MIRA INFORM REPORT

Report No. :	340845
Report Date :	16.09.2015

IDENTIFICATION DETAILS

Name :	SHARADHA TERRY PRODUCTS LIMITED
Registered Office :	8, Badrakaliamman Koil Road, Nellithurai Post, Mettupalayam – 641305, Tamilnadu
Tel. No.:	91-4254-223450
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	25.06.1992
Com. Reg. No.:	18-003799
Capital Investment / Paid-up Capital :	Rs. 97.800 Million
CIN No.: [Company Identification No.]	U17115TZ1992PLC003799
IEC No.:	3292006961
TIN No.:	33661880898
PAN No.: [Permanent Account No.]	AADCS0657H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of terry towels and related products, yarn etc.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 16295000
Status :	Good
Payment Behavior :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1992 having a good track record. Financial position of the company is sound. Fundamentals of the company are strong and healthy. Rating also takes into consideration company’s strong position in terry towels export market, established relationship with customers and its healthy operating efficiencies. Promoters are reported to be well experienced and knowledgeable. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. In view of long track record and sound financial base, the company can be considered normal for business dealings at usual trade terms and conditions. Note: Mr. Ayyappan Kottairaja (Deputy General Manager) provided financials for the year 2015. He claimed that financials are audited but the financials provided do not carry audited stamp.

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	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 : A+
Rating Explanation	Adequate degree of safety and low credit risk
Date	November 20, 2014

Rating Agency Name	CRISIL
Rating	Short term rating : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	November 20, 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 PARTED BY (GENGERAL DETAILS)

Name :	Mr. Ayyappan Kottairaja
Designation :	Deputy General Manager Finance
Contact No.:	91-4254-223450
Date :	14.09.2015

LOCATIONS

Registered Office / Factory 1 :	8, Badrakaliamman Koil Road, Nellithurai Post, Mettupalayam – 641305, Tamilnadu, India
Tel. No.:	91-4254-223450
Mobile No.:	91-9362821134 (Mr. Ayyappan Kottairaja)
Fax No.:	91-4254-223400
E-Mail :	jayaraj.k@microcotton.com sharadha@microcotton.com info@microcotton.com
Website :	http://www.microcotton.com
Factory 2 :	Annur, Coimbatore, Tamilnadu, India

DIRECTORS

AS ON 23.08.2014

Name :

Mr. Govindasamy Kannappan

Designation :

Managing Director

Address :

New No. 186, Race Course, Coimbatore - 641018, Tamilnadu, India

Date of Birth/Age :

20.07.1947

Qualification :

M.E, F.I.E, F.T.I

Date of Appointment :

01.11.2014

DIN No.:

00265979

PAN No.:

