MIRA INFORM REPORT

Report No. :	341373
Report Date :	16.09.2015

IDENTIFICATION DETAILS

Name :	VARDHMAN TEXTILES LIMITED (w.e.f.06.10.2006)
Formerly Known As :	MAHAVIR SPINNING MILLS LIMITED
Registered Office :	Chandigarh Road, Ludhiana – 141010, Punjab
Tel. No.:	91-161-2670707
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	08.10.1973
Com. Reg. No.:	16-003345
Capital Investment / Paid-up Capital :	Rs.636.519 Million
CIN No.: [Company Identification No.]	L17111PB1973PLC003345
TAN No.: [Tax Deduction & Collection Account No.]	JLDM03450G / JLDM03167D
PAN No.: [Permanent Account No.]	AABCM4692E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of manufacturing of Acrylic Fibre.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is part of the “Vardhman Group”, one of the India’s leading textile groups, with operations across the yarn, fabric, sewing threads, fibre, special alloys, and garment sectors. It is a well-established company having fine track record. The company has healthy business risk profile marked by strong networth base, healthy cash accruals and negligible debt with strong liquidity. The rating also takes into consideration strong market in the cotton yarn and fabric businesses, its diversified product portfolio and the improving revenue contribution of its fabric segment. Trade relations are fair. Business is active. Payment are reported as correct and as per commitments. In view of strong market position, the subject can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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
Rating	Long term rating = AA
Rating Explanation	High degree of safety and carry very low credit risk
Date	August 12, 2015

Rating Agency Name	CRISIL RATING
Rating	Short term rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	August 12, 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel No.:91-161-2670707)

LOCATIONS

Registered / Corporate Office :	Chandigarh Road, Ludhiana – 141010, Punjab, India
Tel. No.:	91-161-2662543-47/ 2670707/ 09/ 2228943-48
Fax No.:	91-161-2220766
E-Mail :	vssidh@rnj.sprintrpg.ems.vsnl.net.in secretarial.lud@vardhaman.com neerajgupta@vardhaman.com
Website :	http://www.vardhman.com
Head Office :	C-58, Focal Point, Ludhiana - 141010, Punjab, India
Tel. No.:	91-161-2670707/ 2670708/ 2670709
Fax No.:	91-161-2670503
E-Mail :	steel@vardhman.com
Plants :	· Anant Spinning Mills New Industrial Area, Mandideep - 462046, Madhya Pradesh, India · Arihant Spinning Mills Industrial Area, Malerkotla-148023, Punjab, India · Arisht Spinning Mills Village Baddi, Tehsil Nalagarh, District Solan -173205, Himachal Pradesh, India · Auro Dyeing Village Baddi, Tehsil Nalagarh, District Solan - 173205, Himachal Pradesh, India · Auro Weaving Mills Village Baddi, Tehsil Nalagarh, District Solan - 173205, Himachal Pradesh, India · Auro Textiles Village Baddi, Tehsil Nalagarh, District Solan - 173205, Himachal Pradesh, India · Mahavir Spinning Mills (Gassed Mercerised Yarn Unit) Phagwara Road, Hoshiarpur-146001, Punjab, India · Mahavir Spinning Mills (Textile Division) Village Baddi, Tehsil Nalagarh, District Solan - 173205, Himachal Pradesh, India · Vardhman Spinning Mills, Village Baddi, Tehsil Nalagarh, District Solan - 173205, Himachal Pradesh, India · Vardhman Spinning and General Mills (Unit-I and II), Chandigarh Road, Ludhiana-141010, Punjab, India · Vardhman Fabrics Budhni, District Sehore, Madhya Pradesh, India · Vardhman Yarns Budhni, District Sehore, Madhya Pradesh, India · Vardhman Fabrics (Power Division) Budhni, District Sehore, Madhya Pradesh, India · Vardhman Yarns (Power Division) Budhni, District Sehore, Madhya Pradesh, India
Branch Offices :	Located at: · P-22, 3rd Floor, Flat No.6, C.I.T. Road, Scheme IV, Kolkata - 700014, West Bengal, India · Chandigarh Road, Ludhiana - 141010, Punjab, India · 314, Solaris II, Opposite L and T Gate No.6, Saki Vihar Road, Andheri (East), Mumbai - 400072, Maharashtra, India · 504, Dalamal House, Nariman Point, Mumbai - 400021, Maharashtra, India · 309-310, Surya Kiran Building, 19, Kasturba Gandhi Marg, New Delhi - 110001, India · 377-B, Muthuswami Industrial Complex, Palladam Road, Tirupur - 638604, Tamilnadu, India · 1^st Floor, Palm Court, Opposite Management Development Institute, MG Road, Sector - 16, Gurgaon - 122001, Haryana, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Shri Paul Oswal

Designation :

Chairman and Managing Director

Address :

Auro Mirra Bhawan, 2722, Gurdev Nagar,, Pakhowal Road, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

