16	Hrishikesh Arvind Mafatlal	4,490	0.03
17	Hrishikesh Arvind Mafatlal	735	0.01
18	Vishad Padmanabh Mafatlal	735	0.01
19	Navin Fluorine International Limited	17,74,707	12.76
20	Altamount Products & Services Pvt. Ltd.	10,64,443	7.65
21	Sukarma Investments Pvt. Ltd	8,39,173	6.03
22	Nocil Limited	5,66,320	4.07
23	Mafatlal Impex Private Ltd	3,52,643	2.53
24	Mafatlal Exim Pvt. Ltd.	3,57,807	2.57
25	Suremi Trading Private Limited	4,14,054	2.98
26	Mafatlal Impex Private Limited	41,085	0.30
27	Arvi Associates Pvt Ltd	25,259	0.18
28	Gayatri Pestichem Mfg Pvt Ltd	22,305	0.16
29	Mafatlal Exim Private Limited	18,400	0.13
30	Pamil Investments Private Limited	4,197	0.03
31	Sushripada Investments Private Limited	2,269	0.02
32	Suremi Trading Private Limited	1,225	0.01
33	Sumil Holdings Private Ltd	10	0.00
34	Milap Texchem Private Limited	10	0.00
35	Milekha Texchem Company Private Limited	10	0.00
36	Shamir Texchem Private Limited	10	0.00
37	Sheth Mafatlal Gagalbhai Foundation Trustno 2	786	0.01
38	Sheth Mafatlal Gagalbhai Foundation Trustno.3	786	0.01
39	Sheth Mafatlal Gagalbhai Foundation Trust No 10	786	0.01
40	Sheth Mafatlal Gagalbhai Foundation Trust No 9	786	0.01
41	Sheth Mafatlal Gagalbhai Foundation Trust No22	786	0.01
42	Sheth Mafatlal Gagalbhai Foundation Trust No 20	786	0.01
43	Sheth Mafatlal Gagalbhai Foundation Trust No 5	786	0.01
44	Sheth Mafatlal Gagalbhai Foundation Trust No 7	786	0.01
45	Shri Hrishikesh Arvind Mafatlal Public	786	0.01
46	Shri Arvind N Mafatlal Public Charitable Trust	786	0.01
47	Shri Arvind N Mafatlal Public Charitable Trust	786	0.01
48	Shri Padmanabh Arvind Mafatlal Public	786	0.01
49	Shri Padmanabh Arvind Mafatlal Public	786	0.01
50	Shri Padmanabh Arvind Mafatlal Public	786	0.01
51	Navinchandra Mafatlal Charity Trust No 11	786	0.01
52	Navinchandra Mafatlal Charity Trust No 2	786	0.01
53	Navinchandra Mafatlal Charity Trust No 3	786	0.01
54	Navinchandra Mafatlal Charity Trust No 6	786	0.01
55	Navinchandra Mafatlal Charity Trust No 12	786	0.01
56	Navinchandra Mafatlal Charity Trust No 13	786	0.01
57	Navinchandra Mafatlal Charity Trust No 15	786	0.01
58	Shri Pransukhlal Charity Trust No 3	786	0.01
59	Shri Pransukhlal Charity Trust No 2	786	0.01
60	Navinchandra Mafatlal Charity Trust No 4	786	0.01
61	Navinchandra Mafatlal Charity Trust No 7	786	0.01
62	Navinchandra Mafatlal Charity Trust No 14	786	0.01
63	Navinchandra Mafatlal Charity Trust No 5	786	0.01
64	Shri Arvind N Mafatlal Public Charitable Trust	786	0.01
65	Shri Padmanabh Arvind Mafatlal Public	786	0.01
66	Shri Padmanabh Arvind Mafatlal Public	786	0.01
67	Navinchandra Mafatlal Charity Trust No 9	786	0.01
68	Sheth Mafatlal Gagalbhai Foundation Trust No 12	786	0.01
69	Sheth Mafatlal Gagalbhai Foundation Trust No 13	786	0.01
70	Sheth Mafatlal Gagalbhai Foundation Trust No 6	786	0.01
71	Shri Hrishikesh Arvind Mafatlal Public	786	0.01
72	Sheth Mafatlal Gagalbhai Foundation Trust No 8	786	0.01
73	Shri Hrishikesh Arvind Mafatlal Public	786	0.01
74	Shri Hrishikesh Arvind Mafatlal Public	786	0.01
