MIRA INFORM REPORT

Report No. :	322364
Report Date :	15.05.2015

IDENTIFICATION DETAILS

Name :	MAXWELL INDUSTRIES LIMITED
Registered Office :	C-6, Road No.22, M.I.D.C., Marol, Andheri (East), Mumbai – 400093, Maharashtra
Tel No.:	91-22-28257624
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.01.1991
Com. Reg. No.:	11-059804
Capital Investment / Paid-up Capital :	Rs.244.649 Million
CIN No.: [Company Identification No.]	L18101MH1991PLC059804
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, Marketer and Distributor of Men's, Women's Inner Wears and Socks.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy financial risk profile marked by sound liquidity position and fair profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	02 April 2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	02 April 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 31-03-2014.

INFORMATION DECLINED

Management Non Co-operative (91-22-28257624)

LOCATIONS

Registered Office/ Head Office/ Branch Office 1 :	C-6, Road No.22, M.I.D.C., Marol, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-28257624/ 28257627/ 28257633/ 40209000/ 66920478
Fax No.:	91-22-28371023/ 24
Email :	info@viporg.com investor.relations@viporg.com corpcomm@viporg.com info@maxwellgobi.com
Website :	http://www.maxwell.in
Plant Location :
Factory 1 :	Knitting Unit: 360/13, Ganesh Industrial Estate.Village Kachigam, Nani Daman – 396 210, Daman, India
Factory 2 :	Processing House: 13-15, SIPCOT, Perundurai, Erode – 638 052, Tamilnadu, India
Factory 3 :	Processing House: C119, TTC Industrial Area, MIDC, Pawane Village, Navi Mumbai – 400 703, Maharashtra, India
Factory 4 :	Stitching Units: 92/94, New GIDC, Umbergaon – 396 171, Gujarat, India
Factory 5 :	Stitching Units: SF-125/126/127, Appachimarmadam, Thingalur, Erode – 638 055, Tamilnadu, India
Factory 6 :	Socks Unit: 360/7, Ganesh Industrial Estate, Village Kachigam, Nani Daman – 396 210, Daman, India
Branch Office 2 :	Heilgers Compound, 55, Canal East Road, Beliyaghata, Kolkata - 700 085, West Bengal, India
Tel. No.:	91-33-23512274
Fax No.:	91-33-23518724
Branch Office 3 :	B - 163, II Floor, Okhla Industrial Area, Phase - I, New Delhi - 110 020, India
Tel. No.:	91-11-26818529/ 26810321
Fax No.:	91-11-26810841
Branch Office 4 :	No.1037/16, Ground Floor, Ist Main, Dr Rajkumar Road, 4th Block, Rajajinagar, Bangalore – 560 010, Karnataka, India
Tel. No.:	91-80-23302244/ 45/ 46

DIRECTORS

As on 31.03.2014

Name :

Mr. Jaykumar K. Pathare

Designation :

Chairman and Whole Time Director

Date of Appointment :

01.10.2011

Din No.:

00203211

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18100MH1987PTC045181	VINAY HOSIERY PRIVATE LIMITED	Director	02-11-1987	02-11-1987	16-02-2009	Active	NO
2	U18101MH1982PTC027194	REDDY AND PATHARE ELASTICS PVT LTD	Director	14-01-1991	14-01-1991	16-02-2009	Active	NO
3	L18101MH1991PLC059804	MAXWELL INDUSTRIES LIMITED	Whole-time director	01-10-2011	14-01-1991	-	Active	NO
4	U99999MH1993PTC075404	SHOGUN CHEMICALS P.LTD.	Director	02-12-1993	02-12-1993	-	Active	NO
5	U18101MH1995PTC092128	LA REINE FASHIONS PRIVATE LIMITED	Director	24-08-1995	24-08-1995	16-02-2009	Active	NO
6	U52322MH1996PTC097457	MAXWELL VENTURE PRIVATE LIMITED	Director	19-02-1996	19-02-1996	-	Active	NO
7	U65990MH1992PTC066626	MAXWELL CAPITAL MANAGEMENT PRIVATE LIMITED	Director	30-09-2009	16-02-2009	-	Active	NO
8	U93000MH1995PTC092188	MAXWELL ENTERTAINMENT PRIVATE LIMITED	Director	30-03-2009	30-03-2009	-	Active	NO

Name :

Mr. Sunil J. Pathare

Designation :

Vice Chairman and Managing Director

Date of Birth/Age :

17.07.1971

Qualification :

