MIRA INFORM REPORT

Report No. :	309965
Report Date :	28.02.2015

IDENTIFICATION DETAILS

Name :	CRAVATEX LIMITED
Registered Office :	6, Sahas 4^th Floor, 414/2, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.06.1951
Com. Reg. No.:	11-008546
Capital Investment / Paid-up Capital :	Rs.25.842 Million
CIN No.: [Company Identification No.]	L93010MH1951PLC008546
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 :	Subject is an engaged in Distribution of fitness equipment and distribution of sports shoes and apparel.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 :	Clear
Comments :	Subject is an old and well-established company having satisfactory track. Even though the company has managed to achieve higher sales turnover, there is a dip in the net profitability of the company during FY2014. However, rating also takes into consideration favorable gap between trade receivables and payables backed by fair liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. In 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.

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 term rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September, 2014

Rating Agency Name	ICRA
Rating	Short term rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	September, 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 DENIED BY

Name :	Mr. Devakar Kamat
Designation :	Account Head
Contact No.:	91-22-66667474
Date :	26.02.2015

LOCATIONS

Registered Office :	6, Sahas 4^th Floor, 414/2, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-66667474
Fax No.:	Not Available
E-Mail :	sudhanshu@batragroup.com
Website :	www.cravatex.com
Service Center:	4^th Floor, Gala No.41, A Wing, Todi Industrial Estate, Sunmill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India

DIRECTORS

As on 31.03.2014

Name :	Mr.Rajesh Batra
Designation :	Chairman and Managing Director
Name :	Mr. Arjun Bulchandani
Designation :	Director
Name :	H. K. Vakharia
Designation :	Director
Name :	N. R. Mahalingam
Designation :	Director
Name :	S. D. Israni
Designation :	Director
Name :	Nabankur Gupta
Designation :	Director
Name :	Mr. Rajiv Batra
Designation :	Director
Name :	N. Santhanam
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Sudhanshu Namdeo
Designation :	Company Secretary

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	16540	0.64
Bodies Corporate	1921580	74.36
Sub Total	1938120	75.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1938120	75.00
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	28098	1.09
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	351036	13.58
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	259708	10.05
Any Others (Specify)	7198	0.28
Non Resident Indians	7198	0.28
Sub Total	646040	25.00
Total Public shareholding (B)	646040	25.00
Total (A)+(B)	2584160	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)	2584160	0.00

BUSINESS DETAILS

Line of Business :	Subject is an engaged in Distribution of fitness equipment and distribution of sports shoes and apparel.
Products :	Fitness Goods Sports Goods Readymade Garments
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 :

Information declined by the management.

Bankers :

• Axis Bank Limited, Corporate Banking Branch, Axis House, Ground Floor, Wadia International Centre, Worli, P B Marg, Mumbai - 400025, Maharashtra, INDIA
• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term Loan from bank
Axis Bank Limited
(i) Term Loan: (secured as follows: Exclusive first charge of equitable mortgage of Company’s property at Prabhadevi, Mumbai )	92.996	111.191
(ii) Term Loan: secured as follows: (a) First charge on the rentals from Company’s property at Nariman Point, Mumbai (b) Extension of first charge by way of equitable mortgage on the Company’s property at Prabhadevi, Mumbai	45.042	0.000
Term Loan from others: (secured by hypothecation of a car)	0.139	0.406
SHORT TERM BORROWINGS
Axis Bank Limited – Cash Credit Account	274.038	237.695
Axis Bank Limited – Working Capital Demand Loan	100.000	0.000
Axis Bank Limted – LC Bill Discounting	27.725	0.000
HDFC Bank Limited – Cash Credit Account	17.122	36.531
HDFC Bank Limited – Working Capital Demand Loan	90.000	50.000
Total	647.062	435.823
Note : SHORT TERM BORROWINGS The above three loans from Axis Bank Limited and HDFC Bank Limited have been secured by: (i) First pari-passu charge as follows: (1) by way of hypothecation on entire current assets of the Company, (excluding lease rental from Company’s property at Nariman Point, Mumbai) including stock and book debts, present and future. (2) by way of equitable mortgage of company’s property at Nariman point, Mumbai. (3) by way of hypothecation on entire movable fixed assets of the Company, both present and future except vehicles.

