MIRA INFORM REPORT

Report No. :	329557
Report Date :	27.06.2015

IDENTIFICATION DETAILS

Name :	ARVIND LIMITED (w.e.f.14.07.2008)
Formerly Known As :	ARVIND MILLS LIMITED
Registered Office :	Naroda Road, Ahmedabad – 380025, Gujarat
Tel No. :	91-79-30138000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.06.1931
Com. Reg. No.:	04-000093
Capital Investment / Paid-up Capital :	Rs. 2582.400 Million
CIN No.: [Company Identification No.]	L17119GJ1931PLC000093
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Cotton Shirting, Denim, Knits and Bottom Weights (Khakis) Fabrics and Jeans and Shirts Garments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (70)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a one of the India’s leading vertically integrated textile companies with the presence of more than eight decades in the industry and it is among the largest denim manufacturers in the world. Subject is a well-established and reputed company having fine track record. The rating reflects wide experience of its promoters backed by strong growth potential associated with diversified brand portfolio and widespread retail distribution network. Rating also reflects Arvind’s healthy operational risk profile supported by adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view decent brand name backed by it resourceful promoter, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Commercial Paper issue = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	27.05.2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Ramnik
Designation :	Finance Controller
Contact No.:	91-79-22203030
Date :	26.06.2015

LOCATIONS

Registered Office :	Naroda Road, Ahmedabad – 380025, Gujarat, India
Tel. No.:	91-79-30138000
Fax No.:	91-79-30138671
E-Mail :	india@arvindmills.com investor@arvind.com rv.bhimani@arvind.in feedback@arvind.com
Website :	http://www.arvind.com
Factory :	Santej Road, Near Khatrej Roads Kalol, Gandhinagar – 338272, Gujarat, India
Plant Locations :	Located at: v Lifestyle Fabrics-Denim, Naroda Road, Ahmedabad - 380025, Gujarat, India v Lifestyle Fabrics - Voiles, Ankur Textiles, Outside Raipur Gate, Ahmedabad - 380022, Gujarat, India v Lifestyle Fabrics-Shirting, Khakis and Knitwear, Santej, PO Khatrej, Taluka Kalol, District Gandhinagar - 382721, Gujarat, India v Lifestyle Apparel-Knits, Santej, PO Khatrej, Taluka Kalol, District Gandhinagar - 382721, Gujarat, India v Lifestyle Apparel-Jeans, # 26/2, 27/2, Kenchenahalli, Mysore Road, Near Bangalore University, Bangalore – 560059, Karnataka, India v Lifestyle Apparel-Shirts, # 23/1, Sonnenahalli Village, Sitarampalya Cross, ITPL Road, Brookfield, Mahadevpura Post, Bangalore – 560048, Karnataka, India v Lifestyle Apparel-Shirts, # 63/9, Doddathogur Village, Electronic City Post, Bangalore – 560100, Karnataka, India v Arvind Intex, Rajpur Road, Gomtipur, Ahmedabad - 380021, Gujarat, India v Arvind Polycot, Khatrej, Taluka Kalol, District Gandhinagar - 382721, Gujarat, India v Arvind Cotspin, D-64, MIDC, Gokul Shirgaon, Tal. Karveer, Kolhapur - 416234, Maharashtra, India
Branch Offices :	Located at: v Gandhinagar v Bangalore
Overseas Offices :	Located at: v USA v Bangladesh

DIRECTORS

As on 31.03.2014

Name:	Mr. Sanjay S. Lalbhai
Designation:	Chairman and Managing Director
Name:	Mr. Jayesh K. Shah
Designation:	Director and Chief Financial Officer
Name :	Mr. Punit S. Lalbhai
Designation :	Executive Director
Name :	Mr. Kulin S. Lalbhai
Designation :	Executive Director
Name :	Mr. Sudhir Mehta
Designation :	Independent Director
Name :	Dr. Bakul Dholakia
Designation :	Independent Director
Name :	Mr. Vallabh Bhanshali
Designation :	Independent Director
Name :	Mr. Dileep C. Choksi
Designation :	Independent Director
Name :	Ms. Renuka Ramnath
Designation :	Independent Director
Name :	Mr. Prabhakar Dalal
Designation :	Nominated by Export-Import Bank of India

