MIRA INFORM REPORT

Report No. :	348899
Report Date :	14.11.2015

IDENTIFICATION DETAILS

Name :	PASUPATI SPINNING AND WEAVING MILLS LIMITED

Registered Office :	Village Kapriwas, Dharuhera, District Rewari-123401, Haryana
Tel. No.:	91-11-41515043/ 1274-267258/ 267251-53

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	13.08.1979

Com. Reg. No.:	05-009789

Capital Investment / Paid-up Capital :	Rs. 93. 371 Million

CIN No.: [Company Identification No.]	L74900HR1979PLC009789

IEC No.:	0588085120

TAN No.: [Tax Deduction and Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACP0164H

Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Subject is engaged in manufacturing of Textile and Textile Articles.

No. of Employees :	1097 (Approximately)

RATING and COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated in New Delhi in 1979. The company is promoted by Mr. Ramesh Kumar Jain, and manufactures cotton yarn, polyster grey and dyed sewing thread, and knitted fabric. The rating on company reflects improvement in its financial profile, growing scale of its operations and moderate capital structure and average debt protection metrics. The rating is constrained on company low profitability margins due susceptibility in government policies on raw material prices and competition in the industry. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with usual trade term 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 Bank Facilities = B+
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk.
Date	December, 2014

Rating Agency Name	CRISIL
Rating	Short Term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	December, 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 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON-CO-OPERATIVE

(91-11-41515043)

LOCATIONS

Registered Office :	Village Kapriwas, Dharuhera, District Rewari-123401, Haryana, India
Tel. No.:	91-11-41515043/ 1274-267258/ 267251-53
Mobile No.:	Not Available
Fax No.:	91-1274-267257
E-Mail :	garments@pasupatitextiles.com
Website :	http://pasupatitextiles.com

Head Office :	1501, Nirmal Tower, 26, Barakhamba Road, New Delhi-110001, India
Tel. No.:	91-11-47632200
Fax No.:	91-11-23316441
E-Mail :	ho@pasupatitextiles.com

Sewing Thread Unit :	Village Kheri, Trilokpur Road, Kala-Amb, Nahan, District Sirmour, Himachal Pradesh, India
E-Mail :	pswml@sril.net

Plant Location:	Polyester Viscose Yarn and Cotton Yarn Unit: Village Kapriwas (Dharuhera) District Rewari, Haryana Sewing Thread Unit: Village Kheri (Kala-amb) District Sirmour, Himachal Pradesh

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Ramesh Kumar Jain

Designation :

Chairman and Managing Director

Address :

26, Friends Colony West, New Delhi - 110065, Delhi, India

Date of Appointment :

13.08.1979

DIN No.:

00575142

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	L74899DL1979PLC009789	PASUPATI SPINNING AND WEAVING MILLS LIMITED	Managing director	13/08/1979	13/08/1979	-	Not Available for eFiling	NO
2	L74900HR1979PLC009789	PASUPATI SPINNING AND WEAVING MILLS LIMITED	Managing director	13/08/1979	13/08/1979	-	Active	NO
3	U74899DL1987PTC029482	PASUPATI OVERSEAS PRIVATE LIMITED	Director	05/03/1993	05/03/1993	-	Active	NO
4	U55101DL2008PTC181638	NIPRIT HOSPITALITY SERVICES PRIVATE LIMITED	Additional director	01/10/2010	01/10/2010	-	Active	YES

Name :

Mrs. Vrinda Jain

Designation :

Non Executive Non Independent Director (W.e.f. 01.07.2014)

Address :

26, Friends Colony (West), New Delhi - 110065, Delhi, India

Date of Birth/Age :

19.06.1959

Qualification :

Graduate

Experience :

Experience of 20 Years in Textiles Designing

Date of Appointment :

29.09.2014

DIN No.:

06641054

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	U74899DL1993PLC055020	SHAILJA INVESTMENTS LIMITED	Director	28/09/2013	01/07/2013	-	Active	NO
2	L52110DL1985PLC020162	SULABH IMPEX LIMITED	Director	28/09/2013	01/07/2013	-	Active	NO
3	U18101DL1990PLC040660	PASUPATI OLEFIN LIMITED	Director	28/09/2013	01/07/2013	-	Active	NO
4	U74899DL1993PTC054565	SUNSUNG MARKETING PRIVATE LIMITED	Director	28/09/2013	05/07/2013	-	Active	NO
5	L74900HR1979PLC009789	PASUPATI SPINNING AND WEAVING MILLS LIMITED	Director	29/09/2014	01/07/2014	-	Active	NO

Name :	Mr. S. K. Chhajer
Designation :	Whole-time Director

Name :

Mr. Vidit Jain

Designation :

Executive Director

Address :

26, Friends Colony West, New Delhi - 110065, Delhi, India

Date of Appointment :

01.04.2015

DIN No.:

01347588

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	U18101DL1990PLC040660	PASUPATI OLEFIN LIMITED	Director	20/01/2001	20/01/2001	-	Active	NO
2	L52110DL1985PLC020162	SULABH IMPEX LIMITED	Director	20/01/2001	20/01/2001	-	Active	NO
3	L65910HR1996PLC033099	PASUPATI FINCAP LIMITED	Director	26/06/2001	26/06/2001	-	Active	NO
4	U17113DL1999PLC098470	INDIA SPINTEX LIMITED	Director	14/11/2001	14/11/2001	15/03/2011	Active	NO
5	U74899DL1993PLC055020	SHAILJA INVESTMENTS LIMITED	Director	17/09/2009	16/12/2008	-	Active	NO
6	L74900HR1979PLC009789	PASUPATI SPINNING AND WEAVING MILLS LIMITED	Whole-time director	01/04/2015	01/04/2010	-	Active	NO

Name :	Mr. Ram Karan Bhardwaj
Designation :	Whole Time Director (W.e.f 01.08.2014)

Name :

Mr. Praveen Paliwal

Designation :

Independent Director

Address :

B-2/133, Safdarjung Enclave, New Delhi - 110029, Delhi, India

Date of Appointment :

29.09.2009

DIN No.:

02529141

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	L65910HR1996PLC033099	PASUPATI FINCAP LIMITED	Additional director	01/04/2009	01/04/2009	15/04/2009	Active	NO
2	L74900HR1979PLC009789	PASUPATI SPINNING AND WEAVING MILLS LIMITED	Director	29/09/2009	18/05/2009	-	Active	NO

Name :	Mr. Ghanshyam Das Gupta
Designation :	Independent Director
Address :	D-9-17, D-9 Block, Model Town II, Delhi - 110009, Delhi, India
Date of Appointment :	30.09.2011
DIN No.:	03599365

Name :

Mr. Ashwani Kumar Rathore

Designation :

Independent Director

Address :

B-1/25, Budh Vihar, Phase-1, Delhi - 110041, Delhi, India

Date of Appointment :

29.09.2012

DIN No.:

01347415

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	U74899DL1988PTC030505	SHYAM OVERSEAS PRIVATE LIMITED	Director	30/09/2011	15/10/2003	-	Active	NO
2	U65910DL2008PTC182177	U R O FINANCIAL INFORMATION and CONSULTANCY PRIVATE LIMITED	Director	19/08/2008	19/08/2008	01/02/2011	Active	NO
3	U74999DL2011PTC217818	HARSHIT CREATIONS PRIVATE LIMITED	Director	19/04/2011	19/04/2011	-	Active	NO
4	L74900HR1979PLC009789	PASUPATI SPINNING AND WEAVING MILLS LIMITED	Director	29/09/2012	25/02/2012	-	Active	NO
5	U74899DL2005PTC142410	VIGNESH FASHION PVT LIMITED	Director	10/12/2012	10/12/2012	-	Active	NO

Name :

Mr. Anil Gupta

Designation :

Independent Director (W.e.f 01.07.2014)

Address :

Shanti Krishna, 5034/3, Sant Nagar, Karol Bagh, New Delhi - 110005, Delhi, India

Date of Appointment :

