MIRA INFORM REPORT

Report No. :	312046
Report Date :	13.03.2015

IDENTIFICATION DETAILS

Name :	ZODIAC CLOTHING COMPANY LIMITED
Formerly Known As :	ZODIAC CLOTHING COMPANY PRIVATE LIMITED
Registered Office :	Nyloc House, 254, D-2, Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.06.1984
Com. Reg. No.:	11-033143
Capital Investment / Paid-up Capital :	Rs. 193.900 Million
CIN No.: [Company Identification No.]	L17100MH1984PLC033143
TAN No.: [Tax Deduction & Collection Account No.]	MUMZ01061E / MUMZ00986G
PAN No.: [Permanent Account No.]	AAACZ0151A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and selling of Clothing and Clothing Accessories.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position of the company is sound. Company is performing well. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Short Term : A1+
Rating Explanation	Strongest degree of safety and carry lowest credit risk.
Date	March 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Aneel Saraf
Designation :	Chief Financial Officer
Contact No.:	91-22-66677000
Date :	11.03.2015

LOCATIONS

Registered Office :	Nyloc House, 254, D-2, Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-66677000
Fax No.:	91-22-66677279
E-Mail :	contactus@zodiacmtc.com estore@zodiacmtc.com investordesk@zodiacmtc.com cosecy@zodiacmtc.com rpan@zodiacmtc.com
Website :	http://www.zodiaconline.com
Factories :	Located at: 1) Yelahanka, Bangalore – 560063, Karnataka, India 2) Whitefield Road, Bangalore - 560048, Karnataka, India 3) Koramangala, Bangalore - 560095, Karnataka, India 4) Bommasandra, Bangalore - 560099, Karnataka, India 5) A-1, 181/1, GIDC, Umbergaon, Valsad - 396171, Gujarat, India 6) C-2/7, GIDC Industrial Area, Umbergaon, Valsad - 396171, Gujarat, India 7) Plot No. 411, GIDC, Umbergaon, Valsad - 396171, Gujarat, India 8) Shed No. A/2/507, GIDC Industrial Area, Umbergaon, Valsad - 396171, Gujarat, India 9) A to Z Industrial Premises Cooperative Society Limited, Lower Parel, Mumbai – 400013, Maharashtra, India

DIRECTORS

As on: 31.03.2014

Name :	Mr. Mohamed Yusuf Noorani
Designation :	Chairman
Address :	Belmont 37D, Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	09.06.1929
Qualification :	Matriculate
Date of Appointment :	14.06.1984
PAN No.:	AAAPN8713B
DIN No.:	00041608
Name :	Mr. Anees Yusuf Noorani
Designation :	Vice Chairman and Managing Director
Address :	Belmont 37D, Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	11.12.1950
Qualification :	B.Com, AMP (Harvard Business School)
Experience :	44 Years
Date of Appointment :	14.06.1984
PAN No.:	AAAPN8717F
DIN No.:	00041686
Name :	Mr. Salman Yusuf Noorani
Designation :	Managing Director and President
Address :	Belmont 37D, Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	15.03.1963
Qualification :	B. Com
Experience :	31 Years
Date of Appointment :	14.05.1993
PAN No.:	AAAPN8714G
DIN No.:	00068423
Name :	Mr. Yogendra Premkrishna Trivedi
Designation :	Director
Address :	“Ministry Manor”, 62 A Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	06.01.1929
Qualification :	B.Com, LL.B, Doctorate in Law
Date of Appointment :	29.01.2000
DIN No.:	00001879
Name :	Mr. Madhav Laxman Apte
Designation :	Director
Address :	24/B, Woodland Apartment, 67 Peddar Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	05.10.1932
Qualification :	B.A.
Date of Appointment :	01.02.1994
Voter ID No.:	MT/04/024/249290
DIN No.:	00003656
Name :	Mr. Susim Mukul Datta
Designation :	Director
Address :	104B, Bakhtawar Lower Colaba Road, Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	01.07.1936
Qualification :	Honours Graduate in Chemistry ,Post-Graduate in Science & Technology, Chartered Engineer,Fellow of the Institution of Engineers [India], Fellow of the Indian Institute of Chemical Engineers, Hon. Fellow of All-India Management Association
Date of Appointment :	25.06.1996
DIN No.:	00032812
Name :	Mr. Subramaniam Ramachandran Iyer
Designation :	Director
Address :	R 3 Rao mansion, 17A Cross, 8^th Main, Malleshwaram, Bangalore – 560055, Karnataka, India
Date of Birth/Age :	28.05.1940
Qualification :	B.Sc., C.A.I. I.B.
Date of Appointment :	22.06.2002
Voter ID No.:	MT/04/019/282280
DIN No.:	00580437
Name :	Mr. Bernhard Alfons Steinrucke
Designation :	Director
Address :	Flat No. 3, 1^st Floor, Breach Candy House, 68 B.D. Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	29.06.1955
Qualification :	Studied Law and Economics in Vienna, Bonn, Geneva and Heidelberg. Obtained a Law Degree from the University of Heidelberg in 1980 (Honours Degree). Special exam in Tax
Date of Appointment :	28.11.1997
DIN No.:	01122939
Name :	Mr. Heinrich Dietrich Dieckmann
Designation :	Director
Address :	37-A, Lyngsber Strasse 53177 Bonn Germany
Date of Birth/Age :	19.05.1935
Qualification :	Retired German Diplomat
Date of Appointment :	30.09.2003
DIN No.:	01596834
Name :	Mr. Deepak Shantilal Parekh
Designation :	Alternate director
Address :	9/B, Darbhanga Mansion, 12, Carmichael Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	18.10.1944
Qualification :	B.Com, FCA (England and Wales)
Date of Appointment :	30.08.2012
DIN No.:	00009078