KEY EXECUTIVES

Name :	Mr. R.V. Bhimani
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2341906	0.91
Bodies Corporate	110616029	42.83
Sub Total	112957935	43.74
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	112957935	43.74
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	22082679	8.56
Financial Institutions / Banks	73492	0.03
Central Government / State Government(s)	500	0.00
Insurance Companies	15591817	6.04
Foreign Institutional Investors	42526826	16.48
Any Others (Specify)	963	0.00
Foreign Bank/IFCW	963	0.00
Sub Total	80276277	31.10
(2) Non-Institutions
Bodies Corporate	12711259	4.94
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	24172335	10.60
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6862711	2.67
Any Others (Specify)	17759463	6.94
NRIs/OCBs	1117970	0.50
Trusts	2203	0.00
Clearing Members	284626	0.11
Foreign Portfolio Investments Corporation	16354664	6.33
Sub Total	61505768	25.16
Total Public shareholding (B)	141782045	56.26
Total (A)+(B)	254739980	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	254739980	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Cotton Shirting, Denim, Knits and Bottom Weights (Khakis) Fabrics and Jeans and Shirts Garments.
Products :	Cotton Shirting Denim Knits and Bottom Weights (Khakis) Fabrics Jeans and Shirts Garments
Brand Names :	Arrow, US Polo, Izod, Elle, Cherokee
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

· State Bank of India

· Bank of Baroda

· UCO Bank

· State Bank of Patiala

· HDFC Bank Limited

· Standard Chartered Bank

· ICICI Bank Limited

· Export-Import Bank of India

· Axis Bank Limited

· State Bank of Hyderabad

· IDBI Bank Limited

• Canara Bank

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loans From Banks	NA	10386.500
From Financial Institutions and Others	NA	1132.300
SHORT TERM BORROWINGS
Working Capital Loans repayable on demand from Banks	NA	10058.100
Total	NA	21576.900

Auditors :
Name :	Sorab S. Engineer and Company Chartered Accountants
Address :	Ismail Building, 381, Dr. D. Naoroji Road, Fort, Mumbai – 400001, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company (As on 31.03.2014) :	v Asman Investment Limited v The Anup Engineering Limited v Arvind Lifestyle Brands Limited v Arvind Accel Limited v Syntel Telecom Limited v Arvind Infrastructure Limited v Arvind Brands and Retail Limited v Arvind Internet Limited v Arvind Envisol Private Limited v Arvind Worldwide Inc., USA v Arvind Worldwide (M) Inc., Mauritius v Arvind Overseas (M) Limited, Mauritius v Arvind Garments Park Private Limited (Formerly known as Arvind Processing Park Private Limited) v Arvind Spinning Limited, Mauritius v Arvind Textile Mills Limited, Bangladesh v Dholka Textile Park Private Limited (Formerly known as Arvind Spinning Park Private Limited) v Arvind Hebbal Homes Private Limited
Joint Venture(As on 31.03.2014) :	v Arya Omnitalk Wireless Solutions Private Limited v Tommy Hilfiger Arvind Fashions Private Limited v Arya Omnitalk Radio Trunking Services Private Limited v Arudrama Developers Private Limited
Joint Venture Subsidiary Company (As on 31.03.2014) :	v Arvind PD Composites Private Limited v Arvind Goodhill Suit Manufacturing Private Limited v Arvind Niloy Exports Private Limited, Bangladesh v Arvind OG Nonwovens Private Limited
Limited Liability Partnership (As on 31.03.2014) :	v Arvind Bsafal Homes LLP v Ahmedabad East Infrastructure LLP v Arvind Infracon LLP v Arvind Five Homes LLP v Arvind Altura LLP v Arvind Industrial Infrastructure (One) LLP v Arvind Alcove LLP v Arvind & Smart Value Homes LLP v Changodar Industrial Infrastructure (One) LLP
Company under the control of Key Managerial Personnel (As on 31.03.2014) :	v Aura Securities Private Limited v Amplus Capital Advisors Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 2582.400 Million

AFTER 30.07.2014

Authorised Capital : Rs. 6650.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 2582.431 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
565,000,000	Equity Shares	Rs. 10/- each	Rs. 5650.000 Million
10,000,000	Preference Shares	Rs. 100/- each	Rs. 1000.000 Million
	Total		Rs. 6650.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
258,177,289	Equity Shares	Rs. 10/- each	Rs. 2581.700 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
258,176,389	Equity Shares	Rs. 10/- each	Rs. 2581.700 Million
	Forfeited Shares 900 Shares [Rs. 0.005 Million]
	Total		Rs. 2581.700 Million