29.09.2014

DIN No.:

00283431

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	U18101DL2004PTC124918	HP SPINNING MILLS PRIVATE LIMITED	Director	30/03/2005	30/03/2005	10/02/2007	Active	NO
2	L51909MH2003PLC138778	FIRST WINNER INDUSTRIES LIMITED	Director	29/09/2007	28/03/2007	29/08/2012	Active	NO
3	U45400DL2007PTC171253	ASA RAM DEVELOPERS PRIVATE LIMITED	Director	10/12/2007	10/12/2007	09/07/2013	Active	NO
4	U25190DL2008PTC172558	ROHAN TYRES PRIVATE LIMITED	Director	11/01/2008	11/01/2008	-	Strike off	NO
5	L24241UP1986PLC008344	PEE CEE COSMA SOPE LIMITED	Additional director	14/11/2014	28/01/2008	-	Active	NO
6	U24110MH2000PLC124366	RAMSHYAM TEXTILE INDUSTRIES LIMITED	Director	22/07/2008	05/07/2008	29/08/2012	Active	NO
7	U51909MH2002PLC138238	FIRST WINNER LIFESTYLE LIMITED	Director	22/07/2008	05/07/2008	29/08/2012	Active	NO
8	U25190DL2009PTC188832	SHANTI KRISHNA TYRE AND TUBES PRIVATE LIMITED	Director	25/03/2009	25/03/2009	-	Strike off	NO
9	U24299WB1981GOI033489	BENGAL CHEMICALS AND PHARMACEUTICALS LTD	Nominee director	21/10/2011	21/10/2011	-	Active	NO
10	U21012MP1947GOI000636	NEPA LTD	Nominee director	24/10/2011	24/10/2011	-	Active	NO
11	U17111UP1924PLC000275	J. K. COTTON LIMITED	Nominee director	15/02/2012	15/02/2012	21/03/2015	Active	NO
12	L74900HR1979PLC009789	PASUPATI SPINNING AND WEAVING MILLS LIMITED	Director	29/09/2014	01/07/2014	-	Active	NO

Name :	Mr. Vinod Katyal
Designation :	Whole-Time Director
Address :	House No.172/2, Ward No.5, Ymuna Vihar Shamsherpur(117), Paonta Sahib, Sirmaur - 173025, Himachal Pradesh, India
Date of Birth/Age :	8-12-1955
Qualification :	B.Tech ( Textiles Technology)
Experience :	34 years in Textile Industry
Date of Appointment :	29.09.2015
DIN No.:	07266740

KEY EXECUTIVES

Name :	Ms. Rekha Sharma
Designation :	Company Secretary
Address :	D-54 Juoti Colony, Shahdara, Delhi - 110032, Delhi, India
PAN No.:	ANYPS6529D

Name :	Mr. A. K. Monga
Designation :	Chief Finance Officer
Address :	Kl-64, Kavi Nagar, Ghaziabad - 201002, Uttar Pradesh, India
PAN No.:	ACQPM4923L

SHAREHOLDING PATTERN

AS ON 30.09.2015

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	979734	10.49
Bodies Corporate	6014236	64.41
Sub Total	6993970	74.91
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6993970	74.91
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2460	0.03
Financial Institutions / Banks	7822	0.08
Sub Total	10282	0.11
(2) Non-Institutions
Bodies Corporate	1622178	17.37
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	614811	6.58
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	79087	0.85
Any Others (Specify)	16740	0.18
Non Resident Indians	1720	0.02
Trusts	4000	0.04
Hindu Undivided Families	11020	0.12
Sub Total	2332816	24.98
Total Public shareholding (B)	2343098	25.09
Total (A)+(B)	9337068	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)	9337068	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Textile and Textile Articles.

