MIRA INFORM REPORT

Report No. :	325035
Report Date :	03.05.2015

IDENTIFICATION DETAILS

Name :	KANCHAN INDIA LIMITED (w.e.f. 20.11.2008)
Formerly Known As :	KANCHAN WOOL-TEX LIMITED (w.e.f. 14.11.2008) KANCHAN WOOL-TEX PRIVATE LIMITED
Registered Office :	19-20 Bhilwara, Textile Marketpur Road, Bhilwara – 311001, Rajasthan
Tel. No.:	91-1482-247001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.06.1996
Com. Reg. No.:	17-012173
Capital Investment / Paid-up Capital :	Rs. 308.392 Million
CIN No.: [Company Identification No.]	U17123RJ1996PLC012173
IEC No.:	1302006177
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCK0452C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Processer of all types of Fabrics and Yarn.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 3840000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is established company and it is having satisfactory track record. As per Registrar of Companies the data of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to the financial are not been available from any sources. From the financial of 2013, the company have performed above an average and achieved Rs. 608.32 crores sale turnover and reported top line growth of 46.54% and have achieved moderate profit margin from its operation. Rating take consideration on company established track record in the line of business, its experience promoter and diversified product profile. Trade relations are fair. Business is active and payments terms are reported to be slow but correct. In view sound operational base backed by diversified product profile, the company can be considered for business dealings with its 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	ICRA
Rating	Long term rating = BB
Rating Explanation	Inadequate credit quality and high credit risk
Date	December 2013

Rating Agency Name	ICRA
Rating	Long term rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	December 2013

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 DECLINED BY

Name :	Mr. Durgesh Bangur
Designation :	Director
Contact No.:	91-9352146777
Date :	30.05.2015

LOCATIONS

Registered Office :	19-20 Bhilwara, Textile Marketpur Road, Bhilwara – 311001, Rajasthan, India
Tel. No.:	91-1482-247001/ 320899
Mobile No.:	91-9352146777 (Mr. Durgesh Bangur)
Fax No.:	91-1482-247004
E-Mail :	kanchanbhl@rediffmail.com info@kanchanindia.com
Website :	www.kanchanindia.com
Mumbai Office :	Kanchan India Limited, 5-B-167, Akshay Mittal Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Factory :	Kanchan India Limited, 18^th Km Stone, Ajmer Road, Nanakpura, Bhilwara, Rajasthan – 311001, India

DIRECTORS

AS ON 15.09.2014

Name :

Mr. Nilesh Banger

Designation :

Director

Address :

110 - A, Shastri Nagar, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

19.09.1972

Qualification :

C.A

Date of Appointment :

30.09.2010

PAN No.:

AAAHN9940E

DIN No.:

00132119

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	U18101RJ1999PTC015319	KANCHAN PROCESSORS PRIVATE LIMITED	Director	13/01/1999	13/01/1999	-	Amalgamated	NO
2	U18108RJ1999PTC015355	YJMAC SUITINGS PRIVATE LIMITED	Director	30/05/2000	30/05/2000	-	Amalgamated	NO
3	U67120MP1994PLC008873	LEOPARD HIGHNET LIMITED	Director	30/10/2006	30/10/2006	-	Active	NO
4	U51491WB1994PTC063112	SWAPANLI TRADE AND COMMERCE PVT.LTD.	Director	06/07/2013	03/01/2007	22/08/2014	Active	NO
5	U51109WB2005PTC102060	GAJANAND GOODS PRIVATE LIMITED	Director	03/04/2009	03/04/2009	-	Active	NO
6	U17123RJ1996PLC012173	KANCHAN INDIA LIMITED	Director	30/09/2010	04/06/2010	-	Active	NO
7	U17290RJ2012PTC040558	SHREEKANCHAN POLYFAB PRIVATE LIMITED	Director	31/10/2012	31/10/2012	-	Active	NO
8	U33208UP1998PTC023872	ISHOM PHOTO COLOR LAB PRIVATE LIMITED	Director	27/12/2012	27/12/2012	-	Active	NO
9	U74899DL1993PTC055979	DISHAYEN LEASING PRIVATE LIMITED	Director	16/05/2013	16/05/2013	-	Active	NO
10	U45400DL2008PTC176785	HIMANI DEVELOPERS PRIVATE LIMITED	Director	24/02/2014	24/02/2014	-	Active	NO
11	U74120DL2008PTC175637	AANGAN PROJECT PRIVATE LIMITED	Director	16/03/2015	16/03/2015	-	Active	NO