75	Shri Hrishikesh Arvind Mafatlal Public	786	0.01
76	Seth Mafatlal Gagalbhai Foundation Trust No 11	786	0.01
77	Shri Arvind N Mafatlal Public Charitable Trust	786	0.01
78	Shri Arvind N Mafatlal Public Charitable Trust	786	0.01
79	Shri Arvind N Mafatlal Public Charitable Trust	786	0.01
80	Shri Pransukhlal Charity Trust No 5	786	0.01
81	Shri Pransukhlal Charity Trust No 4	786	0.01
82	Shri Hrishikesh Arvind Mafatlal Public	786	0.01
83	Seth Mafatlal Gagalbhai Foundation Trust N0.4	786	0.01
84	Navinchandra Mafatlal Charity Trust N0 8	786	0.01
85	Navinchandra Mafatlal Charity Trust N0 10	786	0.01
86	Shri Arvind N Mafatlal Public Charitable Trust	786	0.01
87	Seth Mafatlal Gagalbhai Foundation Trust N0 14	786	0.01
88	Seth Mafatlal Gagalbhai Foundation Trust N0 17	786	0.01
89	Seth Mafatlal Gagalbhai Foundation Trust N0 16	786	0.01
90	Shri Arvind N Mafatlal Public Charitable Trust	786	0.01
91	Sheth Mafatlal Gagalbhai Foundation Trust	786	0.01
92	Shri Pransukhlal Charity Trust No 6	786	0.01
93	Sheth Mafatlal Gagalbhai Foundation Trust No 21	786	0.01
94	Shri Pransukhlal Charity Trust	786	0.01
95	Sheth Mafatlal Gagalbhai Foundation Trust No 18	786	0.01
96	Sheth Mafatlal Gagalbhai Foundation Trust No 15	786	0.01
97	Shri Padmanabh Arvind Mafatlal Public	786	0.01
98	Mrs Sushila Arvind Mafatlal Public Charitable	624	0.00
99	Mrs Sushila Arvind Mafatlal Public Charitable	624	0.00
100	Mrs Sushila Arvind Mafatlal Public Charitable	624	0.00
101	Vishad Padmanabh Mafatlal Public Charitable	624	0.00
102	Mrs Rekha Hrishikesh Mafatlal Public Charitable	624	0.00
103	Mrs Rekha Hrishikesh Mafatlal Public Charitable	624	0.00
104	Mrs Rekha Hrishikesh Mafatlal Public Charitable	624	0.00
105	Mrs Rekha Hrishikesh Mafatlal Public Charitable	624	0.00
106	Mrs Rekha Hrishikesh Mafatlal Public Charitable	624	0.00
107	Mrs Sushila Arvind Mafatlal Public Charitable	624	0.00
108	Mrs.Sushila Arvind Mafatlal Public Charitable	624	0.00
109	Mrs Miloni Padmanabh Mafatlal Public Charitable	624	0.00
110	Mrs Miloni Padmanabh Mafatlal Public Charitable	624	0.00
111	Mrs Miloni Padmanabh Mafatlal Public Charitable	624	0.00
112	Vishad P Mafatlal Public Charitable Trust N0.1	624	0.00
113	Mrs Miloni Padmanabh Mafatlal Public Charitable	624	0.00
114	Vishad Padmanabh Mafatlal Public Charitable	624	0.00
115	Vishad Padmanabh Mafatlal Public Charitable	624	0.00
116	Shri Padmakesh Public Charity Trust No 4	542	0.00
117	Shri Padmakesh Public Charity Trust No 3	542	0.00
118	Shri Padmakesh Public Charity Trust No 2	542	0.00
119	Shri Padmakesh Public Charity Trust No 1	542	0.00
120	Shri Rishipad Public Charity Trust N0 3	542	0.00
121	Shri Rishipad Public Charity Trust N0 2	542	0.00
122	Shri Rishipad Public Charity Trust N0 4	542	0.00
123	Shri Rishipad Public Charity Trust N0.1	542	0.00
124	Mrs.Vijayalaxmi Navinchandra Mafatlal Public	393	0.00
125	Mrs Vijayalaxmi Navinchandra Mafatlal Public	393	0.00
126	Mrs Vijayalaxmi Navinchandra Mafatlal Public	393	0.00
127	Maithiliben N Desai	256	0.00
128	Mrs Miloni Padmanabh Mafatlal Public Charitable	196	0.00
	Total	1,04,19,955	74.89

