MIRA INFORM REPORT

Report No. :	302624
Report Date :	12.01.2015

IDENTIFICATION DETAILS

Name :	ARVIND LIFESTYLE BRANDS LIMITED (w.e.f. 09.06.2008)

Formerly Known As :	PINNACLE RISK ADVISORY SERVICES LIMITED ARVIND TELECOM LIMITED

Registered Office :	Arvind Mills Premises, Naroda Road, Ahmedabad - 380025, Gujarat

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	13.02.1995

Com. Reg. No.:	04-024598

Capital Investment / Paid-up Capital :	Rs.279.351 Millions

CIN No.: [Company Identification No.]	U64201GJ1995PLC024598

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	AHMF00436C

PAN No.: [Permanent Account No.]	AAACH7252A

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Trader, Retailer and Exporter of Apparels.

No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 73000000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a subsidiary of “ARVIND BRANDS AND RETAIL LIMITED”, India. It is an established company having satisfactory track record. The company has incurred losses from its operational activities. However, the rating reflects company’s strong growth potential associated with its diversified brand portfolio spread across all customer and product segment marked by adequate liquidity position and strong financial as well as managerial support that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of strong holding support, the company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “A+” (Structured Obligation)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	Aug 08, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A1+” (Structured Obligation)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	Aug 08, 2014

RBI DEFAULTER’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTER’ 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.

LOCATIONS

Registered Office/ Corporate Office :	Arvind Mills Premises, Naroda Road, Ahmedabad – 380025, Gujarat, India
Tel. No.:	91-79-22203030
Mobile No.:	91-9845197710 (Mr. Mani Kandan)
Fax No.:	91-79-22200267
E-Mail :	rv.bhimani@arvind.in manikanban@arvindbrands.com
Website :	www.arvindmills.com
Owned :	2000 Sq. ft.
Location :	Owned

Corporate Office:	8th Floor, Duparc Trinity 17, M.G. Road Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-41550601

Warehouse :	Survey No.93, Archakara Halli, No.26/2 and 27/2, Kasaba Hobli, Ramnagar, Bangalore - 560032, Karnataka, India

DIRECTORS

As on. 30.09.2014

Name :

Mr. Suresh Jayaraman

Designation :

Managing Director

Address :

S02, Magnolai No. 170/5, Defence Colony, 5th Main Indira Nagar, Bangalore-560038, Karnataka, India

Date of Birth/Age :

25.05.1960

Date of Appointment :

04.11.2014

DIN No.:

03033110

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	U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	Managing director	01/11/2010	28/10/2010	-	Amalgamated	NO
2	U64201GJ1995PLC024598	ARVIND LIFESTYLE BRANDS LIMITED	Managing director	04/11/2014	28/10/2010	-	Active	NO
3	U52609GJ2007PLC051974	ARVIND BRANDS & RETAIL LIMITED	Director	23/09/2011	22/02/2011	-	Active	NO
4	U52190MH2011PTC215598	Premium Garments Wholesale Trading Private Limited	Director	24/03/2014	24/03/2014	-	Active	NO

Name :

Mr. Jayesh Kantilal Shah

Designation :

Director

Address :

26, Amaltas Bunglows, Vastrapur, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

25.05.1960

Date of Appointment :

24.09.2010

DIN No.:

00008349

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	U70102KA1994PTC015339	FIRENZE PROPERTIESANDINVESTMENTS PRIVATE LIMITED	Director	03/08/1994	03/08/1994	-	Active	NO
2	L17119GJ1931PLC000093	ARVIND LIMITED	Whole-time director	01/10/2014	20/11/2002	-	Active	NO
3	U72200GJ1988PLC010830	e-INFOCHIPS LIMITED	Director	03/12/2004	03/12/2004	-	Active	NO
4	U80212GJ2008PLC052901	ANAGRAM KNOWLEDGE ACADEMY LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
5	U29100GJ2008PLC053226	ARVIND ACCEL LIMITED	Director	20/04/2008	20/04/2008	-	Active	NO
6	U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	Director	24/09/2010	31/10/2009	-	Amalgamated	NO
7	U64201GJ1995PLC024598	ARVIND LIFESTYLE BRANDS LIMITED	Director	24/09/2010	31/10/2009	-	Active	NO
8	L17110GJ1986PLC008886	ARVIND PRODUCTS LIMITED	Director	25/09/2010	25/01/2010	-	Amalgamated	NO
9	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	30/08/2010	01/04/2010	-	Active	NO
10	U52609GJ2007PLC051974	ARVIND BRANDS & RETAIL LIMITED	Director	23/09/2011	22/02/2011	-	Active	NO
11	U17120GJ2011PTC066160	ARVIND PD COMPOSITES PRIVATE LIMITED	Director	28/09/2012	09/04/2012	-	Active	NO
13	U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	Director	23/09/2013	11/03/2013	-	Active	NO
14	U72400GJ2013PLC074576	ARVIND INTERNET LIMITED	Director	23/09/2014	12/08/2013	-	Active	NO
15	U52190MH2011PTC215598	Premium Garments Wholesale Trading Private Limited	Director	24/03/2014	24/03/2014	-	Active	NO