71 Years

Qualification :

M. Com.

Experience :

46 Years

Date of Appointment :

08.10.1973

DIN No.:

00121737

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	L17111PB1962PLC002463	VARDHMAN HOLDINGS LIMITED	Director	12/04/1971	12/04/1971	-	Active	NO
2	L17111PB1973PLC003345	VARDHMAN TEXTILES LIMITED	Managing director	01/06/2014	08/10/1973	-	Active	NO
3	U33302CH1977PLC003719	KHANNA WATCHES LIMITED	Director	26/07/1977	26/07/1977	16/03/2009	Active	NO
4	L51491PB1990PLC019212	VARDHMAN ACRYLICS LIMITED	Director	24/12/1990	24/12/1990	-	Active	NO
5	U67120PB1980PTC022317	DEVAKAR INVESTMENT AND TRADING COMPANY PVT LTD	Director	20/04/1993	20/04/1993	-	Active	NO
6	L65921PB1982PLC024888	FLAMINGO FINANCE AND INVESTMENT CO LTD	Director	20/04/1993	20/04/1993	-	Active	NO
7	L65921PB1982PLC024886	SANTON FINANCE AND INVESTMENT CO LTD	Director	20/04/1993	20/04/1993	-	Active	NO
8	U17117PB1990PLC014070	VMT SPINNING COMPANY LIMITED	Director	30/12/1993	30/12/1993	-	Active	NO
9	U17231PB1994PLC014256	VTL INVESTMENTS LIMITED	Director	23/02/1994	23/02/1994	31/03/2015	Active	NO
10	U67120PB1988PTC021770	SYRACUSE INVESTMENT AND TRADING COMPANY PVT LTD	Director	01/12/1997	01/12/1997	-	Active	NO
11	U67120PB1987PTC021772	MARSHALL INVESTMENT AND TRADING COMPANY PVT LTD	Director	15/12/1997	15/12/1997	-	Active	NO
12	U67120PB1981PTC004749	ANKLESH INVESTMENTS PVT LTD	Director	16/12/1997	16/12/1997	-	Active	NO
13	U51909PB1987PTC007397	PLAZA TRADING COMPANY PVT LTD	Director	16/12/1997	16/12/1997	-	Active	NO
14	U51494PB1987PTC007399	PRADEEP MERCANTILE COMPANY PVT LTD	Director	16/12/1997	16/12/1997	-	Active	NO
15	U67120PB1981PTC004492	SRESTHA HOLDINGS Private Limited	Director	08/01/1998	08/01/1998	-	Active	NO
16	U45202PB1978PTC003831	MAHAVIR SPINNING MILLS PRIVATE LIMITED	Director	08/01/1998	08/01/1998	-	Active	NO
17	U67120PB1978ULT021891	ADINATH INVESTMENT AND TRADING COMPANY (PRIVATE COMPANY WITH UNLIMITED LIABILITY )	Director	23/10/1998	23/10/1998	-	Converted to LLP and dissolved	NO
18	L65921PB1983PLC024887	RAMANIYA FINANCE AND INVESTMENT COMPANY LIMITED	Director	09/01/2002	09/01/2002	-	Active	NO
19	U00000PB2004NPL026873	NIMBUA GREENFIELD (PUNJAB) LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
20	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	22/09/2004	22/09/2004	25/09/2008	Active	NO
21	U17230PB2005PLC027936	VARDHMAN YARNS AND THREADS LIMITED	Director	07/04/2008	04/02/2005	-	Active	NO
22	U65991MH2002GOI137868	UTI TRUSTEE COMPANY PRIVATE LIMITED	Director	13/01/2006	13/01/2006	28/10/2013	Active	NO
23	U17121PB2007PLC030853	Vardhman Spinning and General Mills Limited	Director	31/01/2007	31/01/2007	20/01/2015	Active	NO
24	U18100PB2009PLC032764	VARDHMAN NISSHINBO GARMENTS COMPANY LIMITED	Director	17/04/2009	17/04/2009	20/08/2009	Active	NO
25	AAC-3482	ADISHWAR ENTERPRISES LLP	Designated Partner	05/06/2014	05/06/2014	-	Active	NO

Name :

Mr. Suresh Kishinchand Khatanhar

Designation :

Nominee Director

Address :

8 A, The Peregrine, Veer Savarkar Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India

Date of Appointment :

12.04.2014

DIN No.:

03022106

Name :

Mr. Prafull Anubhai

Designation :

Director

Address :

9, Pathik,, Shitalbag, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

20.01.1938

Qualification :

B.Com, B.S.C. (Eco.) – London

Date of Appointment :

24.09.2014

DIN No.:

00040837

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	U74140MH1977PTC023889	MANAGEMENT STRUCTURE AND SYSTEMS PRIVATE LIMITED	Director	03/10/1977	03/10/1977	10/07/2014	Active	NO
2	L99999MH1962PLC012451	UNICHEM LABORATORIES LIMITED	Director	12/07/2014	11/08/1979	-	Active	NO
3	L17111PB1973PLC003345	VARDHMAN TEXTILES LIMITED	Director	24/09/2014	26/07/1980	-	Active	NO
4	L65923GJ1986PLC008809	GRUH FINANCE LIMITED	Director	01/04/2014	17/03/1987	-	Active	NO
5	U74899DL1985PTC020130	BOTIL OIL TOOLS INDIA PRIVATE LIMITED	Director	12/08/1987	12/08/1987	-	Active	NO
6	L99999GJ1960PLC001004	TORRENT CABLES LIMITED	Director	30/11/1992	30/11/1992	-	Amalgamated	NO
7	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	30/03/1996	30/03/1996	01/04/2010	Active	NO
8	U74899MH1994PTC166755	BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED	Director	30/01/2002	30/01/2002	-	Active	NO
9	L51909WB1940PLC010070	SOMA TEXTILES & INDUSTRIES LTD	Director	20/09/2004	20/09/2004	30/05/2009	Active	NO
10	U80302KA2005NPL036676	CENTER FOR STUDY OF SCIENCE TECHNOLOGY AND POLICY	Director	20/08/2005	20/08/2005	-	Active	NO
11	L24230GJ1991PLC015279	TORRENT CABLES LIMITED.	Director	29/12/2008	24/10/2008	-	Active	NO
12	L27100PB2010PLC033930	VARDHMAN SPECIAL STEELS LIMITED	Director	24/09/2014	15/03/2011	-	Active	NO
13	U74940GJ2012PTC070779	WELLCROW PHOTOGEARS PRIVATE LIMITED	Director	18/06/2012	18/06/2012	01/06/2015	Active	NO
14	U74999GJ2012PTC070871	CRESQUE DESIGN PRIVATE LIMITED	Director	22/06/2012	22/06/2012	01/06/2015	Active	NO
15	U93000GJ2012NPL071906	AHMEDABAD UNIVERSITY SUPPORT FOUNDATION	Director	11/09/2012	11/09/2012	02/06/2014	Active	NO

Name :

Mr. Subash Khanchand Bijlani

Designation :

Director

Address :

J-17,, South City - I, Gurgaon, 122001, Haryana, India

Date of Birth/Age :

06.09.1942

Qualification :

B. Tech, PGDC in Mgt and Finance

Date of Appointment :

24.09.2014

DIN No.:

01040271

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	U74899DL1989PTC035615	MAGNUS CONSULTING PRIVATE LIMITED	Managing director	27/03/1989	27/03/1989	-	Active	NO
2	U17219CH1976PLC003642	PUNJAB INFORMATION AND COMMUNICATION TECHNOLOGY CORPORATION LIMITED	Director	27/08/2004	27/08/2004	27/09/2012	Active	NO
3	L17111PB1973PLC003345	VARDHMAN TEXTILES LIMITED	Director	24/09/2014	30/03/2005	-	Active	NO
4	L24223PB1988PLC008031	MAX INDIA LIMITED	Director	23/09/2009	22/10/2008	30/09/2014	Active	NO
5	U24100PB2012PLC036981	Max Speciality Films Limited	Director	30/09/2014	28/04/2014	-	Active

Name :

Mr. Ashok Kumar Kundra

Designation :

Director

Address :

House No. 1138, Sector 44-B, Chandigarh - 160047, India

Date of Appointment :

24.09.2014

DIN No.:

00154024

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	L40200DL1984GOI018976	GAIL (INDIA) LIMITED	Director	18/08/2003	18/08/2003	11/08/2009	Active	NO
2	L24119CH1975PLC003607	PUNJAB ALKALIES AND CHEMICALS LTD	Director	13/12/2004	13/12/2004	-	Active	NO
3	U14292JH1975GOI001223	CENTRAL MINE PLANNING & DESIGN INSTITUTE LIMITED	Director	24/08/2007	24/08/2007	23/08/2010	Active	NO
4	U65910KL1991PTC006106	GEOJIT CREDITS PRIVATE LIMITED	Director	17/10/2014	11/01/2008	-	Active	NO
5	L17111PB1973PLC003345	VARDHMAN TEXTILES LIMITED	Director	24/09/2014	28/01/2009	-	Active	NO
6	U00000PB2004NPL026873	NIMBUA GREENFIELD (PUNJAB) LIMITED	Director	25/09/2010	26/12/2009	-	Active	NO

Name :

Mr. Darshan Lal Sharma

Designation :

President and Executive Director

Address :

H. No. B-Xx-770/2, Gurdev Nagar, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

10.11.1948

Expertise in specific functional area :

Business Executive having experience of more than 38 years in Textile and Sewing Thread Business.

Qualification :

B.Sc. (Engg.), M.B.A.