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

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	PAT Financial Consultants Pvt Ltd	274316	1.97
2	Bharat Jayantilal Patel	231843	1.67
3	State Bank Of India	168428	1.21
4	Hardik Bharat Patel	185605	1.33
5	Life Insurance Corporation Of India	142815	1.03
	Total	1003007	7.21

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Textile.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

· Axis Bank Limited, Trishul, 3^rd Floor Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad - 380006, Gujarat, India

· Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· The Shamrao Vithal Co-operative Bank Limited, SVC Tower, Nehru Road, Vakola, Santacruz (East), Mumbai, Maharashtra - 400055, INDIA

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans
From Banks	261.915	375.048
From Banks - Secured - Loan for Vehicles	6.948	4.218
From Others - Secured	115.766	151.038
SHORT TERM BORROWINGS
From Banks
Secured * - Overdraft facility	588.065	276.018
Secured ** - Cash credit	84.487	93.382
Total	1057.181	899.704
NOTE LONG TERM BORROWINGS (i) For Current maturities of Long Term Borrowings; Refer Note No.11 (a) - Other Current Liabilities. (ii) (a) Term loans of Rs. 341.715 Millions (Previous year Rs. 415.815 Millions) from a bank are repayable in quarterly installments till March 2018. These Loans are secured by a pari passu mortgage / hypothecation charge on the Fixed Assets, including leasehold land and hypothecation charge on all current assets of erstwhile Mafatlal Denim Limited and pledge by promoters/ promoter companies of certain shareholding in the Company. The loans carry interest linked to the lenders’ Prime Lending Rates. The effective rate of interest for the year was in the range of 15.50% to 16.00% p.a. (Previous year 15.75% p.a.) (b) Term loan of Rs. 50.000 Millions (Previous year Rs. 75.000 Millions) from a bank is repayable in monthly installments till October 2014. The Loan is secured by a pari passu mortgage / hypothecation charge on the Current Assets of erstwhile Mafatlal Denim Limited and pledge by promoters/ promoter companies of certain shareholding in the Company. The loans carry interest linked to the lenders’ Base Rates. The effective rate of interest for the year was in the range of 3.75% to 14% p.a (Previous year 13.75% p.a.) (iii) Loans for Vehicles from Banks is secured by hypothecation of respective vehicles. The Loan carries interest in the range of 10.50% to 11% p.a. (Previous year 11% p.a.) (iv) (a) Term loan of Rs. 89.925 Millions (Previous year Rs. 109.425 Millions) from a Financial Institution is repayable in quarterly installments till March 2018. The Loan is secured by a pari passu mortgage / hypothecation charge on the Company’s Fixed Assets, including leasehold land and hypothecation charge on all current assets of erstwhile Mafatlal Denim Limited and pledge by promoters/ promoter companies of certain shareholding in the Company. The loan carry an interest linked to the lenders’ Prime Lending Rates. The effective rate of interest for the current year was at 16.75% p.a. (Previous year 16.50% to 16.75% p.a) (b) Term loan of Rs. 61.113 Millions (Previous year Rs. 74.365 Millions) from a Financial Institution is repayable in quarterly installments till March 2018. The Loan is secured by pari passu hypothecation charge on the current assets of erstwhile Mafatlal Denim Limited and pledge by promoters/ promoter companies of certain shareholding in the Company. The loan carries interest @ 12.25% p.a. SHORT TERM BORROWINGS * Secured against Fixed Deposits of Rs. 742.000 Millions, maturing on various dates, last date of maturity 15th March, 2015. (Previous year: Rs. 301.300 Millions, last date of maturity 15th March, 2014). ** Secured by pari passu charge on the current assets and a second Mortgage/ Hypothecation charge on the Fixed assets of erstwhile Mafatlal Denim Limited and pledge by promoters/ promoter companies of certain shareholding in the Company. The cash credit is repayable on demand and carry an interest @ 14.5% p.a. (Previous year 14.5% p.a)

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27^th – 32^nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61854000
Fax No.:	91-22-61854501/ 4601
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies :	· Mafatlal Services Limited · Ibiza Industries Limited (also a joint venture) (currently under liquidation) · Sunanda Industries Limited (currently under liquidation) · Mayflower Textiles Private Limited (upto 25.03.2014) · Myrtle Textiles Private Limited (upto 25.03.2014) · Repal Apparel Private Limited (upto 25.03.2014) · Mafatlal Global Apparel Limited (upto 29.09.2012) · Silvia Apparel Limited (upto 30.03.2013)
Jointly Controlled Entity :	AL Fahim Mafatlal Textiles LLC- A Joint Venture with Al Fahim Linez LLC - (UAE)
Associates :	· Mafatlal Global Apparel Limited (since 29.09.2012) · Mafatlal V. K. Intex Limited (upto 25.03.2014) · Mafatlal Engineering Industries Limited (currently under liquidation) · Mafatlal Limited - (Incorporated in United Kingdom) (currently under liquidation) · Sushmita Engineering and Trading Limited (upto 25.03.2014) · Repos Trading Company Limited (upto 25.03.2014)
Enterprises over which key management personnel and their relatives are able to exercise significant influence :	· NOCIL Limited · Navin Flourine International Limited · Sulakshana Securities Limited · Krishnadeep Housing Development Private Limited · Mafatlal Impex Private Limited · Mafatlal Fabrics Private Limited · Myrtle Chemtex Trading Private Limited · Aureole Clothing Private Limited
Enterprises over which Individual having significant influence and relatives of such individual are able to exercise significant influence :	· Sukarma Investments Private Limited · Suremi Trading Private Limited · Altamount Product and Services Private Limited · Silvia Apparel Limited (since 31.03.2013)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
14,245,081	Equity Shares	Rs.10/- each	Rs. 142.451 Millions
85,754,919	Unclassified Shares	Rs.10/- each	Rs. 857.549 Millions
	Total		Rs. 1000.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
13,912,886	Equity Shares	Rs.10/- each	Rs. 139.128 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,912,886	Equity Shares	Rs.10/- each	Rs. 139.128 Millions
	Less: Allotment money/ Calls in arrears		Rs. 0.006 Million
	Total		Rs. 139.122 Millions

a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting year (excluding Equity Share Capital Suspense):

Particulars	As at 31st March, 2014
	Number of shares	Amount (Rs. In Millions)
(i) Equity shares with voting rights
Opening balance	9,813,471	98.134
Allotted Pursuant to Scheme of Amalgamation	4,099,415	40.994
Less: Allotment money/ Calls in arrears	--	0.006
Less: Cancelled Pursuant to Scheme of Amalgamation / Other Adjustment	--	--
Closing balance	13,912,886	139.122

Notes forming part of Financial Statements for the year ended 31st March, 2014

Particulars	As at 31st March, 2014
	Number of shares	Amount (Rs. In Millions)
(ii) Fully Redeemable Non-Cumulative Preference Shares
Opening balance	30,000,000	300.000
Less: Redeemed during the year	30,000,000	300.000
Closing balance	--	--

b) (i) 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 equity shareholder is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March, 2014, the amount of dividend, per share, recognized as distributions to equity shareholders is Rs. 3/- (Previous year ended 31st March, 2013 Rs. 5/-).