B.com

Date of Appointment :

01.04.2013

Din No.:

00192182

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18101MH1982PTC027194	REDDY AND PATHARE ELASTICS PVT LTD	Director	29-09-1992	29-09-1992	16-02-2009	Active	NO
2	L18101MH1991PLC059804	MAXWELL INDUSTRIES LIMITED	Managing director	01-04-2013	29-09-1992	-	Active	NO
3	U99999MH1993PTC075404	SHOGUN CHEMICALS P.LTD.	Director	02-12-1993	02-12-1993	-	Active	NO
4	U18101MH1982PLC029000	FEDERAL BRANDS LIMITED	Director	07-03-1995	07-03-1995	30-06-2008	Active	NO
5	U65990MH1992PTC066626	MAXWELL CAPITAL MANAGEMENT PRIVATE LIMITED	Director	01-11-1995	01-11-1995	-	Active	NO
6	U52322MH1996PTC097457	MAXWELL VENTURE PRIVATE LIMITED	Director	19-02-1996	19-02-1996	-	Active	NO
7	L17110MH1987PLC044835	LOVABLE LINGERIE LIMITED	Director	24-12-1999	24-12-1999	30-06-2008	Active	NO
8	U18100MH1987PTC045181	VINAY HOSIERY PRIVATE LIMITED	Director	23-08-2001	23-08-2001	16-02-2009	Active	NO
9	U67120MH1995PTC095576	AVS VENTURES PRIVATE LIMITED	Director	30-09-2002	30-09-2002	31-03-2009	Active	NO
10	U74900MH1995PTC092187	STRATEGY GAMES PRIVATE LIMITED	Director	30-09-2002	30-09-2002	16-02-2009	Active	NO
11	U93000MH1995PTC092188	MAXWELL ENTERTAINMENT PRIVATE LIMITED	Director	30-09-2002	30-09-2002	-	Active	NO
12	U18101MH1995PTC092128	LA REINE FASHIONS PRIVATE LIMITED	Director	14-05-2005	14-05-2005	16-02-2009	Active	NO
13	U51109MH2010PTC208469	MAXWELL RETAILS PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
14	U74999MH2014PTC260417	MAXWELL HEALTH & HYGIENE PRIVATE LIMITED	Director	26-12-2014	26-12-2014	-	Active	NO

Name :

Mr. Kapil J. Pathare

Designation :

Whole Time Director

Date of Birth/Age :

05.09.1979

Qualification :

B.Com

Date of Appointment :

15.09.2003

Name :

Dr. Arvind V. Kulkarni

Designation :

Director

Date of Birth/Age :

22.07.1932

Qualification :

M.S.

Date of Appointment :

11.03.1996

Din No.:

01603917

Name :

Mr. Gopal Sehjpal

Designation :

Director

Date of Birth/Age :

19.05.1944

Qualification :

B.A. (Eco.), M.A. (Philosophy), PGDPM, Certified Quality Engineer

Date of Appointment :

23.09.2002

List of Directorship in other Companies :

Oracle Management Private Limited

Lovable Lingerie Limited

Name :

Mr. Chetan Sheth

Designation :

Director

Date of Birth/Age :

12.07.1963

Qualification :

Engineer

Date of Appointment :

30.01.2004

Name :

Mr. Robin Banerjee

Designation :

Director

Date of Birth/Age :

20.08.1955

Qualification :

M.Com, FCA, ACS, ACWA

Date of Appointment :

25.09.2006

List of Directorship in other Companies :

Bilcare Limited

KEY EXECUTIVES

Name :	Mr. R. Venkataraman
Designation :	Chief Financial Officer, Chief Operation Officer and Company Secretary
Name :	Mr. Ashish Mandaliya
Designation :	Deputy General Manager in Finance and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	40097868	63.57
Sub Total	40097868	63.57
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	40097868	63.57
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	875	0.00
Financial Institutions / Banks	23666	0.04
Foreign Institutional Investors	162973	0.26
Sub Total	187514	0.30
(2) Non-Institutions
Bodies Corporate	8229655	13.05
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	9306402	14.75
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4220916	6.69
Any Others (Specify)	1034860	1.64
Clearing Members	635635	1.01
Non Resident Indians	397225	0.63
Trusts	2000	0.00
Sub Total	22791833	36.13
Total Public shareholding (B)	22979347	36.43
Total (A)+(B)	63077215	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)	63077215	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Marketer and Distributor of Men's, Women's Inner Wears and Socks.
Products :	Inner Wears and Socks
Brand Names :	Vip, Frenchie And Feelings
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Information denied by management

