MIRA INFORM REPORT

Report No. :	330656
Report Date :	04.07.2015

IDENTIFICATION DETAILS

Name :	GINNI INTERNATIONAL LIMITED (TRANSFER FROM DELHI TO RAJASTHAN)
Registered Office :	RIICO Industrial Area, Neemrana, Behror, District Alwar – 301705, Rajasthan
Tel No. :	91-1494-246116
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	24.04.1984
Com. Reg. No.:	17-011217
Capital Investment / Paid-up Capital :	Rs.402.450 Million
CIN No.: [Company Identification No.]	L70101RJ1984PLC011217
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JPRG02317A
PAN No.: [Permanent Account No.]	AAACG0182E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing, Importing and Exporting of Yarn and Fabrics
No. of Employees :	1780 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long Term bank Facilities = BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	05.08.2014

Rating Agency Name	CARE
Rating	Short Term bank Facilities = A3+
Rating Explanation	Moderate degree of safety. It carry higher credit risk
Date	05.08.2014

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Amit
Designation :	Accounts
Contact No.:	91-11-4008000

LOCATIONS

Registered Office/ Factory 1 :	RIICO Industrial Area, Neemrana Behror, District Alwar – 301705, Rajasthan, India
Tel. No.:	91-1494-246116 / 246117/ 8/ 246069/ 246070
Mobile No.:	91-9414785389 (Mr. Umesh)
Fax No.:	91-1494-246070
E-Mail :	gniint@vsnl.net pnb.ecehouse@hotmail.com archana.jain@ginnimt.com
Website :	http://www.ginniint.com
Yarn Enquiries and Fabric Enquiries / Corporate Office / Head Office/ Factory 2 :	2nd Floor, 11/ 6B, Shanti Chambers, Pusa Road, New Delhi – 110005, India
Tel. No.:	91-11-25826667/ 25826668/ 25826669/ 25827433/ 37 / 40088000
Fax No.:	91-11-25827433/ 25827437/ 25863255/ 25742042/ 25863157/
Email :	plant@ginniint.com yarnmktg@ginniint.com fabricmktg@ginniint.com

DIRECTORS

As on 31.03.2014

Name :

Mr. Sharad Jaipuria

Designation :

Managing Director

Address :

A-9/24, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

07.04.1957

Date of Appointment :

01.07.2010

Qualification :

L.L.B

PAN No.:

AANPJ5626J

DIN No.:

00017049

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ DesignatedPartner	Date of appointment at currentdesignation	Originaldate of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18201DL1991PTC117262	SHISHIR FINSTOCK PRIVATE LIMITED	Director	01/03/1995	01/03/1995	-	Active	NO
2	L70101RJ1984PLC011217	GINNI INTERNATIONAL LTD. (TRANSFER FROM DELHI TO RAJ.)	Managing director	01/07/2010	01/07/1995	-	Active	NO
3	U17119DL1989PTC038457	GINNI GLOBAL Private Limited	Director	24/07/2000	24/07/2000	-	Active	NO
4	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	28/09/2010	07/03/2005	-	Active	NO
5	U51399RJ1993PTC025357	CASTLE MERCHANTS PRIVATE LIMITED	Director	26/05/2006	26/05/2006	-	Amalgamated	NO
6	U74899DL1991PTC044893	GINNI ENERGY PRIVATE LIMITED	Director	27/08/2010	01/10/2009	09/11/2010	Active	NO
7	U01111DL2010PTC211675	RAMYA AGROTECH PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
8	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	24/12/2010	24/12/2010	-	Active	NO
9	U80301RJ2013PTC041401	JAIPURIA EDUTECH PRIVATE LIMITED	Director	05/02/2013	05/02/2013	-	Active	NO
10	U74140DL2014NPL270744	TEXTILE SECTOR SKILL COUNCIL	Nominee director	22/08/2014	22/08/2014	-	Active	NO
11	U80302RJ2014NPL046458	Jaipuria Edutech Foundation	Director	30/10/2014	30/10/2014	-	Active	NO