AFIPK4559D

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	U17111TZ1946PLC000083	THE KADRI MILLS (CBE) LIMITED	Managing director	01/10/2011	25/10/1975	-	Active	NO
2	L17111TZ1946PLC000188	SRI KANNAPIRAN MILLS LIMITED	Director	24/12/1980	24/12/1980	18/09/2007	Active	NO
3	U17111TZ1954PTC000166	RAJARATNA MILLS PRIVATE LIMITED	Director	20/01/1985	20/01/1985	-	Active	NO
4	U65993TZ1987PTC001922	SRI ERAGACHELVA INVESTMENTS PRIVATE LIMITED	Director	03/03/1987	03/03/1987	-	Active	NO
5	U65993TZ1987PTC001919	G K INVESTMENT PRIVATE LIMITED	Director	03/03/1987	03/03/1987	-	Active	NO
6	U17111TZ1986PTC001770	K G TEXTILES PRIVATE LIMITED	Director	18/03/1987	18/03/1987	-	Active	NO
7	U65993TZ1987PTC001939	SRI RANGANATHASWAMY INVESTMENT PRIVATE LIMITED	Director	25/03/1987	25/03/1987	-	Active	NO
8	U18101KA1979PTC003597	SRIDEVI TEXTILE PRIVATE LIMITED	Director	12/08/1987	12/08/1987	-	Active	NO
9	U17115TZ1992PLC003799	SHARADHA TERRY PRODUCTS LIMITED	Managing director	01/11/2014	17/08/1992	-	Active	NO
10	U17115TZ1989PLC002501	K G TEX LIMITED	Director	27/01/1999	27/01/1999	24/03/2015	Active	NO
11	U29265TZ1989PTC002502	K G NON WOVENS PRIVATE LIMITED	Director	19/06/2002	19/06/2002	24/03/2015	Active	NO
12	U17111TZ2002PLC010319	K G S SPINCOT LIMITED	Director	12/09/2002	12/09/2002	24/03/2015	Active	NO
13	U17111TZ2002PLC010397	GOVINDH MURUGAN ENTERPRISES LIMITED	Director	12/12/2002	12/12/2002	24/03/2015	Active	NO
14	U17111TZ2004PLC011485	SHANKARSHANA TEXTILE LIMITED	Director	15/12/2004	15/12/2004	24/03/2015	Active	NO
15	U70101TZ2005PTC012380	SIRUVANI PROPERTIES PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	30/03/2015	Active	NO
16	U45201TZ2005PTC012378	SIRUVANI IT PARK PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	30/03/2015	Active	NO
17	U72200TZ2005PTC012377	SIRUVANI INFOTECH PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	30/06/2009	Active	NO
18	U70101TZ2005PTC012379	SIRUVANI LAND DEVELOPERS PRIVATE LIMITED	Managing director	09/12/2005	09/12/2005	30/03/2015	Active	NO
19	U70101TZ2005PTC012440	NOYYAL INDUSTRIAL PARK PRIVATE LIMITED	Director	29/12/2005	29/12/2005	30/03/2015	Active	NO
20	U70101TZ2005PTC012438	NOYYAL GOLF RESORTS PRIVATE LIMITED	Director	29/12/2005	29/12/2005	30/03/2015	Active	NO
21	U65993TZ2006PTC013181	SRI MUKA HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
22	U65993TZ2006PTC013180	HERAMBA HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
23	U65993TZ2006PTC013182	SRI KUMARAGURU HOLDINGS PRIVATE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
24	U17111TZ2007PTC013392	MICRO COTTON INDIA PRIVATE LIMITED	Director	25/01/2007	25/01/2007	-	Converted to LLP	NO
25	U70101TZ2007PTC013488	KADIRAVAN HOLDINGS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
26	U70101TZ2007PTC013489	VADIVELAN HOLDINGS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
27	U70102TZ2007PTC013533	SHANMUGHAVADIVEL HOLDINGS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	-	Active	NO
28	U70102TZ2007PTC013544	SARAVANA HOLDINGS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	30/03/2015	Active	NO
29	U70102TZ2007PTC013555	SRI AVANISH HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	30/03/2015	Active	NO
30	U70101TZ2007PTC013565	JAGNESH HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
31	U70101TZ2007PTC013566	JAISHNAV HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
32	U70102TZ2007PTC013556	NIRUPAM HOLDINGS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	30/03/2015	Active	NO
33	U70101TZ2007PTC013564	BLUE MOUNTAIN TOWNSHIP PRIVATE LIMITED	Director	23/03/2007	23/03/2007	24/03/2007	Active	NO
34	U70101TZ2007PTC013569	JANUSHRUT HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	30/03/2015	Active	NO
35	U70101TZ2007PTC013568	SUSHANSA HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	30/03/2015	Active	NO
36	U70101TZ2007PTC013570	SHRAVOJIT HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	30/06/2009	Active	NO
37	U70101TZ2007PTC013571	HARIVATSA HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	30/03/2015	Active	NO
38	U70101TZ2007PTC013567	AMARESH HOLDINGS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	27/03/2007	Active	NO
39	U70101TZ2007PTC013605	SRI MANIVANNAN HOLDINGS PRIVATE LIMITED	Director	04/04/2007	04/04/2007	05/04/2007	Active	NO
40	U65993TZ2007PTC013739	PALANI MURUGAN HOLDINGS PRIVATE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
41	U70200TZ2007PTC013753	VISAGA HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	30/03/2015	Active	NO
42	U70200TZ2007PTC013752	SHREE KUGAN HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	30/03/2015	Active	NO
43	U70200TZ2007PTC013756	SRI MUGUNTHAN HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	-	Active	NO
44	U45200TZ2007PTC013755	SHANMUGHA JOTHI HOLDINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	30/03/2015	Active	NO
45	U55101TN2007PTC097101	VISHWATEJ HOSPITALITY PRIVATE LIMITED	Director	29/06/2007	29/06/2007	10/08/2007	Active	NO
46	U40108TZ2010PTC015944	SEYON WIND ENERGY PRIVATE LIMITED	Director	29/03/2010	29/03/2010	-	Converted to LLP	NO
47	AAB-2033	SHARDHA PROPERTIES DEVELOPERS LLP	Designated Partner	05/11/2012	05/11/2012	-	Active	NO
48	AAD-7314	MICRO COTTON INDIA LLP	Body corporate as Designated Partner	08/04/2015	08/04/2015	-	Active	NO
49	AAD-7315	SEYON WIND ENERGY LLP	Body corporate as Designated Partner	08/04/2015	08/04/2015	-	Active	NO

