MIRA INFORM REPORT

Report No. :	320414
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	MANDHANA INDUSTRIES LIMITED
Registered Office :	Plot No. C-3, MIDC, Tarapur Industrial Area, Boisar - 401506, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.07.1984
Com. Reg. No.:	11-033553
Capital Investment / Paid-up Capital :	Rs.331.239 Million
CIN No.: [Company Identification No.]	L17120MH1984PLC033553
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20579G
PAN No.: [Permanent Account No.]	AABCM6615M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturers of Garments and also engaged in processing and trading of fabrics.
No. of Employees :	Not Divulged

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 :	Exist
Comments :	Subject is an established company having good track record. The rating reflects company sound financial risk profile marked by healthy net worth and fair profitability of the company. Tarde relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	Long term bank facilities A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	October 14, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities (A1)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	October 14, 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

MANAGEMENT NON CO-OPERATIVE (91-2525-272228)

LOCATIONS

Registered Office :	Plot No. C-3, MIDC, Tarapur Industrial Area, Boisar-401506, Maharashtra, India.
Tel. No.:	91-2525-272228/29
Mobile No.:	91-9920725885 (Mr. Bhavin Patel)
Fax No.:	91-2525-260251
E-Mail :	info@mandhana.com nayan@mandhana.com mitesh@mandhana.com cs@mandhana.com
Website :	http://www.mandhana.com
Location:	Owned
Corporate Office / Head Office :	205/214, Peninsula Centre, Dr. S. S. Rao Road, Parel, Mumbai - 400012, Maharashtra, India
Tel. No.:	91-22-2494 9398 / 2495 2124 / 2494 6350 / 2493 7236 / 30409191
Fax No.:	91-22-2493 7236 / 2496 3494 / 30409216/ 30409218
E-Mail :	mandhana@giasbm01.vsnl.net.in info@mandhana.com
Factory1:	Mandhana Weaving House: A Division of Mandhana Industries Private Limited, E – 33, MIDC, Tarapur Industrial Area, District Thane – 401 506, Maharashtra, India
Tel. No.:	91-2525-274988/274989
Fax No.:	91-2525-274990
E-Mail :	weaving@mandhana.com
Factory2 :	Mandhana Dyeing: (Process House) A Division of Mandhana Industries Private Limited, E – 25, MIDC, Tarapur Industrial Area, District Thane-401 506, Maharashtra, India
Tel. No.:	91-2525-272381 / 272426 / 272428
Fax No.:	91-2525-272427
E-Mail :	dyeing@mandhana.com.
Factory 3 :	Mandhana Weaving House: (Shirting Division) Plot No.C-2, MIDC, Tarapur, Industrial Area, District Thane- 401 506, Maharashtra, India
E-Mail :	shirting@mandhana.com
Factory 4:	Mandhana Industries Private Limited: (Garment Division) 26/A, Peenya II Phase, Peenya Industrial Area, Near NTTF Bus Stop, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28395333
E-Mail :	bglinfo@mandhana.com
Factory 5:	Garment Division Plot No.31, Survey No.161, Laggare Village, Yeshwanthpura, Hobli, Bangalore North Taluka, Bangalore – 560 058, Karnataka, India
Factory 6:	Garment Division Unit No. 36/2, Maruti Plaza, Madanayakanahalli Village, Dasanapura, Hobli, Tumkur Road, Bangalore-562123, Karnataka, India
Factory 7:	Garment Division B Wing, Ganpati Baug, T.J. Road, Sewree (West), Mumbai-400015, Maharashtra, India
Factory 8:	Garment Division No.21-D, 2nd Phase, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India
Factory 9:	Mandhana Dyeing – Unit II Plot No. C-3, MIDC, Tarapur Industrial Area, District Thane – 401 506, Maharashtra, India
Branch Offices :	Located At: New Delhi Bangalore
Mandhana Europe:	Paris: 15 Rue de la Banque, Escalier B Entresol – 75002 Paris, France
Tel. No.:	0033142960224