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	2582.400	2581.700	2580.400
(b) Reserves & Surplus	25870.400	23779.800	20414.700
(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)	28452.800	26361.500	22995.100
(3) Non-Current Liabilities
(a) long-term borrowings	11713.200	11544.600	9471.000
(b) Deferred tax liabilities (Net)	966.400	600.200	128.200
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	143.600	185.900	119.800
Total Non-current Liabilities (3)	12823.200	12330.700	9719.000
(4) Current Liabilities
(a) Short term borrowings	13315.700	10947.200	10155.400
(b) Trade payables	7217.200	7151.900	6644.800
(c) Other current liabilities	3788.200	2783.700	2453.300
(d) Short-term provisions	927.100	760.100	869.600
Total Current Liabilities (4)	25248.200	21642.900	20123.100
TOTAL	66524.200	60335.100	52837.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26958.000	24906.200	23340.100
(ii) Intangible Assets	0.000	55.800	56.500
(iii) Capital work-in-progress	0.000	723.200	2003.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8853.900	7003.300	4928.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4078.400	3506.300	2359.300
(e) Other Non-current assets	75.300	0.100	5.400
Total Non-Current Assets	39965.600	36194.900	32693.100
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10405.400	9426.100	8779.600
(c) Trade receivables	4622.700	5189.300	4424.200
(d) Cash and cash equivalents	426.400	1238.200	1506.000
(e) Short-term loans and advances	8008.800	5030.400	2502.400
(f) Other current assets	3095.300	3256.200	2931.900
Total Current Assets	26558.600	24140.200	20144.100
TOTAL	66524.200	60335.100	52837.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	52246.900	47754.800	37802.900
		Other Income	1282.500	844.400	934.600
		TOTAL (A)	53529.400	48599.200	38737.500
Less	EXPENSES
		Cost of Materials Consumed	21740.400	20965.000	16412.200
		Purchases of Stock-in-Trade	984.000	779.200	844.400
		Project Expenses	84.300	145.700	280.700
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(936.700)	(663.000)	(1660.100)
		Employees benefits expense	5710.700	5088.400	4422.200
		Other expenses	7642.500	13494.500	11636.600
		Exceptional Items	319.300	164.000	0.000
		Source Consumption	4332.600	0.000	0.000
		Foreign Exchange	(127.900)	0.000	0.000
		Power and Fuel	4545.100	0.000	0.000
		TOTAL (B)	44294.300	39973.800	31936.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9235.100	8625.400	6801.500
Less	FINANCIAL EXPENSES (D)		3200.600	2964.400	2684.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6034.500	5661.000	4117.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1258.300	1575.100	1504.900
	PROFIT BEFORE TAX (E-F) (G)		4776.200	4085.900	2612.200
Less	TAX (H)		1001.900	472.000	0.000
	PROFIT AFTER TAX (G-H) (I)		3774.300	3613.900	2612.200
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B. basis	NA	18622.900	14449.400
		Non-Compete Fees	NA	54.200	0.000
		Better Cotton Grant	NA	22.800	25.200
	TOTAL EARNINGS		NA	18699.900	14474.600
	IMPORTS
		Capital Goods	NA	490.600	929.100
		Raw Materials and Accessories	NA	2451.000	2870.500
		Dyes and Chemicals, Stores and Spares	NA	816.800	738.700
	TOTAL IMPORTS		NA	3758.400	4538.300
	Earnings Per Share (Rs.)
	Basic		14.62	14.00	10.12
	Diluted		14.61	14.00	10.12

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	1675.500	1564.800
Cash generated from operations	NA	5912.800	4809.700

QUARTERLY RESULTS

PARTICULARS	30.09.2014	31.12.2014	31.03.2015
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	12676.700	13304.600	13490.300
Total Expenditure	10736.400	11102.400	11454.900
PBIDT (Excl OI)	1940.300	2202.200	2035.400
Other Income	388.100	241.500	369.800
Operating Profit	2328.400	2443.700	2405.200
Interest	817.700	816.800	775.300
Exceptional Items	(32.700)	(24.500)	(260.400)
PBDT	1478.000	1602.400	1369.500
Depreciation	306.600	310.300	340.100
Profit Before Tax	1171.400	1292.100	1029.400
Tax	200.000	300.000	351.900
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	971.400	948.900	677.500
Extraordinary Items	0.000	0.000	0.00
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	971.400	948.900	677.500

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	7.22	7.57	6.91
Operating Profit Margin (PBIDT/Sales)	(%)	17.68	18.06	17.99
Return on Total Assets (PBT/Total Assets}	(%)	8.28	7.77	5.69
Return on Investment (ROI) (PBT/Networth)		0.17	0.15	0.11
Debt Equity Ratio (Total Debt /Networth)		0.88	0.85	0.85
Current Ratio (Current Asset/Current Liability)		1.05	1.12	1.00

