MIRA INFORM REPORT

Report No. :	309380
Report Date :	25.02.2015

IDENTIFICATION DETAILS

Name :	RAYMOND UCO DENIM PRIVATE LIMITED (w.e.f.20.06.2006)
Formerly Known As :	UCO RAYMOND DENIM PRIVATE LIMITED
Registered Office :	New Hind House, Narottam Morarji Marg, Ballard Estate, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.05.2006
Com. Reg. No.:	11-162450
Capital Investment / Paid-up Capital :	Rs. 443.344 Millions
CIN No.: [Company Identification No.]	U17115MH2006PTC162450
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACU8272H
IEC No.	0306023491
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Denim Fabrics.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between “Raymond Limited” and “UCO NV, Belgium”. It is an established company having fine track record. Financial position of the company seems to be sound. The rating also takes into consideration the company’s long standing promoter experience in the textile industry and established market position. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual traded terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	ICRA
Rating	Long terms fund based limited : BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	December, 2014

Rating Agency Name	ICRA
Rating	Short terms fund based limited : A2
Rating Explanation	Have strong degree of safety and carry low credit risk
Date	December, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Shripad Deshpande
Designation :	Senior Manager – Finance
Contact No.:	91-22-40368323
Date :	23.02.2015

LOCATIONS

Registered Office :	New Hind House, Narottam Morarji Marg, Ballard Estate, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22686000 / 40368323 / 40366152
Mobile No.:	Not Available
Fax No.:	91-22-22620052
E-Mail :	Shripad.despande@raymond.in Yoshita.vora@raymond.in
Website :	http://www.raymondindia.com
Head Office :	Pokhran Road No.1, Jekegram, P. O., Opposite Cadbary Factory, Thane – 400606, Maharashtra, India
Tel. No.:	91-22-61528322
Fax No.:	91-22-25337761

DIRECTORS

As on 22.08.2014

Name :

Dr. Vijaypat Singhania

Designation :

Director

Address :

J.K. House, 59 A, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

04.10.1938

Date of Appointment :

12.06.2007

DIN No.:

00020063

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	U67120MH1945PLC004603	J K INVESTORS(BOMBAY) LIMITED	Director	18-06-2014	04-01-1964	-	Active	NO
2	U99999MH1947PLC005735	J.K. INVESTO TRADE (INDIA) LIMITED	Director	31-03-1964	31-03-1964	-	Active	NO
3	L17117MH1925PLC001208	RAYMOND LIMITED	Director	29-06-1971	29-06-1971	-	Active	NO
4	U51109MH1948PLC006460	RAYMOND APPAREL LIMITED	Director	25-03-1980	25-03-1980	-	Amalgamated	NO
5	U99999MH1964PLC012865	J.K.HELENE CURTIS LIMITED	Director	26-09-1984	26-09-1984	-	Active	NO
6	U24241MH1990PTC055034	SILVER SOAPS PRIVATE LIMITED	Director	13-08-1991	13-08-1991	-	Active	NO
7	U67120MH1990PTC133784	SMART INVESTMENTS PRIVATE LIMITED	Director	21-03-1994	21-03-1994	-	Active	NO
8	U25199MH1996PLC100697	J K ANSELL LIMITED	Director	08-10-1997	08-10-1997	-	Active	NO
9	U92110MH2002PLC136949	RADHA KRSHNA FILMS LIMITED	Director	23-08-2002	23-08-2002	-	Active	NO
10	U17115MH2006PTC162450	RAYMOND UCO DENIM PRIVATE LIMITED	Director	12-06-2007	08-08-2006	-	Active	NO
11	U17120MH2004PTC149277	PLATINUM FASHION APPAREL PRIVATE LIMITED	Director	24-06-2009	14-05-2008	21-01-2010	Active	NO
12	U52320MH2004PTC149312	TRIDENT RETAIL VENTURES PRIVATE LIMITED	Director	22-07-2009	27-10-2008	21-01-2010	Active	NO
13	U18109MH2006PLC262077	RAYMOND APPAREL LIMITED	Director	28-07-2011	27-07-2011	-	Active	NO

Name :

Mr. Gautam Hari Singhania

Designation :

Director

Address :

J.K. House, 59 A, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

09.09.1965

Date of Appointment :

12.06.2007

DIN No.:

00020088

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	U99999MH1964PLC012865	J.K.HELENE CURTIS LIMITED	Director	26-12-1989	26-12-1989	-	Active	NO
2	L17117MH1925PLC001208	RAYMOND LIMITED	Managing director	01-07-2014	01-04-1990	-	Active	NO
3	U99999MH1947PLC005735	J.K. INVESTO TRADE (INDIA) LIMITED	Director	20-06-1990	20-06-1990	-	Active	NO
4	U92411MH1991GAP062033	COLOSSEUM SPORTS AND RECREATION INTERNATIONAL	Director	05-09-1991	05-09-1991	-	Strike off	NO
5	U67120MH1945PLC004603	J K INVESTORS(BOMBAY) LIMITED	Director	11-08-1992	11-08-1992	-	Active	NO
6	U24241MH1990PTC055034	SILVER SOAPS PRIVATE LIMITED	Director	16-10-1992	16-10-1992	-	Active	NO
7	U51109MH1948PLC006460	RAYMOND APPAREL LIMITED	Director	30-03-1993	30-03-1993	-	Amalgamated	NO
8	U40100MH1997PLC106133	AQUALINE MARINE INDIA LIMITED	Director	25-02-1997	25-02-1997	-	Strike off	NO
9	U25199MH1996PLC100697	J K ANSELL LIMITED	Director	08-10-1997	08-10-1997	-	Active	NO
10	U72900MH2000PLC127831	SILVER SPARK APPAREL LIMITED	Director	20-07-2000	20-07-2000	-	Active	NO
11	U51102MH1987PLC260720	COLOR PLUS FASHIONS LIMITED	Director	21-02-2003	21-02-2003	-	Active	NO
12	U01100MH2004PTC150094	AVANI AGRICULTURAL FARMS PRIVATE LIMITED	Director	28-04-2005	24-12-2004	-	Active	NO
13	U17120MH2004PLC149276	RAYMOND LUXURY COTTONS LIMITED	Director	30-03-2005	30-03-2005	-	Active	NO
14	U17115MH2006PTC162450	RAYMOND UCO DENIM PRIVATE LIMITED	Director	12-06-2007	08-08-2006	-	Active	NO
15	U85110MH2007PTC171500	BODY BASIC HEALTH CARE PRIVATE LIMITED	Director	09-06-2007	09-06-2007	-	Active	NO
16	U74990MH2009PTC196992	TILOTTAMA HOSPITALITY & ENTERTAINMENT PRIVATE LIMITED	Director	10-11-2009	10-11-2009	31-03-2010	Active	NO
17	U27104MH1997PLC105955	JK FILES (INDIA) LIMITED	Director	08-06-2010	22-04-2010	-	Active	NO
18	U92412MH2010PTC202465	SUPER CAR CLUB OF INDIA PRIVATE LIMITED	Director	27-04-2010	27-04-2010	-	Active	NO
19	U99999MH1986PLC040885	RING PLUS AQUA LIMITED	Director	03-06-2011	11-08-2010	-	Active	NO
20	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	14-12-2010	14-12-2010	26-09-2011	Active	NO
21	U18100PN2004PLC140524	CELEBRATIONS APPAREL LIMITED	Director	31-05-2011	20-04-2011	-	Active	NO
22	U18109MH2006PLC262077	RAYMOND APPAREL LIMITED	Director	28-07-2011	27-07-2011	-	Active	NO

Name :

Mr. Alain Vermeersch

Designation :

Director

Address :

Lagen Heirweg – 3, Laarne, Belgium – 9270

Date of Birth/Age :

06.08.1956

Date of Appointment :

12.06.2007

DIN No.:

01559119

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	U17115MH2006PTC162450	RAYMOND UCO DENIM PRIVATE LIMITED	Director	12-06-2007	10-07-2006	-	Active	NO

Name :

Mr. Philippe Mtgmaa Vlerick

Designation :

Director

Address :

Ronse Vaalstaraat 2, Kortrijk, Belgium – 8510

Date of Birth/Age :

08.06.1955

Date of Appointment :

12.06.2007

DIN No.:

01558258

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	U17115MH2006PTC162450	RAYMOND UCO DENIM PRIVATE LIMITED	Director	12-06-2007	08-08-2006	-	Active	NO

Name :

Mr. Prakash Sunder Advani

Designation :