Name :

Mr. Govindaswamy Vijayakumar

Designation :

Director

Address :

Old No.138, New No.194, Race Course, Coimbatore - 641018, Tamilnadu, India

Date of Birth/Age :

05.08.1953

Qualification :

PUC

Date of Appointment :

30.09.1993

DIN No.:

00266078

Name :

Mr. Ramasamy Pothiraj

Designation :

Director

Address :

No.5, Kondasamy Nagar, Press Colony Post, Coimbatore - 641019, Tamilnadu, India

Date of Birth/Age :

26.02.1946

Qualification :

B.E.(Mech), D.IIT (PROD)

Date of Appointment :

31.01.2003

DIN No.:

00284880

PAN No.:

ADAPP1744M

Name :

Mr. Gopalachari Sarangan

Designation :

Director

Address :

No.63/2, Millers Road, Benson Town, Bangalore - 560046, Karnataka, India

Date of Birth/Age :

30.12.1928

Qualification :

B.SC Hons, B.L

Experience :

15 Years

Date of Appointment :

30.09.1993

DIN No.:

00284938

Name :

Mr. Devaraj Vikram Krishna

Designation :

Whole-Time Director

Address :

Old No.147, New No.202, Tea Estate Compound, Race Course, Coimbatore - 641018, Tamilnadu, India

Date of Birth/Age :

16.06.1971

Qualification :

B.E. in Production and M.S. in Industrial Engineering Management

Date of Appointment :

24.03.2015

DIN No.:

00485135

PAN No.:

ABIPK0763F

Name :

Sanjana Vijayakumar

Designation :

Additional Director

Address :

Old No. 138, New No. 194, Race Course, Coimbatore - 641018, Tamilnadu, India

Date of Appointment :

31.01.2015

DIN No.:

00914651

Name :

Mr. Govindasamynaidu Ramasamy

Designation :

Director

Address :

137, New No.193, Race Course, Coimbatore - 641018, Tamilnadu, India

Date of Birth/Age :

09.01.1949

Qualification :

BA

Date of Appointment :

30.09.1993

DIN No.:

01225507

Name :

Mr. Ramakrishnama Naidu Swaminathan

Designation :

Director

Address :

No.3 K G Gardens Kamarajar Nagar, Varatharajapuram Uppilipalayam Post, Coimbatore - 641015, Tamilnadu, India

Date of Birth/Age :

04.09.1947

Qualification :

BA

Date of Appointment :

24.03.1997

DIN No.:

01550606

KEY EXECUTIVES

Name :	Kinatinkara Jayaraj
Designation :	Company Secretary
Address :	53/2, No.28 Maniam Vallappa Gounder Street, 6th Street, K.K.Pudur, Coimbatore - 641038, Tamilnadu, India
Date of Birth/Age :	05.06.1959
Date of Appointment :	26.11.1992
PAN No :	AAMPJ1976A
Voter ID No.:	TN/18/103/0307466
Name :	Mr. Ayyappan Kottairaja
Designation :	Deputy General Manager Finance

MAJOR SHAREHOLDERS

AS ON 23.08.2014

Names of Shareholders	No. of Shares
G Kannappan	2881250
V Kiruthika	450000
G Ramaswamy	2602900
R Shanthamani	142000
G Vijayakumar	2600950
V Geethalakshmi	440000
V Saritha Santhanalakshmi	170000
V Sanjana	170000
R Ashyanth	140000
R Annush	140000
D Vikram Krishna	42900
Total	9780000

Equity Share Break up (Percentage of Total Equity)

AS ON 23.08.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of terry towels and related products, yarn etc.

Products :

ITC Code No.	Product Descriptions
63026000	Terry Towels
52079000	Cotton Yarn

Brand Names :

“MICROCOTTON”

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• European countries
• Germany
• UK
• US

Imports :

Products :

• Raw Material
• Machinery

Countries :

• Japan
• China
• Germany

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers and End Users

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

No. of Employees :