KEY EXECUTIVES

Name :	Mr. Aneel Saraf
Designation :	Chief Financial Officer
Name :	Mr. Kumar Iyer
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2014

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2691289	13.85
Bodies Corporate	2317734	11.92
Sub Total	5009023	25.77
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	281325	1.45
Bodies Corporate	6309764	32.46
Sub Total	6591089	33.91
Total shareholding of Promoter and Promoter Group (A)	11600112	59.68
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	112	0.00
Foreign Institutional Investors	1874009	9.64
Sub Total	1874121	9.64
(2) Non-Institutions
Bodies Corporate	1290093	6.64
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	860505	4.43
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3281738	16.88
Any Others (Specify)	529554	2.72
Non Resident Indians	529046	2.72
Trusts	104	0.00
Clearing Members	404	0.00
Sub Total	5961890	30.67
Total Public shareholding (B)	7836011	40.32
Total (A)+(B)	19436123	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	19436123	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group:

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Euro Global Holdings Private Limited	31,54,882	16.23
2	Asia Tangible Investments Private Limited	31,54,882	16.23
3	Mohamed Yusuf Noorani	24,11,482	12.41
4	Miraj Marketing Company LLP	23,07,609	11.87
5	Kewal K Seth	2,81,250	1.45
6	Mohammed Y Noorani	2,32,875	1.20
7	Mohamed Anees Noorani	24,065	0.12
8	Salman Yusuf Noorani	13,334	0.07
9	Miraj Marketing Company LLP	10,125	0.05
10	Mohamed Yusuf Noorani	8,334	0.04
11	Mohamed Yusuf Noorani	607	0.00
12	Zehra Salman Noorani	367	0.00
13	Awais Anees Noorani	75	0.00
14	Musaed Anees Noorani	75	0.00
15	Saniyya Anees Noorani	75	0.00
16	Muna Anees Noorani	75	0.00
	Total	1,16,00,112	59.68

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares:

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Akash Bhansali	2025000	10.42
2	Pari Washington Company Private Limited A/c Pari Washington India Master Fund Limited	1168087	6.01
3	M3 Investment Private Limited	716208	3.68
4	East Sail	692422	3.56
5	Husain Sultan Ali Nensey	496792	2.56
6	Nemish S Shah	405124	2.08
	Total	5503633	28.32

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company:

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Akash Bhansali	2025000	10.42
2	Pari Washington Company Private Limited A/c Pari Washington India Master Fund Limited	1168087	6.01
	Total	3193087	16.43

BUSINESS DETAILS

Line of Business :

Manufacturing and selling of Clothing and Clothing Accessories.

