MIRA INFORM REPORT

Report No. :	341908
Report Date :	24.09.2015

IDENTIFICATION DETAILS

Name :	NAHAR INDUSTRIAL ENTERPRISES LIMITED (w.e.f. 1994)
Formerly Known As :	OSWAL FATS AND OILS LIMITED
Registered Office :	Focal Point, Ludhiana – 141010, Punjab
Tel. No.:	91-161-2672590
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	27.09.1983
Com. Reg. No.:	16-018321
Capital Investment / Paid-up Capital :	Rs. 400.342 Million
CIN No.: [Company Identification No.]	L15143PB1983PLC018321
TIN :	03981086011
IEC No.:	1288041560
TAN No.: [Tax Deduction & Collection Account No.]	JLDN00400B / JLDN0758C
PAN No.: [Permanent Account No.]	AAACN7244C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is an integrated textile manufacturer, engages in spinning, weaving, and processing textiles. Subject operates in three segments: Yarn, Fabrics, and Sugar. It offers cotton, dyed cotton, spun, blended, polyester, industrial, open end, open end slub, TFO, specialized, eli twist, core spun, and vortex yarns. The company also provides various fabrics, including cotton and cotton blends, GSM, woven vibrancy, yarns used, end use, indigo yarn dyed shirting, performance, and specialty fabrics. In addition, it produces and sells various types and grades of sugar and allied products.
No. of Employees :	11476 (approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behavior :	Slow and delayed
Litigation :	Exist
Comments :	Subject is a part of “NAHAR GROUP”. It is a very old and well established company. Rating takes into consideration the acceptable financial profile of the company marked by decent networth base along with steady reduction in debt level in FY15. However, the company has incurred losses from its operations during the year under consideration. Further rating factors in company’s large scale of operations with one of the largest domestic capacities for spinning and weaving. However, it is found that the subject has defaulted hefty amounts with 3 major Banks i.e. ICICI Bank (Rs. 451.100 Million), HDFC Bank (Rs. 84.500 Million). Deutsche BANK (Rs. 494.600 Million) for the reasons best known to them, which has an important repercussion on the rating. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow and delayed. In view of vast experience of the promoters, the company can be considered for business dealings on a safe and secured 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	ICRA
Rating	Long Term: Fund based: A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	August, 2015

Rating Agency Name	ICRA
Rating	Short Term: Non Fund based: A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	August, 2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under:

Suit-Filed accounts (Willful Defaulters) of Rs. 2.500 Million and above as on 23-Sep-2015
Search details

Borrower Containing - NAHAR INDUSTRIAL ENTERPRISES LIMITED /State - PUNJAB /Bank - ICICI BANK LIMITED /City - LUDHIANA

Bank	Branch	Quarter	Borrower name	Directors name	Outstanding amount (Rs. in Million)
ICICI BANK LIMITED	LUDHIANA	31-03-10	NAHAR INDUSTRIAL ENTERPRISES LIMITED	AMARJEET SINGH, DINESH OSWAL, O.P. SAHNI, KAMAL OSWAL, JAWAHAR LAL OSWAL, N. D. JAIN, K S MAINI, Dinesh Gogna, H K BAL, Y. P. SACHDEVA	451.100

Suit-filed accounts of Rs. 10 Million and above as on 23-Sep-2015
Search details

Borrower Containing - Nahar Industrial Enterprises Limited /State - PUNJAB /Bank - HDFC BANK LIMITED /City - Ludhiana