Date of Appointment :

01.04.2008

DIN No.:

00727581

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	L17111PB1973PLC003345	VARDHMAN TEXTILES LIMITED	Director	01/04/2008	08/05/1985	-	Active	NO
2	L51491PB1990PLC019212	VARDHMAN ACRYLICS LIMITED	Director	24/12/1990	24/12/1990	-	Active	NO
3	U17121PB1983PLC005432	DELUXE FABRICS LIMITED	Director	20/08/1993	20/08/1993	-	Active	NO
4	U17117PB1990PLC014070	VMT SPINNING COMPANY LIMITED	Director	30/12/1993	30/12/1993	-	Active	NO
5	U17231PB1994PLC014256	VTL INVESTMENTS LIMITED	Director	23/02/1994	23/02/1994	-	Active	NO
6	U17121PB1996PTC017569	SANGAM WEAVERS PRIVATE LIMITED	Director	06/12/1997	06/12/1997	01/03/2013	Active	NO
7	U17230PB2005PLC027936	VARDHMAN YARNS AND THREADS LIMITED	Managing director	01/06/2014	24/02/2005	-	Active	NO
8	U85110CH2007PTC030750	ARCS INDIA DIALYSIS CENTERS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Strike off	NO
9	U18100PB2009PLC032764	VARDHMAN NISSHINBO GARMENTS COMPANY LIMITED	Whole-time director	01/04/2015	17/04/2009	-	Active	NO
10	U91110MH1954NPL009385	THE COTTON TEXTILES EXPORT PROMOTION COUNCIL	Director	30/09/2013	30/09/2013	-	Active	NO
11	U51909DL1974PLC042836	RALSON (INDIA) LIMITED	Director	24/09/2014	24/09/2014	-	Active	NO

Name :

Mr. Devendrabhushan Jain

Designation :

Director

Address :

Rattan Kunj, 7 Bunglows Road, Vesava (Versova),, Andheri (W), Near Nana Nani Park, Mumba -, 400061, Maharashtra, India

Date of Appointment :

24.09.2014

DIN No.:

06911676

Name :

Mr. R.M. Malla

Designation :

Additional Director

Address :

C-4/19 Safdarjung Development Area, Hauz Khas, New Delhi - 110016, India

Date of Appointment :

05.08.2015

DIN No.:

00136657

Name :

Mr. Shravan Talwar

Designation :

Director

Address :

B-101,, Defence Colony, New Delhi- 110024, India

Date of Birth/Age :

17.04.1970

Qualification :

B.A. (Computational and Applied Maths and Economics), M.B.A.

Date of Appointment :

29.01.2010

DIN No.:

01657234

Name :

Mrs. Suchita Jain

Designation :

Executive Director

Address :

Auro Mirra Bhawan, 2722, Gurdev Nagar, Pakhowal Road, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

20.03.1968

Qualification :

M.Com

Date of Appointment :

29.01.2010

DIN No.:

00746471

Name :

Mr. Sachit Jain

Designation :

Joint Managing Director

Address :

Auro Mirra Bhawan, 2722, Gurdev Nagar, Pakhowal Road, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

08.07.1966

Qualification :

B. Tech., MBA

Date of Appointment :

13.06.2014

DIN No.:

00746409

Name :

Mr. Neeraj Jain

Designation :

Executive Director

Address :

B-19-167/1, Col. Gurdial Singh Road,, Civil Lines, Ludhiana - 141001, Punjab, India

Date of Appointment :

31.03.1010

DIN No.:

00340459

KEY EXECUTIVES

Name :	Mr. Rajeev Thapar
Designation :	Chief Financial Officer
Address :	T-2, Moti Nagar, Ludhiana - 141010, Punjab, India
Date of Appointment :	23.05.2014
PAN No.:	ADFPT3478D
Name :	Ms. Karan Kamal Walia
Designation :	Company Secretary
Address :	708/4, Punjab Mata Nagar,, Pakhowal Road, Ludhiana - 141013, Punjab, India
Date of Appointment :	11.06.2012
PAN No.:	AAZPW3626P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1461658	2.30
Bodies Corporate	27059302	42.51
Any Others (Specify)	10849053	17.04
Others	10849053	17.04
Sub Total	39370013	61.85
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	39370013	61.85
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	8323464	13.08
Financial Institutions / Banks	72895	0.11
Insurance Companies	51575	0.08
Foreign Institutional Investors	6560015	10.31
Sub Total	15007949	23.58
(2) Non-Institutions
Bodies Corporate	755545	1.19
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4581951	7.20
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1913959	3.01
Any Others (Specify)	2022462	3.18
NRIs/Foreign Individuals	199468	0.31
Trusts	1634995	2.57
Others	187999	0.30
Sub Total	9273917	14.57
Total Public shareholding (B)	24281866	38.15
Total (A)+(B)	63651879	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)	63651879	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing of Acrylic Fibre.