Products :

ITC Code No.	Product Descriptions
62052000	Mens Shirt

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

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 :	Not Divulged
Remark:	Not Divulged

Customers :

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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• Citi Bank N.A.
• Citi Bank Centre, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

• HDFC Bank Limited, Trade World, A Wing, Kamala Mills Compound, Lower Parel, Mumbai - 400013, Maharashtra, India

• First Rand Bank Limited, TCG Financial Centre, 5th Floor, C-53, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

• The Hongkong and Shanghai Banking Corporation Limited, 52/60 Mahatma Gandhi Road, Fort, Mumbai - 400 001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	0.580
SHORT TERM BORROWINGS
Working capital loans from banks	415.527	323.553
Total	415.527	324.133

Solicitors :	· A.H. Parpia and Company 203/204, Prabhat House, 2nd Floor, 92, S.V. Road, Khar (West), Mumbai – 400052, Maharashtra, India AZB and Partners, 24th Floor, Express Towers, Nariman Point, Mumbai - 400 021, Maharashtra, India
Statutory Auditors :
Name :	Deloitte Haskins And Sells Chartered Accountants
Address :	Tower 3, 27th -32nd Floor, India Bulls Finance Centre, Elphinstone Mills Compound Senapati Bapat Marg, Elphinstone (W) Mumbai - 400 013, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Marshal Enterprises · Zodiac Metropolitan Clothing GMBH · Onward LLC · Metropolitan Trading Company · Mustang Manufacturing Company · Munraz Enterprises · Montage Corporation · Miraj Marketing LLP · Asia Tangible Investments Pte Limited · Euro Global Holdings Pte Limited
Subsidiary company :	· Zodiac Clothing Company (UAE) LLC · Zodiac Finsec And Holdings Limited [U28129MH1993PLC071999] · Zodiac Clothing Company SA · Zodiac Clothing Company INC · Zodiac Properties Limited

CAPITAL STRUCTURE

After as on: 12.08.2014

Authorized Capital: Rs. 300.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 195.112 Million

As on 31.03.2014

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs. 10/- each	Rs. 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,389,998	Equity Shares	Rs. 10/- each	Rs. 193.900 Million

Notes:

(Rights, Preferences and Restrictions attached to equity shares:

• Right to receive dividend as may be approved by the Board of Directors / Annual General Meeting.
• The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in terms of the provisions of the Companies Act, 1956.
• Every member of the Company holding equity shares has a right to attend the General Meeting of the Company and has a right to speak and on a show of hands, has one vote if he is present and on a poll shall have the right to vote in proportion to his share of the paid-up capital of the Company.

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particular	No. of share	Amount
Opening Balance	19389998	Rs. 193.900 Million
ESOP	-
Closing Balance	19389998	Rs. 193.900 Million

Details of shares held by each shareholder holding more than 5% shares:

Name of shareholder	No. of share	%
Asia Tangible Investments Private Limited	3154882	16.27
Euro Global Holdings Private Limited	3154882	16.27
Miraj Marketing Company LLP	2317734	11.95
Mohammed Yusuf Noorani *	2583805	13.33
Akash Bhanshali	2025000	10.44
Pari Washington Company Private Limited. A\ C Pari Washington India Master Fund, Limited	1108087	5.71

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	193.900	193.900	192.703
(b) Reserves & Surplus	1567.547	1503.996	1,452.391
(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)	1761.447	1697.896	1,645.094
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.580	2.900
(b) Deferred tax liabilities (Net)	46.224	37.970	29.334
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9.480	9.902	8.621
Total Non-current Liabilities (3)	55.704	48.452	40.855
(4) Current Liabilities
(a) Short term borrowings	415.538	444.161	466.450
(b) Trade payables	353.711	289.372	243.217
(c) Other current liabilities	134.307	117.645	119.123
(d) Short-term provisions	136.688	67.082	68.009
Total Current Liabilities (4)	1040.244	918.260	896.799
TOTAL	2857.395	2664.608	2,582.748
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	855.268	818.166	623.085
(ii) Intangible Assets	14.841	17.693	12.723
(iii) Capital work-in-progress	32.977	13.890	192.489
(iv) Intangible assets under development	4.585	3.764	6.097
(b) Non-current Investments	138.540	113.540	113.540
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	301.874	279.235	253.524
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1348.085	1246.288	1,201.458
(2) Current assets
(a) Current investments	104.769	139.643	71.520
(b) Inventories	724.060	695.444	704.334
(c) Trade receivables	323.224	270.652	184.608
(d) Cash and cash equivalents	28.543	29.592	86.976
(e) Short-term loans and advances	328.714	282.989	333.363
(f) Other current assets	0.000	0.000	0.489
Total Current Assets	1509.310	1418.320	1,381.290
TOTAL	2857.395	2664.608	2,582.748