Products :

Code of the Product /service	Name and Description of main products/services
55095100	Synthetic and Blended Yarn
52051201	Cotton Yarn
55081000	Sewing Thread
60062100	Knitted Fabric
61044200	Garments
550510	Polyster Waste
52051110	Cotton Waste

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

1097 (Approximately)

Bankers :

Banker Name :	Bank of Baroda
Branch :	Not Available
Person Name (With Designation) :	Not Available
Contact Number :	Not Available
Name of Account Holder :	Not Available
Account Number :	Not Available
Account Since (Date/Year of Account Opening) :	Not Available
Average Balance Maintained :	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Available
Account Operation :	Not Available
Remark :	Not Available

Canara Bank
ING Vysya Bank Limited
Punjab National Bank
State Bank of Patiala
State Bank of Travancore
The Nainital Bank Limited

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Term Loan - From Bank	54.860	78.900
Vehicle Loans	5.255	0.073

Short Term Borrowings
Loans repayable on demand
Working capital Loans	352.096	326.604
Total	412.211	405.577

Notes: -

Long Term Borrowings:

Term loan are secured on pari-passu basis by way of joint equitable mortgage of fixed assets of the company alongwith personal guarantee of the chairman and managing director (CMD).
Vehicle loans are secured against hypothecation of vehicle financed out of the loan amount.
The above loans are repayable as follows:

Particulars	Amount in (Million)
Particulars	As at 31.03.2015	As at 31.03.2014
Payable after 1 year	25.537	25.593
Payable after 2 years	34.719	33.264
Payable after 3 years	17.499	33.264
Payable after 4 years	10.034	16.004
Payable after 5 years	9.225	9.225
Payable after 6 years	9.225	9.225
Payable after 7 years	9.225	9.225
Payable after 8 years	9.225	7.745
Total	124.689	143.545

Short Term Borrowings:

Secured loans are secured against hypothecation of raw materials, finished goods, semi-finished goods, stores and spare parts, book debts, etc. together with second charge on all immovable/movable fixed assets of the company both present and future alongwith personal guarantee of CMD. The loans are further secured against pledge of 699115 equity shares of the company held by promoters/associates.

Auditors :
Name :	. B.K. Shroff and Company Chartered Accountants
Address :	3/7-B, Asaf Ali Road, New Delhi-110002, India

Collaborators :	Not Divulged

Membership :	Not Divulged

Associates:	Shivani Textiles Limited Pasupati Olefin Limited Sulabh Impex Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

12,100,000	Equity Shares	Rs. 10/- each	Rs. 121.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount

9,337,068	Equity Shares	Rs. 10/- each	Rs. 93. 371 Million

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Pasupati Olefin Limited	4,068,428	43.57%
Sulabh Impex Limited	1,777,354	19.04%
J M Financial Asset Reconstruction Co. Pvt. Ltd	1,000,000	10.71%
Mrs. Vrinda Jain	714,052	7.65%
Total	7,559,834	80.97%

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	93.371	93.371	93.371
(b) Reserves and Surplus	188.118	186.238	190.887
(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)	281.489	279.609	284.258

(3) Non-Current Liabilities
(a) long-term borrowings	124.687	143.545	54.167
(b) Deferred tax liabilities (Net)	12.545	13.138	12.664
(c) Other long term liabilities	3.101	8.007	0.005
(d) long-term provisions	8.429	8.094	8.677
Total Non-current Liabilities (3)	148.762	172.784	75.513

(4) Current Liabilities
(a) Short term borrowings	354.800	333.458	327.185
(b) Trade payables	243.048	231.040	155.268
(c) Other current liabilities	112.431	112.106	183.845
(d) Short-term provisions	2.082	1.729	1.185
Total Current Liabilities (4)	712.361	678.333	667.483

TOTAL	1142.612	1130.726	1027.254

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	432.353	459.594	415.809
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.729	1.208
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.053	1.053	0.000
(c) Deferred tax assets (net)	0.000	0.000	1.053
(d) Long-term Loan and Advances	10.352	9.859	14.483
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	443.758	472.235	432.553

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	363.311	336.112	279.516
(c) Trade receivables	244.275	233.451	248.560
(d) Cash and cash equivalents	35.859	30.262	32.219
(e) Short-term loans and advances	31.637	34.480	18.977
(f) Other current assets	23.772	24.186	15.429
Total Current Assets	698.854	658.491	594.701