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of

equity shares held by shareholders.

(ii) Terms / rights attached to Preference shares:

In terms of Modified Scheme (MS) approved by BIFR in June 2009, 600,00,000 Fully Redeemable Non-Cumulative Preference Shares of Rs. 10/- each were redeemable over a period of eight years as a subordinated liability to the dues of workers, statutory agencies and the secured creditors. 50% of the shares were redeemed during the period ended 31^st March, 2012 and remaining 50% of the shares have been redeemed during the current year.

c. Details of shares held by each shareholder holding more than 5% shares in the Company:

Equity shares of Rs. 10/- each fully paid Name	31st March, 2014
	Nos.	% Holding
Navin Fluorine International Limited (Less than 5% in Previous year)	1,774,707	12.76
V. P. Mafatlal	1,211,581	8.71
Rupal V. Mafatlal	1,203,465	8.65
Altamount Products and Services Private Limited (Less than 5% in Previous year)	1,064,443	7.65
Sukarma Investments Private Limited (Less than 5% in Previous year)	839,173	6.03
H. A. Mafatlal	821,578	5.90
Rekha H. Mafatlal	804,283	5.78

Notes forming part of Financial Statements for the year ended 31st March, 2014

d. Preference shares redeemed by the Company during the period of five years immediately preceding the reporting date:

Particular	Nos.	Rs. In Millions
As at 31st March, 2014	60,000,000	600.000
As at 31st March, 2013	30,000,000	300.000

e. Aggregate number of Equity shares issued for consideration other than cash during five years immediately preceding the reporting date:

(i) During the year 2010-11, 300,00,000 Optionally Convertible Fully Redeemable Non-Cummulative Preference Shares of Rs. 10/- each were converted into 48,13,860 Equity shares of Rs. 10/- each of the Company at a premium of Rs. 52.32 per equity share.

(ii) During the current year, 40,99,415 Equity shares of Rs. 10/- each fully paid-up have been issued to shareholders of erstwhile Mafatlal Denim Limited, as consideration on merger with the Company.

f. Calls unpaid (by other than officers and directors)

(Rs. in Millions)

Particular	As at 31st March, 2014
Calls Unpaid	0.006

g. During 1987-88, 535,000 shares (of Rs. 100/- each) were allotted on rights basis subject to the result of suit nos. 3181 and 3182 of 1987 filed by three shareholders against the Company and Others in the Ahmedabad City Civil Court. The suits are pending disposal.

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	139.122	439.122	398.132
(b) Reserves & Surplus	3333.028	3142.523	2954.596
(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)	3472.150	3581.645	3352.728
(3) Non-Current Liabilities
(a) long-term borrowings	384.629	530.304	0.000
(b) Deferred tax liabilities (Net)	25.500	42.500	0.000
(c) Other long term liabilities	26.228	20.751	46.225
(d) long-term provisions	93.938	110.519	21.986
Total Non-current Liabilities (3)	530.295	704.074	68.211
(4) Current Liabilities
(a) Short term borrowings	672.552	369.400	55.407
(b) Trade payables	1279.799	1014.262	263.033
(c) Other current liabilities	441.657	473.079	155.276
(d) Short-term provisions	155.705	179.524	8.920
Total Current Liabilities (4)	2549.713	2036.265	482.636
TOTAL	6552.158	6321.984	3903.575
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1570.382	930.959	163.923
(ii) Intangible Assets	11.032	0.808	0.000
(iii) Capital work-in-progress	145.951	624.853	36.437
(iv) Intangible assets under development	0.000	8.184	0.000
(b) Non-current Investments	486.537	487.158	500.980
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	425.439	417.334	245.082
(e) Other Non-current assets	60.395	6.934	1.079
Total Non-Current Assets	2699.736	2476.230	947.501
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1236.943	1066.320	287.733
(c) Trade receivables	1385.490	1221.663	518.199
(d) Cash and cash equivalents	1018.224	1414.027	1892.284
(e) Short-term loans and advances	168.621	129.855	244.485
(f) Other current assets	43.144	13.889	13.373
Total Current Assets	3852.422	3845.754	2956.074