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.265.95

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	2580.400	2581.700	2582.400
Reserves & Surplus	20414.700	23779.800	25870.400
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	22995.100	26361.500	28452.800
long-term borrowings	9471.000	11544.600	11713.200
Short term borrowings	10155.400	10947.200	13315.700
Total borrowings	19626.400	22491.800	25028.900
Debt/Equity ratio	0.854	0.853	0.880

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	37802.900	47754.800	52246.900
		26.326	9.407

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	37802.900	47754.800	52246.900
Profit	2612.200	3613.900	3774.300
	6.91%	7.57%	7.22%

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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 4 of 2015

Status: PENDING ( Converted from : O/ST/3204/2014) CCIN No: 001092201500004

Last Listing Date: 07/01/2015

Coram: - HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

HONOURABLE MR.JUSTICE R.P.DHOLARIA

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF CENTRAL EXCISE AND SERVICE TAX

MR RJ OZA for: Appellant(s)  1

S.NO.

Name of the Respondant

Advocate On Record

1

ARVIND LIMITED

MR DHAVAL SHAH for :Opponent(s)  1

Presented On	: 04/12/2014	Registered On	: 05/01/2015
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/ HER/ THEIR ADVOCATE	Listed	: 2 times
Stage Name	: FOR FINAL DISPOSAL
Classification	DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G
Act	CENTRAL EXCISE RULES, 1944

Other Forums

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	A/10972-10973/2014	CESTA WEST ZONAL BENCH AHMEDABAD	JUDICIAL MEMBER	13/05/2014	AHMEDABAD