Name :

Mr. Jayesh Bangur

Designation :

Managing Director

Address :

110-A, Shastri Nagar, Bilwara - 311001, Rajasthan, India

Date of Birth/Age :

26.09.1974

Qualification :

B.Com

Date of Appointment :

19.12.2014

PAN No.:

AACHJ4727M

DIN No.:

00132228

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	U17123RJ1996PLC012173	KANCHAN INDIA LIMITED	Managing director	19/12/2014	10/06/1996	-	Active	NO
2	U28121MP1995PTC009374	GAGAN INDUSTRIES PRIVATE LIMITED	Director	14/06/2004	14/06/2004	-	Active	NO
3	U67120MP1994PLC008873	LEOPARD HIGHNET LIMITED	Director	16/10/2006	16/10/2006	30/04/2009	Active	NO
4	U51109WB2005PTC102060	GAJANAND GOODS PRIVATE LIMITED	Director	03/04/2009	03/04/2009	-	Active	NO
5	U24302RJ1995PLC009428	BHAVAL SYNTHETICS (INDIA) LIMITED	Managing director	06/01/2010	06/01/2010	-	Active	NO
6	U51102WB2005PTC102082	PASUPATI VINIMAY PRIVATE LIMITED	Director	18/10/2010	18/10/2010	-	Active	NO
7	U14200RJ2011PTC034045	AASTIK MARKETING PRIVATE LIMITED	Director	02/02/2011	02/02/2011	-	Active	NO
8	U70100DL2010PTC203358	DILSHAN BUILDTECH PRIVATE LIMITED	Director	20/12/2013	20/12/2013	-	Active	NO
9	U45400DL2008PTC176785	HIMANI DEVELOPERS PRIVATE LIMITED	Director	20/02/2014	20/02/2014	-	Active	NO
10	U74900WB2014PLC202617	ASTAD TRADERS LIMITED	Director	16/03/2015	16/03/2015	-	Active	NO

Name :

Mr. Ladu Ram Bangur

Designation :

Director

Address :

110-A, Shastri Nagar, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

28.12.1952

Qualification :

B.Com

Date of Appointment :

10.06.1996

PAN No.:

AABHL1850N

DIN No.:

00132281

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	U17123RJ1996PLC012173	KANCHAN INDIA LIMITED	Director	10/06/1996	10/06/1996	-	Active	NO
2	U70109WB1989PTC046161	GANPATI WATERVIEW PRIVATE LIMITED	Director	03/01/2007	03/01/2007	-	Active	NO
3	U24302RJ1995PLC009428	BHAVAL SYNTHETICS (INDIA) LIMITED	Director	06/01/2010	06/01/2010	-	Active	NO
4	U51909WB2007PTC119432	SUNFLOWER MERCHANTS PRIVATE LIMITED	Director	17/01/2012	17/01/2012	18/11/2013	Active	NO
5	U45209DL2010PTC203357	JUHI BUILDCON PRIVATE LIMITED	Director	20/12/2013	20/12/2013	-	Active	NO
6	U51109WB2008PTC123934	MASTERMIND AGENCIES PRIVATE LIMITED	Director	13/06/2014	13/06/2014	-	Active	NO
7	U51109WB2007PTC119870	SILVERTOSS COMMODITIES PRIVATE LIMITED	Director	13/06/2014	13/06/2014	-	Active	NO
8	U74900WB2014PLC202650	RINALDI TRADER LIMITED	Director	24/03/2015	24/03/2015	-	Active	NO

Name :

Mr. Durgesh Bangur

Designation :

Director

Address :

110-A, Shastri Nagar, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

26.06.1971

Qualification :

B.Com

Date of Appointment :

27.03.2008

PAN No.:

AABHB3156M

DIN No.:

00132319

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	U17117RJ1992PTC006850	KANCHAN WOOLLENS PRIVATE LIMITED	Director	23/07/1992	23/07/1992	-	Amalgamated	NO
2	U18108RJ1999PTC015355	YJMAC SUITINGS PRIVATE LIMITED	Director	09/10/2006	09/10/2006	-	Amalgamated	NO
3	U67120MP1994PTC008593	PROFESSOR FINANCIAL SERVICES PVT LTD	Director	31/10/2006	31/10/2006	-	Active	NO
4	U70109WB1989PTC046161	GANPATI WATERVIEW PRIVATE LIMITED	Director	03/01/2007	03/01/2007	-	Active	NO
5	U74140WB1994PTC066400	MILITIA COMMERCIAL PRIVATE LIMITED	Director	18/04/2007	18/04/2007	-	Active	NO
6	U17123RJ1996PLC012173	KANCHAN INDIA LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO
7	U67120MP1994PLC008873	LEOPARD HIGHNET LIMITED	Director	30/04/2009	30/04/2009	-	Active	NO
8	U24302RJ1995PLC009428	BHAVAL SYNTHETICS (INDIA) LIMITED	Director	06/01/2010	06/01/2010	-	Active	NO
9	U14200RJ2011PTC034045	AASTIK MARKETING PRIVATE LIMITED	Director	02/02/2011	02/02/2011	-	Active	NO
10	U51909WB2007PTC119432	SUNFLOWER MERCHANTS PRIVATE LIMITED	Director	17/01/2012	17/01/2012	18/11/2013	Active	NO
11	U45201UP1996PTC020194	RITANSH DEVELOPERS AND FINANCING PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO
12	U17290RJ2012PTC040558	SHREEKANCHAN POLYFAB PRIVATE LIMITED	Director	31/10/2012	31/10/2012	-	Active	NO
13	U17299RJ2012PLC041138	SHRIRAJLAXMI DENIM LIMITED	Director	27/12/2012	27/12/2012	09/01/2014	Active	NO
14	U74900GJ2013PTC073243	DSRL TEXTILE PRIVATE LIMITED	Director	03/01/2013	03/01/2013	17/05/2014	Active	NO
15	U51909WB2008PLC131593	SDRL DENIM INDIA LIMITED	Director	10/01/2013	10/01/2013	10/03/2014	Active	NO
16	U51391DL2008PTC176805	H.B. RETAILS PRIVATE LIMITED	Director	20/02/2014	20/02/2014	-	Active	NO

Name :

Mr. Krishan Gopal Bangur

Designation :

Whole-Time Director

Address :

A-110, Shastri Nagar, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

10.06.1958

Qualification :

LL.B

Date of Appointment :

19.12.2009

PAN No.:

AAAHK6551J

DIN No.:

00132352

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	U18101RJ1999PTC015319	KANCHAN PROCESSORS PRIVATE LIMITED	Director	13/01/1999	13/01/1999	-	Amalgamated	NO
2	U17113RJ1997PTC013256	KANCHAN SPINNERS PRIVATE LIMITED	Director	17/08/2005	17/08/2005	-	Amalgamated	NO
3	U51491WB1994PTC063112	SWAPANLI TRADE ANDCOMMERCE PRIVATE LIMITED	Director	06/07/2013	03/01/2007	21/10/2013	Active	NO
4	U74140WB1994PTC066400	MILITIA COMMERCIAL PRIVATE LIMITED	Director	18/04/2007	18/04/2007	-	Active	NO
5	U17123RJ1996PLC012173	KANCHAN INDIA LIMITED	Whole-time director	19/12/2009	27/09/2008	-	Active	NO
6	U67120MP1994PLC008873	LEOPARD HIGHNET LIMITED	Director	30/04/2009	30/04/2009	-	Active	NO
7	U51102WB2005PTC102082	PASUPATI VINIMAY PRIVATE LIMITED	Director	18/10/2010	18/10/2010	-	Active	NO
8	U45201UP1996PTC020194	RITANSH DEVELOPERS AND FINANCING PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO
9	U33208UP1998PTC023872	ISHOM PHOTO COLOR LAB PRIVATE LIMITED	Director	27/12/2012	27/12/2012	-	Active	NO
10	U51391DL2008PTC176805	H.B. RETAILS PRIVATE LIMITED	Director	20/02/2014	20/02/2014	-	Active	NO
11	U45209DL2010PTC203357	JUHI BUILDCON PRIVATE LIMITED	Director	13/06/2014	13/06/2014	-	Active	NO
12	U74120DL2008PTC175637	AANGAN PROJECT PRIVATE LIMITED	Director	16/03/2015	16/03/2015	-	Active	NO

Name :

Mr. Vijay Laxmi Banger

Designation :

Director

Address :

A-110, Shastri Nagar, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

14.11.1954

Date of Appointment :

15.09.2014

PAN No.:

ADGPB6780R

DIN No.:

00132408

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	U17113RJ1997PTC013256	KANCHAN SPINNERS PRIVATE LIMITED	Director	07/07/1997	07/07/1997	-	Amalgamated	NO
2	U25207HR1996PLC033375	CONTINENTAL CERAMICS LIMITED	Director	14/03/2013	14/03/2013	-	Active	NO
3	U45200DL2006PTC156377	NIKUNJ PROMOTERS PRIVATE LIMITED	Director	08/05/2013	08/05/2013	-	Active	NO
4	U45400DL2007PTC171324	GREEN STAR PROMOTORS PRIVATE LIMITED	Director	20/12/2013	20/12/2013	-	Active	NO
5	U17123RJ1996PLC012173	KANCHAN INDIA LIMITED	Director	15/09/2014	06/06/2014	-	Active	NO

Name :

Sanjay Kabra

Designation :

Director

Address :

A-109, Shastri Nagar, Bhilwara - 311001, Rajasthan, India

Date of Appointment :

26.03.2015

DIN No.:

01178979

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	Company/ LLP Status	Defaulting status
1	U28121MP1995PTC009374	GAGAN INDUSTRIES PRIVATE LIMITED	Director	14/06/2004	14/06/2004	Active	NO
2	U17123RJ1996PLC012173	KANCHAN INDIA LIMITED	Director	26/03/2015	26/03/2015	Active	NO

KEY EXECUTIVES

Name :	Manali Chaturvedi
Designation :	Secretary
Address :	5-F-37, R.C Vyas Colony, Bhilwara - 311001, Rajasthan, India
Date of Appointment :	18.12.2010
PAN No.:	ABZPB6811G
Name :	Mr. Krishan Gopal Bangur
Designation :	Chief Financial Officer
Address :	A-110, Shastri Nagar, Bhilwara - 311001, Rajasthan, India
Date of Appointment :	06.06.2014
PAN No.:	ABZPB6811G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 26.12.2014

NOTE: ALLOTEES DETAILS FILE ATTACHED

AS ON 20.03.2015

NOTE: ALLOTEES DETAILS FILE ATTACHED

AS ON 15.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	73.00
Directors or relatives of directors	25.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Processer of all types of Fabrics and Yarn.

Products :

ITC Code No.	Product Descriptions
58021930	Yarn
62101000	Finish Fabric
62101000	Grey Fabric
58021930	Woollen Yarn

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

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

· Bank Of Baroda, Nagori Garden, Bhilwara - 311001, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term Loans from Bank	1673.291	875.215
SHORT TERM BORROWINGS
Working capital Loans from Banks	719.043	367.628
Total	2392.334	1242.843

Banking Relations :	--
Auditors :
Name :	Arun Kabra and Company Chartered Accountants
Address :	60, Balaji Market, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AAGFA9770R
Cost Auditors :	V. K. Goyal and Company Cost Accountants
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AFTER AS ON 15.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
35,000,000	Equity Shares	Rs. 10/- each	Rs. 350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30839185	Equity Shares	Rs. 10/- each	Rs. 308.392 Million

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2,00,00,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,73,49,435	Equity Shares	Rs. 10/- each	Rs. 173.494 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	173.494	112.582	107.332
(b) Reserves & Surplus	1171.485	702.847	581.195
(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)	1344.979	815.429	688.527
(3) Non-Current Liabilities
(a) Long-term borrowings	1869.502	1032.592	953.600
(b) Deferred tax liabilities (Net)	25.465	30.266	18.041
(c) Other long term liabilities	88.058	13.286	13.403
(d) long-term provisions	17.246	11.752	9.720
Total Non-current Liabilities (3)	2000.271	1087.896	994.764
(4) Current Liabilities
(a) Short term borrowings	719.043	367.628	316.234
(b) Trade payables	300.059	80.722	74.002
(c) Other current liabilities	346.721	457.580	186.501
(d) Short-term provisions	39.309	30.181	3.846
Total Current Liabilities (4)	1405.132	936.111	580.583
TOTAL	4750.382	2839.436	2263.874
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2235.055	1183.334	1162.894
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	96.027	466.876	94.698
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.647	9.647	9.647
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	136.739	266.113	176.341
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2477.468	1925.970	1443.580
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1151.772	398.074	400.806
(c) Trade receivables	855.705	395.069	219.558
(d) Cash and cash equivalents	101.882	89.456	175.123
(e) Short-term loans and advances	99.797	23.961	17.068
(f) Other current assets	63.758	6.906	7.739
Total Current Assets	2272.914	913.466	820.294
TOTAL	4750.382	2839.436	2263.874