Bank	Branch	Quarter	Borrower name	Directors name	Outstanding amount (Rs. in Million)
DEUTSCHE BANK	FORT BRANCH, MUMBAI	31-03-10	NAHAR INDUSTRIAL ENTERPRISES LIMITED	DINESH GOGNA, KAMAL OSWAL, DINESH OSWAL	494.600
DEUTSCHE BANK	FORT BRANCH, MUMBAI	30-06-10	NAHAR INDUSTRIAL ENTERPRISES LIMITED	DINESH GOGNA, KAMAL OSWAL, DINESH OSWAL	494.600
DEUTSCHE BANK	FORT BRANCH, MUMBAI	30-09-10	NAHAR INDUSTRIAL ENTERPRISES LIMITED	DINESH GOGNA, KAMAL OSWAL, DINESH OSWAL	494.600
DEUTSCHE BANK	FORT BRANCH, MUMBAI	31-12-10	NAHAR INDUSTRIAL ENTERPRISES LIMITED	DINESH GOGNA, KAMAL OSWAL, DINESH OSWAL	494.600
HDFC BANK LIMITED	LUDHIANA	30-09-12	NAHAR INDUSTRIAL ENTERPRISES LIMITED	AMRIK SINGH SOHI, KANWAR SAIN MAINI, DINESH GOGNA, KAMAL OSWAL, YASH PAUL SACHDEVA, HARBHAJAN KAUR BAL, OM PRAKASH SAHNI, DINESH OSWAL, NARAYAN DASS JAIN, JAWAHAR LAL OSWAL	84.500
HDFC BANK LIMITED	LUDHIANA	31-12-12	NAHAR INDUSTRIAL ENTERPRISES LIMITED	NARAYAN DASS JAIN, YASH PAUL SACHDEVA, JAWAHAR LAL OSWAL, HARBHAJAN KAUR BAL, KAMAL OSWAL, DINESH GOGNA, KANWAR SAIN MAINI, DINESH OSWAL, OM PRAKASH SAHNI, AMRIK SINGH SOHI	84.500
HDFC BANK LIMITED	LUDHIANA	31-03-13	NAHAR INDUSTRIAL ENTERPRISES LIMITED	NARAYAN DASS JAIN, JAWAHAR LAL OSWAL, AMRIK SINGH SOHI, KANWAR SAIN MAINI, HARBHAJAN KAUR BAL, Dinesh Gogna, DINESH OSWAL, OM PRAKASH SAHNI, KAMAL OSWAL, YASH PAUL SACHDEVA	84.500
HDFC BANK LIMITED	LUDHIANA	30-06-13	NAHAR INDUSTRIAL ENTERPRISES LIMITED	KAMAL OSWAL, HARBHAJAN KAUR BAL, DINESH OSWAL, YASH PAUL SACHDEVA, OM PRAKASH SAHNI, NARAYAN DASS JAIN, JAWAHAR LAL OSWAL, AMRIK SINGH SOHI, KANWAR SAIN MAINI, Dinesh Gogna	84.500
HDFC BANK LIMITED	LUDHIANA	30-09-13	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Dinesh Gogna, KANWAR SAIN MAINI, DINESH OSWAL, AMRIK SINGH SOHI, OM PRAKASH SAHNI, NARAYAN DASS JAIN, YASH PAUL SACHDEVA, JAWAHAR LAL OSWAL, HARBHAJAN KAUR BAL, KAMAL OSWAL	84.500
HDFC BANK LIMITED	LUDHIANA	31-12-13	NAHAR INDUSTRIAL ENTERPRISES LIMITED	JAWAHAR LAL OSWAL, KANWAR SAIN MAINI, NARAYAN DASS JAIN, HARBHAJAN KAUR BAL, OM PRAKASH SAHNI, KAMAL OSWAL, Dinesh Gogna, AMRIK SINGH SOHI, YASH PAUL SACHDEVA, DINESH OSWAL	84.500
HDFC BANK LIMITED	LUDHIANA	31-03-14	NAHAR INDUSTRIAL ENTERPRISES LIMITED	YASH PAUL SACHDEVA, Dinesh Gogna, Dinesh Oswal, OM PRAKASH SAHNI, AMRIK SINGH SOHI, Kamal Oswal, NARAYAN DASS JAIN, HARBHAJAN KAUR BAL, JAWAHAR LAL OSWAL, KANWAR SAIN MAINI, AJIT SINGH CHATHA	84.500
HDFC BANK LIMITED	LUDHIANA	30-06-14	NAHAR INDUSTRIAL ENTERPRISES LIMITED	AJIT SINGH CHATHA, KAMAL OSWAL, NARAYAN DASS JAIN, KANWAR SAIN MAINI, OM PRAKASH SAHNI, HARBHAJAN KAUR BAL, DINESH GOGNA, DINESH OSWAL, JAWAHAR LAL OSWAL, YASH PAUL SACHDEVA, AMRIK SINGH SOHI	84.500
HDFC BANK LIMITED	LUDHIANA	30-09-14	NAHAR INDUSTRIAL ENTERPRISES LIMITED	AJIT SINGH CHATHA, KAMAL OSWAL, NARAYAN DASS JAIN, KANWAR SAIN MAINI, OM PRAKASH SAHNI, HARBHAJAN KAUR BAL, DINESH GOGNA, DINESH OSWAL, JAWAHAR LAL OSWAL, YASH PAUL SACHDEVA, AMRIK SINGH SOHI	84.500

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 BY

Name :	Mr. Dhirendra
Designation :	Accounts Executive
Name :	Mr. B.B. Gupta
Designation :	Finance Manager
Tel No:	91-161-2672590
Date :	21.09.2015