DIRECTORS

As on 31.03.2014

Name :	Mr. Khurshed M. Thanawalla
Designation :	Director
Address :	Khatau Bunglow, Ground Floor 6, Manav Mandir Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	24.12.1942
Date of Appointment :	04.12.2007
DIN No.:	00201749
Name :	Mr. Ghyanendra Nath Bajpai
Designation :	Director
Address :	131, Shaan Apartments, K D Marg, Prabhadevi, Mumbai – 400028, Maharashtra, India
Date of Birth/Age :	06.07.1942
Date of Appointment :	16.05.2007
DIN No.:	00946138
Name :	Mr. Purshottam. C. Mandhana
Designation :	Managing Directors
Address :	23, Mount Unique, 62-A, Peddar Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	06.07.1955
Date of Appointment :	01.10.1993
PAN No.:	AATPM6913H
DIN No.:	00025633
Name :	Mr. Biharilal C. Mandhana
Designation :	Whole-time director
Address :	31,Mount Uniique, 62-A, Peddar Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	25.09.1945
Date of Appointment :	25.07.1984
DIN No.:	00025605
Name :	Mr. Manish B. Mandhana
Designation :	Managing Director
Address :	22/23, Mount Uniique, 62-A, Peddar Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	28.09.1968
Date of Appointment :	30.09.1995
DIN No.:	00025449
Name :	Mr. Dilip Ganesh Karnik
Designation :	Director
Address :	1102, Shivajinagar, Pune - 411016, Maharashtra, India
Date of Birth/Age :	10.05.1950
Date of Appointment :	05.11.2012
DIN No.:	06419513
Name :	Mrs. Sangeeta Manish Mandhana
Designation :	Director
Address :	22/23, Mount Uniique, 62-A, Peddar Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	05.08.2014
DIN No.:	06934972

KEY EXECUTIVES

Name :	Mr. Vinay Sampat
Designation :	Company Secretary and Head Legal
Address :	301/302 Anand Villa, Buddha Mandir Road, Opposite St. Xaviers Playground, Parel, Mumbai - 400012, Maharashtra, India
Date of Birth/Age :	25.11.1969
Date of Appointment :	07.03.2008
PAN No.:	AIRPS1553K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	Total No. of Shares	Percentage of Total No of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	12594020	38.02
Bodies Corporate	1462621	4.42
Any Others (Specify)	8927434	26.95
Directors/Promoters & their Relatives & Friends	8927434	26.95
Sub Total	22984075	69.39
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	22984075	69.39
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	173	0.00
Financial Institutions / Banks	602800	1.82
Insurance Companies	1159792	3.50
Foreign Institutional Investors	1117521	3.37
Sub Total	2880286	8.70
(2) Non-Institutions
Bodies Corporate	5348636	16.15
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	670073	2.02
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1002291	3.03
Any Others (Specify)	238552	0.72
Non Resident Indians	16809	0.05
Clearing Members	190297	0.57
Directors & their Relatives & Friends	20000	0.06
NRN	11446	0.03
Sub Total	7259552	21.92
Total Public shareholding (B)	10139838	30.61
Total (A)+(B)	33123913	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)	33123913	100.00

Notes:

1. For determining public shareholding for the purpose of Clause 40A
2. For definitions of Promoter and Promoter Group, refer to Clause 40A.
3. Public shareholding

BUSINESS DETAILS

Line of Business :

Manufacturers of Garments and also engaged in processing and trading of fabrics.

