MIRA INFORM REPORT

Report No. :	305586
Report Date :	29.01.2015

IDENTIFICATION DETAILS

Name :	NSL TEXTILES LIMITED (w.e.f. 24.09.2008)
Formerly Known As :	JAYAVENKATRAMA INDUSTRIES LIMITED JAYAVENKATRAMA SUGAR AND POWER LIMITED
Registered Office :	3rd Floor, 'EMGEE House', 4th Lane, Chandramouli Nagar, Ring Road, Guntur––522007, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.02.2002
Com. Reg. No.:	01-038489
Capital Investment / Paid-up Capital :	Rs. 1031.063 Millions
CIN No.: [Company Identification No.]	U15429AP2002PLC038489
TIN:	28220170325
TAN No.: [Tax Deduction & Collection Account No.]	HYDJ00614F
PAN No.: [Permanent Account No.]	AABCJ1299A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Textile with capacities spread over seven locations encompassing ginning, spinning, weaving, processing and garmenting operations.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of the NSL Group. It is an established company having moderate track. The company is gradually improving its overall performance by implementing the liquidity measures approved by the Corporate Debt Restructuring Cell (Empowered Group) following the company’s request for the same in March 2013. The management has improved the operating performance marked by increase in its revenue from sales as well as by reporting net profit during FY14. The ratings also take into consideration the huge external borrowings recorded due to debt funded capital expenditure undertaken in the past, and high working capital requirements on account of seasonal availability of raw materials. Further, the frequent stocking of inventory at various stages of manufacturing results in higher holding cost thus impacting the net profit. However, trade relations appears to be fair. Business is active. Payment terms are reported as slow. In view of extensive experience of the promoters and senior management, the subject can be considered for business dealings with some caution.

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	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating (BB)
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations
Date	January 07, 2015
Rating Agency Name	CRISIL
Rating	Short Term Rating (A4+)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	January 07, 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	3rd Floor, 'EMGEE House', 4th Lane, Chandramouli Nagar, Ring Road, Guntur––522007, Andhra Pradesh
Tel. No.:	91- 40-30514452
Fax No.:	91- 40-30514350
E-Mail :	raghava.kpr@nsltextiles.com
Website :	http://www.nsltextiles.com http://www.nslgroup.co.in
Corporate Office:	NSL Icon, 4^th Floor, 8-2-684/2/A, Road No 12, Banjara Hills, Hyderabad-500034, Telangana, India
Tel No.:	91-40-30514444
Factory 1 :	Edlapadu Mandal and Post, Edlapadu, Near Chilakaluripet, Guntur – 522233, Andhra Pradesh, India
Factory 2 :	Inkollu Village and Mandal, District Prakasam – 523167, Andhra Pradesh, India
Factory 3 :	Survey No. 237, Kommunu Road, Rangannagudam Post, Hanuman Junction, District Krishna, Andhra Pradesh, India
Factory 4 :	Survey Nos. 371-379, Kunchalavaripalem Village, Cherukupali Mandal, District Guntur, Andhra Pradesh, India
Factory 5 :	Opposite Indira Gandhi Live Stock Research Centre, Thondur Mandal, Pulivendula, Cuddapah Post, Andhra Pradesh, India
Factory 6 :	Survey No. 253, Budampadu Village, Guntur Rural Mandal, District Guntur – 522017, Andhra Pradesh, India
Factory 7 :	Textile Park, Phase 3, IDA, Pashamylam, Patancheru, Distrct Medak – 502307, Andhra Pradesh, India

DIRECTORS

As on: 30.09.2014

Name :

Mandava Rao Prabhakara

Designation :

Director

Address :

H. No. 8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India

Date of Birth/Age :

19.01.1959

Qualification :

M. Sc (Agricultural)

Date of Appointment :

12.02.2002

PAN No.:

ACVPM9483A

DIN No.:

00009650

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	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	01-07-2010	04-01-1985	-	Active	NO
2	U01112TG1992PLC014346	PRABHAT AGRI BIOTECH LIMITED	Director	09-06-1992	09-06-1992	04-12-2014	Active	NO
3	L32101AP1990PLC011311	INCAP LIMITED	Director	28-06-1992	28-06-1992	18-02-2010	Active	NO
4	U18100TG1995PLC022418	PRABHAT INDUSTRIAL CORPORATION LIMITED	Director	28-11-1995	28-11-1995	30-03-2008	Amalgamated	NO
5	U74999AP1999PTC032118	MANDAVA COLD STORAGE PRIVATE LIMITED	Director	01-11-2000	01-11-2000	-	Active	NO
6	U99999TG1995PLC020845	PERPETUAL ENERGY SYSTEMS LIMITED	Director	23-07-2001	23-07-2001	30-03-2008	Amalgamated	NO
7	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	01-04-2010	26-07-2001	-	Active	NO
8	U05005TG2001PTC037782	SREE KAMADHENU AQUATECH PRIVATE LIMITED	Director	11-09-2001	11-09-2001	04-12-2014	Active	NO
9	U40109TG2001PTC037830	INDUR GREEN POWER PRIVATE LIMITED	Director	21-09-2001	21-09-2001	-	Amalgamated	NO
10	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	12-02-2002	12-02-2002	-	Active	NO
11	U24231TG2002PLC038964	SWADESHI BIO-TECHNICS LIMITED	Director	15-05-2002	15-05-2002	30-03-2008	Active	NO
12	U24231TG2002PTC038984	SWARNABHARAT BIO-TECHNICS PRIVATE LIMITED	Director	17-05-2002	17-05-2002	04-12-2014	Active	NO
13	U63023TG2003PTC040654	NSL POWER PRIVATE LIMITED	Director	11-03-2003	11-03-2003	30-12-2014	Active	NO
14	U18101TG2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	14-09-2004	14-09-2004	-	Amalgamated	NO
15	U70102TG2004PTC044588	DIVYASREE NSL INFRASTRUCTURE PRIVATE LIMITED	Director	09-10-2008	10-11-2004	-	Active	NO
16	U45200TG2005PLC045511	NSL NAGAPATNAM POWER AND INFRATECH LIMITED	Director	02-03-2005	02-03-2005	-	Active	NO
17	U51225KA2005PTC036073	MADDURAMMA TRADERS PRIVATE LIMITED	Director	15-04-2005	15-04-2005	-	Strike off	NO
18	U45200TG2005PTC048067	ARENA INFRASTRUCTURE PRIVATE LIMITED	Director	16-11-2005	16-11-2005	15-12-2007	Active	NO
19	U70102TG2004PTC043959	CENTURY AVENUES PRIVATE LIMITED	Director	16-11-2005	16-11-2005	01-12-2007	Active	NO
20	U45200TG2005PTC048066	NSL SEZ (HYDERABAD) PRIVATE LIMITED	Director	16-11-2005	16-11-2005	04-12-2013	Active	NO
21	U24233TG2006PTC048679	GLOBAL AGRIGENETICS INDIA PRIVATE LIMITED	Director	05-01-2006	05-01-2006	04-12-2014	Active	NO
22	U45200TG2005PTC048287	ASCENDANT ESTATES PRIVATE LIMITED	Director	17-06-2006	17-06-2006	30-03-2008	Active	NO
23	U18100AP1983PTC004121	KRISHNAGANGA SPINNING MILLS PRIVATE LIMITED	Director	29-07-2006	29-07-2006	01-08-2011	Active	NO
24	U15421TG2006PLC050837	NSL KRISHNAVENI SUGARS LIMITED	Director	08-06-2009	08-08-2006	21-07-2014	Active	NO
25	U10102TG2006PTC050899	SPLENDID MINERALS PRIVATE LIMITED	Director	14-08-2006	14-08-2006	-	Active	NO
26	U70102TG2006PTC050279	Gooddeal Developers Private Limited	Director	26-10-2006	26-10-2006	31-03-2008	Amalgamated	NO
27	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Director	27-12-2006	27-12-2006	-	Active	NO
28	U70101TG2001PTC038151	NSL SEZ (CHENNAI) PRIVATE LIMITED	Director	12-03-2007	12-03-2007	04-12-2013	Active	NO
29	U70101TG2007PTC053994	Topnotch Projects Private Limited	Director	14-05-2007	14-05-2007	-	Active	NO
30	U17121TG2007PTC054034	NSL COTTON CORPORATION PRIVATE LIMITED	Director	17-05-2007	17-05-2007	-	Active	NO
31	U70102TG2007PTC054777	NSL ESTATES PRIVATE LIMITED	Director	12-07-2007	12-07-2007	05-12-2013	Active	NO
32	U45203TG2007PTC054784	NSL INFRATECH PRIVATE LIMITED	Director	12-07-2007	12-07-2007	05-12-2013	Active	NO
33	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	18-10-2007	18-10-2007	-	Active	NO
34	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Director	12-03-2008	12-03-2008	-	Active	NO
35	U74120TG2008PTC086206	NSL PROPERTIES PRIVATE LIMITED	Director	12-03-2008	12-03-2008	-	Active	NO
36	U74120DL2008PTC175254	NSL REAL ESTATES PRIVATE LIMITED	Director	12-03-2008	12-03-2008	30-12-2014	Active	NO
37	U74120TG2008PLC074583	NUZIVEEDU SEEDS LIMITED	Managing director	01-07-2010	19-03-2008	-	Active	NO
38	U45200TG2007PTC055909	GOLDEN TOWER INFRATECH PRIVATE LIMITED	Director	01-10-2008	01-10-2008	-	Active	NO
39	U01112TG1996PTC025622	YAAGANTI SEEDS SPRIVATE LIMITED	Director	14-09-2009	03-01-2009	04-12-2014	Active	NO
40	U01119TG2008PTC061514	PRAVARDHAN SEEDS PRIVATE LIMITED	Director	30-09-2010	01-01-2010	-	Active	NO
41	U40109TG2008PTC059817	NSL ORISSA POWER AND INFRATECH PRIVATE LIMITED	Director	30-09-2011	18-08-2010	30-12-2014	Active	NO
42	U14200DL2009PTC196457	CERES MINING PRIVATE LIMITED	Nominee director	02-10-2010	02-10-2010	-	Active	NO
43	U40101TG2008PTC057010	NSL ENERGY VENTURES PRIVATE LIMITED	Director	30-09-2011	20-12-2010	-	Active	NO
44	U45400TG2007PTC054029	NSL CONVENTIONAL POWER PRIVATE LIMITED	Director	30-09-2011	05-01-2011	30-12-2014	Active	NO
45	U17124TG2007PTC079001	MAS FABRIC PARK (INDIA) PRIVATE LIMITED	Director	29-06-2011	31-03-2011	-	Active	NO
46	U15421OR2011PTC013452	NSL SUGAR AND INDUSTRIES (ORISSA) PRIVATE LIMITED	Director	15-04-2011	15-04-2011	08-11-2013	Active	NO
47	U40300TG2010PTC070092	SOLAR SEMICONDUCTOR POWER COMPANY (INDIA) PRIVATE LIMITED	Director	30-08-2011	06-05-2011	30-12-2014	Active	NO
48	U15400AP2011PTC076567	SIMHAPURI MEGA FOOD PARK PRIVATE LIMITED	Director	16-09-2011	16-09-2011	10-09-2013	Active	NO
49	U40102TN2006PLC058922	MAHANADHI ABAN POWER COMPANY LIMITED	Additional director	15-02-2012	15-02-2012	-	Amalgamated	NO
50	U40300TG2013PTC089109	MKP POWER PRIVATE LIMITED	Director	23-07-2013	23-07-2013	-	Active	NO
51	U67190TG2014PTC092806	Mandava Investments Private Limited	Director	07-02-2014	07-02-2014	-	Active	NO

Name :

Apparao Chigurupati

Designation :

Whole-time director

Address :

Flat No. A-704, Vertex Sadguru Krupa, Nizampet Road, Kukapally, Hyderabad-500085, Andhra Pradesh, India

Date of Birth/Age :

01.07.1948

Qualification :

B.Com, Fellow Member of Institute of Insurance

Date of Appointment :

01.07.2010

PAN No.:

AAJPC8469Q

DIN No.:

00011095

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	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Whole-time director	01-07-2010	22-03-2004	-	Active	NO
2	U70102TG2004PTC043959	CENTURY AVENUES PRIVATE LIMITED	Director	24-08-2004	24-08-2004	-	Active	NO
3	U18101TG2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	24-12-2004	24-12-2004	-	Amalgamated	NO
4	L32101AP1990PLC011311	INCAP LIMITED	Director	20-09-2005	20-09-2005	05-03-2010	Active	NO
5	U24233TG2005PTC047540	Prestige Agri Inputs Private Limited	Director	21-09-2005	21-09-2005	-	Amalgamated	NO
6	U45200TG2005PTC048066	NSL SEZ (HYDERABAD) PRIVATE LIMITED	Director	16-11-2005	16-11-2005	-	Active	NO
7	U70102WB2005PTC124195	DESIGNER REAL ESTATE INDIA PRIVATE LIMITED	Nominee director	29-09-2006	17-11-2005	15-06-2007	Active	NO
8	U10300TG2005PLC048140	NSL POWER & INFRATECH LIMITED	Director	23-11-2005	23-11-2005	-	Active	NO
9	U70102TG2005PTC048141	COZY PROPERTIES PRIVATE LIMITED	Director	23-11-2005	23-11-2005	-	Active	NO
10	U17121TG2007PTC054726	NCC USHA GINNING MILLS PRIVATE LIMITED	Director	06-07-2007	06-07-2007	26-07-2010	Active	NO
11	U17111MH2007PTC172497	NCC JAY LAXMI FIBERS PRIVATE LIMITED	Director	19-07-2007	19-07-2007	26-07-2010	Active	NO
12	U17111MH2007PTC172498	NCC MATOSHRI COTTON PRIVATE LIMITED	Director	19-07-2007	19-07-2007	26-07-2010	Active	NO
13	U17111MH2007PTC172499	NCC CJ COTTON PRIVATE LIMITED	Director	19-07-2007	19-07-2007	05-01-2008	Active	NO
14	U17200MH2007PTC173015	KV BALAJI FIBERS PRIVATE LIMITED	Director	10-08-2007	10-08-2007	05-02-2009	Active	YES
15	U45209TG2007PTC056015	EXCELSIOR PROJECTS PRIVATE LIMITED	Director	19-10-2007	19-10-2007	-	Active	NO
16	U17200MH2007PTC173014	NCC ABHINANDAN COTTON PRIVATE LIMITED	Nominee director	01-11-2007	01-11-2007	26-07-2010	Active	NO
17	U17111MH2007PTC172500	NCC GANAPATHI COTTON PRIVATE LIMITED	Nominee director	01-11-2007	01-11-2007	26-07-2010	Active	NO
18	U17111MH2007PTC172496	NCC SANTOSH FIBERS PRIVATE LIMITED	Nominee director	01-11-2007	01-11-2007	05-01-2008	Active	NO
19	U17200MH2007PTC173157	NCC SHRI COTTON PRIVATE LIMITED	Nominee director	01-11-2007	01-11-2007	05-01-2008	Active	NO
20	U17121MH2007PTC173124	NCC NARSINH COTTON PRIVATE LIMITED	Nominee director	01-11-2007	01-11-2007	05-01-2008	Active	NO
21	U17121MH2007PTC172490	NCC RADHAKRISHNA COTTON PRIVATE LIMITED	Nominee director	01-11-2007	01-11-2007	05-01-2008	Active	NO
22	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	18-08-2008	26-12-2007	06-03-2010	Active	NO
23	U17100AP1998PTC029417	EXCEL COTTON COMPANY PRIVATE LIMITED	Director	30-09-2011	20-12-2010	-	Active	NO
24	U17124TG2007PTC079001	MAS FABRIC PARK (INDIA) PRIVATE LIMITED	Director	29-06-2011	31-03-2011	-	Active	NO
25	U18100AP1982PTC003448	SREE ANANTHA LAKSHMI TEXTILES PRIVATE LIMITED	Director	29-09-2012	25-01-2012	-	Active	NO
26	U17110AP1995PTC021407	SREE VENKATARAYA COTTON MILLS PRIVATE LIMITED	Director	29-09-2012	13-06-2012	-	Active	NO