LOCATIONS

Registered Office / Corporate Office 1 :	Focal Point, Ludhiana – 141010, Punjab, India
Tel. No.:	91-161-2600701 to 705
Fax No.:	91-161-2670596/ 2674072 / 5083213
E-Mail :	msood@owmnahar.com nildh@owmnahar.com anil.garg@owmnahar.com
Website :	http://www.owmnahar.com
Corporate Office 2 :	Nagar Tower Industrial Area – A, Ludhiana – 141003, Punjab, India
Tel. No.:	91-161-2600701 to 705
Fax No.:	91-161-2600709 / 2601956
E-Mail :	nahar@owmnahar.com
Corporate Office 3 :	G.T. Road, Sherpur, Ludhiana – 141003, Punjab, India
Tel. No.:	91-161-2542501 to 07
Fax No.:	91-161-2542509
E-Mail :	oswa@owmnahar.com
Factory 1 :	Arham Spinning Mills 6th Milestone, Tijara-Alwar Road, District. Alwar (Rajasthan) Bhiwadi – 301019, (India)
Tel. No.:	91-1493-220485-220486, 221179, 222489-222490, 511291
Fax No.:	91-1762-221385
E-Mail :	Kkgupta@Owmnahar.Com
Factory 2 :	Spinning Unit - I, Spinning Unit- II, Spinning Unit-III, Spinning Unit-Iv Village Jalalpur, Chandigarh-Ambala Road, Lalru, District Mohali, Punjab, India
Tel. No.:	91-1762-506503, 506566,
Fax No.:	91-1762-506567
E-Mail :	Arunnijhawan@Owmnahar.Com
Factory 3 :	Sambhav Spinning Mills Industrial Focal Point, Phase VIII, Mundian Kalan, District Ludhiana, Punjab, India
Factory 4 :	Fabrics Unit Village Jalalpur, Chandigarh-Ambala Road, Lalru, District Mohali, Punjab, India
Factory 5 :	New Process and Dyeing Village Jalalpur, Chandigarh-Ambala Road, Lalru, District Mohali, Punjab, India
Factory 6 :	Nahar Sugar Village Salana Jeon Singh Wala, Tehsil Amloh, District Fatehgarh Sahib, Punjab, India
Factory 7 :	Nahar Complex, P.O. Dappar, 21^st Mile Stone, Ambala-Chandigarh Road, Near Lalru, Mohali - 140506, Punjab, India
Tel No.:	91-1762-506503 / 506566
Fax No.:	91-1762-506567
Branch Office :	Located At: Gurgaon  Mumbai  Delhi

DIRECTORS

AS ON 30.09.2014

Name :

Dr. Harbhajan Kaur Bal

Designation :

Director

Address :

House No 2322, Phase 11, Mohali - 160065, Punjab, India

Date of Appointment :

30.09.2014

DIN No.:

00008576

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	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	30/09/2014	28/09/1992	-	Active	NO
2	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30/09/2014	25/08/2000	-	Active	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30/09/2014	30/06/2001	-	Active	NO
4	L24116PB1986PLC007030	IOL CHEMICALS AND PHARMACEUTICALS LIMITED	Director	27/03/2002	27/03/2002	21/05/2011	Active	NO
5	L17115PB1979PLC003994	SHREYANS INDUSTRIES LIMITED	Director	29/04/2003	29/04/2003	28/05/2011	Active	NO
6	L17122DL1989PLC035050	SPORTKING INDIA LIMITED	Director	25/04/2006	25/04/2006	-	Active	NO
7	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	29/09/2014	01/11/2006	-	Active	NO
8	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	30/09/2014	12/01/2007	-	Active	NO

Name :

Mr. Navdeep Sharma

Designation :

Additional Director

Address :

200 - E, Kitchlu Nagar, Ludhiana - 141001, Punjab, India

Date of Appointment :

12.08.2015

DIN No.:

00454285

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	L65910DL1983PLC016036	OSWAL LEASING LIMITED	Director	31/03/2003	31/03/2003	-	Active	NO
2	L65910PB1981PLC023058	KOVALAM INVESTMENT AND TRADING COMPANY LIMITED	Director	31/05/2006	31/05/2006	-	Active	NO
3	U65993DL1972PLC006178	VANAIK INVESTORS LIMITED	Director	28/09/2012	13/06/2011	-	Active	NO
4	U67120DL1980PTC161885	NAGDEVI TRADING AND INVESTMENT COMPANY LIMITED	Director	29/09/2011	13/06/2011	-	Active	NO
5	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	28/09/2011	13/06/2011	-	Active	NO
6	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	28/09/2011	13/06/2011	-	Active	NO
7	U74899DL1991PTC043053	NAHAR GROWTH FUND PRIVATE LIMITED	Director	28/09/2011	13/06/2011	-	Active	NO
8	U74899DL1990PTC041601	MONICA GROWTH FUND PRIVATE LIMITED	Director	28/09/2011	13/06/2011	-	Active	NO
9	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	28/09/2011	13/06/2011	-	Active	NO
10	U74899DL1991PTC043957	NEHA CREDIT AND INVESTMENT PRIVATE LIMITED	Director	28/09/2011	13/06/2011	-	Active	NO
11	U74899DL1990PTC041600	RUCHIKA GROWTH FUND PRIVATE LIMITED	Director	28/09/2011	13/06/2011	-	Active	NO
12	U17115DL1980PLC177084	VANAIK SPINNING MILLS LIMITED	Additional director	13/03/2015	13/03/2015	-	Active	NO
13	L74900DL1979PLC009989	NAHAR FINANCIAL AND INVESTMENT LIMITED	Additional director	25/03/2015	25/03/2015	-	Active	NO
14	U74899DL1993PTC055526	VIGIL INVESTMENT PRIVATE LIMITED	Additional director	25/03/2015	25/03/2015	-	Active	NO
15	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Additional director	12/08/2015	12/08/2015	-	Active	NO
16	U45202PB1994PLC014964	NAHAR INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED	Additional director	27/08/2015	27/08/2015	-	Active	NO

