MIRA INFORM REPORT

Report No. :	330366
Report Date :	03.07.2015

IDENTIFICATION DETAILS

Name :	GARWARE WALL ROPES LIMITED
Registered Office :	Plot No.11, Block D-1, MIDC, Chinchwad, Pune – 411 019, Maharashtra
Tel. No.:	91-20-30780000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.04.1976
Com. Reg. No.:	11-018939
Capital Investment / Paid-up Capital :	Rs.218.821 Million
CIN No.: [Company Identification No.]	L25209MH1976PLC018939
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08397E MUMG08396D
PAN No.: [Permanent Account No.]	AAACG1377P
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Selling of Various Products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles and also Providing Solution to the Infrastructure Industries which include Coastal Protection, Land Filling etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an old and established company incorporated during 1976 having good track record. Available financial indicates company strong financial risk profile marked by networth position with low borrowings and favourable gap between trade payable and trade receivable. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. In view of long track record and strong financial base, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limit: “A+”
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	November, 2014

Rating Agency Name	ICRA
Rating	Non-fund based limit: “A1+”
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	November, 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 31-03-2013.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE

CONTACT NO.: 91-22-23091164/ 68

LOCATIONS

Registered Office/ Factory 1 :	Plot No.11, Block D-1, MIDC, Chinchwad, Pune – 411019, Maharashtra, India
Tel. No.:	91-20-30780000/ 30780195
Fax No.:	91-20-30780350/ 30780341
E-Mail :	sales@garwareropes.com secretarial@garwareropes.com cpurandare@garwareropes.com hr@garwareropes.com
Website :	www.garwareropes.com
Factory 2 :	Plot No.C-1 and B-226, MIDC, Wai, District Satara – 412803, Maharashtra, India
Tel No.:	91-2167-308301/ 02
Factory 3 :	Plot No.75, 80, 81 and 86, Danudyog Sahakari Sangh Limited, Piparia, Amli – 396 230, Silvassa, India
Tel No.:	91-260-2640867
Mumbai Office 1 :	Chowpatty Chambers, Sandhurst Bridge, Mumbai – 400007, Maharashtra, India
Tel No.:	91-22-22634696/ 97
E-Mail :	mum_admin@garwareropes.com
Mumbai Office 2 :	39, S.K. Hafizuddin Marg, Byculla, Mumbai – 400008, Maharashtra, India
Tel No.:	91-22-23091164/ 68
E-Mail:	mum_accounts@garwareropes.com
Foreign Branch Office :	Narrows Reach Business Centre, 6102 North 9^th Street, Unit # 500, Tacoma, WA 98406, U.S.A.
Tel. No.:	001-25356 40217
E-Mail:	gwrlusa@garwareropes.com
Overseas Office 1:	Tacoma, WA 98406-2099, USA
Tel. No.:	253-564-0217
Fax No.:	253-564-0237
E-Mail :	gwrlusa@garwareropes.com
Overseas Office 2 :	Milton Keynes, MK9 1LH, United Kingdom
Tel. No.:	+44 1908 424424-25 Extn: 4424/25
Overseas Office 3 :	North Sydney – 2060, Australia
Tel. No.:	0061 2 9957 44 66/67
Fax No.:	0061 2 99572929
E-Mail :	lele@bigpond.com.au

DIRECTORS

AS ON 31.03.2014

Name :	Late Mr. B.D. Garware
Designation :	Founder Chairman
Name :	Mr. R.B. Garware
Designation :	Chairman Emeritus
Date of Birth/ Age :	71 Years
Qualification :	Educated in a Public School called Dulwich College, U.K., Graduated with Honors Degree in Moral Sciences and Law from Jesus College, Cambridge, Brief Course in French at Sorbonne in Paris.
Date of Appointment :	01.11.2006
Name :	Mr. V.R. Garware
Designation :	Chairman and Managing Director
Date of Birth/ Age :	40 Years
Qualification :	Graduate Cum Laude in BSc Economics (Specialisation in Finance) from Wharton Business School of University of Pennsylvania, U.S.A.
Date of Appointment :	07.12.1995
Name :	Ms. Diya Garware Ibanez
Designation :	Director
Name :	Ms. M.V. Garware
Designation :	Director
Date of Appointment:	16.08.2014
Name :	Mr. R.M. Telang
Designation :	Director
Name :	Mr. S.P. Kulkarni
Designation :	Director
Name :	A. D. Goeal
Designation :	Director
Date of Appointment :	16.08.2014