Name :

Mr. Shreevats Jaipuria

Designation :

Executive Director

Address :

A-9/24, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

11.03.1988

Qualification :

B.SC. (H) Business Administration

Date of Appointment :

26.07.2013

DIN No. :

02670857

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	U17119DL1989PTC038457	GINNI GLOBAL Private Limited	Director	28/08/2009	27/05/2009	30/11/2012	Active	NO
2	U51399RJ1993PTC025357	CASTLE MERCHANTS PRIVATE LIMITED	Additional director	01/11/2009	01/11/2009	-	Amalgamated	NO
3	U72900RJ2000PTC034107	INTEGRAL INFOTECH PRIVATE LIMITED	Director	01/09/2010	19/11/2009	25/11/2013	Amalgamated	NO
4	U51109RJ2006PTC036003	MOUNTVIEW SUPPLIERS PVT LTD	Director	31/08/2010	09/12/2009	-	Amalgamated	NO
5	U51109RJ2007PTC036002	LAGAN SALES PRIVATE LIMITED	Director	31/08/2010	27/04/2010	-	Amalgamated	NO
6	U74899DL1991PTC044893	GINNI ENERGY PRIVATE LIMITED	Director	30/11/2011	19/11/2010	-	Active	NO
7	L70101RJ1984PLC011217	GINNI INTERNATIONAL LTD. (TRANSFER FROM DELHI TO RAJ.)	Director	26/07/2013	26/10/2012	-	Active	NO
8	U80301RJ2013PTC041401	JAIPURIA EDUTECH PRIVATE LIMITED	Director	05/02/2013	05/02/2013	-	Active	NO
9	U80302RJ2014NPL046458	Jaipuria Edutech Foundation	Director	30/10/2014	30/10/2014	-	Active	NO
10	U18201DL1991PTC117262	SHISHIR FINSTOCK PRIVATE LIMITED	Additional director	08/12/2014	08/12/2014	-	Active	NO

Name :

Mr. Umesh Gupta

Designation :

Whole Time Director

Address :

Ginni Staff Colony, RIICO Industrial Area, Neemrana, Alwar – 301705, Rajasthan, India

Date of Birth/Age :

05.08.1962

Date of Appointment :

01.10.2014

Qualification :

B. Tec

PAN No.:

ABJPG7767N

DIN No.:

00658794

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	L70101RJ1984PLC011217	GINNI INTERNATIONAL LIMITED. (TRANSFER FROM DELHI TO RAJ.)	Whole-time director	01/10/2014	31/07/2006	-	Active	NO
2	U29299RJ1993PTC021948	PITAMBARI ENGINEERS PRIVATE LIMITED	Director	23/09/2006	28/08/2006	-	Amalgamated	NO
3	U17124RJ1991PTC020942	SHRIVATS TEXKNIT PRIVATE LIMITED(TRANSFERRED FROM UTTAR PARDESH)	Director	23/09/2006	28/08/2006	-	Amalgamated	NO

Name :

Mr. M.P Goyal

Designation :

Director in Whole Time Employment

Name :

Mr. Salil Bhandari Kumar

Designation :

Director

Address :

B-381, Chittaranjan Park, New Delhi, India

Date of Birth/Age :

28.11.1957

Date of Appointment :

31.07.2014

Qualification :

Chartered Accountant

DIN No.:

00017566

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	U74899DL1984PTC018948	ADISHREE CHEMICALS AND FERTILIZERS PRIVATE LIMITED	Additional director	09/08/1984	09/08/1984	-	Active	NO
2	U51492RJ1992PLC022945	BSL WULFING LIMITED	Director	27/03/1996	27/03/1996	-	Amalgamated	NO
3	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	15/12/1997	15/12/1997	31/12/2012	Active	NO
4	L30103HR1983PLC026142	OMAX AUTOS LIMITED	Director	16/08/1999	16/08/1999	05/08/2014	Active	NO
5	L70101RJ1984PLC011217	GINNI INTERNATIONAL LTD. (TRANSFER FROM DELHI TO RAJ.)	Director	31/07/2014	30/01/2001	-	Active	NO
6	U74899DL1988PTC033376	SPECTRUM CREDIT AND INVESTMENT PRIVATE LIMITED	Director	27/11/2001	27/11/2001	-	Active	NO
7	U74140DL2001PTC113304	INTEGRATED OUTSOURCING SOLUTIONS PRIVATE LIMITED	Director	28/11/2001	28/11/2001	-	Active	NO
8	U80302DL2003PTC121966	Safal Skills Development Private Limited	Director	28/08/2003	28/08/2003	17/03/2010	Active	NO
9	L29303WB1982PLC034996	POLAR INDUSTRIES LIMITED	Director	26/05/2006	26/05/2006	06/04/2007	Active	NO
10	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	20/07/2006	20/07/2006	07/04/2014	Active	NO
11	U91990DL2007PLC158833	Syenergy Environics Limited	Director	27/12/2007	13/04/2007	-	Active	NO
12	U17119DL1989PTC038457	GINNI GLOBAL Private Limited	Director	30/08/2008	31/05/2008	22/01/2013	Active	NO
13	L28122DL1983PLC017141	AMD INDUSTRIES LIMITED	Director	26/09/2008	20/06/2008	02/01/2009	Active	NO
14	L24302RJ1970PLC002266	BSL LIMITED	Director	23/09/2009	25/10/2008	23/04/2014	Active	NO
15	U40101HR2010PLC040909	Omax Engineering Services Limited	Director	31/12/2011	15/07/2010	20/08/2014	Active	NO
16	L51433WB1960PLC024539	HSIL LIMITED	Director	27/09/2014	29/05/2012	-	Active	NO

Name :

Mr. Brijendra Sahay

Designation :

Director

Address :

472, Sector – 15A, Noida, Uttar Pradesh, India

Date of Birth/Age :

26.07.1939

Date of Appointment :

30.01.2001

Qualification :

M.A., LLB

DIN No.:

00017600

Name :

Mr. Prem Sardarilal Malik

Designation :

Director

Address :

Akhand Aabhar Apartments, 501, 21^st Road, Near Khar, Gymkhana, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

03.02.1942

Date of Appointment :

31.07.2014

DIN No. :

00023051

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	U67120UP1987PLC008909	SAHARA INDIA FINANCIAL CORPORATION LIMITED	Director	07/06/1998	07/06/1998	16/07/2008	Active	NO
2	L70101RJ1984PLC011217	GINNI INTERNATIONAL LTD. (TRANSFER FROM DELHI TO RAJ.)	Director	31/07/2014	30/01/2001	-	Active	NO
3	L18100WB1991PLC099782	SAHARA HOUSINGFINA CORPORATION LIMITED	Director	24/08/2002	24/08/2002	-	Active	NO
4	L67120MH1981PLC024947	SAHARA ONE MEDIA AND ENTERTAINMENT LIMITED	Director	26/09/2014	29/07/2006	-	Active	NO
5	U65999UP2000PLC025635	SAHARA INDIA LIFE INSURANCE COMPANY LIMITED	Director	14/07/2014	28/04/2013	-	Active	NO

Name :

Mr. Yogesh Agarwal

Designation :

Independent director

KEY EXECUTIVES

Name :	Mr. Pawan Kumar Singhal
Designation :	Company Secretary and IFCI-Nominee
Address :	MP-114, Pitampura, New Delhi, India
Date of Birth/Age :	12.06.1961
Date of Appointment :	26.06.2000
PAN No.:	AIGPS1236A
Name :	Mrs. Kusum Singh
Designation :	EXIM Nominee
Name :	Mr. Amit
Designation :	Accountant