Name :

Sh. Jawahar Lal Oswal

Designation :

Director

Address :

514, College Road, Civil Lines, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

72 Years

Qualification :

Graduate

Experience :

51 Year

Date of Appointment :

14.10.1991

DIN No.:

00463866

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	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Managing director	01/10/2007	31/03/1964	-	Active	NO
2	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	30/04/1978	30/04/1978	07/08/2012	Active	NO
3	U67120DL1980PTC161885	NAGDEVI TRADING AND INVESTMENT COMPANY LIMITED	Director	16/06/1980	16/06/1980	-	Active	NO
4	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT CO PRIVATE LIMITED	Director	20/07/1982	20/07/1982	-	Amalgamated	NO
5	U65993DL1972PLC006178	VANAIK INVESTORS LIMITED	Director	30/12/1984	30/12/1984	11/08/2014	Active	NO
6	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	12/02/1991	12/02/1991	-	Active	NO
7	U74899DL1991PTC043053	NAHAR GROWTH FUND PRIVATE LIMITED	Director	12/02/1991	12/02/1991	-	Active	NO
8	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	12/02/1991	12/02/1991	-	Active	NO
9	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	26/02/1991	26/02/1991	13/08/2014	Active	NO
10	U74899DL1991PTC043957	NEHA CREDIT AND INVESTMENT PRIVATE LIMITED	Director	15/04/1991	15/04/1991	-	Active	NO
11	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	14/10/1991	14/10/1991	-	Active	NO
12	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	14/10/1991	14/10/1991	-	Active	NO
13	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30/09/1992	30/09/1992	-	Active	NO
14	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	06/09/1993	06/09/1993	11/08/2014	Active	NO
15	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LIMITED	Director	26/11/1994	26/11/1994	07/08/2012	Active	NO
16	U74899DL1990PTC041601	MONICA GROWTH FUND PRIVATE LIMITED	Director	17/02/1998	17/02/1998	-	Active	NO
17	U74899DL1990PTC041600	RUCHIKA GROWTH FUND PRIVATE LIMITED	Director	17/02/1998	17/02/1998	-	Active	NO
18	L67120DL1979PLC009388	SANKHESHWAR HOLDING COMPANY LIMITED	Director	12/10/1999	12/10/1999	-	Active	NO
19	U67120PB1972PLC037121	LUDHIANA HOLDINGS LIMITED	Director	12/10/1999	12/10/1999	-	Amalgamated	NO
20	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
21	L51494PB2008PLC032059	Monte Carlo Fashions Limited	Managing director	10/08/2011	01/07/2008	-	Active	NO
22	U51909DL2012PLC240125	SIDHANT AND MANNAT COMPANY LIMITED	Director	13/08/2012	13/08/2012	11/08/2014	Active	NO
23	U51909DL2012PLC240365	Simran and Shanaya Company Limited	Director	17/08/2012	17/08/2012	11/08/2014	Active	NO

Name :

Mr. Kamal Oswal

Designation :

Managing Director

Address :

514, College Road, Civil Lines, Ludhiana - 141001, Punjab, India

Date of Appointment :

01.02.2008

DIN No.:

00493213

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	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	14/05/1983	14/05/1983	11/08/2014	Active	NO
2	L65910DL1983PLC016036	OSWAL LEASING LIMITED	Director	12/08/1983	12/08/1983	-	Active	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Managing director	01/02/2008	27/09/1983	-	Active	NO
4	L67120DL1979PLC009388	SANKHESHWAR HOLDING COMPANY LIMITED	Director	18/11/1983	18/11/1983	-	Active	NO
5	U74899DL1983PTC015104	KULU INVESTMENT AND TRADING PRIVATE LIMITED	Director	22/03/1984	22/03/1984	-	Amalgamated	NO
6	U67120DL1980PTC161885	NAGDEVI TRADING AND INVESTMENT COMPANY LIMITED	Director	13/10/1984	13/10/1984	11/08/2014	Active	NO
7	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	15/11/1989	15/11/1989	-	Active	NO
8	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	26/02/1991	26/02/1991	23/07/2008	Active	NO
9	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	01/06/1991	01/06/1991	11/08/2014	Active	NO
10	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	01/06/1991	01/06/1991	-	Active	NO
11	U74899DL1991PTC043053	NAHAR GROWTH FUND PRIVATE LIMITED	Director	01/06/1991	01/06/1991	-	Active	NO
12	U74899DL1991PTC043957	NEHA CREDIT AND INVESTMENT PRIVATE LIMITED	Director	01/06/1991	01/06/1991	-	Active	NO
13	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30/09/1991	30/09/1991	-	Active	NO
14	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	20/08/1992	20/08/1992	-	Active	NO
15	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT CO PRIVATE LIMITED	Director	30/08/1993	30/08/1993	-	Amalgamated	NO
16	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Managing director	01/09/2012	29/12/1993	-	Active	NO
17	U45202PB1994PLC014964	NAHAR INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED	Director	22/08/1994	22/08/1994	-	Active	NO
18	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
19	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	01/09/2012	30/11/2006	-	Active	NO
20	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LIMITED	Director	27/09/2008	14/02/2008	13/08/2014	Active	NO
21	L51494PB2008PLC032059	MONTE CARLO FASHIONS LIMITED	Director	01/07/2008	01/07/2008	21/03/2014	Active	NO