KEY EXECUTIVES

Name :	R. H. Yadav
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

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	3631711	16.60
Bodies Corporate	7437220	33.99
Sub Total	11068931	50.58
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	11068931	50.58
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1300	0.01
Financial Institutions / Banks	5235	0.02
Insurance Companies	713398	3.26
Foreign Institutional Investors	945099	4.32
Sub Total	1665032	7.61
(2) Non-Institutions
Bodies Corporate	982399	4.49
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4900646	22.40
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2173717	9.93
Any Others (Specify)	1091335	4.99
Non Resident Indians	144835	0.66
Trusts	946500	4.33
Sub Total	9148097	41.81
Total Public shareholding (B)	10813129	49.42
Total (A)+(B)	21882060	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	21882060	100.00

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP

No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Ramesh Bhalchandra Garware	36,12,053	16.51	16.51
2	Garware Capital Markets Limited	34,73,437	15.87	15.87
3	Gurukrupa Investments and Trading Company Private Limited	85,870	0.39	0.39
4	Manmit Investment and Trading Company Private Limited	2,88,885	1.32	1.32
5	Moonshine Investment and Trading Company Private Limited	4,59,695	2.10	2.10
6	Sanand Investments and Trading Company Private Limited	2,75,032	1.26	1.26
7	Starshine Investments and Trading Company Private Limited	2,01,720	0.92	0.92
8	Sukukar Holdings and Trading Company Private Limited	2,56,600	1.17	1.17
9	Garware Research Institute	2,300	0.01	0.01
10	Vimlabai Garware Research Institute	5,90,070	2.70	2.70
11	VRG Investment Limited	8,81,400	4.03	4.03
12	VMIR Investments Limited	9,22,211	4.21	4.21
13	Vayu Ramesh Garware	19,658	0.09	0.09
	Total	1,10,68,931	50.58	50.58

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PUBLIC AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES

No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Vinodchandra Mansukhlal Parekh	404548	1.85	1.85
2	Garware Polyester Limited	400300	1.83	1.83
3	GWRL Managerial Staff Welfare Trust	946500	4.33	4.33
4	Life Insurance Corporation of India	307979	1.41	1.41
5	General Insurance Corporation of India	405269	1.85	1.85
6	Acacia Partners LP	299000	1.37	1.37
7	Acacia Institutional Partners LP	275000	1.26	1.26
	Total	3038596	13.89	13.89

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Various Products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles and also Providing Solution to the Infrastructure Industries which include Coastal Protection, Land Filling etc.

Products :

Item Code No. (ITC Code)	Product Description
5607.49	Ropes and Twine
5402.59	PPMF Yarn
5608.11	Fishnets

Exports :

--

Imports :

--

Terms :

Selling :

--

Purchasing :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

Information declined by the management.

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· Bank of India

· Bank of Baroda

· DBS Bank Limited

· Citibank NA

· HDFC Bank Limited

· IDBI Bank Limited

· HSBC Bank Limited

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG TERM BORROWINGS
From Banks and Financial Institutions
IDBI Bank Term Loan under TUFS
Balance as per reporting date	NA	5.270
Current Maturity transfer to other Current Liability	NA	(5.270)
CITI Bank ECB Term Loan
Balance as per reporting date	NA	195.678
Current Maturity transfer to other Current Liability	NA	(77.829)
HDFC Bank Rupee Term Loan
Balance as per reporting date	NA	325.948
Current Maturity transfer to other Current Liability	NA	(208.099)
SHORT TERM BORROWINGS
Loans repayable on demand From Banks
Cash Credit, Rupee Loan and Rupee Packing Credit	NA	28.003
Packing Credit in Foreign Currency Loan	NA	289.609
Total	NA	553.310

NOTE

LONG TERM BORROWINGS

l) lDBl Bank Term Loan under TUFS Loan is repayable in 20 quarterly instalments of Rs. 5.270 Million each along with interest from 31^st July, 2009. This loan is secured by way of charge on specific assets financed by the Bank.