Products :

Item Code No. (ITC Code)	Product Description
52081130	Fabric
62034200	Mens /Boys Trouser
62046200	Womens/girls wear

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Not Divulged

Bankers :

v Union Bank Of India, Industrial Finance Branch, 1st Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Mumbai - 400001, Maharashtra, India

v Axis Bank Limited Axis House, C-2, Wadia International Centre, Pandurang, Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India

v Bank of Baroda - Lead Bank, Corporate Financial Services Branch, 3, Walchand Hirachand Marg, Ballard Estate, Mumbai - 400001,Maharashtra, India

v Karur Vysya Bank Limited, Kamanwal Chambers, Sir P. M. Road, Fort, Mumbai - 400001, Maharashtra, India

v Corporation Bank, Mid Corporate Branch, Veena Chambers, 21, Dalal Street, Fort, Mumbai - 400023, Maharashtra, India

v Bank of India, Block No.5-B, Nehru Nagar "A", Juhu Tara Road, Mumbai - 400049, Maharashtra, India

v Andhra Bank, Homi Mody Street, Fort, Mumbai - 400023, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Non-convertible debentures others	760.000	700.000
Rupee term loans from banks	3080.109	3213.659
SHORT TERM BORROWINGS
Loans repayable on demand from banks	4468.264	3839.357
Total	8308.373	7753.016

Auditors :
Name :	Vishal H. Shah and Associates Chartered Accountants
Address :	A/ 302 Kailas Esplanadeopp Shreyas Cinema LBS Marg Ghatkopar (West), Mumbai- 400086, Maharashtra, India
PAN No. :	AAFPS8525D
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

AFTER 18.09.2014

Authorised Capital : Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 331.239 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
39990000	Equity Shares	Rs.10/- each	Rs.399.900 Million
10000	Preference Shares	Rs.10/- each	Rs.0.100 Million
	Total		Rs.400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33123913	Equity Shares	Rs.10/- each	Rs.331.239 Million

The company has only one class of equity shares having at par value of 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Director is subject to the approval of shareholder, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

Disclosure pursuant to Note no. 6(A)(g) of Part I of Schedule VI to the Companies Act, 1956

Name of Shareholder	As at 31^st March, 2014
	No. of Shares held	% of Holding
Priyavrat P. Mandhana Jt. Purushottam C. Mandhana	3483732	10.52
Purushuttam C. Mandhana (HUF)	3214000	9.70
Manish B. Mandhana Jt. Sangeeta M. Mandhana	2149140	6.49
Purushottam C. Mandhana Jt. Prema P. Mandhana	2026140	6.12
Prema P. Mandhana Jt. Prema P. Mandhana	1972595	5.96
Sudha B. Mandhana Jt. Prema P. Mandhana	1946599	5.88
Biharilal C. Mandhana Jt. Prema P. Mandhana	1682000	5.08
	16474206

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	331.239	331.239	331.239
(b) Reserves & Surplus	4903.744	4388.827	3843.395
(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)	5234.983	4720.066	4174.634
(3) Non-Current Liabilities
(a) long-term borrowings	3840.109	3913.659	3264.284
(b) Deferred tax liabilities (Net)	808.823	728.680	664.804
(c) Other long term liabilities	2.670	4.491	8.321
(d) long-term provisions	6.271	12.582	18.961
Total Non-current Liabilities (3)	4657.873	4659.412	3956.370
(4) Current Liabilities
(a) Short term borrowings	4498.264	4014.357	3120.749
(b) Trade payables	912.018	892.960	268.754
(c) Other current liabilities	1125.177	770.793	725.207
(d) Short-term provisions	310.426	166.836	45.455
Total Current Liabilities (4)	6845.885	5844.946	4160.165
TOTAL	16738.741	15224.424	12291.169
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5467.978	5460.434	5001.378
(ii) Intangible Assets	7.197	9.193	11.243
(iii) Capital work-in-progress	181.244	102.340	308.608
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	678.423	713.560	654.219
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6334.842	6285.527	5975.448
(2) Current assets
(a) Current investments	7.897	6.656	26.287
(b) Inventories	5383.853	4967.577	3820.395
(c) Trade receivables	3899.050	2739.676	1805.201
(d) Cash and cash equivalents	108.086	224.468	29.235
(e) Short-term loans and advances	587.612	691.911	316.785
(f) Other current assets	417.401	308.609	317.818
Total Current Assets	10403.899	8938.897	6315.721
TOTAL	16738.741	15224.424	12291.169