Name :

Mr. Dinesh Gogna

Designation :

Director

Address :

H.No.30-H, Bhai Randhir Singh Nagar, Ludhiana - 141001, Punjab, India

Date of Appointment :

07.12.2006

DIN No.:

00498670

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	U65992DL1972PLC006182	GIRNAR INVESTMENT LIMITED	Director	10/06/1980	10/06/1980	-	Active	NO
2	L65910DL1983PLC016036	OSWAL LEASING LIMITED	Director	19/01/1984	19/01/1984	-	Active	NO
3	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	21/05/1985	21/05/1985	-	Active	NO
4	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	15/11/1989	15/11/1989	-	Active	NO
5	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Whole-time director	01/10/2011	18/10/2006	-	Active	NO
6	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	30/11/2006	30/11/2006	-	Active	NO
7	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	07/12/2006	07/12/2006	-	Active	NO
8	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	29/12/2007	12/01/2007	-	Active	NO
9	L51494PB2008PLC032059	MONTE CARLO FASHIONS LIMITED	Director	01/07/2008	01/07/2008	-	Active	NO

Name :

Mr. Dinesh Oswal

Designation :

Director

Address :

514, College Road, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

50 Years

Qualification :

B.Com

Experience :

29 Years

Date of Appointment :

15.12.1988

DIN No.:

00607290

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	U67120DL1972PLC006180	ATAM VALLABH FINANCIERS LIMITED	Director	06/05/1985	06/05/1985	-	Active	NO
2	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Managing director	01/01/2012	21/05/1985	-	Active	NO
3	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	12/01/2007	11/11/1988	-	Active	NO
4	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	15/12/1988	15/12/1988	-	Active	NO
5	U40300PB1949PLC001522	OSWAL WOOLLEN MILLS LIMITED	Director	13/07/1992	13/07/1992	-	Active	NO
6	L67120DL1979PLC009388	SANKHESHWAR HOLDING COMPANY LIMITED	Director	31/08/1992	31/08/1992	14/08/2014	Active	NO
7	U74899DL1979PLC009739	PALAM MOTELS LIMITED	Director	08/02/1993	08/02/1993	13/08/2014	Active	NO
8	U74899DL1983PTC015104	KULU INVESTMENT AND TRADING PRIVATE LIMITED	Director	30/04/1993	30/04/1993	-	Amalgamated	NO
9	U67120DL1982PTC161884	OGDEN TRADING AND INVESTMENT CO PRIVATE LIMITED	Director	30/08/1993	30/08/1993	-	Amalgamated	NO
10	U65993DL1972PLC006178	VANAIK INVESTORS LIMITED	Director	06/09/1993	06/09/1993	-	Active	NO
11	U45202PB1994PLC014964	NAHAR INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED	Director	22/08/1994	22/08/1994	-	Active	NO
12	U67120PB1972PLC037121	LUDHIANA HOLDINGS LIMITED	Director	12/10/1999	12/10/1999	-	Amalgamated	NO
13	U74999DL1991PLC043054	J L.GROWTH FUND LIMITED	Director	09/12/2004	09/12/2004	11/08/2014	Active	NO
14	U74899DL1972PLC006181	VARDHMAN INVESTMENTS LIMITED	Director	09/12/2004	09/12/2004	-	Active	NO
15	U74899DL1991PTC043052	ABHILASH GROWTH FUND PRIVATE LIMITED	Director	01/10/2005	01/10/2005	-	Active	NO
16	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Managing director	01/12/2007	31/03/2006	-	Active	NO
17	L51494PB2008PLC032059	Monte Carlo Fashions Limited	Director	01/07/2008	01/07/2008	21/03/2014	Active	NO
18	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	01/09/2008	06/08/2008	01/08/2014	Active	NO

Name :

Dr. Yash Paul Sachdeva

Designation :

Director

Address :

702-HJ, Bhai Randhir Singh Nagar, Ludhiana - 141012, Punjab, India

Date of Appointment :

30.09.2014

DIN No.:

02012337

Other Directorship:

.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	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	30/09/2014	31/01/2008	-	Active	NO
2	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30/09/2014	31/07/2008	-	Active	NO
3	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	30/09/2014	06/08/2008	-	Active	NO
4	L17111PB1955PLC001884	OSWAL SPINNING AND WEAVING MILLS LIMITED	Director	26/03/2011	25/02/2010	-	Active	NO
5	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	30/09/2014	30/05/2011	-	Active	NO
6	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30/09/2014	10/08/2011	-	Active	NO
7	L51494PB2008PLC032059	Monte Carlo Fashions Limited	Director	27/06/2014	21/03/2014	-	Active	NO