2) ClTl Bank ECB Term Loan is repayable in 16 quarterly installments of Rs. 15.625 Million each along with interest from 25th December' 2012. This loan is secured by way of hypothecation of the whole of the Movable Fixed Assets comprising Plant and Machinery Computers, Furniture and Fixtures, Machinery Spares, Tools and Accessories and other Assets both present and future on first charge on pari-passu basis with others.

3) HDFC Bank Rupee Term Loan is repayable in 12 quarterly instalments of Rs. 20.833 Million each along with interest from 4th January, 2012. This loan is secured by way of hypothecation of the lmmovable Properties including plant and Machinery Spares, Tools and Accessories and other Movables both present and future on first charge on pari-passu basis with others.

SHORT TERM BORROWINGS

The above Secured Loans are availed from Consortium Bankers, viz., Bank of lndia, Bank of Baroda, lDBl Bank Limited, HDFC Bank Limited, ClTl Bank N. A., DBS Bank Limited and The Hongkong and Shanghai Banking Corporation Limited, are secured by a first charge, pari passu, interse by way of hypothecation of the Company's Current Assets, viz. raw materials, stock-in-process, semi-finished goods, finished goods, stores and spares not relating to Plant and Machinery bills receivable and book debts and other movables (except for Plant and Machinery secured by way of second charge), both present and future. Out of above Consortium Bankers, the loans from Bank of lndia and Bank of Baroda, are also secured to the extent of Rs. 617.000 Million by Second Charge over the Company's immoveable properties, by way of equitable mortgage, ranking pari passu, inter-se. The Cash Credit' Rupee Loan and Rupee Packing Credit (rupee and foreign currency loan) loan is repayable on demand.

* The said deposits were received from Late R. B. Garware, and the same will be repaid according to the terms of his Will.

Auditors :
Name :	Patki and Soman Chartered Accountants
Address :	639 Sadashiv Peth, Kumthekar Road, Pune – 411 030, Maharashtra, India
Associates Companies [AS ON 31.03.2014] :	Garware Meditech Private Limited
Subsidiary / Joint Venture Companies [AS ON 31.03.2014] :	Garware Environmental Services Private Limited
Enterprises Owned or Significantly influenced by Key Management Personnel or Their Relatives [AS ON 31.03.2014]:	· Manmit lnvestment and Trading Company Private Limited · Garware Capital Markets Limited · Gurukupa lnvestments and Trading Company Private Limited · Sanand lnvestments and Trading Company Private Limited · Moonshine lnvestments and Trading Company Private Limited · Starshine lnvestments and Trading Company Private Limited · Sukukar Holdings and Trading Company Private Limited · Garware Utzon Cordage Limited · Garware lndus Consulting Limited · Garware lnfrastructure Private Limited · Garware Bestretch Limited · Garware Holdings Limited · Suramex Exim Private Limited · Garware Apparel Private Limited · Gartex lndustries Limited · Ramesh Trading Company · Sunita Trading Company · Diya Trading Company · Vayu Trading Company · RSDV lnvestments Private Limited · RSDV Finance and Trading Company Private Limited · Garware Securities Broking Limited · Ceebeegee lnvestments Company Private Limited · Garware Resach lnstitute · Vimlabai Garware Research lnstitute · Consolidated Agricutural and Dairy Farming Company Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 218.821 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Million
10000000	Unclassified Shares	Rs.10/- each	Rs. 100.000 Million
	Total		Rs. 600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21972253	Equity Shares	Rs.10/- each	Rs. 219.723 Million

NOTE

Reconciliation of Number of Shares	As at 31.03.2014
	Number of Shares	Rs. In Million
Equity Shares
Opening Balance	23708350	237083500
Changes during the year	(1736097)*	(17360970)
Closing Balance	21972253	219722530

*During the year 2013-14, the company has bought back 1736097 Equity Shares of Rs. 10/- each under the Buy Back Scheme (Previous Year Nil).

Details of Shareholders' holding more than 5% Shares in the Company

Particulars	As at 31.03.2014
Equity Shares
Ramesh B. Garware**	3,612,053 15.86%*
Garware Capital Markets Limited	3,453,911 15.17%

* 9.60% (Previous year 9.22%) shares are held on behalf of a partnership firm.