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	15149.225	13585.174	9810.131
		Other Income	0.000	0.000	0.000
		TOTAL	15149.225	13585.174	9810.131
Less	EXPENSES
		Cost of Materials Consumed	5621.634	7660.444	4913.812
		Purchases of Stock-in-Trade	4265.690	3006.348	1496.977
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(129.546)	(1589.762)	(242.638)
		Employees benefits expense	766.187	665.121	477.118
		Other expenses	2251.535	1913.099	1309.329
		TOTAL	12775.500	11655.250	7954.598
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2373.725	1929.924	1855.533
Less	FINANCIAL EXPENSES		969.721	705.932	590.412
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1404.004	1223.992	1265.121
Less/ Add	DEPRECIATION/ AMORTISATION		291.871	262.421	233.349
	PROFIT/ (LOSS) BEFORE TAX		1112.133	961.571	1031.772
Less	TAX		519.707	308.189	300.762
	PROFIT/ (LOSS) AFTER TAX		592.426	653.382	731.010
	Earnings / (Loss) Per Share (Rs.)		17.89	19.73	22.00

QUARTERLY RESULTS

Particulars (Rs. in Million)	Jun 2014	Sep 2014	Dec 2014
Audited / UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	3163.300	4657.200	4220.700
Total Expenditure	2611.300	3917.900	3545.500
PBIDT (Excl OI)	552.000	739.300	675.200
Other Income	28.500	21.100	00.700
Operating Profit	580.400	760.400	675.900
Interest	241.600	247.500	264.200
Exceptional Items	0.000	0.000	0.000
PBDT	338.800	512.900	411.700
Depreciation	98.900	90.200	100.300
Profit Before Tax	239.900	422.700	311.400
Tax	79.300	155.900	108.600
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	160.600	266.800	202.800

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.91	4.81	7.45
Operating Profit Margin (PBDIT/ Sales)	(%)	15.67	14.21	18.91
Return on Total Assets (PBT/Total Assets}	(%)	6.72	6.36	8.61
Return on Investment (ROI) (PBT/Networth)		0.21	0.20	0.25
Debt Equity Ratio (Total Debt/Networth)		1.59	1.68	1.53
Current Ratio (Current Asset/Current Liability)		1.52	1.53	1.52

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	331.239	331.239	331.239
Reserves & Surplus	3843.395	4388.827	4903.744
Net worth	4174.634	4720.066	5234.983
long-term borrowings	3264.284	3913.659	3840.109
Short term borrowings	3120.749	4014.357	4498.264
Total borrowings	6385.033	7928.016	8338.373
Debt/Equity ratio	1.529	1.680	1.593

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	9810.131	13585.174	15149.225
		38.481	11.513

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	9810.131	13585.174	15149.225
Profit	731.010	653.382	592.426
	7.45%	4.81%	3.91%

LOCAL AGENCY FURTHER INFORMATION

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	No
10]	Designation of contact person	No
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	No
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CASE DETAILS

Bench - Bombay

Lodging No : NMWL/343/2013

Filing Date : 23.07.2013

Reg. No : NMW/348/2014

Reg. Date : 27.11.2014

Lodging No : PILI/17/2011

Coram

HONOURABLE MR.JUSTICE ANANT S. DAVE

Name of the Petitioner : NICHOLAS H. ALMEDIA	Respondent : MANDHANA INDUSTRIES LTD., APPLICAN
Petn.Adv : 0 (0)	Resp. Adv.: DR.SADHANA MAHASHABDE ()
District :- MUMBAI

Bench :- DIVISION

Status :- Pre-Admission Category :- NOTICE ON MOTION (FOR INTERIM RELIEF)

Next Date :- 15.06.2015 Stage :- FOR REJECTION [ORIGINAL SIDE MATTERS]

Coram :- ACCORDING TO SITTING LIST Stage :- FOR REJECTION [ORIGINAL SIDE MATTERS]

