MIRA INFORM REPORT

Report No. :	323189
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	RAYMOND LIMITED
Registered Office :	Plot No.156, House No.2, Village Zadgaon, Ratnagiri – 415612, Maharashtra
Tel. No.:	91-2352-232514
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	10.09.1925
Com. Reg. No.:	11-001208
Capital Investment / Paid-up Capital :	Rs.613.808 Million
CIN No.: [Company Identification No.]	L17117MH1925PLC001208
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of fabrics.
No. of Employees :	10001 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (80)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a flagship company of the Vijaypat Singhania group and it is one of the leading integrated producers of worsted suiting fabric in the world. It is a well-established and reputed company having excellent track record. Rating takes into account of resourceful and experienced promoter group and management supported by dominant position of the company in the worsted suiting fabrics industry, established brands and integrated operations of the company. Rating also takes into account of healthy operational profile backed by strong liquidity position and adequate financial base of the company. Trade relations are reported as trustworthy. Payments are reported to be regular and as per commitment. In view of well-established brand name backed by resourceful promoters, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management non-co-operative (91-2352-232514)

LOCATIONS

Registered Office :	Plot No.156, House No.2, Village Zadgaon, Ratnagiri – 415612, Maharashtra, India
Tel. No.:	91-2352-232514
Fax No.:	Not Available
E-Mail :	thomas.fernandes@raymond.in
Website :	www.raymondindia.com
Plant :	Textile Division No.E-1 and E-11, MIDC Area, Phase II, Ajanta Road, Jalgaon – 425003, Maharashtra, India B-1, A.K.V.N., Boregaon Industrial Growth Centre, Kailash Nagar, Tehsil Sauser District Chhindwara – 480001, Madhya Pradesh, India National Highway No. 8, Khadki-Udwada, Taluka Pardi, District Valsad – 396185, Gujarat, India Aviation Division Old Apparel Building, First Floor, Jekegram, Pokhran Road No.1, Thane (West) – 400606, Maharashtra, India

DIRECTORS

As on 31.03.2015

Name :	Dr. Vijaypat Singhania
Designation :	Chairman Emeritus
Name :	Mr. Gautam Hari Singhania
Designation :	Chairman and Managing Director
Name :	Smt. Nawaz Gautam Singhania
Designation :	Non – Executive Director
Name :	I.D. Agarwal
Designation :	Independent Director
Name :	Mr. Nabankur Gupta
Designation :	Independent Director
Name :	Mr. Pradeep Guha
Designation :	Independent Director
Name :	Mr. Boman Irani
Designation :	Independent Director
Name :	H. Sunder
Designation :	Whole – time Director

KEY EXECUTIVES

Name :	Mr. M. Shivkumar
Designation :	Chief Financial Officer
Management Executives :
Name :	Mr. Gautam Hari Singhania
Designation :	Chairman and Managing Director
Name :	H. Sunder
Designation :	President – Corporate Affairs
Name :	Mr. Sanjay Behl
Designation :	Chief Executive Officer – Lifestyle Business
Name :	K.A. Narayan
Designation :	President - HR
Name :	S.L. Pokharna
Designation :	President – Commercial
Name :	Mr. Aniruddha Deshmukh
Designation :	President - Textile
Name :	M. Shivkumar
Designation :	President – Finance
Name :	Mr. Gaurav Y. Mahajan
Designation :	President – Group Apparel

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	278710	0.46
Bodies Corporate	24396743	40.27
Sub Total	24675453	40.73
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	24675453	40.73
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2269535	3.75
Financial Institutions / Banks	47492	0.08
Insurance Companies	5527061	9.12
Foreign Institutional Investors	4249475	7.01
Sub Total	12093563	19.96
(2) Non-Institutions
Bodies Corporate	6999123	11.55
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	10403396	17.17
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	5637454	9.31
Any Others (Specify)	768853	1.27
Trusts	780	0.00
Non-Resident Indians	667943	1.10
Foreign Nationals	100	0.00
Clearing Members	100030	0.17
Sub Total	23808826	39.30
Total Public shareholding (B)	35902389	59.27
Total (A)+(B)	60577842	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	803012	0.00
Sub Total	803012	0.00
Total (A)+(B)+(C)	61380854	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	Advait Ruia	825	0.00
2	Ashadevi Singhania	139119	0.23
3	Gautam Hari Singhania	5529	0.01
4	J K Investo Trade India Limited	2588025	4.22
5	J K Investors Bombay Limited	16826419	27.41
6	J K Sports Foundation	792395	1.29
7	J K Helene Curtis Limited	3399208	5.54
8	Polar Investment Limited	99200	0.16
9	Shephali A Ruia	13140	0.02
10	Ritwik Ruia	1000	0.00
11	SMT Sunitidevi Singhania Hospital Trust	691496	1.13
12	Dr Vijaypat Singhania	119097	0.19
	Total	24675453	40.20