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	9177.263	7974.907	1437.488
		Other Income	177.649	428.906	369.491
		TOTAL (A)	9354.912	8403.813	1806.979
Less	EXPENSES
		Cost of materials consumed	2648.988	2026.964	352.893
		Purchases of stock-in-trade (Trading Activity)	3361.111	2956.717	263.888
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(266.817)	(257.168)	(6.384)
		Employee benefits expense	810.570	748.613	374.298
		Other expenses	2340.015	2028.782	931.954
		Exceptional items	(73.677)	(69.774)	504.076
		TOTAL (B)	8820.190	7434.134	2420.725
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		534.722	969.679	(613.746)
Less	FINANCIAL EXPENSES (D)		148.945	319.992	24.511
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		385.777	649.687	(638.257)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		183.460	144.405	20.342
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		202.317	505.282	(658.599)
Less	TAX (H)		(37.021)	133.689	(140.000)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		239.338	371.593	(518.599)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		438.664	376.828	1195.427
Add	PURSUANT TO SCHEME OF AMALGAMATION		--	(190.871)	--
Less	APPROPRIATIONS
		Transfer to Capital Redemption Reserve	300.000	0.000	300.000
		Transfer to General Reserve	24.500	37.500	0.000
		Proposed Final Dividend	41.739	69.564	0.000
		Corporate Dividend Tax	7.094	11.822	0.000
	BALANCE CARRIED TO THE B/S		304.669	438.664	376.828
	EARNINGS IN FOREIGN CURRENCY
		Direct Export of goods calculated on FOB basis	1038.210	655.186	255.868
	TOTAL EARNINGS		1038.210	655.186	255.868
	IMPORTS
		Raw Materials	32.983	144.074	0.000
		Stores & Spares	175.192	66.614	2.542
		Capital Goods	2.966	303.625	0.000
	TOTAL IMPORTS		211.141	514.313	2.542
	Earnings / (Loss) Per Share (Rs.)		17.20	26.71	(52.84)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	2.60	4.65	36.08
Operating Profit Margin (PBDIT/Sales)	(%)	5.83	12.16	(42.69)
Return on Total Assets (PBT/Total Assets}	(%)	3.42	9.71	(19.57)
Return on Investment (ROI) (PBT/Networth)		0.06	0.14	(0.20)
Debt Equity Ratio (Total Debt/Networth)		0.30	0.25	0.02
Current Ratio (Current Asset/Current Liability)		1.51	1.89	6.12

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	398.132	439.122	139.122
Reserves & Surplus	2954.596	3142.523	3333.028
Net worth	3352.728	3581.645	3472.150
long-term borrowings	0.000	530.304	384.629
Short term borrowings	55.407	369.400	672.552
Total borrowings	55.407	899.704	1057.181
Debt/Equity ratio	0.017	0.251	0.304

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	1437.488	7974.907	9177.263
		454.781	15.077

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	1437.488	7974.907	9177.263
Profit	(518.599)	371.593	239.338
	(36.08%)	4.66%	2.61%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITY OF LONG TERM DEBT DETAILS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Current Maturities of Long Term Debts
From Banks - Secured	129.800	115.767	0.000
From Banks - Secured - Loans for Vehicles	2.242	1.604	0.000
From Others - Secured	35.272	32.752	0.000
Total	167.314	150.123	0.000

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	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
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

LITIGATION DETAILS

HIGH COURT OF GUJARAT FIRST APPEAL No. 3652 to 2009
Status: PENDING ( Converted from : FAST/1811/2009 ) CCIN No : 001012200903652 Last Listing Date: 11/01/2010 Coram: HONOURABLE MR. JUSTICE G.R.UDHWANI
S.NO.	Name of the Petitioner	Advocate On Record
1	GUJARAT INDUSTRIAL DEVELOPMENT CORPORATION THROUGH	MR RITURAJ M MEENA for: Appellant(s)  1
S.NO.	Name of the Respondant	Advocate On Record
1	MAFATLAL INDUSTRIES LIMITED THROUGH JOINT SECRETARY	MR VIJAYN RAYAL for :Defendant(s)  1
2.	STATE OF GUJARAT THROUGH CHIEF SECRETARY	RULES SERVED for :Defendant(s)  2
3.	OFFICER OF SPECIAL DUTY NO.1 (LAND ACQUISITION)	RULES UNSERVED for :Defendant(s)  3

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10530755	01/11/2014	470,000,000.00	The Shamrao Vithal Co-operative Bank Limited	SVC Tower, Nehru Road, Vakola,, Santacruz (East)M  umbai, Mumbai, Maharashtra - 400055, INDIA	C33299355
2	10530758	30/10/2014	450,000,000.00	The Shamrao Vithal Co-operative Bank Limited	SVC Tower, Nehru Road, Vakola,, Santacruz (East),  Mumbai, Maharashtra - 400055, INDIA	C33300526
3	10514747	28/08/2014 *	250,000,000.00	JANATA SAHAKARI BANK LIMITED. PUNE	1444 SHUKRAWAR PETH, BAJIRAO ROAD, THROUGH IT'S V  ILE-PARLE BRANCH, MUMBAI, PUNE, Maharashtra - 4110  02, INDIA	C20125589
4	10410058	10/06/2014 *	61,100,000.00	Export-Import Bank of India	Centre One Building, Floor 21,, World Trade Centr  e, Cuffe Parade,, Mumbai, Maharashtra - 400005, IN  DIA	C14519755
5	10055732	20/05/2014 *	70,000,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, IN  DIA	C05526827
6	10060397	10/06/2014 *	89,900,000.00	Export-Import Bank of India	Centre One Building, Floor 21,, World Trade Centr  e, Cuffe Parade,, Mumbai, Maharashtra - 400005, IN  DIA	C14523674
7	10013831	20/05/2014 *	620,000,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, IN  DIA	C05528310

* Date of charge modification

CORPORATE INFORMATION

The Company is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Mumbai and Ahmedabad stock exchanges. The Company belongs to the reputed industrial house of Arvind Mafatlal Group in India, established in 1905. The Company is engaged in textile manufacturing and trading, having its units at Nadiad and Navsari.

YEAR IN RETROSPECT:

The overall deceleration of India’ GDP growth had a significant negative impact on the general business environment and consumer sentiment. While the textile industry in general had to face the impact of high raw material prices, the same could not be recovered in pricing due to the over-supply of products emanating from capacity built up by most fabric manufacturers in the last couple of years.