Additional Director

Address :

36, Langestraat Kampenhout, Belgium 1910

Date of Birth/Age :

16.12.1976

Date of Appointment :

12.08.2013

DIN No.:

05322952

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	U17115MH2006PTC162450	RAYMOND UCO DENIM PRIVATE LIMITED	Director	12-08-2013	07-09-2012	-	Active	NO

Name :

Mr. Sunder Hariharan

Designation :

Director

Address :

5C, Regency, Park – B, Eden Woods, Complex, Gladys Alvares Marg, Off Pokharan No.2, Thane - 400610, Maharashtra, India

Date of Birth/Age :

26.07.1959

Date of Appointment :

22.08.2014

DIN No.:

00020583

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	U72900MH2000PLC127831	SILVER SPARK APPAREL LIMITED	Director	07-09-2012	10-02-2004	-	Active	NO
2	U17120MH2004PTC149277	PLATINUM FASHION APPAREL PRIVATE LIMITED	Director	27-10-2004	27-10-2004	14-05-2008	Active	NO
3	U52320MH2004PTC149312	TRIDENT RETAIL VENTURES PRIVATE LIMITED	Director	29-10-2004	29-10-2004	14-05-2008	Active	NO
4	U18100PN2004PLC140524	CELEBRATIONS APPAREL LIMITED	Director	21-01-2005	21-01-2005	-	Active	NO
5	U72900MH2000PLC124912	EVERBLUE APPAREL LIMITED	Director	17-02-2005	17-02-2005	05-01-2015	Active	NO
6	U28930MH2005PLC154517	JK TALABOT LIMITED	Director	06-07-2005	06-07-2005	05-01-2015	Active	NO
7	U29130MH2005PLC154732	SCISSORS ENGINEERING PRODUCTS LIMITED	Director	12-07-2005	12-07-2005	05-01-2015	Active	NO
8	U99999MH1986PLC040885	RING PLUS AQUA LIMITED	Director	08-08-2005	08-08-2005	-	Active	NO
9	U17120MH2005PLC154066	RAYMOND WOOLLEN OUTERWEAR LIMITED	Director	20-06-2006	19-04-2006	29-08-2011	Active	NO
10	U18100TN2006PTC061374	GOLDPLUS APPAREL PRIVATE LIMITED	Director	25-10-2006	25-10-2006	-	Strike off	NO
11	U93090MH2007PTC167110	ORBITEL NETWORK PRIVATE LIMITED	Director	18-01-2007	18-01-2007	26-04-2007	Active	NO
12	U17210KA2007PTC074804	TB KAWASHIMA AUTOMOTIVE TEXTILE (INDIA) PRIVATE LIMITED	Director	12-07-2007	12-07-2007	29-11-2007	Active	NO
13	U18109MH2006PLC262077	RAYMOND APPAREL LIMITED	Director	25-09-2010	01-10-2009	29-07-2011	Active	NO
14	U70102MH2010PLC202294	JEKEGRAM REALTY LIMITED	Director	22-04-2010	22-04-2010	05-01-2015	Active	NO
15	U27104MH1997PLC105955	JK FILES (INDIA) LIMITED	Director	07-06-2010	22-04-2010	-	Active	NO
16	L17117MH1925PLC001208	RAYMOND LIMITED	Whole-time director	06-06-2012	29-07-2011	-	Active	NO
17	U67120MH1990PTC133784	SMART INVESTMENTS PRIVATE LIMITED	Director	29-06-2012	09-08-2011	-	Active	NO
18	U25199MH1996PLC100697	J K ANSELL LIMITED	Alternate director	16-09-2011	16-09-2011	18-09-2011	Active	NO
19	U99999MH1964PLC012865	J.K.HELENE CURTIS LIMITED	Director	24-05-2012	23-04-2012	-	Active	NO
20	U17120MH2004PLC149276	RAYMOND LUXURY COTTONS LIMITED	Director	05-06-2014	24-07-2013	-	Active	NO
21	U17115MH2006PTC162450	RAYMOND UCO DENIM PRIVATE LIMITED	Director	22-08-2014	15-05-2014	-	Active	NO
22	U99999MH1947PLC005735	J.K. INVESTO TRADE (INDIA) LIMITED	Additional director	27-10-2014	27-10-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pravin Rajendraprasad Jogani
Designation :	Secretary
Address :	C-505, Madhuvan Co-operative Housing Society Limited, Chipoli-Gorai Road, Chikoowadi Borivali (West), Mumbai – 400921, Maharashtra, India
Date of Birth/Age :	31.05.1984
Date of Appointment :	12.08.2013
PAN No.:	AHKPJ8838L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.08.2014

