MIRA INFORM REPORT

Report No. :	328072
Report Date :	22.06.2015

IDENTIFICATION DETAILS

Name :	SRI KARTHIKEYA SPINNING AND WEAVING MILLS PRIVATE LIMITED
Formerly Known As :	SRI KARTHIKEYA SPINNING AND WEAVING MILLS LIMITED SRI KARTHIKEYA MILLS LIMITED
Registered Office :	P.B. No.3301, Door No.484, Kamaraj Road, Uppilipalayam, Coimbatore District – 641 015, Tamilnadu
Tel. No.:	91-422-2574316
Country :	India
Financials (as on) :	30.09.2012
Date of Incorporation :	22.04.1947
Com. Reg. No.:	18-000182
Capital Investment / Paid-up Capital :	Rs.150.000 million
CIN No.: [Company Identification No.]	U17111TZ1947PTC000182
IEC No.:	Not Available
TIN No.:	33611820058
CST No.:	288024 dated 17.07.1957
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECS2177B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Yarn.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is well-established private limited company incorporated in the year 1947, having moderate track. Subject is manufacturer of yarn. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but documents related to financial for the year ending 2014 and 2013 is not available from any source. Further, as per financial year ending on 30.09.2012, the company has reported huge external borrowings. However, business is active as per status shown in the registrar of companies. Payment terms are reported to be unknown. The company can be considered for business dealings on safe and secured 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Tamil Arasu
Designation :	Personal Assistant of Mr. Anurag
Contact No.:	91-9894482494
Date :	20.06.2015

LOCATIONS

Registered Office/ Factory 1 :	P.B. No.3301, Door No.484, Kamaraj Road, Uppilipalayam, Coimbatore District – 641 015, Tamilnadu, India
Tel. No.:	91-422-2574316/ 17/ 18
Mobile No.:	91-9848024999 (Mr. Anurag) 91-9894482494 (Mr. Tamil Arasu)
Fax No.:	91-422-2574868
E-Mail :	yarn@karthikeyamills.com anurag@karthikeyamills.com venkatachalam@karthikeyamills.com karthikeya@vsnl.com
Website :	http://www.karthikeyamills.com
Factory 2 :	Located at: · Erode, Tamilnadu

DIRECTORS

AS ON 29.09.2014

Name :

Mrs. Lakshmi Deepika Karthikeyan

Designation :

Director

Address :

90-A, Chinna Ayyavu Layout, Sowripalayam, Coimbatore – 641 028, Tamilnadu, India

Date of Birth/Age :

29.05.1974

Date of Appointment :

24.05.1995

DIN No.:

00837940

PAN No.:

ACGPK9036J

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	U17111TZ1947PTC000182	SRI KARTHIKEYA SPINNING AND WEAVING MILLS PRIVATE LIMITED	Director	24/05/1995	24/05/1995	-	Active	NO
2	U72200TZ1998PTC008407	RND SOFTECH PRIVATE LIMITED	Managing director	04/05/1998	04/05/1998	-	Active	NO
3	U45201TZ2006PTC012630	RND VENTURES PRIVATE LIMITED	Director	02/03/2006	02/03/2006	-	Active	NO
4	U40108TZ2009PTC014992	RND WIND ENERGY PRIVATE LIMITED	Director	06/03/2009	06/03/2009	-	Under Process of Striking off	NO
5	U36900TZ2010PTC015999	RND HERBALS PRIVATE LIMITED	Director	16/04/2010	16/04/2010	-	Active	NO

Name :

Mr. Ganganaidu Ramaswamy Naidu Karthikeyan

Designation :

Managing Director

Address :

No.14, Huzur Road, Coimbatore – 641 018, Tamilnadu, India

Date of Birth/Age :

12.03.1943

Date of Appointment :

01.09.2008

DIN No.:

01587747

PAN No.:

ACGPK8985J

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	U17111TZ1947PTC000182	SRI KARTHIKEYA SPINNING AND WEAVING MILLS PRIVATE LIMITED	Managing director	01/09/2008	23/12/1970	-	Active	NO
2	L01542TZ1985PLC001706	RAJSHREE SUGARS AND CHEMICALS LIMITED	Director	08/09/2014	13/07/1989	-	Active	NO
3	U72200TZ1998PTC008407	RND SOFTECH PRIVATE LIMITED	Director	19/05/2004	19/05/2004	-	Active	NO
4	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Director	26/07/2011	09/10/2006	-	Active	NO
5	U36900TZ2010PTC015999	RND HERBALS PRIVATE LIMITED	Director	16/04/2010	16/04/2010	22/11/2014	Active	NO
6	L85110TZ1997PLC007783	LOTUS EYE HOSPITAL AND INSTITUTE LIMITED	Director	24/09/2014	28/05/2012	-	Active	NO

Name :

Mr. Karthikeyan Rajeev Akshay

Designation :

Whole-time Director

Address :

No.14, Huzur Road, Coimbatore – 641 018, Tamilnadu, India

Date of Birth/Age :

15.08.1979

Date of Appointment :

01.09.2008

DIN No.:

01587823

PAN No.:

AOFPK2809E

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	U17111TZ1947PTC000182	SRI KARTHIKEYA SPINNING AND WEAVING MILLS PRIVATE LIMITED	Whole-time director	01/09/2008	19/01/2001	-	Active	NO
2	U45201TZ2006PTC012630	RND VENTURES PRIVATE LIMITED	Director	02/03/2006	02/03/2006	-	Active	NO
3	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Managing director	11/10/2010	09/10/2006	-	Active	NO
4	U40108TZ2011PTC016849	CLOVER ENERGY PRIVATE LIMITED	Director	21/04/2011	11/03/2011	-	Active	NO
5	U40108TZ2011PTC016873	OLIVE ECOPOWER PRIVATE LIMITED	Director	22/10/2011	18/03/2011	-	Active	NO
6	U40108TZ2011PTC017250	MAPLE RENEWABLE POWER PRIVATE LIMITED	Director	22/10/2011	13/07/2011	-	Active	NO
7	U40108TZ2011PTC017271	LOTUS CLEAN POWER VENTURE PRIVATE LIMITED	Director	22/10/2011	21/07/2011	-	Active	NO
8	U74140TZ2012PTC017830	FORCEONE SKILL DEVELOPMENT PRIVATE LIMITED	Director	27/01/2012	27/01/2012	-	Active	NO
9	U17111TZ2012PTC017841	ECO LEAP TECHNOLOGIES INDIA PRIVATE LIMITED	Director	24/03/2012	27/01/2012	-	Active	NO
10	U40108TZ2012PTC018859	ORCHID RENEWABLE POWERTECH PRIVATE LIMITED	Director	06/12/2012	22/10/2012	-	Active	NO
11	U40108TZ2012PTC018861	IRIS ECOPOWER VENTURE PRIVATE LIMITED	Director	06/12/2012	22/10/2012	-	Active	NO
12	U40108TZ2012PTC018863	VIOLET GREEN POWER PRIVATE LIMITED	Director	06/12/2012	22/10/2012	-	Active	NO
13	U40108TZ2012PTC018862	TULIP RENEWABLE POWERTECH PRIVATE LIMITED	Director	06/12/2012	22/10/2012	-	Active	NO
14	U55101AP2011PTC072351	HARNIKS REGENCY PRIVATE LIMITED	Director	10/12/2013	10/12/2013	-	Active	NO
15	U40108TZ2014PTC020227	IVY ECOENERGY INDIA PRIVATE LIMITED	Director	29/03/2014	05/02/2014	-	Active	NO
16	U74999TZ2014PTC020238	WINDBUILT INDIA PRIVATE LIMITED	Director	10/02/2014	10/02/2014	-	Active	NO

Name :