Products :

ITC Code No.	Product Descriptions
52.05	Cotton Yarn
55.09	Yarn of Synthetic
52.08	Woven Fabric of Cotton

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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 :

Information declined by the management

Bankers :

• State Bank of Patiala
• Allahabad Bank
• ICICI Bank Limited
• Punjab National Bank
• State Bank of India
• Bank of India
• Corporation Bank
• IDBI Bank Limited
• Canara Bank
• Standard Chartered Bank
• State Bank of Hyderabad
• State Bank of Mysore
• Axis Bank Limited
• Exim Bank
• Oriental Bank of Commerce

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loan from Banks	13172.648	19250.640
Short-term borrowings
Working Capital Loan from Banks	4549.687	7975.101
Total	17722.335	27225.741
Note : Long Term Borrowing Details of security for term loans Term loans from banks are secured by mortgage created or to be created on all the immovable assets of the company, both present and future and hypothecation of all movable assets including movable machinery, machinery parts, tools and accessories and other movable both present and future (except book debts), subject to charges created or to be created in favour of the bankers for securing the working capital limits. Short term Borrowing : Working capital borrowings from banks are secured by way of hypothecation of entire present and future tangible current assets of the company as well as a second charge on the entire present and future fixed assets of the company. Terms:- i) From banks carries interest @ 8.30% to 13.05% p.a. (Previous year 9.95% to 12.70% p.a) ii) From related parties carries interest @ 9.50% p.a. (Previous year 9% to 10.25% p.a.) iii) From others carries interest @ 12.50% p.a (Previous year 12.50% p.a)

Auditors :
Name :	S.C. Vasudeva and Company Chartered Accountants
Address :	Ghumar Mandi, Lidhiana – 141001, Punjab, India
Tel. No.:	91-161-2774527
Mobile No.:	91-9815420555
E-Mail :	ludhiana@scvasudeva.com
Website :	www.scvasudeva.com
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	VMT Spinning Company Limited Vardhman Acrylics Limited VTL Investments Limited Vardhman Yarns and Threads Limited Vardhman Nisshinbo Garments Company Limited
Associates :	Vardhman Textile Components Limited (upto 30-03-2014) Vardhman Spinning and General Mills Limited Vardhman Special Steels Limited
Enterprises over which key Management Personnel and relative of such personnel is able to exercise significant influence or control :	Vardhman Holdings Limited Vardhman Apparels Limited Smt. Banarso Devi Oswal Public Charitable Trust Sri Aurobindo Socio Economic and Management Research Institute *Adhiswar Enterprises LLP (formerly known as Adinath Investment and Trading Company) *Devakar Investment and Trading Co. Limited *Srestha Holdings Limited *Santon Finance and Investment Co. Limited *Flamingo Finance and Investment Co. Limited *Ramaniya Finance and Investment Co. Limited *Marshall Investment and Trading Co. (P) Limited *Pardeep Mercentile Co. (P) Limited *Plaza Trading Co. (P) Limited *Anklesh Investment (P) Limited *Syracuse Investment and Trading Co. (P) Limited *Mahavir Spinning Mills (P) Ltd. **Northern Trading Co. **Amber Syndicate **Paras Syndicate **Adinath Syndicate **Eastern Trading Company

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Shares	Rs.10/- each	Rs.900.000 Million
10000000	Redeemable Cumulative Preference Shares	Rs. 10/- each	Rs. 100.000 Million
	Total		Rs. 1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63652000	Equity Shares	Rs.10/- each	Rs.636.520 Million

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

Equity Shares	As at 31st March 2015
	Number in Lac	Rs. in Million
At the beginning of the reporting period	636.52	6365.19
Add: Issued during the reporting period	--	--
Outstanding at the end of the reporting period	636.52	6365.19

b. Rights, preferences and restrictions attached to equity shares

The company has one class of equity shares having a par value of H10/- each. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.

During the year ended March 31, 2015 the amount of per share dividend recognised as distributions to equity shareholders was H10 per share (Previous Year: H11).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c. Rights, preferences and restrictions to Preference Shares

The rate of dividend on preference shares will be decided by the Board of Directors as and when issued. Preferential shares as and when issued shall have the cumulative right to receive dividend as and when declared and shall have preferential right of repayment of amount of capital.

d. Shares held by holding company or its ultimate holding company or subsidiaries or associates of the holding company or the ultimate holding company in aggregate.

There is no holding or ultimate holding company of the company.