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	731100	3.29
Bodies Corporate	15872800	71.51
Any Others (Specify)
Person Acting in concert	--	--
Sub Total	16579750	74.80
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	16579750	74.80
(B) Public Shareholding
(1) Institutions	0	0.00
(2) Non-Institutions
Bodies Corporate	5403300	24.40
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	51800	0.43
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	60000	0.37
Any Others (Specify)
Sub Total	5515100	25.20
Total Public shareholding (B)	5515100	25.20
Total (A)+(B)	22094850	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
Total (A)+(B)+(C)	22094850	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Importing and Exporting of Yarn and Fabrics

Products :

Product Description	Item Code No. (ITC Code)
Cotton Yarn	52050000
Woven Fabric	52080000
Denim Fabric	52094200

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Bangladesh

Imports :

Products :

Machines

Countries :

Japan

Terms :

Selling :

Depend

Purchasing :

Depend

PRODUCTION STATUS (31.03.2014)

Particulars	Unit	Installed Capacity
Yarn	Kg	2.29
Grey Fabric	Meter.	0.61
Denim fabric	Meter.	1.22

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

1780 (Approximately)

Bankers :

• Bank of India
• Oriental Bank of Commerce
• Punjab National Bank
• Canara Bank
• Export Import Bank of India
• Indian Bank
• IDBI Bank Limited

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
From Banks	NA
– Rupee Loans	NA	271.123
From Financial Institutions
– Foreign Currency Loan	NA	147.816
– Rupee Loans	NA	282.439
From Others
– Deferred Supplier's Credit	NA	6.038
Short Term Borrowings
Loans repayable on demand
Working Capital Loans from Banks	NA	907.298
Total	NA	1614.714

Long Term Borrowings (As on 31.03.2014)

i) Security

(a) Rupee Loans of Rs.211.493 Million from Banks are secured by First ranking pari passu mortgage and charge on all immovable properties including fixed assets, plant and machinery (both tangible and intangible), present and future, except any fixed assets, plant & machinery (both tangible and intangible) exclusively charged to banks. These loans are further secured by way of second ranking pari passu charge on the current assets of the company and also guaranteed by Managing Director and Corporate Guarantee from Shishir Finstock Private Limited.

(b) Rupee Loans of Rs.145.624 Million from Banks and Rs.312.550 Million from Financial Institution are secured by First ranking pari passu mortgage and charge on all immovable properties including fixed assets, plant and machinery (both tangible and intangible), present and future, except any fixed assets, plant & machinery (both tangible and intangible) exclusively charged to banks. These loans are further secured by way of second ranking pari passu charge on the current assets of the company and also guaranteed by Managing Director.

(c) Rupee Loans of Rs.48.804 Million from Banks are secured by first ranking pari passu mortgage and exclusive charge on specific fixed assets, plant and machinery (both tangible and intangible). These loans are further guaranteed by Managing Director and Corporate Guarantee from Shishir Finstock Private Limited

(d) Rupee Loans of Rs.3.600 Million from Banks are secured by first ranking pari passu mortgage and exclusive charge on specific fixed assets, plant and machinery (both tangible and intangible). These loans are further guaranteed by Managing Director.

(e) Rupee Loans of Rs.6.646 Million from Banks are secured by hypothecation of specific vehicles being financed by them.

(f) Foreign Currency Loans of Rs.188.254 Million and Rupee Loans of Rs.22.500 Million from Financial Institution are secured by First ranking pari passu mortgage and charge on all immovable properties including fixed assets, plant and machinery (both tangible and intangible), present and future, except any fixed assets, plant and machinery (both tangible and intangible) exclusively charged to banks. These loans are further secured by way of second ranking pari passu charge on the current assets of the company, guaranteed by Managing Director and Pledge of 4205900 equity shares of the company held by promoter and associates.