**V.R. Garware has informed to Company that

a) His father R.B. Garware, expired on 7^th February, 2014, has left a Will dated 6^th April, 2012.

b) The Executors of the said will have informed him in writing that the above stated shares are bequeathed to him and Executors are taking steps in getting them transmitted in his demat account.

Pending transmission of the said shares in the name of V.R. Garware, the shares in demat accounts continue to be registered in the name of R.B. Garware.

Shares allotted as fully paid up by way of Bonus Shares (during 5 years preceding 31^st march, 2014): Ni.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	218.821	219.723	237.084
(b) Reserves & Surplus	2881.265	2529.225	2429.777
(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)	3100.086	2748.948	2666.861
(3) Non-Current Liabilities
(a) long-term borrowings	40.597	117.849	244.740
(b) Deferred tax liabilities (Net)	224.701	202.501	181.436
(c) Other long term liabilities	14.889	32.653	30.564
(d) long-term provisions	23.756	15.828	16.797
Total Non-current Liabilities (3)	303.943	368.831	473.537
(4) Current Liabilities
(a) Short term borrowings	275.455	449.859	684.391
(b) Trade payables	663.112	640.751	575.658
(c) Other current liabilities	865.393	598.163	374.202
(d) Short-term provisions	1777.183	1180.140	849.463
Total Current Liabilities (4)	3581.143	2868.913	2483.714
TOTAL	6985.172	5986.692	5624.112
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1726.090	1450.762	1452.395
(ii) Intangible Assets	0.000	76.117	89.010
(iii) Capital work-in-progress	0.000	74.379	3.511
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	90.400	93.346	91.695
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	117.970	114.921	108.852
(e) Other Non-current assets	55.657	10.142	16.978
Total Non-Current Assets	1990.117	1819.667	1762.441
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1371.969	1268.260	1217.934
(c) Trade receivables	1820.776	1425.422	1403.656
(d) Cash and cash equivalents	105.711	89.195	197.628
(e) Short-term loans and advances	1696.599	1384.148	1042.453
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4995.055	4167.025	3861.671
TOTAL	6985.172	5986.692	5624.112

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	7842.488	6845.677	5993.680
		Other Income	17.075	39.620	57.512
		TOTAL (A)	7859.563	6885.297	6051.192
Less	EXPENSES
		Cost of Materials Consumed	3482.713	2844.069	2353.105
		Purchase of Traded Goods	223.709	180.882	261.883
		(Increase)/Decrease in inventories of Finished Goods, Work-in-Progress and Traded Goods	(71.833)	60.493	31.850
		Employee Benefit Expense	841.809	881.536	791.559
		Operation and Other Expenses	2551.713	2222.422	1970.750
		TOTAL (B)	7028.111	6189.402	5409.147
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		831.452	695.895	642.045
Less	FINANCIAL EXPENSES (D)		102.482	161.194	144.801
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		728.970	534.701	497.244
Less/ Add	DEPRECIATION/ AMORTISATION (F)		123.854	143.933	163.244
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		605.116	390.768	334.000
Less	TAX (H)		174.567	124.149	87.262
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		430.549	266.619	246.738
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		96.107	1338.795	1186.101
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	26.700	24.700
		Proposed Final Dividend on Equity Shares	NA	59.325	59.271
		Tax on Dividend	NA	10.082	10.073
	BALANCE CARRIED TO THE B/S		NA	96.107	94.044
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	NA	3271.582	2541.456
	TOTAL EARNINGS		NA	3271.582	2541.456
	IMPORTS
		Raw Materials	NA	800.992	691.583
		Traded Goods, Stores, Spares, etc.	NA	135.201	223.195
		Capital Goods	NA	11.078	11.941
	TOTAL IMPORTS		NA	947.271	926.719
	Earnings / (Loss) Per Share (Rs.)		19.68	12.13	10.41

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	145.599	175.201
Cash generated from operations	NA	878.142	414.366