Bankers :

• State Bank of India
• IDBI Bank Limited
• HDFC Bank Limited
• Kotak Mahindra Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
From banks
Cash Credit	732.654	780.210
Purchase Bill Discounting	83.127	167.381
Buyer Credit – Kotal Mahindra Bank	14.566	0.000
Total	830.347	947.591

1. Working Capital Loan secured by way of Hypothecation of Inventories and Book Debts of the Company and further secured by way of Equitable Mortgage of Property situated at GIDC- Umergaon (Gujarat), Kachigam (Daman), SIPCOT- Perundurai (Tamil Nadu), Edayaarpalayam (Tamilnadu) and Thingalur (Tamilnadu).

2. Buyer’s credit arranged by Kotak Mahindra Bank is secured against import of Machineries, finance by them.

3. Purchase Bill Discounting is secured by way of sub-servient charge on the Inventories and Book debts and further secured by way of Personal Guarantee of Promotor - Directors.

Auditors :
Name :	Attar and Company Chartered Accountants
Internal Auditors :
Name :	Sharp and Tannan Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Maxwell Ventures Private Limited Maxwell Capital Management Private Limited Maxwell Entertainment Private Limited Maxwell Retails Private Limited HYBO Hindustan PAKO Hindustan * Pats Treasures * Unnati Ventures Kanishk Capital Partners K. 3 Realtors Global Construction Pathare Agro Farms Shogun Chemicals Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.2/- each	Rs.300.000 million
4500000	Redeemable Preference Shares	Rs.100/- each	Rs.450.000 million
	Total		Rs.750.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63077215	Equity Shares	Rs.2/- each	Rs.126.154 million
1184950	Redeemable Preference Shares	Rs.100/- each	Rs.118.495 million
	Total		Rs.244.649 million

Notes:

(i) 35750000 Ordinary Shares of Rs.2/- each allotted as fully paid up Bonus Shares by way of Capitalization of Share Premium.

(ii) The Company has originally allotted the 2435000 5% Redeemable Preference Shares of Rs.100/- each on 1st February, 2006, redeemable after 31.01.2016 with an option to the Company to redeem it at the end of the 8th, 9th and 10th Year, in three equal installment of Rs.81.160 million each i.e. redeemable on 31.01.2014, 31.01.2015 and 31.01.2016. After the buyback of preference Shares the installation will be proportionately, reduced to Rs.39.498 million each i.e. redeemable on 31.01.2014, 31.01.2015 and 31.01.2016.

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

Particulars	As at 31st March, 2014
	Number of shares	Amount (Rs. in million)
Equity Shares of Rs.2/- each fully paid up
Opening	63077215	126.154
Add/(Less): During the year	--	--
Closing	63077215	126.154
5% Redeemable preference shares of Rs.100/- each
Opening	1814400	181.440
(Less): During the year	--	--
Closing	1184950	118.495

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

Class of shares / Name of shareholder	As at 31st March, 2014
	Number of shares	% Held
Equity Shares
Reliance Capital Partners	9177215	14.55%
Sunil J Pathare	16107425	25.54%
Kapil J. Pathare	11684465	18.52%
Jaykumar K Pathare	5424125	8.60%
Lalita J. Pathare	5002812	7.93%
5% Redeemable Preference Shares
Jaykumar K. Pathare	67600	5.70%
Sunil J. Pathare	343700	29.01%
Kapil J. Pathare	339800	28.68%
Lalita J. Pathare	433850	36.61%

Rights, Preference and Restriction attached to Shares

The Company has two class of shares, one is Equity shares having face value of Rs. 2/- each per share and another is 5% Redeemable Preference shares of Rs. 100/- each. Each holder of equity share is entitled to one vote per share. The Preference shares does not carry voting rights but entitled to get the dividend. The dividend, if any, proposed by the Board of Directors is subject to the approval of the equity shareholder in their ensuing general meeting. In the event of liquidation of the Company, the holder of equity shareholders will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts (including redeemable Preference Shares). The distribution will be in proportion to the number of equity shares held by the shareholders.

The Company does not have any holding company or subsidiary company. Hence disclosure of shares held by holding Company and subsidiary company does not arise.