Auditors :
Name :	S. P. Chopra and Company Chartered Accountants
Address :	15/A, Horniman Circle, Bharat Insurance Building, Mumbai – 400001, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Proline India Limited Big Time Exports

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4850000	Equity Shares	Rs.10/-each	Rs.48.500 Million
15000	9.5% Redeemable Cumulative Preference Shares	Rs.100/-each	Rs.1.500 Million
	Total		Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1292080	Equity Shares	Rs.10/-each	Rs.12.921 Million
1292080	Equity Shares allotted as fully paid up by way of bonus shares	Rs.10/-each	Rs.12.921 Million
	Total		Rs.25.842 Million

Note :

The details of Shareholders holding more than 5% shares:

Name of the Shareholder	As at 31 March 2014 No. of shares	% held
M/s Promark Fitness and Leisure Private Limited*	---	---
R.B. Fitness and Trading Private Limited	1921570	74.36

* M/s Promark Fitness and Leisure Private Limited has been amalgamated with M/s R.B. Fitness and Trading Private Limited, pursuant to Scheme of Amalgamation sanctioned by The Hon’able High Court, Bombay vide its order dated August 23, 2013.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.842	25.842	25.842
(b) Reserves & Surplus	378.368	347.762	282.719
(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)	404.209	373.604	308.560
(3) Non-Current Liabilities
(a) long-term borrowings	163.117	136.537	25.456
(b) Deferred tax liabilities (Net)	48.118	40.565	34.141
(c) Other long term liabilities	37.559	51.708	50.297
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	248.795	228.810	109.895
(4) Current Liabilities
(a) Short term borrowings	508.885	324.226	235.527
(b) Trade payables	287.190	191.503	174.676
(c) Other current liabilities	38.022	29.695	28.191
(d) Short-term provisions	84.328	103.981	81.182
Total Current Liabilities (4)	918.425	649.405	519.576
TOTAL	1571.429	1251.819	938.031
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	121.891	122.735	123.744
(ii) Intangible Assets	161.151	179.757	1.531
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.208	4.208	4.207
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.628	0.000	0.000
(e) Other Non-current assets	53.995	46.804	45.224
Total Non-Current Assets	357.873	353.504	174.706
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	359.716	257.497	252.187
(c) Trade receivables	695.060	477.898	403.058
(d) Cash and cash equivalents	65.707	46.634	23.843
(e) Short-term loans and advances	93.073	116.282	84.228
(f) Other current assets	0.000	0.004	0.009
Total Current Assets	1213.556	898.315	763.325
TOTAL	1571.429	1251.819	938.031

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1851.452	1673.694	1565.798
	Other Income	42.537	43.473	42.261
	TOTAL	1893.989	1717.167	1608.059
Less	EXPENSES
	Purchases of Stock-in-Trade	1266.208	1020.343	1000.461
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(102.218)	(5.310)	(46.392)
	Employees benefits expense	196.916	167.629	134.839
	Other expenses	374.190	374.488	353.363
	TOTAL	1735.096	1557.150	1442.271
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	158.893	160.017	165.788
Less	FINANCIAL EXPENSES	75.284	50.142	36.881
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	83.609	109.875	128.907
Less/ Add	DEPRECIATION/ AMORTISATION	26.589	12.732	8.998
Add	PROVISION FOR DOUBTFUL DEBTS ADJUSTED AS BAD DEBTS WRITTEN OFF DURING THE YEAR	0.000	8.405	0.000
	PROFIT/ (LOSS) BEFORE TAX	57.020	105.548	119.909
Less	TAX	15.832	29.924	37.352
	PROFIT/ (LOSS) AFTER TAX	41.188	75.624	82.557
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	31.856	31.813	27.267
Less	APPROPRIATIONS
	Transfer to General Reserve	45.000	65.000	67.500
	Dividend	9.044	9.044	9.044
	Tax on Dividend	1.537	1.537	1.467
	Total (M)	55.581	75.581	78.011
	Balance Carried to the B/S	17.463	31.856	31.813
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	140.034	243.490	315.967
	Claims	0.000	6.090	7.665
	TOTAL EARNINGS	140.034	249.580	323.632
	IMPORTS
	Components and Stores parts	1.407	3.153	4.779
	Capital Goods	787.630	656.267	622.095
	TOTAL IMPORTS	789.037	659.420	626.874
	Earnings / (Loss) Per Share (Rs.)	31.88	58.53	63.89

QUARTERLY RESULTS

Particulars (Rs. In Million)	30.06.2014 1^st Quarter	30.09.2014 2^nd Quarter	31.12.2014 3^rd Quarter
Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	421.800	500.700	411.500
Total Expenditure	387.300	459.000	376.000
PBIDT (Excl OI)	34.500	41.700	35.500
Other Income	0.300	1.000	0.300
Operating Profit	34.800	42.700	35.800
Interest	20.100	26.500	22.600
Exceptional Items	0.000	0.000	0.000
PBDT	14.600	16.300	13.200
Depreciation	8.800	9.300	8.300
Profit Before Tax	5.900	7.000	4.900
Tax	2.100	2.500	2.200
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	3.800	4.500	2.700
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	3.800	4.500	2.700