TOTAL	1142.612	1130.726	1027.254

PROFIT and LOSS ACCOUNT

	PARTICULARS			31.03.2015	31.03.2014	31.03.2013
	SALES
		Income		2040.944	2078.234	1565.422
		Other Income		24.905	31.098	34.409
		TOTAL (A)		2065.849	2109.332	1599.831

Less	EXPENSES
		Cost of Materials Consumed		1095.089	1243.872	826.207
		Purchases of Stock-in-Trade		3.459	0.853	0.275
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(3.808)	(47.811)	(38.281)
		Share of Profit of Joint Venture partner		(1.481)	16.877	0.000
		Employees benefits expense		159.386	130.194	109.914
		Other expenses		705.115	653.055	532.874
		Extra ordinary Items		0.000	9.942	(145.787)
		TOTAL (B)		1957.760	2006.982	1285.202

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			108.089	102.350	314.629

Less	FINANCIAL EXPENSES (D)			66.066	72.974	71.069

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			42.023	29.376	243.560

Less	DEPRECIATION/ AMORTISATION (F)			40.252	33.550	31.277

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			1.771	(4.174)	212.283

Less	TAX (H)			(0.109)	0.474	12.667

	PROFIT/(LOSS) AFTER TAX (G-H) (I)			1.880	(4.648)	199.616

	EARNINGS IN FOREIGN CURRENCY
			F.O.B. Value of Exports	275.490	399.594	356.860
	TOTAL EARNINGS			275.490	399.594	356.860

	IMPORTS
			Raw Materials	5.174	22.328	10.829
			Components and Stores parts	1.699	0.765	0.895
			Capital Goods	0.000	58.248	0.000
	TOTAL IMPORTS			6.873	81.341	11.724

	Earnings Per Share (Rs.)			0.20	(0.50)	21.38

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	25.406	24.199	114.522
Cash generated from operations	65.924	129.470	79.418
Net cash flow from (used in) operations	NA	NA	NA
Net cash flow from operating activities	10.363	58.453	(3.742)

QUARTERLY RESULTS

(Rs. In Million)

Particulars	30.06.2015 (Unaudited)
Net sales	456.800
Total Expenditure	418.200
PBIDT (Excluding Other Income)	38.600
Other income	NA
Operating Profit	38.600
Interest	16.100
Exceptional Items	NA
PBDT	22.500
Depreciation	10.100
Profit Before Tax	12.400
Tax	4.300
Provisions and contingencies	NA
Profit after tax	8.100

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	0.09	-0.22	12.75

Operating Profit Margin (PBDIT/Sales)	(%)	5.30	4.92	20.10

Return on Total Assets (PBT/Total Assets)	(%)	0.16	-0.37	20.71

Return on Investment (ROI) (PBT/Networth)		0.01	-0.01	0.75

Debt Equity Ratio (Total Debt /Networth)		1.79	1.79	1.74

Current Ratio (Current Asset/Current Liability)		0.98	0.97	0.89

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs.14.50/-

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	93.371	93.371	93.371
Reserves and Surplus	190.887	186.238	188.118
Net worth	284.258	279.609	281.489

long-term borrowings	54.167	143.545	124.687
Short term borrowings	327.185	333.458	354.800
CURRENT MATURITIES OF LONG-TERM DEBTS	114.522	24.199	25.406
Total borrowings	495.874	501.202	504.893
Debt/Equity ratio	1.744	1.793	1.794

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	1565.422	2078.234	2040.944
		32.759	(1.794)

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	1565.422	2078.234	2040.944
Profit	199.616	(4.648)	1.880
	12.75%	(0.22%)	0.09%

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	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

COMPANY’S PERFORMANCE:

During the year, although the turnover of the company marginally declined by 2.06%, the profit before taxes declined to Rs.177.100 Million from Rs. 5.768 Million. The marginal decline in turnover is mainly attributable to sudden decline in exports. During the year, the company made exports to the tune of Rs. 366.624 Million as against exports of Rs. 450.240 Million made during previous financial year showing a decline of 18.57%. The profit before taxes declined because the company’s spinning unit, which was restarted from August 2013 incurred losses during the year. The said unit has started generating cash profit only from the last quarter of the year.