Office Details

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

04/12/2014

APPEARANCE NOTE

MR RJ OZA ADVOCATE
for PETITIONER(s)  1

0

MR RJ OZA(520) for P:1

2

04/12/2014

MEMO OF PETITION/APPEAL/SUIT

MR RJ OZA ADVOCATE
for PETITIONER(s)  1

50

MR RJ OZA(520), for P:1

3

30/12/2014

ADDITIONAL FEE ON CERTIFIEDCOPY

MR RJ OZA ADVOCATE
for PETITIONER(s)  1

2

MR RJ OZA(520) for P:1

4

08/06/2015

VAKALATNAMA

MR DHAVAL SHAH ADVOCATE
for RESPONDENT(s)  1

5

MR DHAVAL SHAH(2354) for R:1

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10515334	15/07/2014	2,830,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	C16686990
2	10493707	11/03/2014	500,000,000.00	CANARA BANK	PCB, 104, JYOTI COMMERCIAL COMPLEX, NR. SHYAMAL CROSS ROADS, SATELLITE, AHMEDABAD, GUJARAT - 380015,  INDIA	C04357356
3	10482339	28/02/2014	3,830,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, COMMERCIAL BRANCH, "PARAMSIDDHI" COMPLEX,NR.MAHAKANT BLDG., ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B98398761
4	10472196	20/01/2014	3,900,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B94256500
5	10453218	06/09/2013	1,350,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B86723749
6	10429849	14/05/2013	750,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B76623339
7	10419190	22/03/2013	1,350,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, COMMERCIAL BRANCH, "PARAMSIDDHI" COMPLEX, NR.MAHAKANT BLDG., ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B73026858
8	10419216	22/03/2013	1,000,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, COMMERCIAL BRANCH, "PARAMSID  DHI"COMPLEX, NR.MAHAKANT BLDG., ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B73034290
9	10393746	29/11/2012	1,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B64792104
10	10388441	30/10/2012	250,000,000.00	ICICI BANK LIMITED	ZONAL HOUSE, 9TH FLOOR, JMC HOUSE, OPP. PARIMAL GARDEN, AMBAWADI, AHMEDABAD, GUJARAT - 380006, INDIA	B62762398
11	10381413	17/10/2012	800,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B60039781
12	10376483	17/09/2012	550,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B58096124
13	10377372	28/08/2012	1,000,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, COMMERCIAL BRANCH, "PARAMSIDDHI", NR. MAHAKANT BLDG., ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B58435439
14	10363118	08/06/2012	535,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, COMMERCIAL BRANCH, 1ST FLOOR, "PARAMSIDDHI", NR. MAHAKANT BLDG., ELLSBRIDGE,  AHMEDABAD, GUJARAT - 380006, INDIA	B42681239
15	10358930	14/05/2013 *	1,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARAS  HTRA - 400025, INDIA	B76624253
16	10333350	22/03/2013 *	400,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,  , PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARAS  HTRA - 400025, INDIA	B72430879
17	10312288	05/10/2011	700,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B23289382
18	10310959	15/07/2014 *	17,316,400,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	C19159359
19	10292233	31/05/2011	820,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B15008220
20	10292222	11/05/2011	75,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, COMMERCIAL BRANCH, 3RD FLOOR, "PARAMSIDDHI", NR. MAHAKANT BLDG., ELLSBRIDGE,  AHMEDABAD, GUJARAT - 380006, INDIA	B15004443
21	10292227	09/05/2011	500,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B15007438
22	10269521	17/02/2011	500,000,000.00	AXIS TRUSTEE SERVICES LIMITED	2ND FLOOR, E, AXIS HOUSE,BOMBAY DYEING MILLS COMP, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B06476824
23	10268862	10/02/2011	300,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	1ST FLOOR, NAVJIVAN AMRIT JAYANTI BHAVAN, NAVJIVAN P.O., AHMEDABAD, GUJARAT - 380014, INDIA	B05657176
24	10251221	16/12/2011 *	500,000,000.00	EXPORT - IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B31737703
25	10247115	28/09/2010	750,000,000.00	AXIS TRUSTEE SERVICES LIMITED	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	A97280226
26	10194926	28/12/2009	400,000,000.00	AXIS BANK LIMITED	CENTRAL OFFICE, MAKER TOWERS, "F" 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005,  INDIA	A76346972
27	10133914	10/01/2011 *	232,500,000.00	AXIS BANK LIMITED	CORPORATE OFFICE, AXIS HOUSE, 02ND FLOOR, E WING,  BOMBAY DYEING MILLS COMPOUND, P B MARG, MUMBAI, MAHARASHTRA - 400025, INDIA	B06297907
28	10126987	10/01/2011 *	400,000,000.00	AXIS BANK LIMITED	CORPORATE OFFICE, AXIS HOUSE, 02ND FLOOR, E WING,  BOMBAY DYEING MILLS COMPOUND, P B MARG, MUMBAI, MAHARASHTRA - 400025, INDIA	B06302004
29	10123879	10/01/2011 *	1,101,000,000.00	AXIS BANK LIMITED	CORPORATE OFFICE, AXIS HOUSE, 02ND FLOOR, E WING,  BOMBAY DYEING MILLS COMPOUND, P B MARG, MUMBAI, MAHARASHTRA - 400005, INDIA	B06297550
30	10119694	10/01/2011 *	500,000,000.00	AXIS BANK LIMITED	CORPORATE OFFICE, AXIS HOUSE, 02ND FLOOR, E WING,  BOMBAY DYEING MILLS COMPOUND, P B MARG, MUMBAI, MAHARASHTRA - 400025, INDIA	B06306278

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
From Financial Institutions	NA	25.800
SHORT TERM BORROWINGS
Under Buyer’s Credit Arrangement	NA	884.700
Intercorporate Deposits From Related Parties	NA	0.100
From Others	NA	4.300
Total	NA	914.900

COMPANY BACKGROUND (As on 31.03.2014)

Subject is one of the India’s leading vertically integrated textile companies with the presence of almost eight decades in this industry. It is among the largest denim manufacturers in the world. It also manufactures a range of cotton shirting, denim, knits and bottom weights (Khakis) fabrics and Jeans and Shirts Garments. Arvind, through its subsidiary company Arvind Lifestyle Brands Limited, is marketing in India the branded apparel under various brands and is also licensee in India for various international brands. The brands portfolio of the company includes International brands like Arrow, US Polo, Izod, Elle, Cherokee etc. It also operates apparel Value Retail stores MEGAMART. It also operates the specialty retail stores under the licensing arrangement with international brands of Debanhams and Next. Arvind also has the presence in Telecom business directly and through joint venture companies. Recently Arvind has made foray in to Technical Textiles on its own and in joint venture with leading global players.

OPERATIONS (As on 31.03.2014)

The macroeconomic scenario during the year was characterized by world economy continuing its downward trend on growth; as world economy further decelerated growth rate to 3.0% in 2013 compared to 3.2% in 2012. India’s economy showed some signs of recovery, albeit slow, in FY 2013-14. India’s GDP growth rate moderately increased to 4.9%, as compared to 4.5% in FY 2012-13. This was accompanied by some easing in the inflation rate. However, high interest rates, a depreciated currency and uncertainty due to general elections have led to deceleration in the economic recovery. Particularly, performance of industry sector was lackluster last year, owing to high interest cost and low investment. In the backdrop of above macro-economic scenario, the performance of the Company is highly encouraging. The Company has closed the financial year 2013-14 with 26% growth in sales and 29% growth in Operating Earnings before Interest, Depreciation and Taxes. (Operating EBITDA). PBT (excluding Exceptional Income) has shown a growth of 63% compared to the previous year.