Name :

Mr. Ajay Kumar Paturi

Designation :

Whole-time director

Address :

1-4-210/49 to 51, Prathampuri, ECIL, Hyderabad - 520062, Andhra Pradesh, India

Date of Birth/Age :

17.09.1952

Qualification :

B. Tech in Textile Technology

Date of Appointment :

01.07.2011

PAN No.:

AGQPP1192C

DIN No.:

00053029

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	U18101TG2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Whole-time director	16-03-2010	16-03-2006	-	Amalgamated	NO
2	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Whole-time director	01-07-2011	16-03-2006	-	Active	NO
3	U24233TG2005PTC047540	Prestige Agri Inputs Private Limited	Director	29-07-2009	15-06-2009	02-11-2011	Amalgamated	NO
4	U18100AP1982PTC003448	SREE ANANTHA LAKSHMI TEXTILES PRIVATE LIMITED	Director	29-09-2012	25-01-2012	-	Active	NO
5	U17110AP1995PTC021407	SREE VENKATARAYA COTTON MILLS PRIVATE LIMITED	Director	29-09-2012	13-06-2012	-	Active	NO

Name :

Mandava Ashapriya

Designation :

Director

Address :

H. No.8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India

Date of Birth/Age :

19.09.1962

Qualification :

Post-Graduation in Home Science

Date of Appointment :

12.02.2002

PAN No.:

AFWPM9031Q

DIN No.:

01199936

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	U18100TG1995PLC022418	PRABHAT INDUSTRIAL CORPORATION LIMITED	Director	28-11-1995	28-11-1995	-	Amalgamated	NO
2	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	18-10-1997	18-10-1997	-	Active	NO
3	U74999AP1999PTC032118	MANDAVA COLD STORAGE PRIVATE LIMITED	Managing director	01-09-2010	16-07-1999	-	Active	NO
4	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	20-06-2014	26-07-2001	-	Active	NO
5	U05005TG2001PTC037782	SREE KAMADHENU AQUATECH PRIVATE LIMITED	Director	11-09-2001	11-09-2001	-	Active	NO
6	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	12-02-2002	12-02-2002	-	Active	NO
7	U63023TG2003PTC040654	NSL POWER PRIVATE LIMITED	Director	11-03-2003	11-03-2003	30-12-2014	Active	NO
8	U99999TG1995PLC020845	PERPETUAL ENERGY SYSTEMS LIMITED	Managing director	30-07-2011	30-07-2003	-	Amalgamated	NO
9	U45200TG2005PLC045511	NSL NAGAPATNAM POWER AND INFRATECH LIMITED	Director	02-03-2005	02-03-2005	-	Active	NO
10	U51225KA2005PTC036073	MADDURAMMA TRADERS PRIVATE LIMITED	Director	15-04-2005	15-04-2005	-	Strike off	NO
11	U70102TG2004PTC043959	CENTURY AVENUES PRIVATE LIMITED	Director	13-09-2005	13-09-2005	-	Active	NO
12	U45200TG2005PTC048066	NSL SEZ (HYDERABAD) PRIVATE LIMITED	Director	05-04-2006	05-04-2006	04-12-2013	Active	NO
13	U15421TG2006PLC050837	NSL KRISHNAVENI SUGARS LIMITED	Director	08-08-2006	08-08-2006	26-09-2014	Active	NO
14	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Director	27-12-2006	27-12-2006	19-06-2009	Active	NO
15	U70101TG2007PTC053994	Topnotch Projects Private Limited	Director	14-05-2007	14-05-2007	-	Active	NO
16	U17121TG2007PTC054034	NSL COTTON CORPORATION PRIVATE LIMITED	Director	17-05-2007	17-05-2007	-	Active	NO
17	U70102TG2007PTC054777	NSL ESTATES PRIVATE LIMITED	Director	12-07-2007	12-07-2007	05-12-2013	Active	NO
18	U45203TG2007PTC054784	NSL INFRATECH PRIVATE LIMITED	Director	12-07-2007	12-07-2007	05-12-2013	Active	NO
19	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	14-09-2007	14-09-2007	-	Active	NO
20	U74120TG2008PTC086206	NSL PROPERTIES PRIVATE LIMITED	Director	12-03-2008	12-03-2008	-	Active	NO
21	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Managing director	24-09-2014	12-03-2008	-	Active	NO
22	U74120DL2008PTC175254	NSL REAL ESTATES PRIVATE LIMITED	Director	12-03-2008	12-03-2008	30-12-2014	Active	NO
23	U74120TG2008PLC074583	NUZIVEEDU SEEDS LIMITED	Director	19-03-2008	19-03-2008	-	Active	NO
24	U45200TG2005PTC048287	ASCENDANT ESTATES PRIVATE LIMITED	Director	30-03-2008	30-03-2008	20-09-2014	Active	NO
25	U40109TG2008PTC059817	NSL ORISSA POWER AND INFRATECH PRIVATE LIMITED	Director	23-06-2008	23-06-2008	30-12-2014	Active	NO
26	U18101TG2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	05-07-2010	28-12-2009	-	Amalgamated	NO
27	U40100HP2005PTC000333	TANGNU ROMAI POWER GENERATION PRIVATE LIMITED	Director	30-09-2010	19-04-2010	-	Active	NO
28	U40103TG2010PTC068177	NSL ANDHRA POWER PRIVATE LIMITED	Director	29-04-2010	29-04-2010	-	Active	NO
29	U15421OR2011PTC013452	NSL SUGAR & INDUSTRIES (ORISSA) PRIVATE LIMITED	Director	15-04-2011	15-04-2011	11-11-2013	Active	NO
30	U40300TG2010PTC070092	SOLAR SEMICONDUCTOR POWER COMPANY (INDIA) PRIVATE LIMITED	Director	30-08-2011	06-05-2011	-	Active	NO
31	U40101TG2008PTC057010	NSL ENERGY VENTURES PRIVATE LIMITED	Director	30-09-2011	22-05-2011	-	Active	NO
32	U40300TG2005PTC047541	NSL WIND POWER COMPANY (PHOOLWADI) PRIVATE LIMITED	Director	29-07-2011	24-06-2011	-	Active	NO
33	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Director	30-09-2011	25-06-2011	-	Amalgamated	NO
34	U70102TG2006PTC049313	Ambient Infratech Private Limited	Director	30-09-2011	27-07-2011	30-12-2014	Active	NO
35	U40300TG2006PTC050579	NSL Nagapatnam Power Ventures Private Limited	Director	29-09-2012	29-11-2011	03-03-2014	Active	NO
36	U40108TG2010PTC069059	NSL WIND POWER COMPANY (SATARA) PRIVATE LIMITED	Director	28-09-2012	11-02-2012	-	Active	NO
37	U45400TG2007PTC054029	NSL CONVENTIONAL POWER PRIVATE LIMITED	Director	27-09-2012	20-03-2012	-	Active	NO
38	U40104TN2011PTC080225	ORBIT WIND ENERGY PRIVATE LIMITED	Director	27-09-2012	26-04-2012	-	Active	NO
39	U40300TG2012PTC083193	NSL Wind Power Company (Virli) Private Limited	Director	18-09-2012	18-09-2012	30-12-2014	Active	NO
40	U40106TG2012PTC083194	NSL Wind Power Company (Chilarwadi) Private Limited	Director	18-09-2012	18-09-2012	30-12-2014	Active	NO
41	U45400TG2007PTC054361	NSL Nagapatnam Infrastructure Private Limited	Director	31-12-2012	20-12-2012	30-12-2014	Active	NO
42	U40108TG2013PTC085811	NSL WIND POWER COMPANY (SAYAMALAI) PRIVATE LIMITED	Director	15-02-2013	15-02-2013	30-12-2014	Active	NO
43	U40105TG2013PTC085812	NSL WIND POWER COMPANY (KAYATHAR) PRIVATE LIMITED	Director	15-02-2013	15-02-2013	30-12-2014	Active	NO
44	U40300TG2013PTC089109	MKP POWER PRIVATE LIMITED	Director	23-07-2013	23-07-2013	-	Active	NO
45	U40108TG2013PTC090454	Shahuwadi Wind Energy Private Limited	Director	10-10-2013	10-10-2013	30-12-2014	Active	NO Bottom of Form
46	U40108TG2013PTC090479	Jath Wind Energy Private Limited	Director	11-10-2013	11-10-2013	30-12-2014	Active	NO
47	U40101TG2013PTC090570	Alot Wind Energy Private Limited	Director	17-10-2013	17-10-2013	30-12-2014	Active	NO
48	U40108TG2013PTC090765	Khaga Solar Power Private Limited	Director	31-10-2013	31-10-2013	30-12-2014	Active	NO
49	U40102TG2013PTC090844	Anamudi Renewable Power Private Limited	Director	06-11-2013	06-11-2013	30-12-2014	Active	NO
50	U40102TG2013PTC090850	Amboli Power Private Limited	Director	06-11-2013	06-11-2013	30-12-2014	Active	NO
51	U40102TG2013PTC090851	Nilgiri Power Private Limited	Director	06-11-2013	06-11-2013	30-12-2014	Active	NO
52	U40104TG2013PTC090852	Hardeol Renewable Power Private Limited	Director	06-11-2013	06-11-2013	30-12-2014	Active	NO
53	U40107TG2013PTC090869	Sispara Renewable Power Private Limited	Director	06-11-2013	06-11-2013	30-12-2014	Active	NO
54	U40102TG2013PTC091094	Kalsubai Power Private Limited	Director	20-11-2013	20-11-2013	30-12-2014	Active	NO
55	U67190TG2014PTC092806	Mandava Investments Private Limited	Director	07-02-2014	07-02-2014	-	Active	NO

Name :

Mr. Prabal Ranjan Roy

Designation :

Director

Address :

36, Amaltas Bungalow, Bodakdev, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

11.07.1941

Qualification :

PhD in Textile

Date of Appointment :

28.12.2009

DIN No.:

00514330

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	U17219PB1993PLC013187	MALWA INDUSTRIES LTD	Director	04-09-2014	27-04-2006	-	Active	NO
2	U17110GJ1996PTC029824	SAN-BLUE ENTERPRISES PRIVATE LIMITED	Director	04-07-2009	04-07-2009	02-05-2012	Active	NO
3	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	17-06-2014	28-12-2009	-	Active	NO
4	U17110MH1986PLC039177	PEE VEE TEXTILES LIMITED	Additional director	01-11-2014	01-11-2014	-	Active	NO

Name :

Mandava Venkatram Chowdary

Designation :

Whole-time director

Address :

H. No.8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

30.11.1987

Qualification :

Bachelor of Business Administration

Date of Appointment :

05.09.2011

PAN No.:

AJZPC5236E

DIN No.:

03567730

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	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Director	30-09-2011	25-06-2011	-	Amalgamated	NO
2	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Whole-time director	05-09-2011	05-09-2011	-	Active	NO
3	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Director	29-09-2012	18-04-2012	04-12-2013	Active	NO
4	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	29-09-2012	11-05-2012	-	Active	NO
5	U70101TG2001PTC038151	NSL SEZ (CHENNAI) PRIVATE LIMITED	Additional director	04-12-2013	04-12-2013	-	Active	NO
6	U70102TG2007PTC054777	NSL ESTATES PRIVATE LIMITED	Director	30-09-2014	04-12-2013	-	Active	NO
7	U45200TG2005PTC048066	NSL SEZ (HYDERABAD) PRIVATE LIMITED	Director	27-09-2014	04-12-2013	-	Active	NO
8	U45203TG2007PTC054784	NSL INFRATECH PRIVATE LIMITED	Director	29-09-2014	04-12-2013	-	Active	NO
9	U67190TG2014PTC092806	Mandava Investments Private Limited	Director	07-02-2014	07-02-2014	01-11-2014	Active	NO

Name :

Mr. Anand Ramanna

Designation :

Director

Address :

Flat No.0-1,15th Floor, Cuffe Castle, Cuff Parade, Colaba, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

05.11.1933

Qualification :

Textile Technology Graduate

Date of Appointment :

25.09.2009

DIN No.:

00040325

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	U17110MH1982PTC027087	NOVA SILK Private LTD	Director	06-05-1982	06-05-1982	-	Active	NO
2	L33130AP1979PLC002521	NCL INDUSTRIES LTD	Director	14-06-2008	04-06-1982	-	Active	NO
3	U01711KA1993FTC014292	LUWA INDIA PRIVATE LIMITED	Director	10-05-1993	10-05-1993	16-07-2009	Active	NO
4	L18101MH1991PLC059804	MAXWELL INDUSTRIES LIMITED	Director	11-11-1993	11-11-1993	20-08-2009	Active	NO
5	L72200PN1988PLC068972	INDO COUNT INDUSTRIES LIMITED	Director	23-08-2014	27-11-1995	-	Active	NO
6	U29269TZ1996PLC007229	MEHALA MACHINES INDIA LIMITED	Director	30-05-1996	30-05-1996	13-02-2009	Active	NO
7	U29299KA2001PTC029952	EASTERN ENGINEERING COMPANY PRIVATE LIMITED	Director	31-12-2001	31-12-2001	21-07-2008	Active	NO
8	U74999MH1966NPL013602	THE INDO-ITALIAN CHAMBER OF COMMERCE AND INDUSTRY	Director	30-09-2002	30-09-2002	-	Active	NO
9	U99999MH1969NPL014319	INDIAN TEXTILE ACCESSORIES AND MACHINERY MANUFACTURERS' ASSOCIATION	Director	16-09-2005	16-09-2005	-	Active	NO
10	U28920MH1982PTC027261	EASTERN ENGINEERING CO (BOMBAY) PVT LTD	Director	30-08-2006	01-06-2006	-	Active	NO
11	L17119PN1990PLC058139	PRANAVADITYA SPINNING MILLS LIMITED	Director	23-08-2014	31-07-2007	-	Active	NO
12	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	17-06-2014	29-08-2009	-	Active	NO
13	U18101TG2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Additional director	28-12-2009	28-12-2009	05-07-2010	Amalgamated	NO
14	U93000MH2010PTC199719	ETS Eastern Services Private Limited	Director	04-02-2010	04-02-2010	-	Active	NO
15	U29253KA2011PTC058597	Marzoli Textile Machinery Manufacturers Private Limited	Director	11-05-2011	11-05-2011	-	Active	NO
16	U31400MH2012PTC225956	FERRARI EASTERN FANS INDIA PRIVATE LIMITED	Director	12-01-2012	12-01-2012	-	Active	NO
17	U29253MH2012PTC227674	Smit Textile Machinery Manufacturers Private Limited	Director	05-03-2012	05-03-2012	-	Active	NO

Name :

Mr. Gopalakrishna Muddusetty

Designation :

Director

Address :

Bhramara, 12-2-823A/23, Santoshnagar, Mehdipathnam, Hyderabad – 500028, Andhra Pradesh, India

Date of Birth/Age :

12.01.1939

Qualification :

IAS Officer (Retd)

Date of Appointment :

30.09.2011

DIN No.:

00088454

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	L23209AP1984PLC004635	THE ANDHRA PETROCHEMICALS LIMITED	Director	30-09-1997	30-09-1997	30-08-2007	Active	NO
2	U31909TG1983PTC003971	PEC POTENTIOMETERS PRIVATE LIMITED	Director	17-09-2003	17-09-2003	30-04-2011	Active	NO
3	U24111TG1988PLC009231	ANDHRA PRADESH GAS POWER CORPORATION LIMITED	Director	09-01-2009	29-09-2003	30-09-2010	Active	NO
4	U31909TG1999PLC033104	RITHWIK ENERGY SYSTEMS LIMITED	Director	16-01-2004	16-01-2004	06-04-2009	Active	NO
5	L28990AP1978PLC002260	JOCIL LIMITED	Director	06-09-2014	22-01-2005	-	Active	NO
6	U01211TG2005PTC045437	SENTINI BIOPRODUCTS PRIVATE LIMITED	Director	11-05-2005	11-05-2005	-	Active	NO
7	L29253TG1983PLC004141	PITTI LAMINATIONS LIMITED	Director	22-09-2014	28-06-2007	-	Active	NO
8	L40106AP1985PLC005318	BGR ENERGY SYSTEMS LIMITED	Director	25-09-2014	18-07-2007	-	Active	NO
9	L64203TG2000PLC035451	GOLDSTONE INFRATECH LIMITED	Director	27-09-2014	29-10-2007	-	Active	NO
10	U40300TG2006PLC050927	ARANI POWER SYSTEMS LIMITED	Director	10-03-2008	10-03-2008	26-11-2014	Active	NO
11	L30007TG1991PLC013211	KERNEX MICROSYSTEMS (INDIA)LIMITED	Director	27-09-2014	25-09-2008	-	Active	NO
12	L72200TG1994PLC018351	B2B SOFTWARE TECHNOLOGIES LIMITED	Director	30-09-2009	30-09-2008	17-12-2010	Active	NO
13	U15540TG2008PTC060320	SENTINI BEVERAGES PRIVATE LIMITED	Director	31-12-2009	31-12-2009	02-01-2012	Active	NO
14	U24239TG2005PLC047307	VIJAYASRI ORGANICS LIMITED	Director	17-09-2010	19-05-2010	-	Active	NO
15	U74120TG2008PLC074583	NUZIVEEDU SEEDS LIMITED	Director	23-06-2014	17-08-2010	-	Active	NO
16	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	17-06-2014	08-09-2010	-	Active	NO
17	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	17-09-2014	28-09-2010	-	Active	NO
18	L24110TG1989PLC009713	SUVEN LIFE SCIENCES LIMITED	Director	12-08-2014	14-11-2012	-	Active	NO

Name :

Mr. Anil Chandra Gupta

Designation :

Director

Address :

24, Krishi Nagar, P.O. Manovikas Nagar, Hashmatpet Road, Secunderabad – 500009, Andhra Pradesh, India

Date of Birth/Age :

16.09.1943

Qualification :

Chartered Accountant

Date of Appointment :

29.07.2013

DIN No.:

06363513

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	L15421WB1952PLC020577	GOBIND SUGAR MILLS LTD.	Director	28-12-2012	21-08-2012	-	Active	NO
2	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	17-06-2014	22-09-2012	-	Active	NO
3	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	20-06-2014	28-12-2012	-	Active	NO

KEY EXECUTIVES

Name :	Kunapareddy Raghavaiah Naidu
Designation :	Secretary
Address :	16-74, Ashok Nagar, Krishna District, Tiruvuru – 521235, Andhra Pradesh, India
Date of Birth/Age :	08.05.1987
Date of Appointment :	22.06.2011
PAN No.:	BCLPK1395N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
M. Prabhakar Rao	11663512	11.31
Mandava Holdings Private Limited, India	68368394	66.31
M. Asha Priya	2947515	2.86
M. Venkatram Choudary	12473	0.01
Mandava Cold Storage Private Limited, India	2500000	2.42
Mavi Investment Fund Limited, Mauritius	10000000	9.70
Dover Finance Limited, Mauritius	3420000	3.32
Krishna Prasad	4194444	4.07
Total	103106338	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	17.09
Bodies corporate	68.73
Directors or relatives of directors	14.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Textile with capacities spread over seven locations encompassing ginning, spinning, weaving, processing and garmenting operations

Products :

ITC Code No.	Product Descriptions
52051410	Yarn
52081230	Grey fabric
52084230	Processed fabric
62052000	Garments
12072100	Cotton seed
52021000	Cotton/yarn waste
52029900	Fabric waste
52021000	Cowdy kappas

Brand Names :