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	5.49	3.89	4.12
Operating Profit Margin (PBDIT/Sales)	(%)	10.60	10.17	10.71
Return on Total Assets (PBT/Total Assets}	(%)	8.78	6.72	6.04
Return on Investment (ROI) (PBT/Networth)		0.20	0.14	0.13
Debt Equity Ratio (Total Debt/Networth)		0.10	0.21	0.35
Current Ratio (Current Asset/Current Liability)		1.39	1.45	1.55

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.232.20/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	237.084	219.723	218.821
Reserves & Surplus	2429.777	2529.225	2881.265
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2666.861	2748.948	3100.086
long-term borrowings	244.740	117.849	40.597
Short term borrowings	684.391	449.859	275.455
Total borrowings	929.131	567.708	316.052
Debt/Equity ratio	0.348	0.207	0.102

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5993.680	6845.677	7842.488
		14.215	14.561

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5993.680	6845.677	7842.488
Profit	246.738	266.619	430.549
	4.12%	3.89%	5.49%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATIONS DETAILS

CASE DETAILS

BENCH – BOMBAY

Presentation Date: 13/06/2014

Lodging No.:-	ITXAL/778/2013	Filing Date:-	28.05.2013
Reg. No.:-	ITXA/1327/2013	Reg. Date:-	15.07.2013

Petitioner:-	THE COMMISSIONER OF INCOME TAX - 5	Respondent:-	GARWARE WALL ROPES LIMITED
Petn. Adv.:	TEJVEER SINGH (0)	Res. Adv.:	RAHUL K HAKANI AND NEELAM C JADHAV
District:-	MUMBAI

Bench:-	DIVISION
Status:-	Admitted (Unready)	Category:-	TAX APPEALS
Last Date:-	26/11/2014	Stage:-	FOR PASSIG ORDERS
Last Coram:-	HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE A.A. SAYED

Act :-

Income Tax Act, 1961

Under Section:-

260A

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10334334	11/01/2012	150,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI  TED	52/60 MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASH  TRA - 400001, INDIA	B31593486
2	10315464	01/11/2011	250,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN  DRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA  - 400051, INDIA	B24454464
3	90084810	26/11/2014 *	2,831,000,000.00	BANK OF INDIA	1162/6, SHIVAJI NAGAR,, UNIVERSITY ROAD,, PUNE, M  AHARASHTRA - 411005, INDIA	C37180486

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand From Bank
Packing Credit in Foreign Currency Loan	NA	0.000
Loan from Promoter*	NA	132.247
Total	NA	132.247

CORPORATE INFORMATION [AS ON 31.03.2014]

The company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed at three Stock Exchanges in India. The company is engaged in Manufacturing and selling various products such as Ropes, Twine, Yarn, Fishnet, other Nets and Technical Textiles. The company is providing solution to the infrastructure industries which include Coastal Protection, land filling etc. The company caters to both domestic and international markets.

CONTINGENT LIABILITIES (AS ON 31.03.2014):

(i) Disputed Excise Duty Rs. 2.757 Million (Previous year Rs. 3.212 Million).

(ii) Bank Guarantees for Rs. 149.871 Million (Previous year Rs. 143.584 Million),in the ordinary course of business, against which the Company has issued counter guarantees for the overall bank limits of Rs. 1453.500 Million (Previous year Rs. 1453.500 Million).

(iii) Disputed amount of Sales Tax liability Rs. 196.68 Million (Previous year Rs. 19.668 Million).

(iv) Export Sales Bills Discounted with the Bank Rs. 301.505 Million (Previous year Rs. 147.786 Million).

(v) The interest portion on delayed payment of Octroi Liability amounting to Rs. 2.164 Million (Previous year Rs. 2.164 Million) is under dispute.

(vi) The lncome Tax liability due to the department's appeals at higher levels (Supreme Court) amounting to Rs. 20.800 Million (Previous year Rs. Nil).

FIXED ASSETS

TANGIBLE ASSETS

· Leasehold Land

· Buildings

· Plant and Machinery

· R&D Equipments

· Electrical Installations

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Helicopter

INTANGIBLE ASSETS

· Technical Know-How

· Product Development

· 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 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 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.63.57
UK Pound	1	Rs.99.20
Euro	1	Rs.70.35

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	------
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		64

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.