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	244.649	244.649	244.649
(b) Reserves & Surplus	783.024	751.449	748.210
(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)	1027.673	996.098	992.859
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	125.146	120.913	115.783
(c) Other long term liabilities	40.288	40.206	39.928
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	165.434	161.119	155.711
(4) Current Liabilities
(a) Short term borrowings	830.347	987.591	825.277
(b) Trade payables	331.643	317.813	181.892
(c) Other current liabilities	58.366	38.921	24.908
(d) Short-term provisions	25.141	29.477	31.300
Total Current Liabilities (4)	1245.497	1373.802	1063.377
TOTAL	2438.604	2531.019	2211.947
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	591.706	568.542	577.435
(ii) Intangible Assets	125.821	125.821	125.821
(iii) Capital work-in-progress	0.300	0.300	0.000
(iv) Intangible assets under development	0.000		0.000
(b) Non-current Investments	0.115	0.115	0.115
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	122.781	151.018	94.708
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	840.723	845.796	798.079
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1000.872	1076.317	917.679
(c) Trade receivables	564.739	566.823	470.149
(d) Cash and cash equivalents	27.190	37.343	24.236
(e) Short-term loans and advances	5.080	4.740	1.804
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1597.881	1685.223	1413.868
TOTAL	2438.604	2531.019	2211.947

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2574.156	2494.682	2199.012
		Other Income	13.332	54.368	6.614
		TOTAL	2587.488	2549.050	2205.626
Less	EXPENSES
		Cost of materials consumed	1537.929	1625.523	1373.541
		Changes in inventories of finished goods and work-in-progress	67.832	(150.694)	(126.973)
		Employee benefits expense	157.839	144.612	128.914
		Advertisement & Publicity Expenses	29.478	133.246	37.728
		Other expenses			579.241
		Exceptional Items	551.723	579.318	(58.721)
		TOTAL	2344.801	2332.005	1933.730
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		242.687	217.045	271.896
Less	FINANCIAL EXPENSES		126.985	139.152	149.133
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		115.702	77.893	122.763
Less/ Add	DEPRECIATION/ AMORTISATION		35.105	34.042	35.217
	PROFIT/ (LOSS) BEFORE TAX		80.597	43.851	87.546
Less	TAX		27.331	15.400	41.14
	PROFIT/ (LOSS) AFTER TAX		53.266	28.451	46.406
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		67.494	67.256	54.865
Less	APPROPRIATIONS
		Transfer to General Reserve	7.000	3.000	3.000
		Dividend paid on buyback of Preference Shares	0.000	0.000	2.135
		Proposed Dividend – Preference Share Capital	3.151	3.519	5.925
		Proposed Dividend - Equity Share Capital	12.615	15.769	18.923
		Corporate Dividend Tax	5.925	5.925	4.032
	BALANCE CARRIED TO THE B/S		92.069	67.494	67.256
	EARNINGS IN FOREIGN CURRENCY		180.800	174.876	142.205
	Earnings Per Share (Rs.)		0.73	0.34	0.63

QUARTERLY RESULTS

Parrticulars	Jun 2014	Sep 2014	Dec 2014
Audited / UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	665.460	673.910	628.240
Total Expenditure	595.490	615.880	554.270
PBIDT (Excl OI)	69.970	58.030	73.970
Other Income	0.750	1.750	0.590
Operating Profit	70.720	59.780	74.560
Interest	30.730	31.240	31.07
Exceptional Items	0.000	0.000	0.000
PBDT	39.990	28.540	43.490
Depreciation	8.730	12.350	10.050
Profit Before Tax	31.260	16.190	33.440
Tax	10.070	4.860	11.310
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	21.190	11.330	22.120
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	21.190	11.330	22.120

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.07	1.14	2.11
Operating Profit Margin (PBDIT / Sales)	(%)	9.43	8.70	12.36
Return on Total Assets (PBT/Total Assets}	(%)	3.31	1.73	3.96
Return on Investment (ROI) (PBT/Networth)		0.08	0.04	0.09
Debt Equity Ratio (Total Debt /Networth)		0.81	0.99	0.83
Current Ratio (Current Asset/Current Liability)		1.28	1.23	1.33

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	244.649	244.649	244.649
Reserves & Surplus	748.21	751.449	783.024
Net worth	992.859	996.098	1027.673
long-term borrowings	0.000	0.000	0.000
Short term borrowings	825.277	987.591	830.347
Total borrowings	825.277	987.591	830.347
Debt/Equity ratio	0.831	0.991	0.808

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)
Sales	2199.012	2494.682	2574.156
		13.446	3.186

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2199.012	2494.682	2574.156
Profit	46.406	28.451	53.266
	2.11%	1.14%	2.07%