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	3485.077	3076.293	3,080.759
		Other Income	66.282	78.025	82.515
		TOTAL	3551.359	3154.318	3,163.274
Less	EXPENSES
		Cost of Materials Consumed	1296.034	1132.273	1,175.693
		Purchases of Stock-in-Trade	180.835	178.582	199.341
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.161)	29.517	(82.745)
		Employees benefits expense	546.356	514.552	544.096
		Other expenses	1207.119	1047.602	1,120.280
		TOTAL	3226.183	2902.526	2,956.665
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		325.176	251.792	206.609
Less	FINANCIAL EXPENSES		21.654	16.254	12.364
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		303.522	235.538	194.245
Less/ Add	DEPRECIATION/ AMORTISATION		81.838	78.358	62.749
	EXCEPTIONAL ITEM		0.000	2.587	8.936
	PROFIT BEFORE TAX		221.684	159.767	140.432
Less	TAX		72.418	49.237	30.591
	PROFIT AFTER TAX		149.266	110.530	109.841
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1025.760	1003.661	968.882
Add	Excess provision for tax on dividend for the previous year written back		3.327	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve		15.300	12.500	11.000
	Interim dividend		0.000	29.086	19.270
	Final Dividend proposed to be distributed to equity		87.255	38.780	38.540
	Tax on dividend		14.829	8.065	6.252
	Total		117.384	88.431	75.062
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1488.543	1329.818	1354.578
		Royalty Income	12.046	10.462	14.150
		Other Earnings	61.927	48.673	31.463
	TOTAL EARNINGS			1388.953	1400.191
	IMPORTS
		Raw Materials	479.317	405.542	371.832
		Stores & Spares	2.840	0.643	1.627
		Capital Goods	13.945	7.057	7.030
		Traded Goods	63.453	64.052	38.717
	TOTAL IMPORTS		559.555	477.294	419.206
	Earnings Per Share (Rs.)
	Basic		7.70	5.74	5.71
	Diluted		7.70	5.74	5.69

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014	31.12.2014
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Revenue	831.800	800.400	777.700
Other Income	26.200	73.900	10.900
Total Income	858.000	874.300	788.600
Expenditure	(791.400)	(798.100)	(755.000)
Interest	(3.900)	(4.500)	(7.100)
PBDT	62.700	71.700	26.500
Depreciation	(40.200)	2.600	(22.400)
PBT	22.500	74.300	4.100
Tax	(7.700)	(12.800)	(1.800)
Net Profit	14.800	61.500	2.300

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.28	3.59	3.57
Operating Profit Margin (PBIDT/Sales)	(%)	9.33	8.18	6.71
Return on Total Assets (PBT/Total Assets}	(%)	8.27	6.31	6.18
Return on Investment (ROI) (PBT/Networth)		0.13	0.09	0.09
Debt Equity Ratio (Total Debt /Networth)		0.24	0.26	0.29
Current Ratio (Current Asset/Current Liability)		1.45	1.54	1.54

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	192.703	193.900	193.900
Reserves & Surplus	1452.391	1503.996	1567.547
Net worth	1645.094	1697.896	1761.447
long-term borrowings	2.900	0.580	0.000
Short term borrowings	466.450	444.161	415.538
Total borrowings	469.350	444.741	415.538
Debt/Equity ratio	0.285	0.262	0.236

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	3080.759	3076.293	3485.077
		(0.145)	13.288

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	3080.759	3076.293	3485.077
Profit	109.841	110.530	149.266
	3.57%	3.59%	4.28%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Million)
Current maturities of long-term debt	0.580	2.320	2.320
Total	0.580	2.320	2.320

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Working capital loans from banks	0.011	120.608
Total	0.011	120.608

CHANGE OF ADDRESS:

The Registered office of the company has been shifted from 10/76 Apte Properties Opposite Dr. E Moses Road, Worli, Mumbai - 400018, Maharashtra, India to the present address w.e.f.18.06.2012.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10531384	27/10/2014	50,000,000.00	CITI BANK N.A.	FIRST INTERNATIONAL FINANCIAL CENTRE (FIFC), C-54 and 55, G- BLOCK, BKC, BANDRA (E),, MUMBAI- 400051, MAHARASHTRA, INDIA	C33665258
2	10469164	02/01/2014	200,000,000.00	FIRSTRAND BANK LIMITED	TCG FINANCIAL CENTRE PLOT NO C 53 G BLOCK, BANDRA KURLA COMPLEX, MUMBAI- 400051, MAHARASHTRA, INDIA	B93134468
3	10164380	04/06/2009	10,000,000.00	CITIBANK N. A.	CITIGROUP CENTRE, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI- 400051, MAHARASHTRA, INDIA	A64849631
4	10012549	19/06/2006	45,000,000.00	CITIBANK N. A.	CITIGROUP CENTRE,, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI- 400051, MAHARASHTRA, INDIA	A02931194
5	90242742	20/07/2005	20,000,000.00	CITI BANK	BANDRA, MUMBAI, MAHARASHTRA, INDIA	-
6	90242646	18/02/2005	162,500,000.00	DENA BANK	CUFFER, MUMBAI, MAHARASHTRA, INDIA	-
7	80056037	11/08/2014 *	400,000,000.00	CITI BANK N.A.	FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E), MUMBAI- 400051, MAHARASHTRA, INDIA	C24861858
8	90367170	25/02/1996 *	42,500,000.00	DENA BANK	CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA	-
9	90231829	12/04/2001 *	20,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, CUFFE PARADE, MUMBAI- 400005, MAHARASHTRA, INDIA	-
10	90241989	23/12/2004 *	20,000,000.00	DENA BANK	CUFFER, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in Million)

PARTICULARS	31.03.2014
Guarantee issued by the Banks and counter guaranteed by the Company	3.560
Foreign letters of Credits opened by Bank and counter guaranteed by the Company	26.328
Foreign bills / Letters of Credit discounted with Bank	0.445
Disputed demand not provided for in respect of:	102.477
Claims against the Company not acknowledged as debts:	0.129
Total	132.939

BUSINESS:

Operational Revenue and Profits – During the financial year ended 31st March 2014, the operational revenue of the company on a Standalone basis increased to Rs. 3490.600 million from Rs. 3158.400 million (Net of Excise duty for both years to Rs. 3485.100 million from Rs. 3076.300 million, i.e. an increase of Rs. 408.800 million i.e. 13.28%) Profit Before Tax was Rs. 221.700 million vs. Rs.159.800 million in the previous year, while the net Profit After Tax for the financial year ended 31st March 2014 was Rs. 149.300 million vs. Rs.110.500 million in the previous year.

OPERATIONAL REVENUE AND PROFITS:

They are pleased to inform you that during the financial year ended 31st March 2014, the operational revenue grew from Rs.3076.300 million to Rs.3485.100 million, an increase of 13.29%. The Profit Before Tax was Rs. 221.700 million vs Rs. 159.800 million, and the Profit After Tax was Rs.149.300 million vs Rs. 110.600 million, all of which show a healthy increase. This is despite higher provision for Tax (Rs.72.400 million vs Rs. 49.200 million). The position on a consolidated basis shows similar improvement. The interest cost rose marginally as a percentage of revenue from 0.53% to 0.66%, largely because the company’s policy is to hedge all its Forex borrowings (that are not related to exports), the cost of which rose in tandem with the rates of interest prevalent in certain assumptions and expectations of future events. Actual results could, however, differ materially from those express or implied. Important factors that could make a difference to the company’s operation include global demand-supply conditions, finished goods prices, raw materials cost and availability, changes in Government regulations and tax structure, economic development within India and the countries with which India. When compared to most listed companies it is significantly lower.

MANAGEMENT DISCUSSION AND ANALYSIS:

OVERVIEW:

Because of the economic, political and social turbulence during the year, the demand situation for the branded clothing industry in India continued to be most volatile, with the first two quarters showing healthy growth; however, the third and fourth quarters showed large swings, resulting in the year ending with double-digit growth, which could otherwise have been even higher.

The industry continues to be in distress due to inventories built in anticipation of the growth witnessed in the first two quarters continuing, or increasing further during the festive season, which did not hold true to promise Because of this, the industry had to continue its policy of luring customers with freebies, discounting, etc. Those companies who lured customers thus, were able to show slightly higher growth than the brands from the House of Zodiac, which does not discount/offer freebies or soft terms, because they believe the consumer will spend on brands which fulfill his aspirations.

Projections by several respected entities show that the consumer sentiment is poised to turn positive due to there being a stable Government strongly committed to address the country’s problems, particularly the economic malaise. More decisiveness in Government policy formulation, as well as greater efficiency in its execution would work wonders. With the Current Account Deficit and Fiscal Deficit having fallen from their alarming levels, hopefully the new Government would be able to consolidate these gains further. There is widespread anticipation of a revival of demand due to the “feel good” factor, which would trigger the cycle of higher growth in investment, manufacturing, etc., resulting in the return to sustained, balanced growth in the country’s GDP.