Names of Shareholders	No. of Equity Shares
Raymond Limited, India	12157179
UCO NV Belgium, Belgium	12167179
Raymond Limited, India Jointly with S L Pokharan	5000
Raymond Limited, India Jointly with Thomas Fernandes	5000
Total	24334358

Names of Shareholders	No. of Preferences Shares
Raymond Limited, India	10000000
UCO NV Belgium, Belgium	10000000
Total	20000000

Equity Share Break up (Percentage of Total Equity)

As on 22.08.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Denim Fabrics.

Products :

ITC Code No.	Product Descriptions
62034200	Cotton Trousers
52051110	Cotton Yarn
52094200	Denim Fabric

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Denim Fabrics

Countries :

• USA
• Europe

Imports :

Products :

Raw Material

Countries :

Germany

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

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
• End Users
• OEMs

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 :

100 (Approximately)

Bankers :

• State Bank of India, Cag Branch, 3rd Floor, Neville House, 23, J.N. Heredia Marg, Ballard Estate,, Mumbai - 400001, Maharashtra, India
• Bank of India, Mumbai Large Corporate Branch, 70/80 M G Road, 4th Floor, Fort,, Mumbai - 400001, Maharashtra, India
• Bank of Maharashtra, Industrial Finance Branch, Apeejay House 130, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	334.778	364.623
Short-term borrowings
Working capital loans from banks	1477.595	1445.412
Other loans and advances, others	76.868	121.894
Total	1889.241	1931.929

Auditors :
Name :	Dalal and Shah Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-66691000/ 66547800/ 66547801
Fax No.:	91-22-66547801
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFD0907D
Memberships :	--
Collaborators :	--
Subsidiary Company :	UCO Raymond Denim Holding NV
Joint Venture :	Raymond Limited ( L17117MH1925PLC001208) UCO Tesatura SRL
Related Parties :	J.K. Helene Curtis Limited (U99999MH1964PLC012865) Raymond Luxury Cottons Limited, India [U17120MH2004PLC149276] JK Files (India) Limited, India [U27104MH1997PLC105955] Raymond Apparel Limited, India [U18109TN2006PLC061384] Color Plus Fashions Limited, India [U51102TN1987PLC014467] Everblue Apparel Limited, India [U72900MH2000PLC124912]

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions
20000000	Preference Shares	Rs.10/- each	Rs.200.000 Millions
	Total		Rs.450.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24334358	Equity Shares	Rs.10/- each	Rs.243.344 Millions
20000000	Preference Shares	Rs.10/- each	Rs.200.000 Millions
	Total		Rs.443.344 Millions

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	443.344	443.344	443.344
(b) Reserves & Surplus	1532.623	1463.637	1133.687
(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)	1975.967	1906.981	1577.031
(3) Non-Current Liabilities
(a) long-term borrowings	334.778	414.069	1015.779
(b) Deferred tax liabilities (Net)	34.534	0.000	0.000
(c) Other long term liabilities	0.100	0.100	0.100
(d) long-term provisions	0.327	0.429	0.415
Total Non-current Liabilities (3)	369.739	414.598	1016.294
(4) Current Liabilities
(a) Short term borrowings	1554.463	1567.306	1483.321
(b) Trade payables	1204.985	547.746	502.637
(c) Other current liabilities	392.180	941.027	467.989
(d) Short-term provisions	157.907	26.523	24.702
Total Current Liabilities (4)	3309.535	3082.602	2478.649
TOTAL	5655.241	5404.181	5071.974
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2095.728	2099.489	2283.960
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	64.470	234.360	46.175
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	147.494	142.462	99.871
(e) Other Non-current assets
Total Non-Current Assets	2307.692	2476.311	2430.006
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1482.449	1165.075	1084.260
(c) Trade receivables	1226.737	1171.465	1140.966
(d) Cash and cash equivalents	9.355	104.255	28.960
(e) Short-term loans and advances	309.245	271.597	268.956
(f) Other current assets	319.763	215.478	118.826
Total Current Assets	3347.549	2927.870	2641.968
TOTAL	5655.241	5404.181	5071.974