Not available

Agencies Held :

Not available

Exports :

Not available

Imports :

Not available

Terms :

Not available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not available

Bankers :

· State Bank of Hyderabad

Overseas Branch, 6-3-652, " Kautilya", Somajiguda, Hyderabad - 500082, Andhra Pradesh, India

· Canara Bank

Prime Corporate Branch, Shankarnarayana Building, No.25, M G Road, Bangalore - 560001, Karnataka, India

· State Bank of India (Lead Bank)

Mid Corporate Group, Speeialised Commercial Branch, Kannavari Thota, Guntur - 522004, Andhra Pradesh, India

Facilities :

SECURED LOANS		31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans from Banks		7786.949	6958.304
SHORT TERM BORROWINGS
Working capital loans from banks		3095.537	2190.495
Total		10882.486	9148.799
	LONG-TERM BORROWINGS Existing term loans of the Company were restructured during the previous year under the Corporate Debt Restructuring (CDR) mechanism. The CDR, Empowered Group approved the restructuring package vide its letter dated 26th March, 2013, with 1st October, 2012 as the cut-off date for restructuring. The restructuring package, inter-alia includes re-schedulement of repayment of existing term loans, revision in rate of interest of existing term loans in a step-up manner, funding of interest obligation on existing term loans for a period of 12 months, sanction of new term loan, long term loan and need based additional working capital, reduction in margin % and rate of interest for working capital loan and protection of lender’s sacrifices, on NPV basis, by upfront contribution from the Promoters. The package has been implemented with effect from 30^th March 2013. Rupee loans from banks are repayable on demand and carry a floating interest rate of 12% per annum and are secured by pari passu first charge on all current assets, both present and future, and second charge on all fixed assets, both present and future, of the Company and are collaterally secured by specified assets pertaining to two promoter directors and two others. Export and domestic bills receivables are discounted with banks for a tenor of up to 180 days and carry an interest rate of 3% to 11% per annum. Bill discounting facility is secured by pari passu first charge on all current assets, both present and future, and second charge on all fixed assets, both present and future, of the Company and are guaranteed by personal guarantee of the Promoter Directors. SHORT TERM BORROWINGS Rupee loans from banks are repayable on demand and carry a floating interest rate of 12% per annum as per the restructuring package approved by the CDR, Empowered Group vide its letter dated 26th March, 2013. They are secured by pari passu first charge on all current assets, both Present and future, and second charge on all fixed assets, both present and future, of the Company and are guaranteed by personal guarantee of the Promoter Directors. Export and domestic bills receivables are discounted with banks for a tenor of upto 180 days and carry an interest rate of 3% to 11% per annum. Bill discounting facility is secured by pari passu first charge on all current assets, both present and future, and second charge on all fixed assets, both present and future, of the Company and are guaranteed by personal guarantee of the Promoter Directors.

Financial Institution :	· SBICAP Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai - 400005, Maharashtra, India
Auditors :
Name :	Mastanaiah And Company Chartered Accountants
Address :	11/1, Arundelpet, Guntur-522002, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AADFM5561H
Cost Auditors:
Name :	Narasimha Murthy And Company Cost Accountants
Address :	Hyderabad, Andhra Pradesh, India
Holding Company :	Mandava Holdings Private Limited [U74120AP2008PTC074522]
Subsidiary Company :	· Sree Anantha Lakshmi Textiles Private Limited [U18100AP1982PTC003448] · Sree Venkataraya Cotton Mills Private Limited [U17110AP1995PTC021407] · Portrait Properties Private Limited
Fellow Subsidiary Company :	· Nuziveedu Seeds Limited [U74120AP2008PLC074583] · NSL Sugars Limited [U15429KA1999PLC026121] · NSL Estates Private Limited [U70102AP2007PTC054777] · NSL Cotton Corporation Private Limited [U17121AP2007PTC054034] · NCC Narsinh Cotton Private Limited [U17121MH2007PTC173124] · NCC Radhakrishna Cotton Private Limited [U17121MH2007PTC172490] · NCC Santosh Fibers Private Limited [U17111MH2007PTC172496] · NCC Shri Cotton Private Limited [U17200MH2007PTC173157] · NCC Abhinandan Cotton Private Limited · NCC Jay Laxmi Fibres Private Limited · NCC Usha Ginning Mills Private Limited [U17121AP2007PTC054726] · NCC Venkateswara Cotton Fibers Private Limited [U01405AP2007PTC054727] · Yaaganti Seeds Private Limited [U01112AP1996PTC025622] · Pravardhan Seeds Private Limited [U01119AP2008PTC061514] · Prabhat Agri Biotech Limited [U01112AP1992PLC014346] · Asian Agri Genetics Limited [U73200AP2004PLC042560] · Fortune Hybrid Seeds Limited [U01119AP2004PLC042741] · NSL Krishnaveni Sugars Limited [U15421AP2006PLC050837] · NSL Sugars (Tungabhadra) Limited [U40102KA1983PLC058128] · NSL Energy Ventures Private Limited [U40101AP2008PTC057010]
Enterprises over which individuals owning controlling interest, relatives of such individuals exercise significant influence :	Solar Semiconductor Power Company (India) Private Limited [U40300AP2010PTC070092]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
173,000,000	Equity Shares	Rs. 10/- each	Rs. 1730.000 Millions
400,000	Preference Shares	Rs. 100/- each	Rs. 40.000 Millions
	Total		Rs. 1770.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
103,106,338	Equity Shares	Rs. 10/- each	Rs. 1031.063 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	1031.063	1,031.063	1,026.263
(b) Reserves & Surplus	1570.503	1,308.431	1,776.356
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
(3) Deferred Government Grants	97.598	96.492	97.822
Total Shareholders’ Funds (1) + (2)	2699.164	2,435.986	2,900.441
(3) Non-Current Liabilities
(a) long-term borrowings	9982.741	9,433.327	6,987.043
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	527.724	587.332	1.500
(d) long-term provisions	28.047	20.613	15.021
Total Non-current Liabilities (3)	10538.512	10,041.272	7,003.564
(4) Current Liabilities
(a) Short term borrowings	3474.676	2,459.764	3,402.548
(b) Trade payables	1044.205	1,170.024	1,105.348
(c) Other current liabilities	1122.054	490.486	1,552.858
(d) Short-term provisions	0.789	1.024	0.428
Total Current Liabilities (4)	5641.724	4,121.298	6,061.182
TOTAL	18879.400	16,598.556	15,965.187
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11216.785	11,313.970	10,359.641
(ii) Intangible Assets	17.392	22.207	19.761
(iii) Capital work-in-progress	39.164	44.139	1,293.784
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	84.595	92.280	19.136
(c) Deferred tax assets (net)	265.412	231.171	298.708
(d) Long-term Loan and Advances	436.636	458.101	343.961
(e) Other Non-current assets	91.987	13.671	16.661
Total Non-Current Assets	12151.971	12,175.539	12,351.652
(2) Current assets
(a) Current investments	0.000	0.000	0.070
(b) Inventories	3005.319	2,018.355	1,633.451
(c) Trade receivables	1587.248	964.981	747.111
(d) Cash and cash equivalents	341.827	49.384	289.971
(e) Short-term loans and advances	1678.646	1,299.768	902.437
(f) Other current assets	114.389	90.529	40.495
Total Current Assets	6727.429	4,423.017	3,613.535
TOTAL	18879.400	16,598.556	15,965.187