Detail of shareholders holding more than 5% shares in the Company

Equity Shares	As at 31st March 2015
	Number in Lac	% of Shareholding
Equity shares of H10 each fully paid
Devakar Investment and Trading Co. Private Limited	55.41	8.70
Adishwar Ent154.03erprises LLP (Formerly known as Adinath Investment and Trading Company)	129.48	20.34
Vardhman Holdings Limited	154.03	24.20
IDFC Premier Equity Fund	39.52	6.21

LISTING DETAILS:

Subject Stock Code :	BSE : 502986 NSE : VTLEQ
Stock Exchange Place :	Ø The Bombay Stock Exchange Limited, Mumbai Ø The National Stock Exchange of India Limited Ø MCX Stock Exchange
Listed Date :	Not Available

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	636.519	636.519	636.519
(b) Reserves & Surplus	30197.283	27846.653	22129.177
(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)	30833.802	28483.172	22765.696
(3) Non-Current Liabilities
(a) long-term borrowings	13172.648	19250.640	19849.605
(b) Deferred tax liabilities (Net)	1984.761	2661.471	2271.425
(c) Other long term liabilities	144.629	123.431	102.777
(d) long-term provisions	51.471	44.151	41.652
Total Non-current Liabilities (3)	15353.509	22079.693	22265.459
(4) Current Liabilities
(a) Short term borrowings	4685.469	8355.026	7576.464
(b) Trade payables	1295.460	966.111	462.790
(c) Other current liabilities	10043.207	8085.249	5674.843
(d) Short-term provisions	836.764	832.617	487.981
Total Current Liabilities (4)	16860.900	18239.003	14202.078
TOTAL	63048.211	68801.868	59233.233
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24823.366	27604.155	23278.143
(ii) Intangible Assets	139.329	142.679	77.051
(iii) Capital work-in-progress	767.768	845.760	2128.951
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5747.660	4931.845	2931.902
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	723.065	889.476	1425.940
(e) Other Non-current assets	1238.642	300.488	544.696
Total Non-Current Assets	33439.830	34714.403	30386.683
(2) Current assets
(a) Current investments	994.031	2191.588	2661.120
(b) Inventories	16367.347	18715.448	14994.448
(c) Trade receivables	6768.188	7387.619	6319.161
(d) Cash and cash equivalents	1755.477	527.451	266.291
(e) Short-term loans and advances	3544.536	5086.602	4426.878
(f) Other current assets	178.802	178.757	178.652
Total Current Assets	29608.381	34087.465	28846.550
TOTAL	63048.211	68801.868	59233.233

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	57420.326	51713.096	41597.105
	Other Income	1580.676	645.824	548.982
	TOTAL (A)	59001.002	52358.920	42146.087
Less	EXPENSES
	Cost of Materials Consumed	29005.180	25123.865	20963.734
	Purchases of Stock-in-Trade	744.239	571.329	268.972
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1310.292	(2294.674)	(898.142)
	Employees benefits expense	3508.313	3201.668	2683.433
	Other expenses	13436.478	12503.383	10297.675
	TOTAL (B)	48004.502	39105.571	33315.672
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	10996.500	13253.349	8830.415
Less	FINANCIAL EXPENSES (D)	1215.354	1518.275	1743.477
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	9781.146	11735.074	7086.938
Less/ Add	DEPRECIATION/ AMORTISATION (F)	4888.454	2941.259	2538.578
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	4892.692	8793.815	4548.360
Less	TAX (H)	1301.557	2275.046	1311.103
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3591.135	6518.769	3237.257
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	24424.809	20079.069	15995.920
	TOTAL EARNINGS	24424.809	20079.069	15995.920
	IMPORTS
	Raw Materials	1713.647	2157.677	1568.514
	Components and Stores parts	635.067	643.087	527.857
	Capital Goods	866.185	2876.249	1333.570
	TOTAL IMPORTS	3214.899	5677.013	3429.941
	Earnings / (Loss) Per Share (Rs.)	56.42	102.41	50.86

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	7200.793	4665.309	2820.740
Cash generated from operations	13858.613	8903.970	3789.386
Net cash flow from operating activity	12108.908	7056.632	2691.760

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	6.25	12.61	7.78
Operating Profit Margin (PBIDT/Sales)	(%)	19.15	25.63	21.23
Return on Total Assets (PBT/Total Assets}	(%)	8.65	13.95	8.40
Return on Investment (ROI) (PBT/Networth)		0.16	0.31	0.20
Debt Equity Ratio (Total Debt /Networth)		0.81	1.13	1.33
Current Ratio (Current Asset/Current Liability)		1.76	1.87	2.03

QUARTERLY RESULTS

Particulars	June 2015
Audited / UnAudited	UnAudited
Net Sales	13950.500
Total Expenditure	10015.700
PBIDT (Excl OI)	2934.800
Other Income	301.400
Operating Profit	3236.200
Interest	346.500
Exceptional Items	NA
PBDT	2889.700
Depreciation	866.700
Profit Before Tax	2023.00
Tax	542.800
Provisions and contingencies	NA
Profit After Tax	1480.200
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	1480.200