The Company has achieved the growth across all business segments. The Revenue from Denim has increased by 22% (17% increase, ignoring the loss of volume on account of strike in the previous year). As a result of expansion in capacity and increase in price, the Woven Business registered a growth of 29% in Revenue, Voiles Business registered a growth of 21%, Knits Business registered a growth of 48% and Garments Business registered a growth of 27%.

FINANCE (As on 31.03.2014)

The Company has repaid the installments of Term Loans amounting to Rs.2280.000 Million during the current year.

The Company has also made fresh borrowings of Rs. 4470.000 Million for funding capital expenditure and other requirements. Long Term Debt of the Company stands to Rs.13220.000 Million as on 31st March, 2014.

MANAGEMENT DISCUSSION AND ANALYSIS (As on 31.03.2014)

OVERVIEW OF THE ECONOMY

In 2013, world economy continued its downward trend on growth; as world economy further decelerated growth rate to 3.0% in 2013 compared to 3.2% in 2012. India’s economy showed some signs of recovery, albeit slow, in FY 2013-14. India’s GDP growth rate moderately increased to 4.9%, as compared to 4.5% in FY 2012-13. This was accompanied by some easing in the inflation rate. However, high interest rates, a depreciated currency and uncertainty due to general elections have led to deceleration in the economic recovery. Particularly, performance of industry sector was lacklustre last year, owing to high interest cost and low investment. In August last year, currency depreciated to all-time low against US$ (Rs. 68.80 per US$). Depreciated currency, coupled with improvement in global demand particularly in the EU and the U.S., led to increase in exports growth. Total exports from India, in Rupee terms, grew by 15.8% in FY13-14 compared to last FY. This helped reduce trade deficit by 27% in this year compared to last year.

Looking ahead, the outlook for FY 2014-15 appears optimistic. Though last year started on a dismal note, the improvement in economic performance in the later half is likely to continue the momentum. While a lot will depend on the measures announced after formation of new government; resurgence in exports, reduction in inflation and deficits (trade, current and fiscal), along with global economic revival are likely to add impetus to the economy.

In FY 2014-15, India is likely to accelerate GDP growth rate to 5.5%-6.0%. The increase in growth rate is expected to be contributed majorly by the industrial sector, estimated to grow at 4% next year (up from ~1% in last FY). Unclogging of domestic policy logjam as well as improvement in private consumption demand is likely to drive the growth. Particularly, merchandise exports are expected to grow by 8%-10% in the next fiscal year, driven by global growth prospects. Though addressing supply-side constraints (e.g. in mining, power, and steel sectors) will be the key to continue this momentum and achieve the increase in growth rate.

Despite the modest expectations in the short term, the prospects of long term growth in India remain immensely strong. India’s growth model is domestic consumption-led. With level of consumption much higher than other Asian tigers (e.g. China) and quite close to developed economies (e.g. Japan), consumption is an important engine of India’s growth. Increasing consumption by burgeoning middle-class of India, along with the rising share of discretionary spend, will create a huge market opportunity for companies who have strong position in India.

INDIAN TEXTILE INDUSTRY

India is the world’s second largest producer of textiles and garments, with a massive and diverse raw material base. Due to this, Indian Textile Industry is not only of paramount importance to the national economy, it also has an influential presence in global market.

In India, textile and clothing industry contributes nearly 4% of India’s GDP, 12% of total industrial production and 11% of total exports of goods. Textile Industry provides direct employment to 35 million and indirect employment to 45 million, which makes it the 2nd largest employment provider in the country after Agriculture.

Globally, India has the 2nd largest textile manufacturing capacity, in terms of spindles and looms. India is the 4th largest exporter of textiles and clothing products to the world, with a share of 4.4% in the global trade. Over last 10 years, exports of textiles and clothing products from India have grown at more than 11% p.a., which increased the share in global trade from 3% to 4.4% between 2003 and 2012.

Indian textiles industry has a strong presence across the value chain. The fundamental strength of this industry flows from its strong production base of wide range of fibres / yarns from natural fibres like cotton, jute, silk and wool to synthetic /man-made fibres like polyester, viscose, nylon and acrylic. Globally, India is the largest producer of Jute fibre, and 2nd largest producer of cotton, silk, cellulosic and synthetic fibres.