Mr. Kumarram Narain

Designation :

Director

Address :

No.14, Huzur Road, Coimbatore – 641 018, Tamilnadu, India

Date of Birth/Age :

14.01.1976

Date of Appointment :

23.08.2006

DIN No.:

01587897

PAN No.:

AEEPK4046G

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	U17111TZ1947PTC000182	SRI KARTHIKEYA SPINNING AND WEAVING MILLS PRIVATE LIMITED	Director	23/08/2006	23/08/2006	-	Active	NO
2	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Director	22/06/2009	10/03/2009	-	Active	NO

Name :

Mrs. Karthikeyan Sheela

Designation :

Whole-time Director

Address :

No.14, Huzur Road, Coimbatore – 641 018, Tamilnadu, India

Date of Birth/Age :

21.12.1946

Date of Appointment :

01.09.2008

DIN No.:

01618899

PAN No.:

AAVPK2803Q

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	U17111TZ1947PTC000182	SRI KARTHIKEYA SPINNING AND WEAVING MILLS PRIVATE LIMITED	Whole-time director	01/09/2008	24/05/1995	-	Active	NO

Name :

Mr. Vijayan Dev Anand

Designation :

Whole-time Director

Address :

2/109, Vijaya Bhavan, Sastri Nagar, Karamadai, Coimbatore – 641 104, Tamilnadu, India

Date of Birth/Age :

07.08.1974

Date of Appointment :

01.04.2009

DIN No.:

01623938

PAN No.:

AJCPV2478C

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	U17111TZ1947PTC000182	SRI KARTHIKEYA SPINNING AND WEAVING MILLS PRIVATE LIMITED	Whole-time director	01/04/2009	23/08/2006	-	Active	NO
2	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Whole-time director	11/10/2010	10/03/2009	-	Active	NO
3	U40108TZ2011PTC016849	CLOVER ENERGY PRIVATE LIMITED	Director	21/04/2011	11/03/2011	-	Active	NO
4	U40108TZ2011PTC016873	OLIVE ECOPOWER PRIVATE LIMITED	Director	22/10/2011	18/03/2011	-	Active	NO
5	U40108TZ2011PTC017250	MAPLE RENEWABLE POWER PRIVATE LIMITED	Director	22/10/2011	13/07/2011	-	Active	NO
6	U40108TZ2011PTC017271	LOTUS CLEAN POWER VENTURE PRIVATE LIMITED	Director	22/10/2011	21/07/2011	-	Active	NO
7	U74140TZ2012PTC017830	FORCEONE SKILL DEVELOPMENT PRIVATE LIMITED	Director	27/01/2012	27/01/2012	-	Active	NO
8	U17111TZ2012PTC017841	ECO LEAP TECHNOLOGIES INDIA PRIVATE LIMITED	Director	24/03/2012	27/01/2012	-	Active	NO
9	U40108TZ2012PTC018859	ORCHID RENEWABLE POWERTECH PRIVATE LIMITED	Director	06/12/2012	22/10/2012	-	Active	NO
10	U40108TZ2012PTC018861	IRIS ECOPOWER VENTURE PRIVATE LIMITED	Director	06/12/2012	22/10/2012	-	Active	NO
11	U40108TZ2012PTC018863	VIOLET GREEN POWER PRIVATE LIMITED	Director	06/12/2012	22/10/2012	-	Active	NO
12	U40108TZ2012PTC018862	TULIP RENEWABLE POWERTECH PRIVATE LIMITED	Director	06/12/2012	22/10/2012	-	Active	NO
13	U40108TZ2014PTC020227	IVY ECOENERGY INDIA PRIVATE LIMITED	Director	29/03/2014	05/02/2014	-	Active	NO
14	U74999TZ2014PTC020238	WINDBUILT INDIA PRIVATE LIMITED	Director	10/02/2014	10/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Tamil Arasu
Designation :	Personal Assistant of Mr. Anurag

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
G.R. Karthikeyan	549675
G.R. Karthikeyan (HUF)	3294
Sheela Karthikeyan	542344
Deepika Karthikeyan	167326
Narain Karthikeyan	419233
Rajeev Akshay	544256
R. Venkatesalu Naidu	3000
Rajshree Pathy	150
Jaishree Varadaraj	150
Kalagara Rajeswari	100
Nikhila Koneru	100
Devanand Vijayan	213
Total	2229841

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.77
Other top fifty shareholders	0.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Yarn.