(g) Deferred Supplier's Credit of Rs.15.568 Million from overseas suppliers are secured by hypothecation of specific tangible fixed assets being financed by them.

(h) Deferred Supplier's Credit of Rs.7.904 Million from overseas suppliers are secured against letter of credits

Short Term Borrowings

Working Capital Loans from Banks are secured by First ranking pari passu charge on the current assets of the company, both present and future and second ranking pari passu mortgage and charge on all immovable properties including fixed assets, plant and machinery (both tangible and intangible), present and future. These loans are also guaranteed by Managing Director and Corporate Guarantee from Shishir Finstock Private Limited.

Auditors :
Name :	B. Chhawchharia and Company Chartered Accountants
Address :	8A and 8B, Satyam Tower, 3, Alipore Road, Kolkata - 700027, West Bengal, India
PAN No.:	AADFB3201F
Memberships :	Not Available
Collaborators :	Not Available
Associates and joint ventures (As on 31.03.2014) :	Ginni Global Limited CIN No.: U17119DL1989PLC038457 Shishir Finstock Private Limited CIN No.: U18201DL1991PTC117262 Ginni Energy Private Limited CIN No.: U74899DL1991PTC044893
Enterprises over which any person described in or is able to exercise significant influence (As on 31.03.2014) :	Pitambari Engineers Private Limited CIN No.: U29299RJ1993PTC021948 · Borodrill Commercial Company Private Limited, India CIN No.: U99999RJ1993PTC025360 Integral Infotech Private Limited CIN No.: U72900RJ2000PTC034107

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 402.450 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
23550000	Equity Shares	Rs.10/- each	Rs.235.500 Million
2100000	Preference Shares	Rs.100/- each	Rs.210.000 Million
	Total		Rs.445.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22197000	Equity Shares	Rs.10/- each	Rs.221.970 Million
1804800	Preference Shares	Rs.100/- each	Rs.180.480 Million
	Total		Rs.402.450 Million

(a)Share Capital Reconciliation

Particulars	Number of Shares	Rs. In Million
Equity Shares
At the beginning of the period	22197000	221.970
Add: Issued during the period	--	--
Outstanding at the end of the period	22197000	221.970
Preference Shares
At the beginning of the period	1829800	182.980
Less: Redeemed during the period	25000	2.500
Outstanding at the end of the period	1804800	185.480

As per the approved Scheme of Amalgamation, 1005000 Equity Shares of Rs.10/- each have been allotted to

the shareholders of erstwhile Shrivats Texknit Private Limited without payment being received in cash.

(b)Terms/ rights attached to shares

i) Equity Shares

The company has only one class of equity shares having a par value of ` 10/- . Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

ii) Preference Shares

The company has issued Cumulative Redeemable Preference Shares (CRPS) having a par value of Rs.100/- as per terms and conditions given below:

Preference Shares (No.)	Rate of Dividend (%)	Redemption Premium (%)	Paid up Value (Rs. In Million)	Date of Redemption
116000 *	9	5	11.600	31.12.2015
423800 *	9	5	42.380	01.04.2016
400000 *	7	10	20.000 20.000	23.03.2017 23.03.2017
400000 **	7	10	20.000 20.000	30.10.2014 30.10.2014
102000 @	7	10	5.100 5.100	04.12.2015 04.12.2015
63000 $	7	10	3.150 3.150	13.12.2015 13.12.2015
300000 #	10	10	15.000 15.000	21.03.2015 21.03.2015
1804800			180.480

* Company shall have an option to redeem preference shares at any time in one or more tranches by giving three months notice

** Company shall have an option to redeem preference shares at any time after five years from the date of issue of said shares i.e after 30.10.2011 in one or more tranches by giving three months notice.

@ Company shall have an option to redeem preference shares at any time after five years from the date of issue of said shares i.e after 04.12.2012 in one or more tranches by giving three months notice.