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	6078.620	4133.213	3153.658
		Other Income	4.648	17.979	6.570
		TOTAL (A)	6083.268	4151.192	3160.228
Less	EXPENSES
		Cost of Materials Consumed	4576.363	2878.919	2131.656
		Purchases of Stock-in-Trade	43.624	11.113	1.017
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(467.929)	(85.300)	(61.411)
		Employees benefits expense	353.203	231.080	166.263
		Other expenses	1011.820	705.462	618.557
		TOTAL (B)	5517.081	3741.274	2856.082
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		566.187	409.918	304.146
Less	FINANCIAL EXPENSES (D)		187.437	114.546	78.165
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		378.750	295.372	225.981
Less/ Add	DEPRECIATION/ AMORTISATION (F)		340.413	261.175	209.117
	PROFIT BEFORE TAX (E-F) (G)		38.337	34.197	16.864
Less	TAX (H)		(3.911)	12.295	3.051
	PROFIT AFTER TAX (G-H) (I)		42.248	21.902	13.813
	Earnings Per Share (Rs.)		2.44	1.26	1.57

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	294.995	396.592	117.824
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.70	0.53	0.44
Operating Profit Margin (PBDIT/Sales)	(%)	9.31	9.92	9.64
Return on Total Assets (PBT/Total Assets}	(%)	0.83	1.45	0.78
Return on Investment (ROI) (PBT/Networth)		0.03	0.04	0.02
Debt Equity Ratio (Total Liability/Networth)		2.14	2.20	2.02
Current Ratio (Current Asset/Current Liability)		1.62	0.98	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	107.332	112.582	173.494
Reserves & Surplus	581.195	702.847	1171.485
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	688.527	815.429	1344.979
Long-term borrowings	953.600	1032.592	1869.502
Short term borrowings	316.234	367.628	719.043
CURRENT MATURITIES OF LONG-TERM DEBTS	117.824	396.592	294.995
Total borrowings	1387.658	1796.812	2883.540
Debt/Equity ratio	2.015	2.204	2.144

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3153.658	4133.213	6078.620
		31.061	47.068

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3153.658	4133.213	6078.620
Profit	13.813	21.902	42.248
	0.44%	0.53%	0.70%

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	Yes
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	Yes
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	No
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10521836	16/09/2014	50,000,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA - 311001, RAJASTHAN, INDIA	C22255418
2	10404883	16/09/2014 *	50,000,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA - 311001, RAJASTHAN, INDIA	C22266340
3	10404887	08/02/2013	1,050,000,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA - 311001, RAJASTHAN, INDIA	B68687359
4	10308267	29/08/2011	1,000,000,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 31  1001, RAJASTHAN, INDIA	B21545140
5	10275179	01/03/2011	500,000,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 31  1001, RAJASTHAN, INDIA	B09049719
6	10211467	01/03/2011 *	30,000,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 31  1001, RAJASTHAN, INDIA	B09040692
7	10210684	20/03/2010	152,500,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 31  1001, RAJASTHAN, INDIA	A82954728
8	10169836	20/03/2010 *	4,500,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 31  1001, RAJASTHAN, INDIA	A82956004
9	10172127	20/03/2010 *	40,000,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 31  1001, RAJASTHAN, INDIA	A82956558
10	10159760	08/05/2009	950,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA - 311001, RAJASTHAN, INDIA	A63087076
11	10147406	20/03/2010 *	22,400,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 31  1001, RAJASTHAN, INDIA	A82948050
12	10134497	20/03/2010 *	61,900,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 31  1001, RAJASTHAN, INDIA	A83029207
13	10085511	20/03/2010 *	3,500,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 31  1001, RAJASTHAN, INDIA	A82945981
14	10055662	20/03/2010 *	3,200,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 31  1001, RAJASTHAN, INDIA	A82989526
15	90074238	09/02/2005	1,475,000.00	THE GOVERNOR OF RAJASTHAN	GOVERNMENT OF RAJASTHAN, JAIPUR, RAJASTHAN, INDIA	-
16	90071419	09/02/2005	1,475,000.00	THE GOVERNMENT OF RAJASTHAN	GOVT. OF RAJASTHAN, JAIPUR, RAJASTHAN, INDIA	-
17	80003640	10/06/2000	5,000,000.00	BANK OF BARODA	MAIN BRANCH, NAGORI GARDEN, BHILWARA -  311001, RAJASTHAN, INDIA	-
18	80003639	20/03/2010 *	59,900,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 31  1001, RAJASTHAN, INDIA	A82955212
19	90073032	27/02/2009 *	68,663,000.00	BANK OF BARODA	MAIN BRANCH MAIN BRANCH, NAGORI GARDEN, BHILWARA 311001, RAJASTHAN, INDIA	A58580044
20	80003638	27/02/2009 *	100,741,000.00	BANK OF BARODA	MAIN BRANCH MAIN BRANCH, NAGORI GARDEN, BHILWARA - 311001, RAJASTHAN, INDIA	A58845678
21	90066725	16/09/2014 *	817,000,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA - 311001, RAJASTHAN, INDIA	C22268908
22	80042918	20/03/2010 *	36,100,000.00	BANK OF BARODA	NAGORI GARDEN, BHILWARA, BHILWARA - 311001, RAJASTHAN, INDIA	A82953936