The evolution of organized retail in India, notwithstanding the open position with regard to 100% FDI in multiband retail, continue apace. There is a consequential impact of this on independent retailers as well, some of whom are turning increasingly professional in their approach.

For the branded business to grow at a healthy pace (it seems as though consumer demand could be unleashed in the near future) will need even stronger growth in organized retail, which can happen only with the availability of real estate at international pricing on commercially fair terms, which is not the case today. Besides, there is an unhealthy, growing trend with most mall developers to reserve their ground floor shops for so called “foreign” brands, (some of which are fifth rate) and relegate Indian brands to locations on higher floors where only 40% of the consumers entering the mall reach. Often, commercial terms also are heavily slanted in favor of foreign brands. It is indeed a national shame that Indian brands are being treated in this unfair manner, which needs immediate corrective action.

GST, which is eagerly awaited across industries has yet to be rolled out.

Internationally, in the largest single market, i.e. the EU, there are early signs of small improvement, though this has yet to gain momentum. The UK seems to be, along with Germany, on a more strident path to recovery. In the

US, contrary to the rhetoric one encounters in the media, the market is stable with nominal growth in retail sales.

Some of India’s competitor countries in clothing export viz. Bangladesh, Vietnam, Myanmar, as well as China, have been under pressure for varying reasons. In Bangladesh the several accidents of 2013 established that on safety requirements Bangladesh has been thoroughly negligent, besides not being compliant with other standards required by international buyers. There was labor unrest due to this, as well as due to their struggle for higher wages (which were eventually increased in November 2013 to US$ 60/- per month from US$ 33/- per month). Similarly, there has been labor unrest in Myanmar for a living wage. In Vietnam, because of problems with China over disputed territorial waters in the south China Sea, several Chinese-owned factories were destroyed in the resultant protests in Vietnam. The situation in China continues in the direction of diversion of production increasingly to their internal market, and paucity of workers willing to work in the industry. All this, coupled with the relatively weaker Rupee (which ended the financial year a tad below `60/- per US$), has driven the importing countries to turn to India for stability, compliant production facilities and dependable deliveries.

The export of clothing from India ended the year at US$ 14.7 billion, i.e. growth of approximately 8%. The other encouraging trend was that the dominance of the EU and the US in the import of clothing from India has been diluted considerably, with India’s exports to other markets having increased notably as a share of pie. India achieved 3.7% of world trade of clothing during the financial year.

The export of clothing from India, even if it grew at a conservative pace of 15% CAGR, could cross over US$ 60 billion within the next decade. In fact, with a stable Government in place, if India’s weaknesses are addressed swiftly, and the strengths the country has are unleashed, the export could grow at a faster rate of CAGR than 15% and perhaps, even cross US$ 100 billion in the next decade. This, of course, will require Government and industry to work in unison to sharpen India’s competitiveness.

Some of the benefits Bangladesh enjoys are preferential tariffs, ease of import of raw material (i.e. fabric and accessories) with no licensing, fast track custom clearance, no obligation to show voluminous proof at multiple points that the raw materials imported have, in fact, been converted into clothing and exported, no levy of taxes like octopi, sales tax, excise duty (which, in India, are never fully reimbursed by duty drawback, which also is paid with huge delays and often not paid in full); higher productivity, simple labor laws (often woefully inadequate) and no perverse/draconian enforcement of laws by rent-seeking officialdom: industry-friendly project licensing with swift single point clearances (Bangladesh ranks higher than India in the Ease of Doing Business Index (World Bank-June 2013), cost of funds at international pricing available on tap and not adding to the complexity of multiple laws by introduction of laws, which are not fully thought out(like the Companies Act, 2013 in India). In India, a lot of these can be addressed forthwith, while rectifying infrastructural disabilities would take a little longer. The industry will also need Government policy to be announced well in time, as clothing sales contracts are signed several months forward.

While exchange rates can largely be hedged forward, delays in renewal of Special Focus Market Scheme and Market-Linked Focus Product Scrip (which lapsed at the close of the financial year and have not yet been renewed), are highly detrimental. Meanwhile, the Rupee has strengthened and an early announcement of the continuance of this Scheme is vital to see that the momentum gained in recent months is not lost.