Name :

Mr. Ajit Singh Chatha

Designation :

Director

Address :

House No 333, Sector 9-D, Chandigarh - 160009, India

Date of Appointment :

30.09.2014

DIN No.:

02289613

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	L31300CH1983PLC005385	TELEPHONE CABLES LIMITED	Director	28/11/1997	28/11/1997	10/05/2010	Active	NO
2	U51311PB2001PLC024753	COTTON COUNTY RETAIL LIMITED	Director	30/09/2014	06/08/2008	-	Active	NO
3	U74140DL2002PTC117853	WORLDWIDE IMMIGRATION CONSULTANCY SERVICES Private Limited	Director	30/09/2014	31/01/2009	-	Active	NO
4	L24301PB1986PLC006715	INDIAN ACRYLICS LIMITED	Director	30/09/2014	31/05/2010	-	Active	NO
5	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30/09/2014	27/03/2013	-	Active	NO
6	L27107PB1985PLC006159	STEEL STRIPS WHEELS LIMITED	Director	30/09/2014	01/07/2013	07/10/2014	Active	NO
7	L74210MH1999PLC122886	J. KUMAR INFRAPROJECTS LIMITED	Additional director	13/02/2014	13/02/2014	-	Active	NO
8	L51494PB2008PLC032059	Monte Carlo Fashions Limited	Director	27/06/2014	21/03/2014	-	Active	NO
9	U45201CH2007PTC030843	TRIVENI PROJECTS AND RESORTS PRIVATE LIMITED	Additional director	20/11/2014	20/11/2014	-	Active	NO
10	AAE-0762	RAMPUR RESORTS LLP	Designated Partner	03/06/2015	03/06/2015	-	Active	NO

Name :

Dr. Amrik Singh Sohi

Designation :

Director

Address :

H No.73-B, Rajguru Nagar, Ludhiana - 141012, Punjab, India

Date of Appointment :

30.09.2014

DIN No.:

03575022

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	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	30/09/2014	30/07/2011	-	Active	NO
2	L17115PB1980PLC004341	NAHAR SPINNING MILLS LIMITED	Director	30/09/2014	10/08/2011	-	Active	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Director	30/09/2014	12/08/2011	-	Active	NO
4	L45202PB2006PLC029968	NAHAR CAPITAL AND FINANCIAL SERVICES LIMITED	Director	30/09/2014	29/10/2012	-	Active	NO

Name :

Dr. Vijay Asdhir

Designation :

Additional Director

Address :

1763, Phase- I, Urban Estate Dugri, Ludhiana - 141013, Punjab, India

Date of Birth/Age:

68 years

Qualifications :

Ph.D and Post Garduate

Experience

34 years

Date of Appointment :

14.02.2015

DIN No.:

06671174

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	U67120PB1981PLC004696	LUDHIANA STOCK AND CAPITAL LIMITED	Director	02/09/2013	02/09/2013	09/01/2015	Active	NO
2	L17115PB1988PLC008820	NAHAR POLY FILMS LIMITED	Director	30/09/2014	30/10/2013	-	Active	NO
3	L15143PB1983PLC018321	NAHAR INDUSTRIAL ENTERPRISES LIMITED	Additional director	14/02/2015	14/02/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat Bhushan Gupta
Designation :	Chief Finanical Officer
Address :	Plot No. 16, Shakti Vihar, Badi Haibowal, Ludhiana - 141001, Punjab, India
PAN No :	ABZPG5548F
Date of Appointment :	11.08.2014
Name :	Mr. Mukesh Sood
Designation :	Secretary
Address :	279-C, Bhai Randhir Singh Nagar, Ludhiana - 141012, Punjab, India
PAN No :	ADDPS6997E
Date of Appointment :	01.04.2005
Name :	Mr. Ganjendra
Designation :	Accounts Executive
Name :	Mr. B. Bhushan. Gupta
Designation :	Finance Manager

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1324	0.00
Bodies Corporate	27223877	68.34
Sub Total	27225201	68.34
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	27225201	68.34
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	18352	0.05
Financial Institutions / Banks	5021	0.01
Insurance Companies	169463	0.43
Foreign Institutional Investors	112	0.00
Any Others (Specify)	307171	0.77
Non Resident Indians	304671	0.76
Overseas Corporate Bodies	2500	0.01
Sub Total	500119	1.26
(2) Non-Institutions
Bodies Corporate	479739	1.20
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	6449368	16.19
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	5180714	13.01
Sub Total	12109821	30.40
Total Public shareholding (B)	12609940	31.66
Total (A)+(B)	39835141	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	39835141	0.00

BUSINESS DETAILS

Line of Business :	Subject is an integrated textile manufacturer, engages in spinning, weaving, and processing textiles. Subject operates in three segments: Yarn, Fabrics, and Sugar. It offers cotton, dyed cotton, spun, blended, polyester, industrial, open end, open end slub, TFO, specialized, eli twist, core spun, and vortex yarns. The company also provides various fabrics, including cotton and cotton blends, GSM, woven vibrancy, yarns used, end use, indigo yarn dyed shirting, performance, and specialty fabrics. In addition, it produces and sells various types and grades of sugar and allied products.
Products :	Yarn Fabrics Sugar
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