1000 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	Main Branch, Coimbatore, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Indian Bank, Main Branch, V H Road, Coimbatore - 641001, Tamil Nadu, India
• Oriental Bank of Commerce, Avanashi Road Branch 1057, Jaya Enclave, Avanashi Road, Coimbatore – 641018, Tamilnadu, India
• Andra Bank, Main Branch 17, Mill Road, Coimbatore – 641001, Tamilnadu, India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Rupee Term Loans from Banks (The Term Loans are secured by First Charge on the Fixed Assets of the Company and Second Charge on the Stock of Raw Materials , Stock-in-Progress and Finished Goods of the Company.)	NA	661.34
Short-term borrowings
Working capital loans from banks (Secured by hypothecation of stock of raw materials, stock in progress and finished goods of the company and pari-passu second charge on the fixed assets of the company, both present and future)	NA	434.988
Total	NA	1096.328

Auditors :
Name :	Gopaliyer and Subramanian Chartered Accountants
Address :	New No. 4, Guru Govind Singh Road, Rs Puram, Coimbatore – 641002, Tamilndu, India
PAN. No.:	AABFG4333P
Memberships :	-----
Collaborators :	-----
Subsidiary Companies:	Micro Cotton India Private Limited Micro Cotton Inc USA Heramba Holdings Private Limited Sri Kumaraguru Holdings Private Limited Sri Muka Holdings Private Limited Shanmughavadivel Holdings Private Limited Vadivelan Holdings Private Limited Seyon Wind Energy Private Limited
Associates:	The Kadri Mills (CBE) Limited Sri Palani Murugan Enterprises Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 97.800 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs. 180.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9780000	Equity Shares	Rs.10/- each	Rs. 97.800 Million

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	97.800	97.800	97.800
(b) Reserves & Surplus	5605.312	4884.450	4401.812
(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)	5703.112	4982.250	4499.612
(3) Non-Current Liabilities
(a) long-term borrowings	982.881	661.340	591.894
(b) Deferred tax liabilities (Net)	42.422	0.000	0.000
(c) Other long term liabilities	0.261	0.261	0.261
(d) long-term provisions	14.855	10.184	9.001
Total Non-current Liabilities (3)	1040.419	671.785	601.156
(4) Current Liabilities
(a) Short term borrowings	100.979	438.177	1.897
(b) Trade payables	30.553	25.039	19.213
(c) Other current liabilities	302.425	166.816	238.757
(d) Short-term provisions	46.105	18.121	14.055
Total Current Liabilities (4)	480.062	648.153	273.922
TOTAL	7223.593	6302.188	5374.690
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2587.950	1657.013	1787.422
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	46.485	161.052	3.089
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	24.782	39.018	34.098
(c) Deferred tax assets (net)	0.000	35.237	11.418
(d) Long-term Loan and Advances	1155.406	1110.085	989.818
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3814.623	3002.405	2825.845
(2) Current assets
(a) Current investments	0.000	277.804	50.000
(b) Inventories	1393.308	1578.219	1269.467
(c) Trade receivables	687.377	344.542	467.436
(d) Cash and cash equivalents	174.347	13.803	161.241
(e) Short-term loans and advances	867.388	767.909	373.844
(f) Other current assets	286.550	317.506	226.857
Total Current Assets	3408.970	3299.783	2548.845
TOTAL	7223.593	6302.188	5374.690

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	5085.196	3882.240	3786.500
	Other Income	94.591	43.971	32.381
	TOTAL	5179.787	3926.211	3818.881
Less	EXPENSES
	Cost of Materials Consumed	1832.371	1521.114	1372.385
	Purchase of Shares	0.090	30.676	28.249
	Purchase of woven sheets sets and pillow case	4.026	-------	-------
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	134.080	(231.148)	77.533
	Other Manufacturing Expenses	919.616	706.317	------
	Exceptional Items	7.840	0.000	------
	Employees benefits expense	290.377	257.385	223.283
	Other expenses	305.244	323.325	1145.585
	TOTAL	3493.644	2607.669	2847.035
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1686.143	1318.542	971.846
Less	FINANCIAL EXPENSES	127.840	119.019	126.015
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1558.303	1199.523	845.831
Less/ Add	DEPRECIATION/ AMORTISATION	234.295	251.986	268.173
	PROFIT/ (LOSS) BEFORE TAX	1324.010	947.537	577.658
Less	TAX	373.551	236.057	86.536
	PROFIT/ (LOSS) AFTER TAX	950.459	711.480	491.122
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	4014.549	3633.411	3305.955
Less	APPROPRIATIONS
	Transfer to General Reserve	NA	101.500	50.000
	Dividend	NA	195.600	97.800
	Tax on Dividend	NA	33.242	15.866
	Balance Carried to the B/S	NA	4014.549	3633.411
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	3175.171	3206.472
	TOTAL EARNINGS	NA	3175.171	3206.472
	IMPORTS
	Raw Materials	NA	261.629	181.931
	Components and Stores parts	NA	27.110	14.215
	Capital Goods	NA	253.597	13.245
	TOTAL IMPORTS	NA	542.336	209.391
	Earnings / (Loss) Per Share (Rs.)	97.18	72.75	50.22