INDUSTRY STRUCTURE AND DEVELOPMENT:

While the situation in the two large markets is yet to offer the possibility of substantial growth, India has gained by virtue of market share conceded by competing countries in those markets. While the industry has captured some of the opportunities presented by new markets such as the Middle East and Latin America, only a small beginning has been made. India needs to consolidate its feeble gains into a truly dominant position, as had been achieved by China a decade ago. There is no other country in the world (besides India and China), which has the complete textile chain from fiber to fashion, and this advantage has to be harvested fully. They have lost WO major opportunities for quantum growth during the last decade, and it is imperative this opportunity is not lost as well.

While India cannot compete with low-wage countries (with human rights/safety violations and unfair labor practices) huge productivity gains are possible. Combined with favourable tariffs in the importing countries (which

Must be locked up post haste), India’s textile industry has to step up its pace of modernization to be able to cater to the increased demand from the clothing industry with world class quality of fabric at internationally competitive pricing. Besides, the licensing procedure, i.e. Advance License, has to be scrapped, and the processes followed by competitor countries (where despite there being no licensing for import of raw material, there is an adequate, painless process in place to eliminate malpractices), has to be replicated.

The “export” of India’s taxes needs to be eliminated. A mechanism to fully insulate the exporter of the need to first pay taxes and then claim reimbursement, and wait months to receive an inadequate refund, needs to be put in place forthwith. Alternatively, if payment of taxes cannot be eliminated in the first instance, a seamless disbursement of drawback in full, of all taxes paid - Central as well as State - in a time-bound manner (without arbitrary deductions and without needless Correspondence claiming repayment of drawback disbursed on frivolous grounds), must be prioritized.

The clarification with regard to non-deduction of TDS on commission on export sales paid to a person not resident in India, is still to be notified. This has caused severe hardship in terms of litigation, increased costs and loss of liquidity pending conclusion of litigation. This is a national waste.

The way forward clearly is to achieve (a) reduction in cost and (b) increase in unit value realization in Phase I, and time to market/transit time from India in Phase II. Cost Audit required by companies with a turnover of over Rs. 1000.000 Million (US$ 16 million) is something which needs to be done away with if they have to look at achieving US$ 60 – 100 billion exports from the clothing industry. One looks forward to expeditious action on this from the Government.

OUTLOOK:

The benefit of a stable Government after 3 decades has rightly evoked a “feel good” factor across industries. One looks forward to a strong Government being able to negotiate favourable tariffs for the export of clothing audit (conducted by KPMG), which is regularly subjected to in-depth involvement of the management and monitored by the Audit Committee of the Board. Internal Audit covers the various functions, processes and other activities, including own retail operations of the company. Transactions are authorized, recorded and reported accurately and subjected to audit as well. The system of internal controls also ensures that all assets are safeguarded, insured and protected against loss.

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31st DECEMBER, 2014

(RS. IN MILLION)

Particular	3 Months Ended on 31.12.2014 Unaudited	Preceding 3 Months Ended on 30.09.2014 Unaudited	Year To Date Figures For Current Period Ended on 31.12.2014 Unaudited
Income from Operations
Net Sales/Income from Operations	721.600	761.300	274.800
Other Operating Income	56.100	39.100	135.100
Total Income from operations (net)	777.700	800.400	2409.900
Expenses
(a) Cost of Material Consumed	262.900	299.200	907.400
(b) Purchase of stock in trade	48.300	83.500	181.300
(c) Changes in inventories of finished goods, work in progress and stock in trade	1.800	(19.300)	(94.800)
(d) Employee benefit expenses	146.500	144.200	433.200
(e) Depreciation and amortization expenses	22.400	(2.600)	60.000
(f) Rent	92.300	94.900	267.800
(g) Other Expenses	203.200	195.600	649.600
Total Expenses	777.400	795.500	2404.500
Profit from Operations before Other Income, Finance costs and Exceptional item	0.300	4.900	5.400
Other Income	10.900	73.900	111.000
Profit/ Loss from Ordinary Activities before Finance costs and Exceptional item	11.200	78.800	116.400
Finance costs	7.100	4.500	15.500
Profit/ Loss from Ordinary Activities after Finance costs but Exceptional item	4.100	74.300	100.900
Exceptional item - Profit on Sale of Land	-	-	-
Profit/ Loss from Ordinary Activities before tax	4.100	74.300	100.900
Tax Expenses	1.800	12.800	22.300
Net Profit/ Loss from Ordinary Activities after tax	2.300	61.500	78.600
Extraordinary Items	-	-	-
Net Profit for the period	2.300	61.500	78.600
Paid- up Equity Share Capital (Face value of the share – Rs. 10)	194.400	194.100	194.400
Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year
Earnings per share (of Rs. 10/- each) (not annualized) - Basic	0.12	3.17	4.65
- Diluted	0.12	3.15	4.02
PARTICULARS OF SHAREHOLDING
1. Public shareholding	7836011	7836873	7836011
Number of Shares	40.32	40.37	40.32
Percentage of Shareholding
2. Promoters and promoter group shareholding
a) Pledged/Encumbered
- Number of Shares	0.000	0.000	0.000
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	0.000	0.000	0.000
- Percentage of Shares (as a % of the Total Share Capital of the Company)	0.000	0.000	0.000
Non - encumbered
- Number of Shares	11600112	11575825	11600112
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
- Percentage of Shares (as a % of the total share capital of the company)	59.68	59.63	59.68