ACCORDING TO SITTING LIST

Last Date :- 23.09.2014

Last Coram : REGISTRAR(OS)PROTHONOTARY & SR. MASTER

Act :- Public Interest Litigation

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	0.000	175.000
Loans repayable on demand from others	30.000	0.000
Total	30.000	175.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10549235	12/02/2015	900,000,000.00	State Bank of India	IFB Andheri, 102, Natraj, 194 Sir, M.V.Road, Andh  eri (E),, Mumbai, Maharashtra - 400069, INDIA	C43692318
2	10529468	08/11/2014	250,000,000.00	Bank of Baroda	Corporate Financial Services Branch, 3, Walchand  Hirachand Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	C32476939
3	10491351	14/03/2014	110,000,000.00	Indian Overseas Bank	Fort Branch, Tamarind House,, 30 & 32, Tanarind Lane, Mumbai, Maharashtra - 400023, INDIA	C04065603
4	10493364	13/03/2014	2,000,000,000.00	Allahabad Bank	Industrial Finance Branch, Allahabad Bank Building  , 2nd Floor, 37, Mumbai Samachar Marg Branch, Fort,, Mumbai, Maharashtra - 400012, INDIA	C04258018
5	10479864	29/01/2014	500,000,000.00	Union Bank of India	Industrial Finance Branch, 1st Floor,, Union Bank  Bhavan, 239, Vidhan Bhavan Marg,, Mumbai, Maharashtra - 400001, INDIA	B97313282
6	10476577	02/01/2014	320,000,000.00	Bank of Baroda	Corporate Financial Services Branch,, 3, Walchand  Hirachand Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, INDIA	B95927745
7	10469924	23/12/2013	310,300,000.00	Karur Vysya Bank Limited	Kamanwal Chambers,, Sir P.M. Road, Fort,, Mumbai,  Maharashtra - 400001, INDIA	B93414654
8	10452434	10/09/2013	250,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor,, 17, R.Kamani Marg,  Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	B86415411
9	10436466	03/10/2013 *	100,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba  llard Estate,, Mumbai, Maharashtra - 400001, INDIA	B88266473
10	10423465	26/04/2013	200,000,000.00	Small Industries Development Bank of India	1 &2, DHANALAXMI RESIDENCY, NEAR HOTEL TIP TOP P  LAZA, L.B.S.MARG, THANE WEST, MUMBAI, Maharashtra  - 400602, INDIA	B74314246

* Date of charge modification

COMPANY PERFORMANCE AND BUSINESS OVERVIEW

During the year, the textiles and garments segment grew at a balanced rate of 9.12% and 21.67%, which resulted in the company achieving sales of Rs. 15179.376 Million, reflecting a growth of approximately 11.36% over the last fiscal. EBITDA margin increased to Rs.15.83% Rs.14.49% due to sustained expansion of Brand Being Human in the product sales mix and therefore garment segment rising faster than textiles. The net profit for the year increased from Rs.653.589 Million last year, to Rs.702.743 Million this year. The slender increase of 4.63% in net profit was mainly attributable to various factors especially the income tax paid in this fiscal for the earlier years. Also, the rupee and the commodity price fluctuation along with interest rates have impacted the net profit. The margins for both the segments have become more competitive.

The management has taken several measures to ensure better management of working capital, monitoring of project performance on continuous basis and completion of projects as per schedule to avoid cost and time over run.