The Indian textile industry is set for strong growth, buoyed by both strong domestic consumption as well as export demand. The total Indian textile industry size, including readymade garments, was estimated to be Rs.4.7 lakh Crores (nearly USD 87 Bn) in 2012, of which apparel had a share of 69% of the overall market and textiles contributed the remaining 31%. The sector is projected to grow over the next 10 years at a CAGR of 9-10%, to reach Rs. 10 lakh Crores (nearly USD 200 billion) by 2020.

The exports of textile and clothing products, accounts for about 35% of the total textiles sector in India. Exports will continue to play a pivotal role in driving future growth of this sector. Global trade in textiles and clothing is expected to see a strong growth, from current US$ 750 Bn in 2012 to reach nearly US$ 1,150 by 2020. This will create an incremental global demand of US$ 400 Bn primarily driven by the increasing global consumption, continued shift of production base from developed to developing economies and also value growth from inflation.

India is poised to be a strong contender to grab a share in the growing pie of global trade. The cost competitiveness of India, as compared to some of the other exporting countries in Asia (e.g. China) has improved

over recent years. Availability of key inputs, i.e. abundant supply of fibres, industrial workforce and young demographic are favouring India. These advantages combined with entrepreneurial ability and capability to build infrastructure will be key success factors for India’s rise in global trade.

COTTON

For the current cotton season (Oct ’13 to Sep ’14), the Cotton Advisory Board has projected cotton production at 375 lakh bales (of 170kgs each) from 116 lakh hectare area. It is estimated that the yields will improve by ~7% this year, compared to the last year when 365 lakh bales production came from 120 lakh hectare area. The exports of cotton are strong this year, and have already crossed 94 lakh bales in first 6 months of Oct-Sep season.

Global production of cotton, as per estimates from International Cotton Advisory Committee, is projected to decline to 25.73 million tons compared to estimated production of 26.83 million tons last year.

India is the second largest producer of cotton, with a small gap from the leader China. India exports about ~90-100 lakh bales (approx. 1/4th of production), mainly to neighbouring countries China, Bangladesh and Pakistan. During 2012-13, the exports to Bangladesh increased significantly by approx. +60% compared to the year 2011-12, driven by growth in Bangladesh’s readymade garment exports.

Outlook on cotton prices this year are expected to be influenced by factors beyond just the production in India. Other factors that are likely to impact prices are – China’s policy, global weather and INR exchange rate. The biggest factor is expected to be Chinese policy. If China pushes to get rid of its huge stockpile (~60% of global stock), it could further cut reserve prices and hence limit the demand of imported cotton. This may result in downside on the prices later in the year. On the other hand, US and China reported less than optimal weather conditions in the beginning of the year, which creates some uncertainty towards eventual global production. The weather risk might push the prices on upside. Currency is also expected also play a significant role this year. In the scenario that INR appreciates further against USD, it will put pressure on India’s exports of both cotton as well as cotton yarn.

TEXTILE OUTLOOK

In the mid-long term, the Indian textile industry is expected to grow very strongly with growth being balanced from both domestic consumption as well as exports demand. In the near-term, domestic demand would depend on the revival of the macro-economic factors. On exports front, there are both positive and negative factors. Positive factors include the weak currency and decreasing cost competitiveness of China that are likely to give positive impetus to the Indian exports. At the same time, factors like slowdown and uncertainty in the global markets, volatile foreign exchange rates and increase in cotton and yarn prices are likely to negatively affect growth and profitability for the textile exports.

The company is looking grow selectively in high value added segments within textiles, for maximum capital efficiency as well as de-risked business model. It is moving steadily towards a verticalized setup of fabrics along with garmenting, which offers much better returns profile along with more robust business model.

BUSINESS REVIEW AND DEVELOPMENTS (As on 31.03.2014)

DENIM

Denim business achieved 18% growth in volume at 105 mn. mtrs, highest ever volume in last decade. The average price realization per mtr also grew by 6%. Driven by both increase in volume as well as selling price the Revenue grew by 22%. The growth is driven by both domestic as well as export markets.

WOVEN FABRICS

Woven Fabrics business achieved 19% growth in volume at 103 mn. mtrs, highest ever volume. The average price realization per mtr also grew by 8%. Driven by both increase in volume as well as selling price the Revenue grew by 26%. The growth is driven by domestic market which grew by 23%.

GARMENTS

Garments which is part of Arvind’s verticalisation strategy, is now on growth momentum. During the year, Garments business has registered growth in Revenue of 33% driven by volume growth of 23%. The company manufactures Jeans, Shirts and Knitted garments at its Garments plants situated in and around the city of Bangalore. The Company has set-up plant for manufacturing Suits through joint venture company Arvind Goodhill Suit Manufacturing Private Limited.