	Particulars	3 Months ended on 31.12.2014
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	4
	Disposed of during the quarter	4
	Remaining unresolved at the end of the quarter	Nil

NOTES:

1. The above standalone unaudited financial results for the quarter and nine months ended 31st December 2014 were reviewed by the audit committee and approved by the Board of Directors on 11th February, 2015. The Statutory Auditors of the Company have carried out a limited review of the above Standalone Unaudited Financial Results in terms of Clause 41 of the Listing agreement.

2. The Company is exclusively engaged in the business of clothing and clothing accessories. This in the context of Accounting Standard (AS 17) "Segment Reporting", constitutes one single primary segment.

3.(i) In order to recognize the impact of fluctuation in foreign currency rates arising out of derivative instruments acquired to hedge highly probable forecast transactions and firm commitments in appropriate accounting periods, the company has been consistently applying the principles of hedge accounting set out in the Accounting Standard 30, "Financial Instruments: Recognition and Measurement" issued by The Institute of Chartered Accountants of India, whereby the impact of net unrealized losses (or gains) of derivative instruments are carried as a Hedging Reserve to be ultimately set off in the Statement of Profit and loss when the underlying transaction is recognized.

(ii) The non-derivative financial liabilities in the form of Pre-shipment Export Credit in Foreign Currency (PCFC) borrowings have been designated as hedging instruments to hedge the highly probable forecast sales in foreign currency.

(iii) The balances carried in Hedging Reserve at the end of each reporting period is Rs. 3.700 Million (debit) as at 31st December, 2014, Rs. 1.800 Million (debit) as at 30th September, 2014, Rs. 5.800 Million (credit) as at 31st December 2013 and Rs. 15.600 Million (credit) as at 31st March, 2014.

(iv) The exchange losses or gains and amortisation of deferred premium cost recognized in these results and included / (netted off) in other expenses / finance costs / other income, as applicable, is Rs. 4.400 Million (loss) for quarter ended 31 st December 2014, Rs. 6.300 Million (loss) for quarter ended 30th September 2014, Rs. 7.200 Million (loss) for quarter ended 31 st December 2013, Rs. 6.600 Million (gain) for nine months ended 31 st December 2014, Rs. 58.400 Million (loss) for nine months ended 31st December 2013, Rs. 54.600 Million (loss) for the year ended 31st March 2014.

4. Out of total employee stock options granted under Zodiac Employees Stock Option Plan, 2006, 104826 employee stock options including bonus entitlement thereon have lapsed till date. During the quarter, 23625 shares have been allotted to eligible persons on exercise of 15750 employee stock options after considering the bonus entitlement thereon.

5. Other expenditure includes Rs. 11.000 Million being provision for remuneration to the Managing Directors for the nine months ended 31st December, 2014 (Rs. 0.200 Million for the quarter ended 31st December, 2014) which is dependent upon the Net Profit determinable under section 198 of the Companies Act, 2013 at the year end.

6. Pursuant to the Companies Act, 2013 ("the Act"), becoming effective from 1st April, 2014, read with the Notification No. GSR. 627 (E) dated 29th August, 2014, issued by Ministry of Corporate Affairs, the company has reassessed the useful lives of Fixed Assets other than Vehicles based on a technical evaluation carried out by an external agency. Considering the nature of company's business, past experience of usage of assets and external technical evaluation, management believes that the revised useful lives of the assets reflect the periods over which the assets are expected to be used.

7. Figures for the previous periods have been regrouped wherever necessary to conform to the current period's classification.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Leasehold improvements

· Other equipments

· Goodwill

· Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No 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.62.57
UK Pound	1	Rs.93.57
Euro	1	Rs.65.95

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.