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue Net of Returns	8429.000	7723.600	7401.800
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	TOTAL EXPENSES			NA	NA
	PROFIT BEFORE EXCEPATIONAL ITEMS		278.400	355.500	140.200
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		NA	NA	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	NA
	Earnings/ (Loss) Per Share (Rs.)		NA	NA	NA

Expected Sales (2014 -2015) : Rs. 9000.000 Millions

The above information has been parted by Mr. Shripad Deshpande (Senior Manager – Finance)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	150.77	149.40	147.28
Return on Investment (ROI) (PBT/Networth)		4.27	4.05	4.69
Debt Equity Ratio (Total Debt /Networth)		0.96	1.04	1.58
Current Ratio (Current Asset/Current Liability)		1.01	0.95	1.07

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	443.344	443.344	443.344
Reserves & Surplus	1133.687	1463.637	1532.623
Net worth	1577.031	1906.981	1975.967
long-term borrowings	1015.779	414.069	334.778
Short term borrowings	1483.321	1567.306	1554.463
Total borrowings	2499.100	1981.375	1889.241
Debt/Equity ratio	1.585	1.039	0.956

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)
Revenue Net of Returns	7401.800	7723.600	8429.000
		4.348	9.133

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL HIGHLIGHTS

In FY 2014 the Company’s Indian operations registered a growth of 9%. The revenue net of returns, discounts and excise duty was Rs. 8429.000 Millions (Previous Year: Rs. 7723.600 Millions). The Company’s export revenue also recorded growth and was Rs. 4336.400 Millions (Previous Year: Rs. 3807.400 Millions).

During the year, the Company’s profit before tax and exceptional items was Rs. 278.400 Millions (Previous Year: Rs.355.500 Millions).

FINANCE AND ACCOUNTS

The observations made by the Auditors in their Report have been clarified in the relevant notes forming part of the Accounts, which are self-explanatory.

OPERATIONAL PERFORMANCE:

FABRIC OPERATION:

The Fabric Division has a manufacturing facility at Yavatmal for production of differentiated varieties of denim fabric. The year has been good and the Company has successfully maintained its price leadership position. However, margins were under pressure due to flare-up in cotton prices and over-capacity in the industry. Introduction of high margin value added products and thrust on export business have yielded expected results this year.

The Company has been allotted a plot of land admeasuring 25 acres MIDC for setting up its proposed spinning and fabric expansion facility in Yavatmal. This new plot of land is adjacent to the existing facility.

GARMENTING OPERATIONS:

Garmenting Division operates the garmenting facility at Doddaballapur, near Bangalore under Job work Agreement. During the period, the division has produced 1.837 Millions pieces (PY 1.475 Millions) of jeans wear and has sold 1.825 Millions pieces (PY 1.467 Millions) including export of 1.128 Millions pieces (PY 0.614 Million). This year, business has witnessed a turnaround and has recorded a profit of Rs. 5.600 Millions (PY loss of Rs.56.900 Millions). Orders from reputed brands, reasonable order size, improved realization on garments have contributed to this profitability.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10205340	18/03/2014 *	3,230,000,000.00	BANK OF INDIA	MUMBAI LARGE CORPORATE BANKING BRANCH, ORIENTAL BUILDING, 364, D.N. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	C05399761
2	10193025	12/09/2014 *	3,230,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BKC BRANCH, THE CAPITAL, 'A' WING, 16TH FLOOR, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA	C22801484
3	10032727	29/05/2014 *	2,339,800,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP BKC BRANCH, THE CAPITAL, A-WING, 16TH FLOOR, BANDRA-KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA	C10606200

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Non-convertible debentures intercorporate	0.000	49.446
Total	0.000	49.446

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2014	31.03.2013
Bills discounted with the Company's bankers	530.612	452.857
Bonds / Undertakings given by the Company under concessional duty /Exemption scheme to Government authorities	45.920	92.522
Disputed Excise duty liability	26.937	12.495

FIXED ASSETS

• Land
• Buildings
• Factory building
• Other building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Other Equipment

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.62.28
UK Pound	1	Rs.96.21
Euro	1	Rs.70.60

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.