$ Company shall have an option to redeem preference shares at any time after five years from the date of issue of said shares i.e after 13.12.2012 in one or more tranches by giving three months notice.

# Company shall have an option to redeem preference shares at any time after three years from the date of issue of said shares i.e after 21.03.2013 in one or more tranches by giving three months notice.

In the event of liquidation of the company before redemption of CRPS, the holders of such shares will have priority over equity shares in the payment of dividend and repayment of capital.

(c) Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Equity Shares
Shishir Finstock Private Limited	7702050	34.70
Ginni Energy Private Limited	7761600	34.97
Ginni Filaments Limited	4160450	18.74
Integral Prime Sales Private Limited	1232450	5.55
Total	20856550	93.96
Preference Shares
Shishir Finstock Private Limited *	36000	1.99
Ginni Energy Private Limited	423800	23.48
Pitambari Engineers Private Limited	511500	28.34
Borodrill Commercial Co. Private Limited	403500	22.36
Integral Infotech Private Limited *	430000	22.83
Total	1804800	100.00

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	402.450	402.450	404.950
(b) Reserves & Surplus	764.832	952.112	767.875
(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)	1167.282	1354.562	1172.825
(3) Non-Current Liabilities
(a) long-term borrowings	599.075	707.416	797.549
(b) Deferred tax liabilities (Net)	166.443	148.216	153.863
(c) Other long term liabilities	16.178	12.676	10.636
(d) long-term provisions	39.476	30.282	30.312
Total Non-current Liabilities (3)	821.172	898.590	992.360
(4) Current Liabilities
(a) Short term borrowings	962.819	907.298	742.032
(b) Trade payables	130.771	253.828	183.693
(c) Other current liabilities	361.032	349.808	322.201
(d) Short-term provisions	41.205	113.035	5.837
Total Current Liabilities (4)	1495.827	1623.969	1253.763
TOTAL	3484.281	3877.121	3418.948
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1553.895	1904.421	1745.171
(ii) Intangible Assets	0.000	15.465	0.000
(iii) Capital work-in-progress	0.000	0.000	22.762
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.950	2.950	2.950
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	136.173	43.470	103.234
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1693.018	1966.306	1874.117
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	889.591	1075.387	879.782
(c) Trade receivables	785.578	632.885	473.237
(d) Cash and cash equivalents	9.535	66.698	36.998
(e) Short-term loans and advances	77.507	97.968	119.858
(f) Other current assets	29.052	37.877	34.956
Total Current Assets	1791.263	1910.815	1544.831
TOTAL	3484.281	3877.121	3418.948

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	5194.287	5123.430	4428.486
		Other Income	8.717	5.997	8.312
		TOTAL (A)	5203.004	5129.427	4436.798
Less	EXPENSES
		Cost of Materials Consumed	2809.673	2991.302	2637.634
		Purchases of Stock-in-Trade	94.464	19.617	53.060
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(47.134)	(91.577)	(122.649)
		Employees benefits expense	401.767	314.116	229.856
		Other expenses	1239.110	1067.719	917.676
		TOTAL (B)	4497.880	4301.177	3715.577
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		705.124	828.250	721.221
Less	FINANCIAL EXPENSES (D)		170.393	173.761	198.624
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		534.731	654.489	522.597
Less/ Add	DEPRECIATION/ AMORTISATION (F)		87.311	197.800	158.209
	PROFIT BEFORE TAX (E-F) (G)		447.420	456.689	364.388
Less	TAX (H)		144.636	164.401	119.824
	PROFIT AFTER TAX (G-H) (I)		302.784	292.288	244.564
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		296.255	158.107	(83.919)
	Tax Adjustment related to Earlier Years		NA	0.019	(0.038)
	APPROPRIATIONS
		Transfer to General Reserve	NA	50.000	0.000
		Transfer to Capital Redemption Reserve	NA	2.500	2.500
		Transfer to Proposed Dividend	NA	86.892	0.000
		Transfer to Corporate Dividend Tax	NA	14.767	0.000
	BALANCE CARRIED TO THE B/S		599.039	296.255	158.107
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Products	NA	908.556	1126.457
	TOTAL EARNINGS		NA	908.556	1126.457
	IMPORTS
		Raw Materials	NA	31.460	0.777
		Stores & Spares	NA	166.281	101.238
		Capital Goods	NA	110.317	56.994
	TOTAL IMPORTS		NA	308.058	159.009
	Earnings Per Share (Rs.)		55.85	12.51	10.36