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	9872.744	8,332.792	6,990.056
		Other Income	80.666	90.530	587.021
		TOTAL (A)	9953.410	8,423.322	7,577.077
Less	EXPENSES
		Cost of materials consumed	5103.060	4,490.520	4,793.034
		Purchases of stock-in-trade	85.970	42.613	102.526
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(308.118)	(77.637)	67.598
		Employee benefit expense	745.858	630.065	584.582
		Other expenses	2374.159	2,181.786	1,601.333
		TOTAL (B)	8000.929	7,267.347	7,149.073
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1952.481	1,155.975	428.004
Less	FINANCIAL EXPENSES (D)		1090.037	982.677	1,055.437
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		862.444	173.298	(627.433)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		617.585	589.578	526.708
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		244.859	(416.280)	(1,154.141)
Less	TAX (H)		(29.431)	67.537	(354.025)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		274.290	(483.817)	(800.116)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2006.782	1505.077	811.230
	IMPORTS
		Raw Materials	68.285	171.891	321.244
		Components and spare parts	84.510	38.265	42.215
		Capital Goods	240.332	36.578	768.188
	TOTAL IMPORTS		393.127	393.127	1131.647
	Earnings/ (Loss) Per Share (Rs.)
	Basic		2.66	(4.70)	(7.96)
	Diluted		2.66	(4.70)	(7.96)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	2.78	(5.81)	(11.45)
Operating Profit Margin (PBIDT/Sales)	(%)	19.78	13.87	6.12
Return on Total Assets (PBT/Total Assets}	(%)	1.32	(2.56)	(8.04)
Return on Investment (ROI) (PBT/Networth)		0.09	(0.17)	(0.40)
Debt Equity Ratio (Total Debt /Networth)		4.99	4.88	3.58
Current Ratio (Current Asset/Current Liability)		1.19	1.07	0.60

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	1026.263	1031.063	1031.063
Reserves & Surplus	1776.356	1308.431	1570.503
Deferred Government Grants	97.822	96.492	97.598
Net worth	2900.441	2435.986	2699.164
long-term borrowings	6987.043	9433.327	9982.741
Short term borrowings	3402.548	2459.764	3474.676
Total borrowings	10389.591	11893.091	13457.417
Debt/Equity ratio	3.582	4.882	4.986

YEAR-ON-YEAR GROWTH

5Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	6990.056	8332.792	9872.744
		19.209	18.481

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	6990.056	8332.792	9872.744
Profit	(800.116)	(483.817)	274.290
	(11.45%)	(5.81%)	2.78%

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	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	--
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

REVIEW OF OPERATIONS:

The Company achieved 1.68 lakh qtls. of cotton lint (PY 2.42lakh qtls.), 2.57lakh qtls. (PY 2.25lakh qtls.) of cotton yarn, 0.30lakh qtls. of dyed yarn (PY 0.26lakh qtls.), 403.07lakh mtrs. (PY 282.03lakh mtrs.) of grey fabric, 165.22lakh mtrs. Of finished fabric (PY 131.26lakh mtrs.) and 0.95lakh pcs. of garments (PY 7.72 lakh pcs.), including job work production, during the financial year 2013-14 and sold 1.76lakh qtls. (PY 1.83lakh qtls.) of cotton yarn, 240.66lakh mtrs. (PY 144.94mtrs.) of grey fabric, 147.56lakh mtrs. of finished fabric (PY 123.07lakh mtrs.) and 6.68lakh pcs. of garments (PY 6.72lakh pcs.) including retail sales.

Due to various adverse factors that came in the way initially in setting up the Processing Plant and subsequent setbacks suffered in stabilizing the Weaving and Processing operations including violent fluctuations in cotton and yarn prices, your Company incurred huge losses till FY 2012-13, forcing the Company even to opt for CDR. Against this backdrop, the stakeholders would be delighted to note that your Company staged a smart come back during FY 2013-14 by achieving a PAT of Rs. 274.300 Millions., due to improved efficiencies coupled with better market conditions. The results would have been far better but for the purchase of power from IEX at a higher price and also the FSA charges paid to the extent of 20.24Crs. Related to the previous periods of FY 09-10, 10-11, 11-12nd 12-13.

The outlook for FY 2014-15 appears, however, more promising for the Company given the comfort zone it has been able to reach by now and the prospect of achieving higher efficiency and productivity levels during the year owing to the sustained and concerted efforts from all concerned.

The Company is in the process of getting more corporate orders, thus reducing reliance on trade business orders especially in fabric division. The company is expected to receive more export orders for fabric and garments from countries like Sri Lanka and Europian markets during FY 14-15 which will result in better realizations. The Company improved a lot in terms of its export business during FY 13-14 by realizing foreign exchange earnings of over Rs.2006.700 Millions as against Rs. 1510.000 Millions during previous FY 12-13 which would be bettered during 2014-15. The following expansion activities would also help usher in better results.

EXPANSION ACTIVITIES

The ongoing expansion of Yarn Dyeing Capacity with smaller vessel configuration, debottlenecking in Spinning, Weaving and processing activities for optimum utilization of current capacities was completed to a major extent during 2013-14. The balancing equipment for product mix improvements in spinning along with specialized spinning attachments viz., Slub, Lycra etc. and up-gradation of ETP for removing current limitations on processed fabric production are expected to be operational by end of June, 2014. These value adding equipments would do a world of good for improving productivities.

INDUSTRY SCENARIO AND OUTLOOK:”

The textiles sector plays a pivotal role in the Indian industry through its contribution to industrial output, employment generation, and the export earnings. Currently, it contributes about 11%to industrial production, 4%to Manufacturing Sector, 5.2%to the GDP and 12%to the country's export earnings. India is the world's second largest producer of textiles and garments. Indian textile industry accounts for about 4per cent of the world’s spindle capacity and eight per cent of global rotor capacity. India's competitive advantage in textile trade lies in its multi-fibre raw material base together with a strong production base across the entire textile value chain enabling it to produce a variety of products for varying consumer needs and preferences. Shifting of production base especially of spinning and weaving segments to developing countries, opens up wide opportunities for India with global retailers preferring single point service provided by integrated

OUTLOOK:

Abundant availability of raw materials such as cotton, wool, silk and jute and skilled workforce have made India a sourcing hub. The size of Indian textile and apparel market stood at US$ 89billion in 2011 and is expected to touch US$ 223 billion by 2021. Exports grew to US$ 33.3billion in FY12 from US$ 17.6billion in FY06, registering a compound annual growth rate (CAGR) of 11.2per cent. Cotton yarn production increased by about 10 per cent during April 2013, February 2014. Blended and 100 per net non-cotton yarn production increased by 8 per cent during the period April 2013, February 2014. Cloth production by mill sector registered a growth of 6 per cent during April 2013, February 2014. Textiles exports stood at US$ 28.53billion during April 2013, January 2014 as compared to US$ 24.90billion during the corresponding period of the previous year, registering a growth of 14.58per cent. Garment exports from India is expected to touch US$ 60 billion over the ext. three years. The Government of India has promoted a number of export promotion policies for the textiles sector. It has also allowed 100per cent FDI in the Indian textiles sector under automatic route. Efforts are being made to igna Free Trade Agreement between India and the European Union. The reduction in tariff shall make India’s exports and Garments in particular, more competitive in the European markets.