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.984.85/-

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	636.519	636.519	636.519
Reserves & Surplus	22129.177	27846.653	30197.283
Net worth	22765.696	28483.172	30833.802
long-term borrowings	19849.605	19250.640	13172.648
Short term borrowings	7576.464	8355.026	4685.469
Current Maturities Of Long-Term Debts	2820.740	4665.309	7200.793
Total borrowings	30246.809	32270.975	25058.910
Debt/Equity ratio	1.329	1.133	0.813

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	41597.105	51713.096	57420.326
		24.319	11.036

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	41597.105	51713.096	57420.326
Profit	3237.257	6518.769	3591.135
	7.78%	12.61%	6.25%

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	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	No
17	Details of sister concerns	No
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

FINANCIAL ANALYSIS AND REVIEW OF OPERATIONS:

Production and Sales Review:

During the year under review, your Company has registered Revenue from Operations of H5,742.03 crore as compared to H5,171.31 crore in the previous year. The export of the Company increased from H2,007.91 crore to H2,442.48 showing a increase of 21.64% over the previous year. The business wise performance is as under:-

a) Yarn:

The production of Yarn increased from 1,68,285 MT to 1,91,046 MT during the year 2014-15. The sales revenue of yarn increased from H2,980.01 crore to H3,365.60 crore during the year under review showing an increase of 12.94%.

b) Fabric:

During the year, the production of grey fabric increased from 154 million meter to 170 million meter, showing an increase of 10.39% over the previous year. The production of processed fabric increased from 107 million meter to 110 million meter. The sales revenue of the fabric (grey and processed) also increased from H1,885.25 crore to H2,032.48 crore showing an increase of 7.81% over the previous year

Profitability:

The Company earned profit before depreciation, interest and tax of H1, 099.65 crore as against H1, 325.34 crore in the previous year. After providing for depreciation of H488.85 crore (Previous Year H294.13 crore), interest of H121.54 crore (Previous Year H151.83 crore), provision for current tax H186.00 crore (Previous Year H188.50 crore), deferred tax (net of adjustments) H(55.84) crore (Previous Year H39.00 crore), the net profit from operations worked out to H359.11 crore as compared to H651.88 crore in the previous year.

Resources Utilisation:

a) Fixed Assets:

The net fixed assets (including Capital work-in-progress) as at 31st March, 2015 were H2, 573.05 crore as compared to H2, 859.26 crore in the previous year.

b) Current Assets:

The current assets as on 31st March, 2015 were H2, 960.84 crore as against H3, 408.75 crore in the previous year. Inventory level was at H1, 636.73 crore as compared to the previous year level of H1871.54 crore.

Resources Utilisation:

a) Fixed Assets:

The net fixed assets (including Capital work-in-progress) as at 31st March, 2015 were H2, 573.05 crore as compared to H2, 859.26 crore in the previous year.

b) Current Assets:

The current assets as on 31st March, 2015 were H2, 960.84 crore as against H3, 408.75 crore in the previous year. Inventory level was at H1, 636.73 crore as compared to the previous year level of H1871.54 crore.

LITIGATION DETAILS

HIGH COURT OF PUNJAB AND HARYANA
Case Details For Case CM -16771-CII-2012
Diary No:-	849253		District :	UT -CHANDIGARH
Main Matter
Category	--				Main case details		ITA-140-2012
Party Details	COMMISSIONER OF INCOME TAX-1 LUDHIANA V/S M/S TEXTILES LIMITED. CHD. ROAD RAJESH KATOCH
Advocate Name :		RAJESH KATOCH		List Type	ORDINARY
Status	PENDING					Next Date
Case Listing Details
No Listing Data Available
Judgement Details For Case: CM-16771-CH-2012 Party Detail: COMMISSIONER OF INCOME TAX-1 LUDHIANA V/S M/S TEXTILES LIMITED. CHD. ROAD RAJESH KATOCH
Order Date	Order Type			Bench	Judgement Link
No Judgement/Order Found.
Designed and Developed by National Informatics Centre Contents Published and Managed by Punjab and Haryana High Court, Chandigarh Disclaimer

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Working Capital Loan from Banks	135.782	201.867
Loans repayable on demand from Related parties	0.000	160.558
Loans repayable on demand from others	0.000	17.500
Total	135.782	379.925