Products :

Item Code No.	Product Description
52071000	Yarn and Cloth

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

PRODUCTION STATUS: (AS ON 31.03.2011)

Particulars	31.03.2011
Licenced Capacity	Not Applicable since the Industry is Delicenced
Installed Capacity [As certified by the Management]	1,08,912 Spindles 144 Airjet Spinning Nozzles 168 Rotors

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Retailers and End Users

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	Mid Corporate (2717) Branch, 4/620, Coimbatore Marketing Committee, Trichy Road, Coimbatore – 641 045, Tamilnadu, India
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· State Bank of India, SME Branch, 687/2A, Trichy Road, Coimbatore – 641 045, Tamilnadu, India

· Indian Bank, Coimbatore Main Branch, 31, Variety Hall Road, Coimbatore – 641 001, Tamilnadu, India

Facilities :

Secured Loans	30.09.2012 (Rs. in Million)	31.03.2011 (Rs. in Million)
LONG-TERM BORROWINGS
Rupee term loans from banks (Term loans from Indian Bank and Indian Overseas bank are secured by Pari passu first charge on entire Fixed assets of the company and second pari passu charge on the current assets of the company)	427.636	564.493
Loans taken for Vehicles (Vehicle loan from Kotak Mahindra is secured by hypothecation of vehicles financed)	0.000	1.453
SHORT-TERM BORROWINGS
Working capital loans from banks (Additionally secured by personal guarantee of Managing Director and Whole time Director)	200.241	210.468
Total	627.877	776.414

Banking Relations :	--
Auditors 1 :
Name :	T. Raghunathan Chartered Accountant
Address :	Parsan Commercial Complex, II Floor, Dr. Nanjappa Road, Coimbatore – 641 018, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	ACCPR2688F
Auditors 2 :
Name :	N.G. Sreenivasa Rao Chartered Accountant
Address :	1/7, Devanga High School Road, Coimbatore – 641 002, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAMPR6821N
Memberships :	Not Available
Collaborators :	Not Available
Associates (As on 30.09.2012) :	Karthikeya Spinners, India Perur Engineering Products, India
Subsidiary Company (As on 30.09.2012) :	Leap Green Energy Private Limited, India (CIN No.: U40100TZ2006PTC013130)
Fellow Subsidiary Companies (As on 30.09.2012) :	Clover Energy Private Limited, India (CIN No.: U40108TZ2011PTC016849) Olive Eco Power Private Limited, India (CIN No.: U40108TZ2011PTC016873) Lotus Clean Power Venture Private Limited, India (CIN No.: U40108TZ2011PTC017271) Maple Renewable Power Private Limited, India (CIN No.: U40108TZ2011PTC017250)

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.100/- each	Rs.225.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2229841	Equity Shares	Rs.100/- each	Rs.222.984 million

AS ON 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	01.04.2011 to 30.09.2012 (18 months)	01.04.2011 to 31.03.2011 (12 months)
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	150.000	150.000
(b) Reserves & Surplus	42.060	(31.636)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	192.060	118.364
(3) Non-Current Liabilities
(a) Long-term borrowings	472.836	567.146
(b) Deferred tax liabilities (Net)	67.755	67.755
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	6.742	7.069
Total Non-current Liabilities (3)	547.333	641.970
(4) Current Liabilities
(a) Short term borrowings	234.314	225.899
(b) Trade payables	84.672	34.518
(c) Other current liabilities	258.549	111.588
(d) Short-term provisions	20.000	0.000
Total Current Liabilities (4)	597.535	372.005
TOTAL	1336.928	1132.339
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	369.637	439.842
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	234.397	232.447
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	75.683	135.120
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	679.717	807.409
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	456.339	222.434
(c) Trade receivables	74.280	63.002
(d) Cash and cash equivalents	49.394	10.913
(e) Short-term loans and advances	72.603	26.420
(f) Other current assets	4.595	2.161
Total Current Assets	657.211	324.930
TOTAL	1336.928	1132.339