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	2.22	4.52	5.27
Operating Profit Margin (PBDIT/Sales)	(%)	8.58	9.56	10.59
Return on Total Assets (PBT/Total Assets}	(%)	3.64	8.46	12.84
Return on Investment (ROI) (PBT/Networth)		0.14	0.28	0.39
Debt Equity Ratio (Total Debts/Networth)		1.66	1.23	0.85
Current Ratio (Current Asset/Current Liability)		1.32	1.38	1.47

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	25.842	25.842	25.842
Reserves & Surplus	282.719	347.762	378.368
Net worth	308.561	373.604	404.210
long-term borrowings	25.456	136.537	163.117
Short term borrowings	235.527	324.226	508.885
Total borrowings	260.983	460.763	672.002
Debt/Equity ratio	0.846	1.233	1.663

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1565.798	1673.694	1851.452
		6.891	10.621

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1565.798	1673.694	1851.452
Profit	82.557	75.624	41.188
	5.27%	4.52%	2.22%

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	No
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	10529930	19/09/2014	10,000,000.00	Axis Bank Limited	Corporate Banking Branch, Axis House, Ground Floor, Wadia International Centre, Worli, P B Marg, Mumbai, Maharashtra - 400025, INDIA	C32762916
2	10488822	28/03/2014	50,000,000.00	Axis Bank Limited	Axis Bank Limited, Wadia International Centre, P. B Marg, Worli., Mumbai, Maharashtra - 400025, INDIA	C02889194
3	10381137	28/10/2013 *	230,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B89288377
4	10379594	18/09/2012	110,000,000.00	Axis Bank Limited	Corporate Banking Branch,Ground Floor,Axis House,  Unit No.C-2, Wadia Int Cntr, P.B Marg,Worli, Mumbai, Maharashtra - 400025, INDIA	B59327452
5	10277123	31/03/2011	30,000,000.00	Axis Bank Limited	Corporate Banking Br., Bombay Dyeing Mills Compound Ground Floor, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	B09604554
6	90242290	28/03/2014 *	565,000,000.00	Axis Bank Limited	Axis Bank Limited, Wadia International Centre, P. B Marg, Worli., Mumbai, Maharashtra - 400025, INDIA	C02892909

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Fixed Deposits :
From related parties	21.325	21.325
From others	3.615	3.615
Total	24.940	24.940

OPERATIONS

The turnover of the Company for the year has increased from Rs. 1673.700 Million to Rs. 1851.500 Million, while the earning before finance cost, depreciation and taxation stood at Rs. 158.900 Million as against Rs. 168.400 Million. The Net Profit after tax for the year was Rs. 41.200 Million as against Rs. 75.600 Million last year. The balance in Profit and Loss account is Rs. 17.500 Million.

SUBSIDIARY

BB (UK) Limited, a wholly owned subsidiary of the Company completed its third year of operations. It operates the FILA license in parts of the UK, Ireland, Middle East and Africa. It also provides sourcing services to several FILA licensees across the world. In a very difficult economic environment, it achieved a turnover of Rs. 586.690 Million (previous year Rs. 522.000 Million) and a profit before tax of Rs. 9.687 Million (previous year loss of Rs. 2.695 Million).

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Economic Overview

The global economy continued to impact the domestic economy in FY 2013-14. Tapering of Quantitative Easing policies by US Federal Reserve, weakening of Rupee etc affected the domestic consumer sentiment.The modest global recovery seen in the second half of the year 2013 was inadequate to lift the domestic consumer demand due to rising food inflation, cautious investment and consumption response. Although the GDP growth for FY 2014 is reported to be marginally better than the previous year, other economic positive developments were insignificant for reviving economic growth and the consumer demand as well.

Business Overview

The company’s sales from domestic operations grew from Rs 1457.100 Million to Rs 1742.200 Million, a growth of 19.57%. Total sales including exports grew from Rs 1673.700 Million to Rs 1851.400 Million, a growth of 10.62%. The company’s export sales suffered a setback due to weaker global demand for most part of the year. As a result, the total sales revenue recorded a lower growth vis-à-vis the stand alone domestic sales revenue.