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 :

11476 (Approximately)

Bankers :

Bank Name	State Bank of Patiala
Branch	Not Divulged
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

• Punjab National Bank
• Punjab and Sind Bank
• Indian Overseas Bank
• Corporation Bank
• Canara Bank
• Allahabad Bank
• State Bank of India
• IDBI Bank Limited

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG-TERM BORROWINGS
Term Loan from Bank	3703.321	4314.384
SHORT-TERM BORROWINGS
Loans repayable on demand
Working capital borrowing from banks	4093.391	4624.477
Total	7796.712	8938.861

Note :

Long Term Borrowings:

Term loan from IDBI Bank Limited, Canara Bank, State Bank of Patiala, State Bank of India, State Bank of Hyderabad, Allahabad Bank, Punjab National Bank, Axis Bank, State Bank of Mysore, Punjab and Sind Bank and Corporation Bank are secured by hypothecation as pari-passu first charge on whole of the immovable properties of the Company situated at Village Jalalpur, Chandigarh Ambala Road, Lalru, District. Mohali, Industrial Focal Point, Phase VIII, Village Mundian, District. Ludhiana, Village Jalaldiwal, Near Raikot, District. Ludhiana (Punjab), Village Udaipur / Khijuriwas, Bhiwadi, District. Alwar (Rajasthan), Focal Point Phase IV Ludhiana (Punjab) and Village Salana Jeon Singh Wala, Tehsil Amloh, District. Fatehgarh Sahib (Punab) including the Company's movable Plant and Machinery, Machinery Spares and other moveables both present and future and subject to the charge or charges created or to be created by the Company in favour of its Bankers on its movables and also personally guaranteed by some of the Directors of the Company.

Short Term Borrowings:

Working Capital Borrowings are secured by hypothecation of stock of Raw Materials, Work-in-Progress, Finished Goods, Stores and Book Debts and further secured by 2nd charge on Fixed Assets of the Company and also personally guaranteed by some of the Directors of the Company.

Auditors :
Name :	Raj Gupta and Company Chartered Accountants
Address :	549/10, Sutlej Tower, Opposite Petrol Pump, Near Fountain Chowk, Ludhiana-141001,
Memberships :	-----
Collaborators :	-----
Associates :	J. L. Growth Fund Limited Vardhman Investment Limited Atam Vallabh Financers Limited Cotton County Retail Limited
Enterprises in which Key Management Personnel and relative of such personnel is able to exercise significant influence or control :	Oswal Woollen Mills Limited. Nahar Capital and Financial Services Limited Nahar Industrial Infrastructure Corporation Limited Monte Carlo Fashions Limited Nahar Poly Films Limited Kovlam Investment and Trading Company Limited Nagdevi Trading and Investment Company Limited Sankheshwar Holding Company Limited Vanaik Investors Limited Vinayak Spinning Mills Limited Crown Star Limited Hug Foods Private Limited Abhilash Growth Fund Private Limited Nahar Growth Fund Private Limited Neha Credit and Investment Private Limited Nahar Financial and Investment Limited Retailerkart E-Venture Private Limited Simran and Shanaya Company Limited Sidhanth and Mannat Company Limited. Palam Motels Limited Monika Growth Fund Private Limited Ruchika Growth Fund Private Limited Girnar Investment Limited

* No transaction has taken place during the year

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
65000000	Equity Shares	Rs.10/- each	Rs. 650.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39835141	Equity Shares	Rs.10/- each	Rs. 398.351 Million
	Add: Share forfeited account		Rs. 1.991 Million
	Total		Rs. 400.342 Million

Reconciliation of the number of equity shares outstanding:

Particular	As on as 31.03.2015
At the beginning of the period	39835141
Outstanding at the end of period	39835141

Terms/rights attached to equity shares:

The company has only one class of Equity Shares having Face value of 10/- each. Each holder of equity share is entitled to only one vote per share.

Detail of Shareholders holding more than 5% shares:

Shareholders	Number	% of holding
Nahar Capital and Financial Services Limited	9336745	23.44
J L Growth Fund Limited	3421836	8.59
Nahar Poly Films Limited	2708800	6.80
Vardhman Investments Limited	2277955	5.72
Ashish Dhawan	2590124	6.50
Nagdevi Trading and Investment Company Limited	2273625	5.71
Oswal Wollen Mills Limited	2094819	5.26
Kovalam Investment and Trading Company Limited	2068920	5.19