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		150.000
2] Share Application Money		0.000
3] Reserves & Surplus		75.000
4] (Accumulated Losses)		(63.468)
NETWORTH		161.532
LOAN FUNDS
1] Secured Loans		787.215
2] Unsecured Loans		3.381
TOTAL BORROWING		790.596
DEFERRED TAX LIABILITIES		67.755
TOTAL		1019.883
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		603.713
Capital work-in-progress		0.000
INVESTMENT		2.447
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	232.041
	Sundry Debtors	98.512
	Cash & Bank Balances	14.008
	Other Current Assets	9.212
	Loans & Advances	161.198
Total Current Assets		514.971
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.250
	Other Current Liabilities	66.998
	Provisions	0.000
Total Current Liabilities		101.248
Net Current Assets		413.723
MISCELLANEOUS EXPENSES		0.000
TOTAL		1019.883

PROFIT & LOSS ACCOUNT

	PARTICULARS		01.04.2011 to 30.09.2012 (18 months)	01.04.2011 to 31.03.2011 (12 months)	31.03.2010
	SALES
		Revenue from operations	1785.528	1084.046	1028.915
		Other Income	236.855	54.952	1.817
		TOTAL	2022.383	1138.998	1030.732
Less	EXPENSES
		Cost of Material Consumed	949.173	542.023	897.439
		Changes in Inventories of Finished goods and Work-in-Progress	(18.437)	(17.421)
		Other Direct Manufacturing Expenses	366.417	225.619
		Employee Benefits Expense	216.668	115.570
		Other Expenses	164.917	156.838
		TOTAL	1678.738	1022.629	897.439
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		343.645	116.369	133.293
Less	FINANCIAL EXPENSES		174.549	105.905	83.865
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		169.096	10.464	49.428
Less/ Add	DEPRECIATION/ AMORTISATION		75.400	53.614	58.260
	PROFIT/ (LOSS) BEFORE TAX		93.696	(43.150)	(8.832)
Less	TAX		19.999	0.017	0.017
	PROFIT/ (LOSS) AFTER TAX		73.697	(43.167)	(8.849)
Less	PROVISION FOR TAXATION NO LONGER REQUIRED		0.000	0.000	0.103
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(106.636)	(63.469)	(54.723)
	BALANCE CARRIED TO THE B/S		(32.939)	(106.636)	(63.469)
	IMPORTS
		Raw Materials	38.196	NA	9.643
		Stores & Spares	0.240	NA	0.273
	TOTAL IMPORTS		38.436	NA	9.916
	Earnings/ (Loss) Per Share (Rs.)		49.13	(28.78)	(5.90)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	01.04.2011 to 30.09.2012 (18 months)	01.04.2011 to 31.03.2011 (12 months)	31.03.2010
Current Maturities of Long term debt	84.936	35.284	NA
Net cash flows from (used in) operations	260.037	119.237	55.602

KEY RATIOS

PARTICULARS		01.04.2011 to 30.09.2012 (18 months)	01.04.2011 to 31.03.2011 (12 months)	31.03.2010
Net Profit Margin (PAT / Sales)	(%)	4.13	(3.98)	(0.86)
Operating Profit Margin (PBIDT/Sales)	(%)	19.25	10.73	12.95
Return on Total Assets (PBT/Total Assets}	(%)	8.50	(4.80)	(0.79)
Return on Investment (ROI) (PBT/Networth)		0.49	(0.36)	(0.05)
Debt Equity Ratio (Total Debt /Networth)		4.12	7.00	4.89
Current Ratio (Current Asset/Current Liability)		1.10	0.87	5.09