Total earnings before Finance cost, Depreciation and Tax was at 8.38% vis-à-vis 9.81% in previous year. Since the company heavily relies on imports, the deep depreciation of Rupee touching a life time low of 68.85 levels and inflationary pressure on operating costs left a dent on the company’s EBIDTA. Further, full year depreciation on FILA license fees capitalized in previous year and the increased finance cost due to increased utilization of bank credit lines also had an adverse impact on the bottomline. Considering the adverse market conditions and the Indian Rupee depreciation by over 11% (YOY), the overall performance of the company is considered satisfactory.

Continuing the cautious move, the business expansion during the year has been moderate.

FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS PERIOD ENDED ON 31^ST DECEMBER 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Nine Months Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	405.197	494.383	1315.074
b) Other operating income	5.326	6.326	18.978
Total income from Operations(net)	411.523	500.709	1334.052
2.Expenditure
a) Purchases of stock in trade	238.610	325.641	846.346
b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(2.230)	(24.825)	(58.081)
c) Employees benefit expenses	46.660	53.964	151.157
d) Depreciation and amortization expenses	8.337	9.251	26.382
e) Other expenditure	92.965	104.252	282.202
Total expenses	384.342	468.283	1248.006
3. Profit from operations before other income and financial costs	27.181	32.426	86.046
4. Other income	0.276	1.039	0.823
5. Profit from ordinary activities before finance costs	27.457	33.465	86.869
6. Finance costs	22.591	26.457	69.145
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	4.866	7.008	17.724
8. Exceptional item	---	---	---
9. Profit from ordinary activities before tax Expense:	4.866	7.008	17.724
10.Tax expenses
Current Tax	0.950	1.600	3.550
Deferred Tax Debit / (Credit)	1.200	0.900	3.150
11.Short/(Excess) provision for earlier years	---	---	---
12.Net Profit / (Loss) from ordinary activities after tax	2.716	4.508	11.024
13.Extraordinary Items (net of tax expense)	---	---	---
14.Net Profit / (Loss) for the period	2.716	4.508	11.024
15.Paid-up equity share capital (Nominal value Re. 10/- per share)	25.842	25.842	25.842
16.Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	---	---	---
17.Basic and diluted Earnings per share	1.05	1.74	4.27

A. Particulars of shareholding
1. Public Shareholding
- Number of shares	646040	646040	646040
- Percentage of shareholding	25	25	25
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	NIL	NIL	NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NIL	NIL	NIL
Percentage of shares (as a % of total share capital of the company)	NIL	NIL	NIL
b) Non Encumbered
Number of shares	1938120	1938120	1938120
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100	100	100
Percentage of shares (as a % of total share capital of the company)	75	75	75

B. Investor Complaints	Quarter ended 31.12.2014
Pending at the beginning of the quarter	NIL
Receiving during the quarter	NIL
Disposed of during the quarter	NIL
Remaining unreserved at the end of the quarter	NIL

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2014

(Rs. In Million)

Particulars	Quarter ended		Year ended
	31.12.2014	30.09.2014	31.12.2014
	Unaudited	Unaudited	Unaudited
Segment Revenue
(Net Income from Sales/ Services)
- Domestic	400.296	494.383	1292.206
- International	4.901	---	22.868
- Others	6.326	6.326	18.978
Total Segment Revenue	411.523	500.709	1334.052
Net Revenue from Operations	411.523	500.709	1334.052
Segment Profit before Interest and Tax
- Domestic	28.029	35.504	86.381
- International	(1.245)	(2.537)	(1.535)
- Others	0.673	0.498	2.023
Total Profit before interest and Tax	27.457	33.465	86.869
Less: Finance costs	22.591	26.457	69.145
Total Profit(Loss) before Tax	4.866	7.008	17.724
Segment Capital employed
- Domestic	1089.066	1072.959	1089.066
- International	(1.090)	(0.986)	(1.090)
- Others	69.856	60.329	69.856
- Unallocated	17.657	13.277	17.657
Total Segment Capital Employed	1175.489	1145.579	1175.489

Note :

1. As per Accounting Standard (AS) 17 on “Segment Reporting” the company, has identified geographical segment as primary segment. The geographical segment consist of :

a) Fitness/Sports Goods/Readymade Garments (Domestic) and

b) Readymade Garments/Sports Goods (International).

2. The Company has certain revenue and expenditure which are unrelated to the reportable segments and therefore, have been identified under ‘Others’.

3. Previous period figures have been recast/regrouped wherever necessary to conform to this period’s classifications.

FIXED ASSETS

• Building
• Spa Equipment
• Air-conditioning Plant and Units
• Furniture, Fixtures and Fittings
• Motor Vehicles
• Electrical Fittings
• Office 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 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.61.79
UK Pound	1	Rs.95.42
Euro	1	Rs.69.28

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.