The Profit before Tax decreased from Rs. 505.300 Millions in the previous year to Rs. 202.300 Millions for the year under review and the Profit after Tax has decreased from Rs. 371.600 Millions in the previous year to Rs. 239.300 Millions for the year under review.

During the year, the Company obtained credit rating from both Crisil Limited (CRISIL) and Credit Analysis and Research Limited (CARE) to its proposal of obtaining financial facilities to the tune of Rs. 1000.000 Millions. CRISIL has assigned its ‘CRISIL BBB-/Stable’ rating to the cash credit and proposed term loan facilities and has assigned its ‘CRISIL A3’ rating to the letter of credit and bank guarantee facilities and indicated 'Stable outlook to the Company’. CARE has assigned its ‘CARE BBB-’ rating to the long term facilities having tenure of more than one year and has assigned its ‘CARE A3’ rating to the short term facilities having tenure of up to one year. All the above ratings indicate moderate degree of safety regarding timely payment of financial obligations.

LISTING OF SHARES PURSUANT TO THE AMALGAMATION OF MISHAPAR INVESTMENTS LIMITED AND MAFATLAL DENIM LIMITED WITH THE COMPANY:

The Scheme of Arrangement and Amalgamation of Mishapar Investments Limited (Wholly Owned Subsidiary Company) and Mafatlal Denim Limited (Promoter Group Company) with the Company has become effective w.e.f. 28th May, 2013. The Company had issued and allotted 40,99,415 equity shares of face value of Rs. 10/- each fully paid-up to the shareholders of Mafatlal Denim Limited on 30th May, 2013 in ratio of 1:10. The said shares have been admitted to listing and trading at the BSE Ltd. w.e.f. 15th July, 2013 and at the Ahmedabad Stock Exchange Limited. w.e.f. 18th July, 2013.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMY REVIEW

India’s GDP growth for 2013-14 has been about 5% and at the same levels as that of the previous financial year. In the last five years, the growth rate of the economy has been lower than the estimates. The global situation is also muted for the textiles industry. The sharp volatility in global currencies and commodities has also made it challenging for Textile manufacturers.

TEXTILES SECTOR REVIEW AND OUTLOOK

According to the Annual Report of the Ministry of Textiles, the sector contributes around 14% to the manufacturing output, 4% to the GDP and 11% to the country’s merchandise exports. During 2013-14, powerloom production was almost flat as compared to 2012-13. However, in 2014-15, the same is expected to grow by 11.5%. The Mills segment production grew at around 5.8% in 2013-14 as compared to 2012-13. The major growth in 2014-15 is expected in the Mills segment at 17.5% as compared to the previous year.

Exports of textiles have increased steadily over the last few years, particularly after 2004, when textiles exports quota stood discontinued. During 2013-14, textile exports are estimated to increase to USD 29.60 bn registering a growth of 12.27%.Further in 2014-15, the exports are expected to grow by 15.75%. The Planning Commission has estimated the overall growth for exports at 15% with an export target of USD 65 bn by the end of the Twelfth Five Year Plan (2012-2017).

The sector is one of the largest employment provider and in order to provide the industry with adequately trained manpower, the Central Government has started various institutes such as NIFT, SASMIRA, etc., for textile specific courses and has also launched Integrated Skill Development Scheme.

The Central Government has also extended the Technology Upgradation Fund Scheme (TUFS) for the Twelfth Five Year Plan. The Planning commission has approved an allocation of Rs. 120 bn under the Scheme for the Twelfth Five Year Plan.

The Government of Gujarat has also revised the Gujarat Textile Policy w.e.f. 25th June, 2013 providing further boost to the textiles industry in the State.

COMPANY PERFORMANCE REVIEW AND OUTLOOK

During the year 2013-14, the Company continued implementation of its business strategy objectives comprising capital investments in contemporary processing equipment and other critical operational areas, across-the-board cost reduction and optimization initiatives, improvement in product mix and attaining synergy on account of the amalgamation concluded in the previous year. During 2013-14, an amount of Rs. 320.000 Millions was spent on capital expenditure in the Nadiad and Navsari factories of the Company. The captive power co-generation plant of 3 MW capacity will be commissioned during 2014-15 and the Company expects to reap benefits of the same during the year.

The Company plans to further undertake capital expenditure of around Rs. 380.000 Millions during 2014-15 in line with its long term objective of modernizing its plants, providing flexibility to the manufacturing team and making the operations efficient and robust.

The Textile Division of the Company has turned the corner and has started generating profits during 2013-14. The division also witnessed substantial increase in production levels during the year. With the installation of new capital equipment and increase in processing capacity the Company expects to gradually and sustainably increase the production levels in 2014-15 also. The captive co-generation plant at Nadiad is expected to be commissioned by mid 2014.

The Denim Division of the Company increased its capacity in 2013-14. Presently, the Indian denim industry is facing a situation of over capacity, which has led to demand and supply mismatch thereby causing pressure on price realizations and volume growth. This coupled with high cotton prices throughout 2013-14 has led to severe erosion of profit margins in the denim segment. The situation is expected to improve in 2014-15.

The Company plans to expand its marketing presence in export markets and also aims to align its marketing strategy towards having a judicious mix of domestic and export sales and introduce new value added denim fabrics for Indian and global brands.