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	30.09.2012
	(Rs. In Million)	(Rs. In Million)
Share Capital	150.000	150.000
Reserves & Surplus	(31.636)	42.060
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	118.364	192.060
Long-term borrowings	567.146	472.836
Short term borrowings	225.899	234.314
Current maturities of long-term debts	35.284	84.936
Total borrowings	828.329	792.086
Debt/Equity ratio	6.998	4.124

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	30.09.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	1028.915	1084.046	1785.528
		5.358	64.710

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	30.09.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	1028.915	1084.046	1785.528
Profit	(8.849)	(43.167)	73.697
	(0.86%)	(3.98%)	4.13%

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	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)	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	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	No
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE (AS ON 31.03.2012):

The textile industry has been facing major challenge during the past two years in coping up with uncertainties arising from external factors which is beyond its control. The steep increase in cotton prices, power crisis in the state along with government policies in respect of export of cotton and cotton yarn had affected to working of the company. Due to continuous recessionary trend and slowdown in economy, the company could not achieve the anticipated results.

REAL ESTATE DIVISION:

The Directors taking into view of continued recessionary trend in textile industry decided to enter into additional fields besides spinning. They have decided to enter the business of Property Developers, Promoters and Builders etc., as permitted by the Memorandum vide clause No.36. To venture into the above business the Directors have decided to utilize the surplus land available with the company. As a beginning the company has converted a portion of land measuring 1.27 acres, as a stock in trade to Real Estate Division. The value adopted for conversion is the prevailing marketing price as evaluated by a Chartered Engineer. The surplus between the cost of land and conversion price is recognized as income in the profit and loss account under the head Other Income.

INTEGRATED SKILL DEVELOPMENT SCHEME:

Ministry of Textiles, Government of India to give training to unskilled labourers in the textile industry has implemented a scheme called Integrated Skill Development Scheme (ISDS). The company has been selected as one of the Lead Implementing Agency (LIA) to implement the project. The Ministry of Textiles has released an amount of Rs.37.500 million to implement the scheme. As per the terms and conditions imposed by Ministry of Textiles the said money been kept in a separate Escrow account with Bank.

UNSECURED LOAN

Particulars	30.09.2012 (Rs. in Million)	31.03.2011 (Rs. in Million)
LONG-TERM BORROWINGS
Deposits from others	0.700	0.700
Loans and advances from directors	44.000	0.000
Other loans and advances	0.500	0.500
SHORT-TERM BORROWINGS
Loans repayable on demand from others	3.876	0.000
Loans and advances from directors	30.197	15.431
Total	79.273	16.631