UNSECURED LOANS:

Particular	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Debentures	2178.000	2450.000
Deferred payment liabilities	17.793	25.023
Loans and advances from related parties		0.000
SHORT TERM BORROWINGS
Intercorporate deposits	281.720	173.211
Other Loans and advances	97.418	96.057
Total	2574.931	2744.291

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10438187	21/06/2013	13,195,250,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B80185325
2	10417216	30/03/2013	720,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH, SHANKARNARAYANA BUILDING,  NO.25, M G ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B72444961
3	10376665	18/08/2012	8,480,000,000.00	CANARA BANK (LEAD BANK)	PRIME CORPORATE BRANCH, SHANKARNARAYANA BUILDING,  NO.25, M G ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B58178898
4	10374820	18/08/2012	3,063,000,000.00	STATE BANK OF INDIA (LEAD BANK)	MID CORPORATE GROUP, SPEEIALISED COMMERCIAL BRANCH, KANNAVARI THOTA, GUNTUR - 522004, ANDHRA PRADESH, INDIA	B57417438
5	10266943	11/01/2011	1,000,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH, SHANKARNARAYANA BUILDING,  NO.25, M G ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B05649207
6	10064262	22/08/2007 *	2,650,000,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, 5-10-194, CHAKRAPANI ESTATE, SAIFABAD, HYDERABAD - 500004, ANDHRA PRADESH, INDIA	A22665707
7	10035650	30/03/2011 *	7,262,700,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, KANNAVARITHOTA, GUNTUR - 522004, ANDHRA PRADESH, INDIA	B09101528
	90260188	22/02/2005	127,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, GUNTUR, ANDHRA PRADESH, INDIA	-
9	90259070	21/03/2011 *	4,441,000,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, (MID CORPORATE GROUP) KANNAVARITHOTA, GUNTUR - 522004, ANDHRA PRADESH, INDIA	B11397791

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Guarantees outstanding	8.316	15.916
Custom and excise duty liability in case of non fulfilment of export obligation pertaining to EPCG Authorisations and Advance License for import of capital goods and raw material at concessional rate of customs duty and refund of excise duty on domestic purchase of capital goods	996.762	1193.959
Bills receivable discounted	497.787	224.807
Claims not acknowledged as debt as per details below
i. Demand from ESI authorities towards recovery of ESI dues pertaining to the period when the Unit was under occupation of the previous employers. The Company has contested the demand before the Employees Insurance Court and Chairman, Industrial Tribunal at Hyderabad and obtained a stay order. An amount of Rs.0.033 Million was deposited with the Court and Rs.0.136 Million debited towards recovery proceeding. The aggregate amount has been shown as Amounts paid under protest under Long-term loans and advances.	0.099	0.099
ii. Demand from Provident Fund Authorities towards recovery of provident fund dues and liquidated damages pertaining to the period when the Unit was under occupation by the previous employers. The Company has contested the demand in a petition before the Hon'ble High Court of Andhra Pradesh and the Court has granted stay till further order. The Liquidator in the matter of The Chilakaluripet Cotton Growers Cooperative Spinning Mills Limited, the previous employer, has also filed an undertaking before the Hon'ble High Court to pay the Provident Fund dues.	2.703	2.703
iii. Demand from ESI authorities towards damages for the wage period June 2000 to October 2003 of which an amount of Rs.1.445 Millions pertains to the period when the Unit was under occupation of the previous employers. The Company has contested the demand before the Employees Insurance Court and Chairman, Industrial Tribunal at Hyderabad and obtained a stay order. An amount of Rs.0.381 Million, being 25% of the amount demanded, was deposited with the ESI authorities and shown as Amounts paid under protest under Long-term loans and advances.	1.521	1.521
iv. Demand towards Non Agricultural Land Assessment Tax and Water Royalty from Mandal Revenue Inspector, Inkollu Mandal, Prakasam District pertaining to dues of the period during which the Unit was under occupation by previous owners. As the Unit was purchased by the Company free of encumbrances, the Company has contested the demand in a writ petition before the Hon'ble High Court of Andhra Pradesh. An amount of Rs.1.600 Millions was deposited with the Tahsildar, Inkollu Mandal for obtaining interim injunction and is shown as Amounts paid under protest under Long-term loans and advances.	3.161	3.161
v. Demand from Eastern Power Distribution Company of A.P. Limited towards electricity consumed during the period February to April 2009 at the Company's Power Plant at Uppalguptam even though there was a net export of power to the grid during that period from the power plant. The Company has paid the amount under protest and shown as Amounts paid under protest under Long-term loans and advances.	0.015	0.015
vi. Demand from Southern Power Distribution Company of Andhra Pradesh Limited towards Fuel Surcharge Adjustment. The Company had contested the demand in a writ petition before the Hon'ble High Court of Andhra Pradesh and received a favourable ruling. An amount of Rs.0.243 Million was paid against this demand and has been shown as Amounts paid under protest under Long-term loans and advances.	0.680	0.680
vii. Demand from ESI authorities towards ESI contribution when the Unit was not under ESI coverage. The Company has contested the demand before the Employees Insurance Court and Chairman, Industrial Tribunal at Hyderabad and obtained stay order. An amount of Rs.0.716 Million, being 30% of the amount demanded, was deposited with the ESI authorities and shown as Amounts paid under protest under Long-term loans and advances.	2.387	2.387
viii. Demand from Joint Commissioner of Labour towards cess on construction works. The Company has paid an amount of Rs.0.050 Million under protest and the same is shown as Amounts paid under protest under Long-term loans and advances.	2.635	2.635
ix. Maintenance fee in respect of SAP Enterprise Support Services which are under negotiation as services were not rendered as per the service contract.		0.000
x. Fuel surcharge Adjustment (FSA) for the quarter October 2012 to December 2012 proposed to be levied by the Southern Power Distribution Company of Andhra Pradesh Limited in term of Andhra Pradesh Electricity Regulatory Commission's Order dated 23.04.13 has not been provided for as the Company is in the process of contesting the levy in a writ petition before the Hon'ble High Court of Andhra Pradesh.	90.645	15.863
xi. Private power wheeled under Transmission and Wheeling Agreements and power purchased from exchange against open access granted have been also billed by the Southern Power Distribution Company of Andhra Pradesh Limited (SPDCL) in their invoices for the period December 2012 to March 2013. The same have not been paid or provide for and representation made to the Chairman and Managing Director, SPDCL for revision of the invoices to that extent.	0.000	391.164
Total	1606.711	1854.910
NOTE: The Company does not expect any reimbursements in respect of the above contingent liabilities. It is not practicable to estimate the timing of the cash outflows, if any, in respect of matters pending appellate proceedings. In respect of other matters the cash outflows, if any, could generally occur in the next four years being the period over which validity of the guarantees / letters of credit extends. The Management believes that the ultimate outcome of appellate proceedings will not have a material adverse effect on the Company's financial position and result of operations.

FIXED ASSETS:

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· Livestock

· 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.61.41
UK Pound	1	Rs.93.18
Euro	1	Rs.69.82

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.