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	6.036	249.731
Cash generated from operations	NA	801.370	411.394

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	5.83	5.70	5.52
Operating Profit Margin (PBDIT / Sales)	(%)	13.57	16.17	16.29
Return on Total Assets (PBT/Total Assets}	(%)	12.85	11.79	10.74
Return on Investment (ROI) (PBT/Networth)		0.38	0.34	0.31
Debt Equity Ratio (Total Debt /Networth)		1.34	1.20	1.53
Current Ratio (Current Asset/Current Liability)		1.20	1.18	1.23

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	404.950	402.450	402.450
Reserves & Surplus	767.875	952.112	764.832
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1172.825	1354.562	1167.282
long-term borrowings	797.549	707.416	599.075
Short term borrowings	742.032	907.298	962.819
Total borrowings	1539.581	1614.714	1561.894
Debt/Equity ratio	1.313	1.192	1.338

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	4428.486	5123.430	5194.287
		15.693	1.383

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	4428.486	5123.430	5194.287
Profit	244.564	292.288	302.784
	5.52%	5.70%	5.83%

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	Yes
8	Designation of contact person	Yes
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)	Yes
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS (As on 31.03.2014)

During the year, the company achieved revenue from operations of Rs.5123.430 Million as against Rs.4428.486 Million in the previous year, registering a growth of 15.69 %. Gross profit increased to Rs.655.489 Million from Rs.522.597 Million, showing a growth of 25.43% over previous year. Profit before tax and Net Profit after Tax also increased to Rs.457.689 Million and Rs.292.288 Million from Rs.364.388 and Rs.244.564 Million respectively of the previous year.

During the year, the company increased its Denim capacity from 15 million meters to 18 million meters per annum by debottlenecking its existing plant. Higher denim capacity, continuous emphasis on production of value added products and steady textile market enabled the company to achieve all round growth in its operations. The company is implementing a capital expenditure scheme of Rs.340.000 Million to further increase productivity and production of Value Added Products.

FUTURE OUTLOOK (As on 31.03.2014)

The future outlook of Textile Industry looks positive due to growing demand in the domestic market. Surging demand of life style clothing in the country will enable the company to realize better operating margins on its value added products. Implementation of current capital expenditure scheme, presently under way, will further improve profitability of the company.

MANAGEMENT DISCUSSION AND ANALYSIS (As on 31.03.2014)

(a) Industry Scenario & Future Challenges

The size of India’s textile industry is estimated at $ 94 billion in 2012 comprising domestic industry of US$ 63 billion and exports of US $31 billion. In the decade between 2004 and 2014, almost all segments in the textiles value chain have doubled their production base. The domestic market is estimated to grow to US$ 120 billion in another seven years time. Rising per capita income, changing life styles, shift in preference to branded products and increasing propensity to spend on clothing are driving growth in the domestic sector. Exports from the sector are also expected to reach US $ 80 billion by 2021. In the Strategic plan 2012-17, Govt has targeted CAGR of 11.50% in the textile sector. In 2013-14, industry is likely to achieve a double digit growth rate against 7.3% in 2012-13.

To capitalize the vast emerging opportunities, Indian Textile industry made investment of about US$ 30 billion in the entire value chain in the last 10 years and is further likely to invest about US $ 20 billion in the next 5 years to expand & modernize / upgrade its capacities. Conducive policy environment, effective implementation of TUF scheme, rationalization of duty structure, Integrated Processing Development Scheme etc will enable industry to accelerate growth in the ensuing years.