The Company intends to continue undertaking capital expenditure for steady and sustainable growth of both the textiles and denim division. The capital expenditure and working capital would be funded by a mix of internal accruals and long term borrowings. The Company is in the process of tying up long term funds for capital expenditure which are eligible for the interest subsidy under Central Government’s TUFS. Even after the ongoing capital expenditures and resultant borrowing, the Company’s debt to equity ratio will be at conservative levels of 0.45.

During the year, several initiatives were taken on the production and marketing front to create a better visibility for the Company’s products. The focus has been on increasing volumes, utilizing full capacity, introducing fashionable & premium products and improving product mix in order to maximize profitability. The Company has also launched several new products, strengthened the domestic dealer and distribution network and has created inroads in new overseas markets. Across the country, several dealers - distributor events were organized which enabled the Company show-case its entire range of products at one place, enthuse the marketing and dealer network, improve Brand image and increase turnover.

The Company continues to be the market leader in supply of School Uniform fabrics in India and endeavors to replicate the success of this business in the Middle-East countries through its joint venture, Al Fahim Mafatlal Textile LLC. The Company also launched its Designer Collection of School Uniforms with ecofriendly fibre dyed suiting for the coming season.

The corporate business and institutional wear business also continues to show steady growth. During the year, the Company also launched several new products including a Premium Linen range, Bed and Bath Home Furnishing collection, and innovative white bleached and blended fabrics.

Despite having very good cotton production in 2013-14, the prices of cotton remained at record high levels. It has been observed that a few international markets are building up cotton stocks (especially China), which has resulted in tight supply position in the rest of the markets. In the last few weeks, there are tentative signs of softening in cotton prices. However, how long the softening continues is to be seen.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Contingent liabilities and commitments (to the extent not provided for)
(a) The Company is contingently liable for :
i Bills of exchange discounted	57.425	35.763
ii Demands of income-tax authorities disputed in appeals (mainly relate to disallowance of investment/ loan write off, claim of interest on refund of excise duty/ sales tax, disallowance of chapter VIA deductions, etc. (pending before the Income-tax Appellate Tribunal/ High Court))	73.085	70.132
iii Demands under excise and other proceedings disputed in appeals (mainly relating to matters like differential duty on revision of assessable value of yarn captively consumed, duty on T.C. hard waste, duty on drill etc. (pending at various stages, from Assistant Commissioner to CESTAT))	261.489	261.489
iv Disputed demand notice issued by the Commissioner of Central Excise relating to Excise and Service Tax matters (Current year: including Penalty)	296.055	145.327
v Claims against the Company not acknowledged as debts (mainly relating to dispute on fixed water charges at Navsari Unit, disputed service tax, interest on sales tax)	11.338	11.338
vi Concessional customs duty on import of machinery under EPCG Scheme payable subject to fulfillment of mandatory import/ export obligation. The Company has submitted a bond to the authorities of Rs. 100.000 Millions.	119.821	116.611
vii Claims made by workers against the Company (mainly relating to matters like termination, compensation etc.)	117.208	119.161
viii Demands from Director General of Foreign Trade against Advance License	0.479	0.479
ix The Company is a lessee in respect of the land on which Mafatlal Centre and Mafatlal Chambers is erected. In this regard:	--	--
In case of Mafatlal Centre:
a) A demand for Rs. 269.698 Millions (Previous year Rs. 271.247 Millions) for the period from 01.04.2008 to 31.03.2010 has been raised by Brihanmumbai Mahanagarpalika towards Property Taxes in respect of the properties owned by various owners for the respective floors. No demand is raised in respect of common areas / properties in the name of the Company. The demand has been challenged by owners of various floors at appropriate forum and the matter is subjudice. In case the demand is finally upheld the amount will be paid by the concerned co-owners and the Company will have no additional liability
b) Pursuant to introduction of new system of capital based assessment of Property Taxes, there is an outstanding demand for Rs. 37.821 Millions (Previous year Rs. 19.630 Millions) for the period from 01.04.2010 to 31.03.2014 in respect of the properties owned by various owners for the respective floors and in respect of common areas / properties in the name of the Company. The demand has been challenged by various owners and / or the Company before appropriate forum. The demand of Rs. 37.821 Millions will be paid by the concerned co-owners and the Company will have no liability on account of the same.
In case of Mafatlal Chambers:
a) A demand for Rs. 37.851 Millions (Previous year Rs. 37.851 Millions) for earlier years has been raised by Brihanmumbai Mahanagarpalika towards Property Taxes in respect of the properties owned by the Company for the respective floor.
b) Pursuant to introduction of new system of capital based assessment of Property Taxes, a demand for Rs. 88.780 Millions for the period from 01.04.2010 to 31.03.2014 (Previous year Rs. 57.603 lacs upto 31.03.2013) has been raised in respect of the properties owned by various owners for the respective floors and in respect of common areas / properties in the name of the Company. The demand has been challenged by various owners and / or the Company before appropriate forum. In case the demand is finally upheld, the Company will have to pay Rs. 9.701 Millions. Of this demand, Rs. 7.516 Millions has been deposited upto 31.03.2014. Balance demand of Rs. 81.264 Millions (Rs. 88.780 Millions less Rs. 7.516 Millions) will be paid by the concerned co-owners and the Company will have no liability on account of the same.
In the above matters (i) to (ix), the Company is hopeful of succeeding and as such does not expect any significant liability to crystallize.
(b) Guarantees given on behalf of Subsidiary Company – Ibiza Industries Limited. (The subsidiary company is currently under liquidation)	85.028	85.028