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	147.061	229.124
Cash generated from operations	NA	NA	727.351
Net cash flow from (used in) operations	NA	198.370	855.164
Net cash flows from operating activities	NA	(61.544)	740.213

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	18.69	18.33	12.97
Operating Profit Margin (PBIDT/Sales)	(%)	33.16	33.96	25.67
Return on Total Assets (PBT/Total Assets}	(%)	18.51	15.62	10.85
Return on Investment (ROI) (PBT/Networth)		0.23	0.19	0.13
Debt Equity Ratio (Total Debt /Networth)		0.19	0.22	0.13
Current Ratio (Current Asset/Current Liability)		7.10	5.09	9.31

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	97.800	97.800	97.800
Reserves & Surplus	4401.812	4884.450	5605.300
Net worth	4499.612	4982.250	5703.100
long-term borrowings	591.894	661.340	982.881
Short term borrowings	1.897	438.177	100.979
Total borrowings	593.791	1099.517	1083.860
Debt/Equity ratio	0.132	0.221	0.190

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	3786.500	3882.240	5085.196
		2.528	30.986

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	3786.500	3882.240	5085.196
Profit	491.122	711.480	950.459
	12.97%	18.33%	18.69%

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	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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)	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Estimated amount of Contracts remaining to be executed provided for
On Capital Account including Letters of Credits	391.895
Bonds executed in favors of Central Excise and Customs authorities	549.500
Bank Guarantees	2.140
Claims against the company not acknowledged as debts
Excise Duty	56.053
Income Tax - Fully Paid	44.551

OPERATIONS (AS ON 31.03.2014)

The company's turnover during the year ended was Rs. 3631.173 Million as against Rs. 3521.827 Million during the previous year.

The company has earned a net profit of Rs. 711.480 Million for the year ended March 31, 2014 as against Rs. 491.122 Million during the previous year.

During the year, the Company has been awarded by The Cotton Textile Export Council (TEXPROCIL) 'Gold Trophy' for Export Performance in Cotton Made Ups (Terry Towels) under Category II (Export Performance between Rs 50 and Rs 500 Crores) for the year 2012-13.

FINANCE (AS ON 31.03.2014)

The Directors acknowledge with gratitude, the valuable assistance and support extended by Bank of Baroda, State Bank of Travancore, Oriental Bank of Commerce, Indian Bank and Andhra Bank.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
SHORT-TERM BORROWING
Loans and advances from related parties	NA	3.189
Total	NA	3.189

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10563606	10/04/2015	31,200,000.00	INDIAN BANK	COIMBATORE MAIN BRANCH, VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA	C50957521
2	10563712	05/08/2015 *	355,700,000.00	INDIAN BANK	COIMBATORE MAIN BRANCH, VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA	C62842927
3	10519608	05/08/2015 *	150,000,000.00	INDIAN BANK	COIMBATORE MAIN BRANCH, VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA	C62839337
4	10500679	05/08/2015 *	300,000,000.00	ORIENTAL BANK OF COMMERCE	AVANASHI ROAD BRANCH, 1057, JAYA ENCLAVE, AVANAS  HI ROAD., COIMBATORE - 641018, Tamil Nadu, INDIA	C62759402
5	10490702	05/08/2015 *	390,000,000.00	INDIAN BANK	COIMBATORE MAIN BRANCH, VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA	C62833579
6	10422285	05/08/2015 *	203,800,000.00	INDIAN BANK	COIMBATORE MAIN BRANCH, VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA	C62836358
7	10189300	05/08/2015 *	243,000,000.00	INDIAN BANK	COIMBATORE MAIN BRANCH, VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA	C62832357
8	10119059	26/08/2008 *	400,000,000.00	INDIAN BANK	COIMBATORE MAIN BRANCH, VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA	A45050911
9	10065743	05/08/2015 *	61,300,000.00	INDIAN BANK	COIMBATORE MAIN BRANCH, VARIETY HALL ROAD, COIMBATORE - 641001, TAMIL NADU, INDIA	C62835269
10	10065666	05/08/2015 *	48,000,000.00	ANDHRA BANK	MAIN BRANCH, 17, MILL ROAD,, COIMBATORE - 641001, Tamil Nadu, INDIA	C62719661

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles

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. 66.44
UK Pound	1	Rs. 75.05
Euro	1	Rs. 102.40

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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 unfavorable 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.