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	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 LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
From Bank - Short Term Loan	0.000	40.000
Total	0.000	40.000
Unsecured Short Term Loan is guaranteed by Promotor – Directors.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10529641	20/10/2014	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PARE  L, WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C32620791
2	10508682	03/07/2014	20,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA	C11048147
3	10257726	16/02/2015 *	1,069,000,000.00	STATE BANK OF INDIA	IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194,, SIR M  V ROAD WESTERN EXPRESS HIGHWAY, ANDHERI (E),, MUMBAI, MAHARASHTRA - 400069, INDIA	C45010303
4	10192187	08/12/2009	640,200,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMINISTRATION UNIT,, R.T.O. LANE, ANDHERI (WEST),, MUMBAI, MAHARASHTRA - 400053 , INDIA	A75084392
5	90243250	17/10/2008 *	643,200,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMINISTRATION UNIT, R.T.O LANE, ANDHERI WEST, MUMBAI, MAHARASHTRA - 400053, INDIA	A49515273
6	90243099	02/11/1991	34,900,000.00	STATE BANK OF INDIA	SAKINAKA BRNACH, MUMBAI, MAHARASHTRA - 400072, INDIA	-

* Date of charge modification

OPERATION

During the year, the Company recorded a net turnover of 2574.200 Million as against Rs. 2494.700 Million in the previous year, registering an increase of 3.19%. The Company faced problems in optimizing the labour complement of operators at its factories. The impact of Government schemes, for rural employment, had some impact on the supply front. Apart from attrition and additional cost involved in training, this also had an impact on the production, thereby effecting supplies. To address these issues, the company has drawn up plans, to augment its present capacity of dormitory workers, with the building up of an additional dormitory, for which suitable land is available inside the factory campus in Thingalur. Similar efforts, are also being contemplated at Uberagon factory. By adopting such strategy, the company plans to overcome these issues.

The Net Profit before Tax stood at Rs. 80.597 Million as against Rs. 43.851 Million in the previous year and Profit after Tax is stood at Rs. 53.266 Million in the current year as against Rs. 28.451 Million in the previous year.

CORPORATE INFORMATION:

The Company was incorporated on 14th January, 1991. The Company's Identification No. is L18101MH1991PLC059804. The Company is a Manufacturer, Marketing and distribution of Men's, Women's inner wears and Socks under brand name VIP, Frenchie and feelings. The Company's Equity Shares are listed on Bombay Stock Exchange Limited (BSE) and National Stock Exchange Limited (NSE).

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT

MARKET OVERVIEW:

The Year 2013-14 was a low year as far as industrial confidence and economy were concerned. The buoyancy in economy witnessed at the turn of the decade started to evaporate. The economy recorded a low GDP growth and Industrial Output showed a declining trend especially in the manufacturing sectors. The Depreciation in the value of Indian rupees, coupled with a high level of inflation and a persistent high interest rate affected the sentiments of business community and across the consumers at large.

The hawkish approach of the RBI to balance between a high level of deficit and to control the overriding inflation resulted in liquidity being squeezed. The challenge was to boost the economic growth and keeping a check on the inflation. The intention of pushing up reforms to galvanize the economy did not see much shape and with the impending year end election, did see the government maintain more of a status quo.

The financial year 2014-15 could be the year for the turnaround. After many years, the mandate from people towards a stable government has improved the optimism level with the expectation of a reforms push and a more open approach to FDI. It also expected, that with a better than anticipated monsoon situation, the economy will slowly start to revive. The Monitory policy of the RBI also seem to strengthen this view point. The year is expected to be good with the expectation of a gradual revival in the industrial output. The agricultural sector might see a drop in output but it is expected that the service sector will do well. The inflation is likely to ease gradually and improve wise the growth rate.

The Indian Textile apparel market has been growing at around 7% to 9% over the decade and Innerwear industry is expected to grow at the same level. The Innerwear industry in India is evolving on a constant basis with various new range and more categories and segmentation. However the growth in the women's segment will see substantial growth the base itself being very low. The Company plans to introduce new range and more categories of products in the women's innerwear segment, in order to cater to the market and increase its shares.

OUTLOOK AND OPPORTUNITY

The cotton commodity price moved in a narrow range during a greater part of the year. This resulted in an almost range bound movement in the Yarn price. The international of take from large importers like China saw a slowdown which did depress the prices to some extent. Proper clarity is till to emerge from the new Government in power.