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	Life Insurance Corporation of India	4079297	6.65
2	Finquest Securities Private Limited	1553348	2.53
3	Reliance Capital Trustee Co. Limited	991484	1.62
4	Anant Singhania	974220	1.59
5	Ujjwala A Singhania	919745	1.50
6	General Insurance Corporation of India	842079	1.37
7	Aadi Financial Advisors LLP	747644	1.22
8	Bharat Jayantilal Patel	710407	1.16
9	Dimensional Emerging Market Value Fund	650021	1.06
	Total	11468245	18.68

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	Life Insurance Corporation of India	4079297	6.65
	Total	4079297	6.65

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying  Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	GDR	401506	803012	1.31
	Total	401506	803012	1.31

Details of disclosure made by the Trading Members holding 1% or more of the Total No. of shares of the company.

Sl. No.	Name of the Trading Member	Name of the Beneficial Owner	No. of shares held	% of total no. of shares	Date of reporting by the Trading Member
1	BHARAT J.PATEL	BHARAT J PATEL	6,96,432	1.13	11/05/2015
2	FINQUEST SECURITIES PRIVATE LIMITED	HARDIK B. PATEL	11,36,500	1.85	11/05/2015
3	FINQUEST SECURITIES PRIVATE LIMITED	5 client/s (individual holding less than 1%)	2,14,848	0.35	11/05/2015

BUSINESS DETAILS

Line of Business :	Manufacturer of fabrics.
Products :	Jeans Wear Formal Shirts Woolen Blankets Shawls Denim Shirting Fabrics Jackets Trousers
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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 :

10001 (Approximately)

Bankers :

• Bank of India
• Bank of Maharashtra
• Central Bank of India
• HDFC Bank Limited
• IDBI Bank Limited
• State Bank of India
• Standard Chartered Bank
• Syndicate Bank
• Axis Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans from banks	3921.177	4621.814
SHORT TERM BORROWING
Working capital loans repayable on demand from banks	1435.259	1861.648
Buyers credit arrangements	0.000	133.025
Total	5356.436	6616.487

Auditors :
Name :	Dalal and Shah Chartered Accountants
Internal and Operational Auditors :	Mahajan and Aibara Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Raymond Apparel Limited, India Pashmina Holding Limited, India Everblue Apparel Limited, India JK Files (India) Limited, India Color Plus Fashions Limited, India Silver Spark Apparel Limited, India Celebrations Apparel Limited, India Scissors Engineering Products Limited, India Ring Plus Aqua Limited, India JK Talabot Limited, India Raymond Woollen Outerwear Limited, India Raymond Luxury Cottons Limited, India Jaykayorg AG, Switzerland Raymond (Europe) Limited, London R and A Logistics Inc., USA
Associates :	P.T. Jaykay Files Indonesia, Indonesia J.K. INvesto Trade (India) Limited, India Radha Krshna Films Limited, India
Joint Ventures :	Rose Engineered Products India Private Limited, India Raymond UCO Denim Private Limited Raymond UCO Fabrics Inc. Raymond UCO Testatura S.r.l. Raymond UCO Raymond Denim Holding NV
Other Related Parties :	J.K. Investors (Bombay) Limited
Relatives of key management personnel and their enterprises where transactions have taken place :	Silver Soaps Private Limited Avani Agricultural Farms Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
61380854	Equity Shares	Rs.10/- each	Rs.613.808 Million

Reconciliation of number of Shares

Particulars	As on March 31, 2015
	No. of Shares held	Rs. In Million
Equity Shares :
Shares at the beginning of the year	61380854	613.808
Shares at the end of the year	61380854	613.808

Rights, Preferences and restrictions attached to Equity Shares

The company has only class of equity shares having a par value of Rs.10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, 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.