Spinning Unit at Dharuhera, Haryana

The production activities in this unit were re-started from 31.08.2013. However, due to initial teething troubles, the production activities could be streamlined in March 2014 but the unit started generating cash profit only from the last quarter of FY 2014-15. In order to meet the growing competition in cotton yarn market, the company had decided to go for value addition by producing doubled yarn, for which the company decided to procure eight new TFOs and two Cheese Winding machines and also made advance payment to the supplier. State Bank of Travancore (SBOT) had also sanctioned a Term Loan of Rs.180.000 Million for purchase of these machines. However due to delay in obtaining NOC from some of the consortium member banks, the said loan could not be disbursed. As a result the machinery supplier diverted the machine to some other supplier. Since the next delivery period of the machines was very long, the company decided to procure/import state-of-the-art Circular Knitting Machine to manufacture fine quality fabric out of cotton yarn (i.e. forward integration), which will result in better value addition. SBOT has also approved the change of machine and advance to the machinery supplier has been made through partial disbursement of loan. The machines are expected to be ready for delivery by October 2015. With the addition of the machine, the profitability of the spinning unit is expected to improve.

Knitting and Garment unit at Dharuhera, Haryana

The production activities of the Fabric/Garment Division at Dharuhera are going on smoothly. The company is achieving average monthly turnover of Rs.20.000 Million from this unit. The company is supplying garments for well known brands i.e. Future Group, Reliance Trend, Pantloon Retail, Spencer and Bharti Wallmart etc. Besides, the company is also exporting garments.

Sewing Thread Unit At Kala Amb, Himachal Pradesh

During the year, the capacity utilisation remained a cause of concern due to labour shortage problem. Although the company was able to largely overcome the labour shortage problem from January 2015 but after Holi festival, the situation has again deteriorated. The situation is gradually improving and it is expected that the situation will be back to normal by next month. The company has been exporting significant percentage of its production and more than 90% of the same was being exported to Turkey. However, due to some internal problem in Turkey, our exports have virtually stopped during last quarter of the year . Therefore, the company has increased domestic sales during the same period. However, the realisation period in domestic sales ranges from 90 days to 120 days, which has created stress on working capital. The situation is expected to improve gradually once the realisation cycle is complete. It is not out of place to mention here that margins in domestic market are better than export market.

UNSECURED LOAN:

(Rs. In Million)

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
From Companies - Free of interest	64.572	64.572

Short Term Borrowings
Loans repayable on demand
From Companies
- Bearing interest	0.000	1.350
- Free of Interest	2.704	5.504
Total	67.276	71.426

CONTINGENT LIABILITIES:

(Rs. In Million)

Particulars	31.03.2015 Rs. In Million
Contingent Liabilities and Commitments
Bank Guarantees	7.654
Claims not acknowledged as debts	20.913
Excise Duty demands disputed by the Company	15.958
Sales Tax demands disputed by the company	4.223
Service Tax demands disputed by the company	0.229
Income tax demands disputed by the company	0.465
Total	49.442

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015

(Rs. In Million)

Particulars	3 Months Ended
	30.06.2015
	(UNAUDITED)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	455.400
b) Other operating income	1.400
Total income from Operations(net)	456.800
2.Expenditure
a) Cost of material consumed	235.000
b) Purchases of stock in trade	0.000
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(24.600)
d) Job work expenses	49.300
e) Power and Fuel	47.800
f) Consumption of stores, sparees, dyes, chemicals and packing materials	32.500
g) Share of profit/(loss) of joint venture partner(see note 6)	5.400
h) Employees benefits expense	41.500
i) Depreciation and amortisation expense	10.100
j) Other expenses	31.300
Total expenses	428.300
3. Profit from operations before other income and financial costs	28.500
4. Other income	0.000
5. Profit from ordinary activities before finance costs	28.500
6. Finance costs	16.100
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	12.400
8. Exchange Currency Fluctuation Loss/ (Gain)	0.000
9. Profit from ordinary activities before tax Expense:	12.400
10.Tax expenses	4.300
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	8.100
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	8.100
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	93.400
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	0.88