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10583270	08/07/2015	1,330,000,000.00	State Bank of India	IFB, GOLDEN TOWER, DHOLEWAL CHOWK, LUDHIANA, Punjab - 141003, INDIA	C60413184
2	10581218	27/06/2015	720,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWER, NBCC PLACE,, BHISHMA PITAMAH MA  RG, PRAGATI VIHAR, NEW DELHI, Delhi - 110003, INDIA	C59474437
3	10581358	27/06/2015	2,200,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWER, NBCC PLACE,, BHISHMA PITAMAH MARG, PRAGATI VIHAR, NEW DELHI, Delhi - 110003, INDIA	C59509513
4	10558928	24/03/2015	1,350,000,000.00	State Bank of India	IFB, GOLDEN TOWER, DHOLEWAL CHOWK, LUDHIANA, Punjab - 141003, INDIA	C48989784
5	10508490	21/06/2014	440,000,000.00	State Bank of India	Industrial Finance Branch, Golden Tower, Dholewal  Chowk, Ludhiana, Punjab - 141003, INDIA	C10904514
6	10443552	04/03/2014 *	450,000,000.00	State Bank of India	IFB, GOLDEN TOWER, DHOLEWAL CHOWK, LUDHIANA, Punjab - 141003, INDIA	C05014287
7	10435934	04/03/2014 *	435,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR-21, WORLD TRADE CENTRE  COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	C05707757
8	10426904	04/03/2014 *	1,600,000,000.00	State Bank of India	IFB, GOLDEN TOWER, DHOLEWAL CHOWK, LUDHIANA, Punjab - 141003, INDIA	C05014964
9	10348797	28/12/2012 *	2,650,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, MILLER GANJ, LUDHIANA, Punjab - 141003, INDIA	B66523994
10	10324897	25/06/2012 *	1,300,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR-21, WORLD TRADE CENTRE  COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 4000  05, INDIA	B44004083

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Claims not acknowledged as debts	82.769	79.029
Bank Guarantees and Letters of Credit outstanding	878.105	640.784
Bills discounted with banks	1371.055	788.434

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED JUNE 30, 2015

(Rs. In Million)

		Particulars	Quarter ended 30.06.2015
1		Income from Operations
		Sales/Income from Operations (Net of Excise Duty)	13863.600
		b) Other Operating Income	86.900
	Total Income from Operations (Net)		13950.500
2	Expenses
	a)	Cost of Materials consumed	6543.600
	b)	Purchase of Stock-in-trade	144.500
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	107.900
	d)	Employee benefit expenses	935.900
	e)	Depreciation and amortization expense	866.700
	f)	Power and Fuel	1566.200
	g)	Other expenses	1717.600
	Total Expenses		11882.400
3		Profit /(Loss) from operations before other income, finance costs and exceptional items	2068.000
4	Other Income		192.900
5	Profit /(Loss) from ordinary activities before finance costs and exceptional items		2260.900
6	Finance Costs		238.000
7	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		2023.000
8	Exceptional Items		--
9	Profit /(Loss) from ordinary activities before tax		2023.000
10	Tax Expense		542.800
11	Net Profit /(Loss) from ordinary activities after tax		1480.200
12	Paid up equity share capital (Eq. shares of Rs.10/- each)		636.500
13	Reserve excluding revaluation reserves		--
14		Earnings per share (before/after extraordinary items) of Rs.10/- each	23.25
		Basic & Diluted
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	24281866
		- Percentage of Shareholding	38.15%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	--
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	--
		- Percentage of shares (as a % of the total share capital of the Company)
		b) Non- encumbered
		- Number of shares	39370013
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100%
		- Percentage of shares (as a % of the total share capital of the Company)	61.85%

Particulars	Quarter ended 30.06.2015
Pending at the beginning of the quarter	--
Received during the quarter	9
Disposed of during the quarter	9
Remaining unresolved at the end of the quarter	--

SEGMENT-WISE REVENUE RESULT AND CAPITAL EMPLOYED

(Rs. In Million)

Sr. No.	Particular	Quarter ended
		30.06.2015
		(Unaudited)
1.	Segment Revenue
	Textile	13853.400
	b. Unallocated	633.500
	Total	14486.800
	Less: Inter Segment Revenue	623.200
	Net Sales / Income from Operations	13863.600
2.	Segment Result
	Profit/(Loss) before tax and Interest from each segment
	Textile	2111.500
	b. Unallocated	84.200
	Total	2195.700
	Less : i. Interest	238.000
	ii. Net off un-allocable income/expenditure	(65.300)
	Profit after interest but before exceptional items and tax	2023.000
3.	Segment Capital Employed
	Textile	42878.900
	b. Unallocated	14408.500
	c. Capital work in progress (Including capital advances)	1644.300
		58931.800

Note :

1. Other Income comprises dividend received from subsidiary companies.

2. Interest expense is net of interest income from deposits/bonds amounting to Rs. 10.85 crores for the quarter ended June 30, 2015.

3. Figures for previous periods have been recast/regrouped, wherever necessary to make them comparable. The figures for the quarter ended march 31, are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto December 31.

4. The Board of Directors has approved the above results in its meeting held on August 05, 2015, which have been reviewed by statutory auditors as per clause 41 of Listing Agreement.

FIXED ASSETS

Tangible Assets

• Free-hold Land
• Leasehold Land
• Buildings
• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Office equipment

Intangible Assets:

• Computer Software
• Right to use Power lines

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.66.43
UK Pound	1	Rs.102.40
Euro	1	Rs.75.04

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAS
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		67

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.