Details of shares held by shareholders holding more than 5% of the aggregate shares in the company:

Name of the Shareholder	As on March 31, 2015
	No. of Shares held	% of Holding
J.K. Investors (Bombay) Limited	16826419	27.41
Life Insurance Corporation of India	4079297	6.65
J.K. Helene Curtis Limited	3399208	5.54

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	613.808	613.808	613.808
(b) Reserves & Surplus	11063.821	10394.034	9695.796
(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)	11677.629	11007.842	10309.604
(3) Non-Current Liabilities
(a) long-term borrowings	7421.177	9221.814	6837.382
(b) Deferred tax liabilities (Net)	15.025	0.000	0.000
(c) Other long term liabilities	1413.184	1112.392	1040.261
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	8849.386	10334.206	7877.643
(4) Current Liabilities
(a) Short term borrowings	3485.259	3165.610	3223.556
(b) Trade payables	3285.837	2357.135	2707.159
(c) Other current liabilities	4035.618	3109.196	5711.190
(d) Short-term provisions	499.200	437.813	381.963
Total Current Liabilities (4)	11305.914	9069.754	12023.868
TOTAL	31832.929	30411.802	30211.115
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6108.934	6723.854	8328.266
(ii) Intangible Assets	5.291	13.970	14.530
(iii) Capital work-in-progress	1673.968	1577.151	1448.757
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4009.603	3860.821	3503.493
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2565.859	2576.131	2549.913
(e) Other Non-current assets	867.073	284.804	249.208
Total Non-Current Assets	15230.728	15036.731	16094.167
(2) Current assets
(a) Current investments	3077.151	3841.001	3945.004
(b) Inventories	5766.562	5518.552	5029.854
(c) Trade receivables	5698.054	4804.488	4162.554
(d) Cash and cash equivalents	954.559	515.765	182.547
(e) Short-term loans and advances	627.637	470.279	535.019
(f) Other current assets	478.238	224.986	261.970
Total Current Assets	16602.201	15375.071	14116.948
TOTAL	31832.929	30411.802	30211.115

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	26453.171	21855.899	20323.877
	Other Income	1262.787	909.524	932.042
	TOTAL	27715.958	22765.423	21255.919
Less	EXPENSES
	Cost of Materials Consumed	5976.433	6280.244	6142.985
	Purchases of Stock-in-Trade	5716.465	2281.077	1476.718
	Manufacturing and Operating Costs	4279.727	4330.751	4275.929
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(324.272)	(590.433)	(357.887)
	Employees benefits expense	3114.428	2762.333	2800.724
	Other expenses	5419.777	4376.149	4264.392
	TOTAL	24182.558	19440.121	18602.861
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3533.400	3325.302	2653.058
Less	FINANCIAL EXPENSES	1482.632	1534.172	1561.062
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2050.768	1791.130	1091.996
Less/ Add	DEPRECIATION/ AMORTISATION	934.933	1145.021	1160.219
Less/ Add	EXCEPTIONAL ITEMS	19.435	(235.599)	338.435
	PROFIT/ (LOSS) BEFORE TAX	1096.400	881.708	(406.658)
Less	TAX	96.450	0.474	71.744
	PROFIT/ (LOSS) AFTER TAX	999.950	881.234	(478.402)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1840.498	1244.543	1529.507
	Dividend	0.395	0.498	1.030
	Others	4.516	15.237	40.198
	TOTAL EARNINGS	1845.409	1260.278	1570.735
	IMPORTS
	Raw Materials	2727.080	2939.748	2790.701
	Components and Stores parts	173.281	204.593	192.418
	Repairs to machinery	19.934	17.296	11.010
	Capital Goods	12.352	12.254	74.675
	TOTAL IMPORTS	2932.647	3173.891	3068.804
	Earnings / (Loss) Per Share (Rs.)	16.29	14.36	(7.79)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	2550.638	1757.638	3409.649
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	3.78	4.03	-2.35
Operating Profit Margin (PBDIT / Sales)	(%)	13.36	15.21	13.05
Return on Total Assets (PBT/Total Assets}	(%)	4.19	3.53	-1.61
Return on Investment (ROI) (PBT/Networth)		0.09	0.08	-0.04
Debt Equity Ratio (Total Liability/Networth)		1.15	1.28	1.31
Current Ratio (Current Asset/Current Liability)		1.47	1.70	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	613.808	613.808	613.808
Reserves & Surplus	9695.796	10394.034	11063.821
Net worth	10309.604	11007.842	11677.629
long-term borrowings	6837.382	9221.814	7421.177
Short term borrowings	3223.556	3165.610	3485.259
Current Maturities of Long Term Debt	3409.649	1757.638	2550.638
Total borrowings	13470.587	14145.062	13457.074
Debt/Equity ratio	1.307	1.285	1.152