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments

UNAUDITED FINANCIAL RESULTS FOR THE NINE MONTH ENDED ON 31ST DECEMBER, 2014

(Rs. In Million)

Sr. No	Particulars	Standalone
		Quarter Ended		Nine Month Ended
		31.12.2014	30.09.2014	31.12.2014
		Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)	4220.740	4657.197	12041.190
	b. Other Operating Income	--	--	--
	Total Income from Operations (Net)	4220.740	4657.197	12041.190
2	Expenditure
	a. Cost of material Consumed	1218.943	1602.339	4469.109
	b. Purchase of Stock-in trade	863.446	1358.832	2572.583
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade	691.343	183.057	800.878
	d. Employees Benefit Expenses	225.828	223.604	647.103
	e. Job Work Charges	366.570	363.582	1048.774
	f. Depreciation and Amortisation Expenses	100.268	90.209	289.399
	g. Other expenses	179.414	186.471	536.261
	Total Expenses	3645.811	4008.094	10364.107
3	Profit from Operations before Other Income, Interest and Exceptional Items	574.929	649.103	1677.083
4	Other Income	0.720	21.093	50.270
5	Profit from ordinary activities before finance cost & exceptional items	575.649	649.103	1677.083
6	Finance Costs	264.231	247.468	753.293
7	Exchange Difference Loss / (Gain) (Net)	---	---	---
8	Profit from ordinary activities after finance costs & exceptional items	311.418	422.728	974.060
9	Exceptional items	---	---	---
10	Profit from ordinary activities before tax	311.418	422.728	974.060
11	Tax Expense
	- Current Tax	110.296	146.013	338.288
	- Deferred Tax	(1.676)	5.016	0.698
12	Net Profit from ordinary activity after tax	202.798	271.699	635.074
13	Extraordinary Items	----	---	---
14	Net Profit After Tax	202.798	271.699	635.074
15	Paid-up equity share capital (face value of Rs.10 per share)	331.239	331.239	331.239
16	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year	5314.535	5111.735	5314.535
17	Earning Per Share (of Rs.10 each) (not annualized)	6.12	8.06	19.03
	Debt Service Coverage Ratio (DSCR)	1.31	1.35	1.31
	Interest Service Coverage Ratio (ISCR)	2.18	2.71	1.90
A	PARTICULARS OF SHAREHOLDING
17	Public Shareholding
	- No. of shares	10139838	10300926	10139838
	- Percentage of shareholding	30.61%	31.10%	30.61%
18	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered
	- No. of shares	14480540	11584810	14480540
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)
	- Percentage of shareholding (as a % of the total share capital of the company)
	b) Non-encumbered
	- No. of shares	8503535	11238177	8503535
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	37.00%	49.24%	37.00%
	- Percentage of shareholding (as a % of the total share capital of the company)	25.67%	33.93%	25.67%

	Particulars		Nine Month ended 31.12.2014
B		Investor Complaints
		Pending at the beginning of the quarter	Nil
		Received during the quarter	Nil
		Disposed during the quarter	Nil
		Remaining unresolved at the end of the quarter	Nil

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE THIRD QUARTER AND NINE MONTHS' PERIOD ENDED 30^TH JUN, 2014

	Particulars	Unaudited 31.12.2014	Unaudited 30.09.2014	Unaudited 31.12.2014
1.	Segment Revenue (Sales and Other Operating Income)
a	Textiles	3425.384	3883.146	9806.530
b	Garment	795.355	774.051	2234.660
	TOTAL	4220.740	4657.197	12041.190
	Less: Inter-segment transfers	---	---	---
	Net Sales / Income from operation	4220.740	4657.197	12041.190
2	Segment Results: [Profit/ (Loss) before tax and interest from each segment]
a	Textiles	387.062	470.278	1143.749
b	Garment	187.867	178.825	533.334
	TOTAL	574.929	649.103	1677.83
	Less: Financial Cost	264.231	247.468	753.293
	Total	310.698	401.635	923.790
	Add: Unallocable Income	0.720	21.093	50.270
	Total Profit/ Loss –before tax	311.418	422.728	974.060
3.	Capital Employed:
a	Textiles	8019.230	8059.742	8019.230
b	Garment	2006.709	1985.610	2006.709
	TOTAL	10025.939	10045.352	10025.939

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 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] 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.63.20
UK Pound	1	Rs.97.00
Euro	1	Rs.69.33

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	RNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--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	NO
--LISTED	YES/NO	NO
--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.