However, slow pace of infrastructure development, inflexible labour laws, high cost of meeting strict environmental standards, fragmented industry with large number of small size plants, preferential tariff regimes for close competitors in certain major markets continues to be serious impediments, restricting growth & competitiveness of industry.

INDEX OF CHARGES

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10471251	20/05/2014 *	240,000,000.00	Export Import Bank Of India	Centre One Building, Floor 21,, World Trade Centre Complex, Cuffee Parade, Mumbai, Maharashtra - 400005, India	C06404354
2	10433771	20/06/2013 *	140,000,000.00	Oriental Bank Of Commerce	A 30-33, Connaught Circus, New Delhi, Delhi - 110001, India	B78400850
3	10425482	25/04/2013	15,552,000.00	Picanol NV	Karel Steverlyncklaan, 15 B-8900 Leper, Belgium, - 8900, Belgium	B75053314
4	10364073	09/08/2012 *	150,000,000.00	Bank of India	New Delhi Mid Corporate Branch, 37 Shaheed Bhagat, Singh Marg, Near Shivaji Stadium, Connaught Place, New Delhi - 110001, India	B45689957
5	10349371	06/04/2012	8,274,000.00	Picanol NV	Karel Steverlyncklaan, 15 B-8900 Leper, Belgium, - 8900, Belgium	B37479938
6	10306015	31/08/2011	33,000,000.00	Picanol NV	Karel Steverlyncklaan, 15 B-8900 Leper, Belgium, - 8900, Belgium	B20417143
7	10250243	11/11/2010	23,100,000.00	Picanol NV	Karel Steverlyncklaan, 15 B-8900 Leper, Belgium, - 8900, Belgium	A99267676
8	10225838	19/06/2010	85,000,000.00	Oriental Bank of Commerce	Industrial Finance Branch, H-15, Connaught Circus Delhi - 10001, India	A88175732
9	10068597	21/01/2008 *	62,000,000.00	Punjab National Bank	Ece House, 28a, K. G Marg,, New Delhi, Delhi - 110001, India	A32607418
10	10063431	17/10/2013 *	1,217,500,000.00	BANK OF INDIA	37 Shaheed Bhagat Singh Marg, Hotel Connaught Place , Near Shivaji Stadium, Delhi, Delhi - 110001, India	B87765988
11	10020563	29/08/2006	49,500,000.00	IFCI LIMITED	Ifci Tower, 61, Nehru Place, Delhi - 110019, India	A05079520
12	10001802	29/08/2006 *	150,000,000.00	Export Import Bank Of India	Centre One Building, Floor-21, World Trade Centra Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	A00278622
13	80011338	29/08/2006 *	210,000,000.00	Oriental Bank Of Commerce	Industrial Finance Branch, H-15, Connaught Circus , New Delhi, Delhi - 110001, India	-
14	80011342	29/08/2006 *	60,000,000.00	Punjab National Bank	Ece House, 28a, K. G Marg,, New Delhi, Delhi - 110001, India	-
15	80056906	26/11/2009 *	240,000,000.00	Indian Bank	A-7 South Extension Part -I, Delhi - 110049, India	A75082644
16	90069120	29/11/2004 *	95,000,000.00	Oriental Bank of Commerce	Industrial Finance Branch, H-15, Connaught Circus Delhi - 10001, India	-
17	80056907	26/11/2009 *	81,000,000.00	INDIAN BANK	A-7 South Extension Part -I, Delhi, Delhi - 110049, India	A75083048
18	80067460	29/02/2000 *	60,000,000.00	The Industrial Development Bank Of India	IDBI Tower, Cuffe Parade , Colaba , Mumbai , Maharashtra - 440005, India	-

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Goodwill

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.40
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.