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	20323.877	21855.899	26453.171
		7.538	21.034

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	20323.877	21855.899	26453.171
Profit	(478.402)	881.234	999.950
	(2.35%)	4.03%	3.78%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

LITIGATION DETAILS
Bench:- Bombay Presentation Date : 09.03.2015
Lodging No. :	NMSL/701/2015	Failing Date:-	09.03.2015
MAIN MATTER
Lodging No. :	STRL/40/2007
Petitioner:-	THE COMMISSIONER OF SALES TAX		Respondent:- RAYMOND LIMITED
Petn.Adv:-	GOVERNMENT PLEADER ORIGINAL SIDE
District:-	MUMBAI
Bench:-	DIVISION		Category:- NOTICE OF MOTION (TAX)
Status:-	Pre-Admission
Act. :	Sales Tax Act 1979

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans from banks	400.000	950.000
Debentures	3100.000	3650.000
SHORT TERM BORROWING
Buyers credit arrangements	0.000	120.937
By issue of Commercial Papers	2050.000	1050.000
Total	5550.000	5770.937

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10517757	16/07/2014 *	2,590,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Floor, Bombay Dyeing Mills Compound,  , Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C21971791
2	10334393	08/08/2012 *	135,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B57111296
3	10319326	23/02/2015 *	490,000,000.00	Syndicate Bank	Large Corporate Branch, Maker Tower E Wing,, 2nd  Floor, Cuffe Parade,, Mumbai, Maharashtra - 400005  , INDIA	C47344940
4	10277145	21/01/2012 *	265,400,000.00	BANK OF INDIA	MUMBAI LARGE CORPORATE BRANCH, BANK OF INDIA BUILDING,  , FOURTH FLOOR, 70-80, M.G.ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B31645005
5	10151223	05/05/2009 *	950,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A63899298
6	10139056	19/01/2009	500,000,000.00	BANK OF INDIA	MUMBAI LARGE CORPORATE BRANCH, BANK OF INDIA BUILDING, 4TH FLR, 70/80 M.G.ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	A55299507
7	10117459	28/02/2009 *	1,500,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A58495151
8	10117799	06/02/2009 *	350,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A56833015
9	10038389	31/01/2007	1,510,000,000.00	Bank Of India	Mumbai Large Corporate Branch,, 4th Floor , 70/8  0 M.G Road Fort, Mumbai, Maharashtra - 400023, INDIA	A11172764
10	10024644	30/10/2006	1,510,000,000.00	BANK OF INDIA LIMITED	MUMBAI LARGE CORPORATE BRANCH, 4TH FLOOR, 70/80,  M. G. ROAD, MUMBAI, Maharashtra - 400023, INDIA	A06017974

* Date of charge modification

FINANCIAL PERFORMANCE

Amid optimism and rising business sentiments, the Company reported a top-line growth of 21% over the previous year. At Standalone level, the Gross Revenue from operations stood at Rs.26454.700 Million as compared with Rs.21859.100 Million in the previous year. The Operating Profit before tax stood at Rs. 1115.800 Million as against of Rs. 646.100 Million in the previous year. The Net Profit for the year stood at Rs. 1000.000 Million against Rs. 881.200 Million reported in the previous year.

The Consolidated Gross Revenue from operations for FY 2015 was placed at Rs.53745.400 Million (Previous Year: Rs.45937.400 Million), registering a growth of 17%. The Consolidated Operating Profit stood at Rs. 1597.200 Million (Previous Year: Rs. 1600.000 Million). The Consolidated Profit after tax stood at Rs. 1128.100 Million as against a Profit after tax of Rs. 1076.300 Million in the previous year.

CORPORATE OVERVIEW

Subject is a leading Indian textile and branded apparel company, with interests in engineering (files, power tools, auto components) and FMCG sectors. The Group has its corporate headquarters at Mumbai.

FIXED ASSETS

• Freehold Land
• Leasehold Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipment

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.63.57
UK Pound	1	Rs.100.29
Euro	1	Rs.72.37

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		80

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.