Name :

Mr. Sajaybhai Shrenikbhai Lalbhai

Designation :

Director

Address :

Lalbaug, Shahibaug, Ahmedabad-388004, Gujarat, India

Date of Birth/Age :

10.04.1954

Date of Appointment :

24.09.2010

DIN No.:

00008329

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	L17119GJ1931PLC000093	ARVIND LIMITED	Managing director	01/01/2013	17/03/1979	-	Active	NO
2	L14100GJ1979PLC003439	AMOL DICALITE LIMITED	Director	29/03/1982	29/03/1982	-	Active	NO
3	U65910GJ1981PTC004521	ANIMESH HOLDINGS PVT LTD	Director	10/07/1993	10/07/1993	-	Active	NO
4	U65990GJ1980PTC003888	ANANYA INVESTMENTS PRIVATE LIMITED	Director	15/05/1998	15/05/1998	03/06/2013	Active	NO
5	U34100GJ1978PLC003127	MAHINDRA GUJARAT TRACTOR LIMITED	Nominee director	18/12/1999	18/12/1999	30/10/2007	Active	NO
6	L24230GJ1972PLC002126	TORRENT PHARMACEUTICALS LTD	Director	23/01/2003	23/01/2003	26/07/2013	Active	NO
7	U80302KA2005NPL036676	CENTER FOR STUDY OF SCIENCE TECHNOLOGY AND POLICY	Director	25/08/2005	25/08/2005	28/08/2008	Active	NO
8	U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	Director	24/09/2010	31/10/2009	-	Amalgamated	NO
9	U64201GJ1995PLC024598	ARVIND LIFESTYLE BRANDS LIMITED	Director	24/09/2010	31/10/2009	-	Active	NO
10	U52609GJ2007PLC051974	ARVIND BRANDS & RETAIL LIMITED	Director	23/09/2011	22/02/2011	-	Active	NO
11	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Director	08/08/2013	24/12/2012	-	Active	NO

Name :

Mr. Munesh Khanna

Designation :

Director

Address :

Beachwood House, Ground Floor, Jussaawala Wadi, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

12.05.1962

Date of Appointment :

24.09.2010

DIN No.:

00202521

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	U24110MH1993PLC070713	INDOFIL INDUSTRIES LIMITED	Director	17/08/2007	06/04/2007	14/04/2014	Active	NO
2	U51909MH2007PTC170716	LEADING AGE TRADING PRIVATE LIMITED	Director	01/09/2007	01/09/2007	01/09/2007	Active	NO
3	L17119GJ1931PLC000093	ARVIND LIMITED	Director	31/07/2008	27/10/2007	15/04/2014	Active	NO
4	U67120MH1995PTC084237	CAPTION INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	01/11/2007	01/11/2007	-	Active	NO
5	U65910GJ1993PLC020228	EDELWEISS FINANCIAL ADVISORS LIMITED	Director	29/09/2008	19/02/2008	25/05/2009	Active	NO
6	U45400MH2007PTC175585	YOUTH PROPERTIES PRIVATE LIMITED	Director	15/03/2008	15/03/2008	-	Active	YES
7	U24130MH1994PLC142451	Garware Bestretch Limited	Additional director	17/11/2008	17/11/2008	25/03/2009	Active	NO
8	U17113MH1975PLC018620	GARWARE ELASTOMERICS LIMITED	Additional director	17/11/2008	17/11/2008	25/03/2009	Amalgamated	NO
9	U65999MH2009PTC189564	Resonus Advisors Private limited	Director	14/01/2009	14/01/2009	-	Active	NO
10	U64201GJ1995PLC024598	ARVIND LIFESTYLE BRANDS LIMITED	Director	24/09/2010	31/10/2009	15/04/2014	Active	NO
11	U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	Director	24/09/2010	31/10/2009	-	Amalgamated	NO
12	U65999MH2010FTC208856	Ashmore-Centrum India Opportunities Investment Advisers Private Limited	Director	11/10/2010	11/10/2010	15/12/2011	Active	NO
13	U85191MH2011NPL216343	Solutions India for Social Development	Director	16/04/2011	16/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mani Kandan
Designation :	Finance Manager

Name :	Ankita Pinakinbhai Patel
Designation :	Secretary
Address :	57, 3B, Shyamal Row House, Near Shyamal Cross Road, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	25.05.1960
Date of Appointment :	16.07.2012
PAN No.:	ASUPP7194A