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10565939	31/03/2015	181,500,000.00	STATE BANK OF INDIA	SME BRANCH, 687/2A,TRICHY ROAD, COIMBATORE, TAMILNADU - 641045, INDIA	C51910826
2	10509813	02/07/2014	20,000,000.00	INDIAN BANK	COIMBATORE MAIN BRANCH, 31, VARIETY HALL ROAD, COIMBATORE, TAMILNADU - 641001, INDIA	C11878295
3	10494852	26/09/2014 *	806,200,000.00	INDIAN BANK	MAIN BRANCH, V H ROAD, COIMBATORE, TAMILNADU - 641001, INDIA	C35939842
4	10369716	18/06/2012	9,375,000.00	TAMILNAD MERCANTILE BANK LTD.	COIMBATORE MAIN BRANCH, 122, BIG BAZAAR STREET, COIMBATORE, TAMINADU - 641001, INDIA	B45384070
5	10040168	13/02/2007	50,000,000.00	INDIAN BANK	MAIN BRANCH, V H ROAD, COIMBATORE, TAMILNADU - 641001, INDIA	A11146446
6	10012946	27/02/2006	522,975,000.00	INDIAN BANK	COIMBATORE MAIN, VARIETY HALL ROAD, COIMBATORE, TAMILNADU - 641001, INDIA	A00382820
7	10000039	11/02/2006	15,000,000.00	INDIA OVERSEAS BANK AND INDIAN BANK	BIG BAZAAR STREET, COIMBATORE MAIN BRANCH - IOB,  VARIETY HALL ROAD, COIMBATORE MAIN BRANCH-IB, COIMBATORE, TAMILNADU - 641001, INDIA	-
8	90005185	26/12/2014 *	405,800,000.00	INDIAN OVERSEAS BANK	MID CORPORATE (2717) BRANCH, 4/620,COIMBATORE MARKETING COMMITTEE,TRICHY ROAD, COIMBATORE, TAMILNADU - 641045, INDIA	C43023696
9	90004596	31/03/2015 *	366,700,000.00	INDIAN BANK	MAIN BRANCH, V H ROAD, COIMBATORE, TAMILNADU - 641001, INDIA	C49584980
10	90004409	02/08/2004	15,000,000.00	INDIAN OVERSEAS BANK	NO - 1218, BIG BAZAR STREET, COIMBATORE, TAMILNADU - 641001, INDIA	-
11	90004263	27/01/2004	30,000,000.00	INDIAN OER OVERSEAS BANK	BIG BAZAAR STREET, COIMBATORE, TAMILNADU - 641001, INDIA	-
12	90004023	19/01/2003	25,000,000.00	INDIAN BANK	COIMBATORE MAIN, 31; VARIETY HALL ROAD, COIMBATORE, TAMILNADU - 641001, INDIA	-
13	90003814	21/11/2001	18,500,000.00	INDIAN BANK	COIMBATORE MAIN, COIMBATORE, TAMILNADU - 641001,  INDIA	-
14	90003547	31/03/2000	8,000,000.00	INDIAN OVERSEAS BANK	BIG BAZAAR STREET, COIMBATORE, TAMILNADU - 641001, INDIA	-
15	90002884	19/03/2003 *	19,000,000.00	INDIAN OVERSEAS BANK	BIG BAZAAR STREET, COIMBATORE, TAMILNADU - 641001, INDIA	-
16	90000574	13/04/2005 *	11,475,000.00	INDIAN OVERSEAS BANK	762; ANNA SALAI, CHENNAI, TAMINADU, INDIA	-
17	90005028	13/10/1995	23,500,000.00	INDIAN OVERSEAS BANK	NO. 1218, BIG BAZAR STREET, COIMBATORE, TAMILNADU - 641001, INDIA	-
18	90005027	09/10/1995	46,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE; COLABA, MADRAS, TAMILNADU - 600035, INDIA	-
19	90002700	19/03/2003 *	400,000.00	INDIAN BANK	COIMBATORE MAIN, VARIETY HALL ROAD, COIMBATORE, TAMILNADU - 641001, INDIA	-
20	90002392	23/06/1997 *	2,000,000.00	INDIAN BANK	COIMBATORE MAIN, VARIETY HALL ROAD, COIMBATORE, TAMILNADU - 641001, INDIA	-
21	90000001	07/01/2007 *	111,500,000.00	INDIAN BANK	MAIN BRANCH, V H ROAD, COIMBATORE, TAMILNADU -  641001, INDIA	-
22	90002045	27/08/1992 *	400,000.00	INDIAN BANK	COIMBATORE MAIN, COIMBATORE, TAMILNADU, INDIA	-
23	90002041	31/12/1992 *	350,000.00	INDIAN BANK	COIMBATORE MAIN, COIMBATORE, TAMILNADU - 641001,  INDIA	-

* Date of charge modification

FIXED ASSETS:

· Buildings

· Factory Building

· Plant and Equipments

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KIN
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.