OUTLOOK

The Company is now at an inflection point with potential break-out growth in Brands and Retail business and strong growth in Textile business led by Woven fabrics and vertical model of Garmenting. While the margins in Textile business are expected to be maintained at present level, they are sensitive to currency fluctuations. Brands and Retail business is expected to witness margin expansion.

With strong portfolio of foreign and domestic brands, the Company is now poised to lead the branded apparels space in India. While with brands like ARROW, USPA, Tommy Hilfiger, CK, Nautika, Flying Machine etc. Arvind will dominate menswear category, it is building meaningful presence in Kids, Innerwear and Women category. With successful re-positioning of Megamart as Value Retail format, it will not only drive the growth but will lead to margin expansion too.

Under the above scenario, the Company is expecting revenue growth of about 22-24% for the year 2014-15. The Textiles business may achieve growth of around 15%, whereas Brands and Retail business may clock growth in excess of 30%.

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
(a) Bills Discounted		1517.200
(b) Claims against the Company not acknowledged as debts		83.800
(c) Guarantees given by the Banks on behalf of the Company		654.100
(d) Guarantees given by the Company to Banks on behalf of Subsidiaries/ Joint Ventures		5333.100
(e) Disputed Demands in respect of Excise/Custom Duty		337.100
Sales Tax		203.700
Income Tax		47.900
Service Tax	NA	7.000
NOTE: Future cash outflows in respect of (e) above are determinable only on receipt of judgements/ decisions pending with various forums/ authorities.

FIXED ASSETS:

Tangible Assets

v Leasehold Land

v Freehold Land

v Building

v Plant and Machinery

v Furniture and Fixtures

v Office Equipments

v Leasehold Improvements

v Vehicles

Intangible Assets

v Patent and Technical Knowhow

v Computer Software

PRESS RELEASE

Arvind Q4 Revenue up by 8% at Rs. 20410.000 Million

Profit after tax (before exceptional items) up by 3% at Rs. 970.000 Million

Ahmedabad, May 14, 2015:

Arvind Limited, one of the largest integrated textile and branded apparel players has recorded growth in the consolidate revenue by 8% at Rs. 2041 Million for the quarter ended 31st March 2015, as against Rs.18820.000 Million in the corresponding quarter of the previous year. Consolidated EBIDTA is up by 8% at Rs.2600.000 Million as against Rs.2390.000 Million in the corresponding quarter of the previous year. Profit after tax (before exceptional items) grew by 3% to Rs. 970.000 Million as compared to Rs. 94 Million in the corresponding quarter for the last year. Profit After Tax after providing for Exceptional Items amounting to Rs. 480.000 Million (Rs. 260.000 Million for retrenchment of workers and Rs. 220.000 Million for settlement of legal dispute of USPA brand with Polo Ralph Lauren) is Rs. 490.000 Million.

For the financial year, the company reported 14% growth in revenue and 11% growth in Operating Profit (EBIDTA). Revenue for the year stood at Rs. 78510.000 Million as against Rs. 68620.000 Million for the previous year. Net Profit After tax from ordinary activity (before exceptional item) grew by 7% at Rs. 3950.000 Million compared to Rs. 3700.000 Million in the previous financial year. At the operating level, consolidated EBIDTA for the year ended 31st March 2015, grew by 11% at Rs.10130.000 Million as against Rs. 9110.000 Million for the previous year. Profit After Tax after providing for Exceptional Items amounting to Rs. 540.000 Million ( Rs. 290.000 Million for retrenchment of workers, Rs. 220.000 Million for settlement of legal dispute of USPA brand with Polo Ralph Lauren and Rs. 30.000 Million for Deferred Electricity Duty) is Rs. 3410.000 Million.

The Board of Directors have recommended dividend of 25.5% for the year 2014-15 as against 23.5% for the previous year.

Commenting on the results as well as outlook of the Company, Mr. Jayesh Shah, Director and Chief Financial Officer said: “The company is continuing to pursue its strategy of driving growth through Brands & Retail business which grew by 23% under challenging macro level situation where in consumer spending had slowed down. The company has built strong portfolio of foreign brands that straddles consumer segments across price points and capable of providing significant growth impetus for next few years. While Textile business grew by 6% in year 2014- 15, the company is driving future growth by expanding the Garmenting capacities. For next year the company is expecting revenue growth of around 15%-18% once again led by over 25% growth in its Brands and Retail segment”

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. 63.60
UK Pound	1	Rs. 100.09
Euro	1	Rs.71.23

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		68

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.