Name :	Venkatchalapahy Ke
Designation :	Secretary
Address :	Flat No. S1 Gold Woods 135/2 Rahat Bagh C V Raman Nagar Post, Banglore-560093, Karnataka, India
Date of Birth/Age :	29.10.1962
Date of Appointment :	12.09.2013
PAN No.:	ABMPV1986B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Lalbhai Realty Finance Private Limited, India	65088
Arvind Brands and Retail Limited, India	27270006
Devanshu S. Desai	1
Ramnik V. Bhimani	1
Jayesh N. Thakkar	1
Hemen H. Joshi	1
Rohit S. Jani	1
Bharat P. Patel	1
Total	27335100

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Retailing Apparels.

Products :

Item Code No. (ITC Code)	Product Description
62052000	Men's/Boy's Shirts

Brand Names :

FLYING MACHINE

Agencies Held :

Not Available

Exports :

Products :

Readymade Garments

Countries :

Nepal
Sri Lanka
Middle East
South Africa

Imports :

Products :

Readymade Garments

Countries :

Bangladesh
China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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 :

Wholesalers and Retailers

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 :

2000 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	MID Corporate Group, Commercial Branch, 3^rd Floor, Near Mahakant Building, Ellisbridge, Ahmedabad - 380006, Gujarat, India
Person Name (With Designation)	91-9900194937
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	1459.955	496.311
Rupee term loans from others	10.095	9.507
SHORT TERM BORROWINGS
Working capital loans from banks	2642.825	2048.132
Total	4112.875	2553.950

Auditors :
Name :	Sorab S Engineer and Company Chartered Accountants
Address :	381, Dr D N Road, Ismail Building, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AAAFS5191E

Memberships :	Not Available

Collaborators :	Not Available

Related Parties :	Arvind Brands and Retail Limited, India CIN No.: U52609GJ2007PLC051974 Arvind Goodhill Suit Manufacturing Private Limited CIN No.: U17121GJ2012PTC071968 Aura Securities Private Limited CIN No.: U51909GJ2000PTC038248 · Asman Investments Limited CIN No.: U65910GJ1981PLC004408

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

27935100	Equity Shares	Rs.10/- each	Rs.279.351 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	279.351	210.501	200.501
(b) Reserves & Surplus	2294.503	2215.311	1457.522
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	62.850	0.000
Total Shareholders’ Funds (1) + (2)	2573.854	2488.662	1658.023

(3) Non-Current Liabilities
(a) long-term borrowings	1470.050	505.818	536.088
(b) Deferred tax liabilities (Net)	159.406	99.749	89.662
(c) Other long term liabilities	31.129	22.271	82.716
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1660.585	627.838	708.466

(4) Current Liabilities
(a) Short term borrowings	3886.610	2895.940	1565.985
(b) Trade payables	4822.131	4401.374	1765.577
(c) Other current liabilities	1088.305	610.030	300.601
(d) Short-term provisions	68.393	50.174	47.859
Total Current Liabilities (4)	9865.439	7957.518	3680.022

TOTAL	14099.878	11074.018	6046.511

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2109.423	1780.184	724.033
(ii) Intangible Assets	671.776	771.168	616.492
(iii) Capital work-in-progress	0.000	18.556	0.821
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.154	0.154	350.154
(c) Deferred tax assets (net)	192.086	106.944	0.000
(d) Long-term Loan and Advances	1375.997	1118.966	494.660
(e) Other Non-current assets	17.875	1.397	0.000
Total Non-Current Assets	4367.311	3797.369	2186.160

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4093.191	3224.892	1396.797
(c) Trade receivables	4724.328	3284.488	2185.066
(d) Cash and cash equivalents	176.506	230.660	78.163
(e) Short-term loans and advances	721.705	522.248	192.166
(f) Other current assets	16.837	14.361	8.159
Total Current Assets	9732.567	7276.649	3860.351

TOTAL	14099.878	11074.018	6046.511

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	17420.492	12854.715	6755.433
		Other Income	(9.067)	74.449	40.187
		TOTAL (A)	17411.425	12929.164	6795.620

Less	EXPENSES
		Cost of materials consumed	96.313	86.499	417.974
		Purchases of Stock in Trade	10155.336	6995.880	2797.198
		Employee benefits expense	(1010.841)	(605.312)	(189.626)
		Other expenses	1281.384	871.962	301.782
		Changes In inventories of finished goods, work-in-progress and stock-in-trade	5956.465	4847.145	2862.900
		TOTAL (B)	16478.657	12196.174	6190.228