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULT FOR THE QUARTER ENDED 30^TH SEPTEMBER, 2014

Particular	3 months ended	Preceding 3 months ended	Six months ended
	30.09.2014 Unaudited	30.06.2014 Unaudited	30.09.2014 Unaudited
1. Income from Operations
a) Net Sales / Income from Operations (Net of Excise Duty)	2296.756	2262.157	4558.913
b) Other Operating Income	67.684	73.033	140.717
Total Income from Operations (Net)	2364.440	2335.190	4699.630
2.Expenses
a) Cost of materials consumed	593.368	637.309	1230.677
b) Purchase of Stock in trade	930.747	751.438	1682.185
c) Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-Trade	(41.612)	63.955	22.343
d) Employee Benefits Expense (Net)	239.876	227.591	467.457
e) Depreciation and Amortisation Expense	23.538	54.121	77.659
f) Stores and spare parts consumed	0.000	0.000	0.000
g) Other Expenditure	617.272	620.610	127.882
Total Expenses	2363.189	2355.024	4718.213
3. Profit / (Loss) from Operations before Other Income, Finance Cost and Exceptional Items	1.251	(19.834)	(18.583)
4. Other Income	74.949	94.971	169.920
5. Profit / (Loss) from ordinary activities before Finance Costs and Exceptional Items	76.200	75.137	151.337
6. Finance Costs	38.097	39.401	77.498
7. Profit / (Loss) from ordinary activities after Finance cost but before Exceptional Items	38.103	35.736	73.839
8. Exceptional Items	--	--	--
9. Profit / (Loss) from ordinary activities before Tax	38.103	35.736	73.839
10. Tax Expense benefit
Current Tax Expense	(7.323)	(7.151)	(14.474)
Less : MAT credit	7.323	7.151	14.474
(Short)/ Excess provision tax relating to prior years	--	--	--
Net current tax expenses	--	--	--
Deferred Tax	(3.328)	3.000	(0.328)
Net Tax (expenses) / Benefit	(3.328)	3.000	(0.328)
11. Net Profit / (Loss) for the Period / Year	34.775	38.736	73.511
12. Paid Up Equity Share Capital (Face Value of the share – Rs. 10/- each)	139.129	139.129	139.129
13. Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year
14. Earnings Per Share (EPS) (Face Value of Rs. 10/- each) (not annualized)	2.50	2.78	5.28

Particulars	3 months ended	Preceding 3 months ended	Six months ended
	30.09.2014 Unaudited	30.06.2014 Unaudited	30.09.2014 Unaudited
PARTICULARS OF SHAREHOLDING
Public Shareholding
- Number of Shares	3492931	9492931	3492931
- Percentage of Shareholding	25.11%	25.11%	25.11%
Promoters and Promoter Group Shareholding
a) Pledged / Encumbered
- Number of Shares	4099414	4099414	4099414
- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	39.34%	39.34%	39.34%
- Percentage of Shares (as a % of total share Capital of the Company)	29.46%	29.46%	29.46%
b) Non-Encumbered
- Number of Shares	6320541	6320541	6320541
- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	60.66%	60.66%	60.66%
- Percentage of Shares (as a % of total share Capital of the Company)	45.43%	45.43%	45.43%

INVESTOR COMPLAINTS	3 Quarter Ended 30.09.2014
Pending at the beginning of the quarter	NIL
Received during the quarter	2
disposed of during the quarter	2
Remaining unresolved at the end of the quarter	Nil)

STANDALONE / CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

Particulars		As at 30.09.2014
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	139.122
	b) Reserves & Surplus	3395.383
	c) Money received against share warrants	0.000
	Sub Total- Shareholders funds	3534.505
2	Share application money pending allotment
3	Minority Interest
4	Non-current liabilities
	(a) Long term borrowings	334.071
	(b) Deferred tax liabilities	20.083
	(b) Other long term liabilities	27.550
	(c) Long term provisions	104.353
	Sub Total- Non Current Liabilities	486.057
5	Current liabilities
	(a) Short term borrowings	678.924
	(b) Trade Payables	1843.153
	(c) Other current liabilities	462.681
	(d) Short term provisions	135.628
	Sub Total- Current Liabilities	3120.386
	TOTAL-EQUITY AND LIABILITIES	7140.948
B	ASSETS
1	Non-current assets
	(a) Fixed assets	1506.576
	(b) Intangible assets	11.190
	(c) Capital work in progress	173.867
	(d) Non-current investment	488.474
	(e) Long term loans and advances	448.761
	(f) Other non-current assets	64.877
	Sub-Total- Non current assets	2693.745
2	Current assets
	a) Current Investments	0.000
	b) Inventories	1195.081
	c) Trade Receivables	1794.363
	d) Cash and cash equivalents	961.143
	(e) Short term loans and advances	277.492
	(f) Other current assets	39.124
	Sub-Total- current assets	4447.203
	TOTAL ASSETS	7140.948

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office equipment

· Leasehold Improvements

· Railway sidings

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 records 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. 62.20
UK Pound	1	Rs. 95.99
Euro	1	Rs. 71.00

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.