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and Advances from Related Parties	196.211	157.377
Total	196.211	157.377

OPERATIONAL RESULT:

During the year company has achieved a total turnover from all the division viz Weaving, Woolen, Spinning, Processors and Denim of Rs. 6078.620 million (Rs.4133.213 million) by the way of production of fabrics 20.183 million Mtrs (25.861 million Mtrs), Yarn of 34559.08 MT (19654.10 MT), Carpet Woollen Yarn of 1209.54 MT (834.69 MT), Narrow Woven Fabric 114.57 MT (203.11 MT) and fabric processing of 37.507 million Mtr. (395.39 Lacs Mtr) and denim 13.729 million Mtrs (previous year Nil) respectively.

FUTURE OUTLOOK

The company is making consistent efforts for expansion and diversification program in textile segment with the latest available technology. In continuance of modernization program, we are planning to expand the capacity of spinning unit by further installation of 10000 spindles by November 2013 and started production on Denim plant.

The Company is planning further expansion in 100% cotton segment. It will be started soon with installation of new machinery to achieve production capacity of 35,000 kg. Yarn per day for open end yarn and increasing 28,000 spindles of ring spinning and as a result the Company will have an additional production of 600 Metric Ton per annum of ring cotton yarn.

The Company is also planning for other expansion like text rising project. It will be started by the mid of this year. In denim segment, addition of 154 high speed Tsudokama air jet looms will increase denim fabric capacity to 1.8 Lac Meter per day.

ANALYSIS AND REVIEW

Textile Industry Conditions

Textile industry has made a major contribution to the national economy in terms of direct and indirect employment generation and net foreign exchange earnings. The sector contributes about 14 per cent to industrial production, 4 percent to the gross domestic product (GDP), and 17 percent to the country's export earnings. It provides direct employment to over 35 million people. The textiles sector is the second largest provider of employment after agriculture. Thus, the growth and all round development of this industry has a direct bearing on the improvement of the economy of the nation.

The Government proposes to increase the investment in this sector to generate more employment through various schemes viz. Scheme for Integrated Textile Parks (SITP), Technology Up gradation Fund Scheme (TUFS), Integrated Skill Development Scheme (ISDS), Technology Mission on Technical Textiles (TMTT). The allocation for this sector during the 12 th Five Year Plan is proposed to be increased to around Rs 490.650 millon as against an allocation of Rs 140.000 million during the 11 th Five Year Plan.

Opportunities And Challenges

The company is well poised to seize opportunities available to the textile sector on account of its strong domain expertise, production facilities, maintenance of high quality and its growth potential. The company is likely to achieve a turnover of Rs 1000 Crore by the end of next Financial Year. The growing young middle class population is a source of immense potential and provides great opportunities to spur growth in the industry going forward.

There are challenges, which in the short term, will moderate growth - inflation, high interest rates, depreciating rupee, delays in policy initiatives to boost investments and capital flaws. These are likely to affect your company’s performance.

Raw Material

The prices of Wool, Dyes and Chemicals, Fiber etc. remained high for the better part of the year under review and the depreciation of the rupee made wool imports costlier. Polyester fiber and Filament Yarn prices have been volatile but have ended softly during the year.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

· Computer Equipment’s

· Other Equipment’s

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.63.83
UK Pound	1	Rs.97.10
Euro	1	Rs.69.74

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	KAS
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.