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		932.768	732.990	605.392

Less	FINANCIAL EXPENSES (D)		647.578	462.146	260.017

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		285.190	270.844	345.375

Less/ Add	DEPRECIATION/ AMORTISATION (F)		585.141	463.016	144.589

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(299.951)	(192.172)	200.786

Less	TAX (H)		(85.142)	(61.267)	67.089

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(214.809)	(130.905)	133.697

	Earnings / (Loss) Per Share (Rs.)		(7.83)	(4.97)	6.67

Expected Sales (2014-15) : Rs.23000.000 Millions

The above information has been parted by Mr. Mani Kandan

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Sales	(%)	(1.23)	(1.02)	1.98

Net Profit Margin (PBDIT/ Total Income)	(%)	5.35	5.70	8.96

Return on Total Assets (PBT/Total Assets}	(%)	(2.16)	(1.76)	3.53

Return on Investment (ROI) (PBT/Networth)		(0.12)	(0.08)	0.12

Debt Equity Ratio (Total Debt/Networth)		2.08	1.37	1.27

Current Ratio (Current Asset/Current Liability)		0.99	0.91	1.05

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	200.501	210.501	279.351
Reserves & Surplus	1457.522	2215.311	2294.503
Net worth	1658.023	2425.812	2573.854

long-term borrowings	536.088	505.818	1470.050
Short term borrowings	1565.985	2895.940	3886.610
Total borrowings	2102.073	3401.758	5356.660
Debt/Equity ratio	1.268	1.402	2.081

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 / Total Income	6755.433	12854.715	17420.492
		90.287	35.518

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 / Total Income	6755.433	12854.715	17420.492
Profit	133.697	(130.905)	(214.809)
	1.98%	(1.02%)	(1.23%)

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

Note:

The registered office of the compay has been shifted from AAA Houspital Premises, Naroda Road, Ahmedabad – 380025, Gujarat, India to the present address w.e.f. 24.10.2008.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	260.068	164.399
Intercorporate borrowings	983.716	683.409
Total	1243.784	847.808

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10536592	24/11/2014	500,000,000.00	Bank Of Baroda	Corporate Financial Services Branch, 1st Floor, B OB Towers, Opp. Law Garden, Ellisbridge, Ahmedabad , Gujarat - 380006, INDIA	C36951077
2	10446576	16/08/2013	750,000,000.00	STATE BANK OF INDIA	Commercial Branch, 3rd Floor, Paramasiddhi Comple x, Near Mahakanth building, Ahmedabad, Gujarat - 3 80006, INDIA	B83787028
3	10446579	16/08/2013	3,701,200,000.00	STATE BANK OF INDIA	Commercial Branch, 3rd Floor, Paramasiddhi Comple x, Near Mahakanth building, Ahmedabad, Gujarat - 3 80006, INDIA	B83787606
4	10369345	12/06/2012	250,000,000.00	STATE BANK OF INDIA	Commercial Branch, 3rd Floor, Paramasiddhi Comple x, Near Mahakanth building, Ahmedabad, Gujarat - 3 80006, INDIA	B45213782
5	10309498	06/09/2011	200,000,000.00	State Bank of India	Mid Corporate Group, Commercial Branch,3rd Floor, "Paramsiddhi"Complex,Nr.Mahakant Bldg.,Ellisbridg e, Ahmedabad, Gujarat - 380006, INDIA	B22254817
6	10309501	21/02/2014 *	4,051,200,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, COMMERCIAL BRANCH, 3RD FLOOR, NR. MAHAKANT BUILDING, ELLISBRIDGE, AHMEDABAD, G ujarat - 380006, INDIA	B98642416
7	10275675	11/02/2011	187,500,000.00	Bank of Baroda	1st Floor, Bank of Baroda Towers, Ellisbridge, Ah medabad, Gujarat - 380006, INDIA	B09046319
8	10190135	11/02/2011 *	650,000,000.00	State Bank of India	Mid Corporate Group, Commercial Branch,3rd Floor, "Paramsiddhi"Complex,Nr.Mahakant Bldg.,Ellisbridg e, Ahmedabad, Gujarat - 380006, INDIA	B09711425
9	10189726	11/02/2011 *	1,182,800,000.00	State Bank of India	Mid Corporate Group, Commercial Branch,3rd Floor, "Paramsiddhi"Complex,Nr.Mahakant Bldg.,Ellisbridg e, Ahmedabad, Gujarat - 380006, INDIA	B09709700

* Date of charge modification

FIXED ASSETS

v Tangible Assets

· Plant and Equipment

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Leasehold Improvements

v Intangible Assets

· Brands and Trade Marks

· Computer Software

· Licenses and Franchise

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 rgistered 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.63.44
UK Pound	1	Rs.95.98
Euro	1	Rs.75.27

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	SPR

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
--PROFITABILIRY	1~10	--
--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		48

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.

MIRA INFORM REPORT

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