The outlook for the industry looks to be quite appealing and challenging. The customers will be spoilt with options as the industry seems to be gearing with better option to the consumers in terms of range and quality. There Company is also geared for the challenge. The year also saw the Company launch many new styles in the existing range to the market. The Company had begun to cater loungewear and Thermal wear category during the financial year, and on the production front moved towards outsourced fabric. With the creation of a Brand based SBU concept, the Company will be able to focus in a better way in the area of garmenting and thus be able to perform much better in the market space.

The Companies inner wear outlet “INNERS” began operation in a about 6 location and the should many more being added in near future.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER, 2014

Sr. No	Particulars		Standalone
			Quarter Ended		Nine Months 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)		623.264	669.400	1953.208
	b. Other Operating Income		4.982	4.409	14.313
	Insurance Claim		-	0.100	0.100
	Total Income from Operations (Net)		628.246	673.909	1967.621
2	Expenditure
	a. Cost of material Consumed		397.191	457.173	1167.616
	b. Purchase of Stock-in trade		0.000	0.000	0.000
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		397.191	457.173	1167.616
	d. Employees Benefit Expenses		(32.419)	(40.889)	19.347
	e.Advertisement		1.801	2.435	5.650
	f. Depreciation and Amortisation Expenses		10.052	12.347	31.129
	g. Other expenses		10.052	12.347	31.129
	Total Expenses		144.497	159.142	452.726
3	Profit from Operations before Other Income, Interest and Exceptional Items		63.913	5.679	170.842
4	Other Income		0.594	1.745	3.086
5	Profit from ordinary activities before finance cost & exceptional items		64.507	47.424	173.928
6	Finance Costs		31.067	31.239	93.037
7	Profit from ordinary activities after finance costs & exceptional items		33.440	16.185	80.891
8	Exceptional items		0.000	0.000	0.000
9	Profit from ordinary activities before tax		33.440	16.185	80.891
10	Tax Expense		(11.316)	(4.860)	(26.250)
11	Net Profit from ordinary activity after tax		22.124	11.325	54.641
12	Net Profit/(Loss) for the period		22.124	11.325	54.641
14	Paid-up equity share capital (face value of Rs.2 per share)		126.154	126.154	126.154
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		817.409	749.384	817.409
16	Earnings Per Share (of Rs.2 each) (not annualized)		--	--	--
	Basic EPS		--	--	--
	Diluted EPS		--	--	--
	Earnings Per Share (of Rs.2 each)		0.35	0.18	0.87
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	22979347	22979347	22979347
		- Percentage of shareholding	36.43%	36.43%	36.43%
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	Nil	Nil	Nil
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	Nil	Nil	Nil
		- Percentage of shareholding (as a % of the total share capital of the company)	Nil	Nil	Nil
		b) Non-encumbered
		- No. of shares	40097868	40097868	40097868
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
		- Percentage of shareholding (as a % of the total share capital of the company)	63.57%	63.57%	63.57%
		PARTICULARS	Quarter Ended 30.09.2014
		Pending at the beginning of the quarter	Nil
		Received during the quarter	1
		Disposed of during the quarter	1
		Remaining unresolved at the end of the quarter	Nil

Note:

1. The above Un-audited Results were reviewed by the Audit committee, Statutory Auditors and were approved by the Board of Directors at their meeting held on 14^th Feb 2015.

2. pursuant to companies Act, 2013 (The Act) being effective form April 01, 2014 the company has revised on certain fixed assets bases on useful life specified in part C of Schedule II of the Act or as per the management estimates based on internal evaluation. As a result if the change, the depreciation charge for the quarter and half year ended September 30, 2014 is higher by Rs. 2.439 Millions and Rs. 3.881 Million respectively. In respect of assets whose useful if already exhausted as on April 01, 2014 the net residual value will be deducted from the retained Earning in according with Schedule II of the Act.

3. Previous year figures have been regrouped / rearranged, wherever necessary.

Fixed Assets:

Tangible Assets

v Land – Freehold

v Land – Leasehold

v Buildings

v Plant and Equipment

v Furniture and Fixtures

v Vehicles

v Office Equipment

v Electrical Installations

v Boilers

v Effluent Treatment Plant

v Computer Systems

Intangible Assets

v Goodwill and Other Right

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.63.84
UK Pound	1	Rs.100.65
Euro	1	Rs.72.88

INFORMATION DETAILS

Information Gathered by :	RKA
Analysis Done by :	KAR
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		50

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.