A. Particulars of shareholding
1. Public Shareholding
- Number of shares	2,343,098
- Percentage of shareholding	25.09%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	699,115
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	10.00%
Percentage of shares (as a % of total share capital of the company)	7.49%

b) Non Encumbered
Number of shares	6,294,855
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	90.00%
Percentage of shares (as a % of total share capital of the company)	67.42%

B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unreserved at the end of the quarter	Nil

Notes:

Segment reporting as prescribed under AS-17 issued by ICAI is not applicable to the company.
Figures have been regrouped/rearranged wherever considered necessary.
The above results have been considered by the audit committee at its meeting held on 14th August 2015 and by the Board of Directors at its meeting held on 14th Auust 2015.
The additional compensation on acquisition of part of factory land shall be provided as and when received.
In the opinion of the management, the diminution in the value of long term investments is temporary in nature and hence provision for the same is not required.
The company has entered into joint venture with Star Cotspin Ltd (SCL) in respect of cotton yarn which was got manufactured from an outside party on job work basis. As per the terms of the joint venture agreement dated 1.4.2013, the profit sharing ratio between SCL and company is 75:25. All the income and expenses of joint venture operations are included in the income and expenses of the company as per the terms of joint venture agreement and amount of share of profit(loss) of SCL has been debited /credited in expenses.
Pursuant to Rehabilitation Scheme sanctioned by Board of Industrial and Financial Reconstruction (BIFR) vide its order dated 17.02.2012, the company has already dispatched cheques to all the debenture holders towards full and final settlement of the dues of (a)14% Secured Redeemable Partly Convertible Debentures and (b) 15% Secured Redeemable Partly Convertible Debentures. If any debentureholder has not received the cheque, he may contact - Ms. Rekha Sharma, Company Secretary and Compliance Officer at the Head Office address mentioned above or write an email to rekhasharma@pasupatitextiles.com.
Royalty income has been booked to the extent realised. Provision, if any shall be made at the year end.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10534259	24/11/2014	18,000,000.00	STATE BANK OF TRAVANCORE	SBT HOUSE 18/4 2ND FLOOR, ARYA SAMAJ ROAD KAROL BAGH NEW DELHI-110005, NEW DELHI, DELHI - 110005, INDIA	C35578574
2	10482764	17/02/2014	20,000,000.00	BANK OF BARODA	16, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B98553605
3	10465301	19/11/2013	20,000,000.00	BANK OF BARODA	16, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B91607077
4	10440805	02/12/2014 *	110,000,000.00	BANK OF BARODA	MAIN BRANCH, BANK OF BARODA BUILDING, 16, PARLIA MENT STREET, NEW DELHI, DELHI - 110001, INDIA	C35550136
5	10411525	02/12/2014 *	45,200,000.00	BANK OF BARODA	MAIN BRANCH, BANK OF BARODA BUILDING, 16, PARLIA MENT STREET, NEW DELHI, DELHI - 110001, INDIA	C35549922
6	10165176	17/06/2009	31,500,000.00	PUNJAB NATIONAL BANK	IBB, DCM BUILDING, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	A65225187
7	90064660	31/01/2005	69,500,000.00	ING. VYSYA BANK LTD	G- 25; CONNAUGHT PLACE, NEW DELHI, DELHI, INDIA	-
8	90063275	20/10/2004	70,000,000.00	PUNJAB NATIONAL BANK	I. B. B., BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	-
9	90063134	02/06/2004	20,000,000.00	ING VYSYA BANK LIMITED	KAROL BAGH BRANCH, ARYA SAMAJ ROAD, NEW DELHI, DELHI, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering and 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. 66.14
UK Pound	1	Rs. 100.55
Euro	1	Rs. 71.26

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	KSP

Report Prepared by :	SYL

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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 and 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.