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	400.342	400.342	400.342
(b) Reserves & Surplus	5394.206	6009.118	5363.556
(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)	5794.548	6409.460	5763.898
(3) Non-Current Liabilities
(a) long-term borrowings	4208.719	4735.785	5516.430
(b) Deferred tax liabilities (Net)	218.101	325.326	189.126
(c) Other long term liabilities	77.181	86.697	160.445
(d) long-term provisions	57.101	24.690	34.864
Total Non-current Liabilities (3)	4561.102	5172.498	5900.865
(4) Current Liabilities
(a) Short term borrowings	4093.391	4624.477	5089.751
(b) Trade payables	1047.046	566.110	722.490
(c) Other current liabilities	1912.720	2063.637	1718.939
(d) Short-term provisions	73.345	112.642	106.173
Total Current Liabilities (4)	7126.502	7366.866	7637.353
TOTAL	17482.152	18948.824	19302.116
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6130.208	7345.376	7663.857
(ii) Intangible Assets	17.125	6.435	0.000
(iii) Capital work-in-progress	398.702	342.774	124.305
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1383.441	1390.603	1390.598
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	114.012	110.715	124.374
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8043.488	9195.903	9303.134
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6396.778	6325.353	6765.201
(c) Trade receivables	1741.818	2105.145	1696.489
(d) Cash and cash equivalents	34.440	24.822	21.925
(e) Short-term loans and advances	223.440	359.144	633.590
(f) Other current assets	1042.188	938.457	881.777
Total Current Assets	9438.664	9752.921	9998.982
TOTAL	17482.152	18948.824	19302.116

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	18029.547	18495.141	17104.385
	Other Income	56.646	64.638	79.002
	TOTAL	18086.193	18559.779	17183.387
Less	EXPENSES
	Cost of Materials Consumed	9656.627	10267.873	8719.351
	Purchases of Stock-in-Trade	56.110	43.894	171.239
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	305.159	(856.784)	(64.847)
	Employees benefits expense	1590.805	1413.051	1240.943
	Other expenses	4428.663	4379.187	4081.665
	TOTAL	16037.364	15247.221	14148.351
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2048.829	3312.558	3035.036
Less	FINANCIAL EXPENSES	1048.793	1058.728	1310.262
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1000.036	2253.830	1724.774
Less/ Add	DEPRECIATION/ AMORTISATION	1352.406	1203.085	1104.826
	PROFIT/ (LOSS) BEFORE TAX	(352.370)	1050.745	619.948
Less	TAX	(72.302)	358.270	201.500
	PROFIT/ (LOSS) AFTER TAX	(280.068)	692.475	418.448
Less	APPROPRIATIONS
	Transfer to General Reserve	(535.010)	645.562	377.663
	Dividend	0.000	39.835	39.835
	Tax on Dividend	0.000	7.078	6.462
	Total (M)	(535.010)	423.960	423.960
	Balance Carried to the B/S	254.942	268.515	(5.512)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1871.806	2396.107	2497.498
	Others	NA	0.000	9.028
	TOTAL EARNINGS	1871.806	2396.107	2506.526
	IMPORTS
	Raw Materials	80.722	0.000	27.378
	Capital Goods	212.033	357.198	268.616
	TOTAL IMPORTS	292.755	357.198	295.994
	Earnings / (Loss) Per Share (Rs.)	(7.03)	17.38	10.5

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	1428.376	1686.374	1379.387
Cash generated from operations	NA	NA	NA
Net cash flow from Operating Activities	2942.941	3100.377	1184.863

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(1.55)	3.74	2.45
Operating Profit Margin (PBIDT/Sales)	(%)	11.36	17.91	17.74
Return on Total Assets (PBT/Total Assets}	(%)	(2.24)	6.10	3.49
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.16	0.11
Debt Equity Ratio (Total Debt /Networth)		1.68	1.72	2.08
Current Ratio (Current Asset/Current Liability)		1.32	1.32	1.31

QUARTERLY RESULTS

PARTICULARS	Unaudited 30.06.2015
Unaudited	1^rd Quarter
Net Sales	4329.680
Total Expenditure	3823.010
PBIDT (Excl OI)	506.670
Other Income	12.440
Operating Profit	519.110
Interest	223.190
Exceptional Items	NA
PBDT	295.920
Depreciation	236.860
Profit Before Tax	59.060
Tax	20.000
Provisions and contingencies	NA
Profit After Tax	39.060

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 49.10/-

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	400.342	400.342	400.342
Reserves & Surplus	5363.556	6009.118	5394.206
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5763.898	6409.460	5794.548
long-term borrowings	5516.430	4735.785	4208.719
Short term borrowings	5089.751	4624.477	4093.391
Current maturities of long-term debts	1379.387	1686.374	1428.376
Total borrowings	11985.568	11046.636	9730.486
Debt/Equity ratio	2.079	1.723	1.679

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)
Revenue from Operations	17104.385	18495.141	18029.547
		8.131	(2.517)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	17104.385	18495.141	18029.547
Profit	418.448	692.475	(280.068)
	2.45%	3.74%	(1.55%)

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	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

LITIGATION DETAILS:

Case Details For Case CRM-66834-2010

Diary Number	605697	District	LUDHIANA
Category	-	Main Case Detail	CRM-M-37645-2010
Party Detail	DESIRE CLOTHING AND ANR. V/S NAHAR INDUSTRIAL ENTERPRISES LIMITED
Advocate Name	PREMJIT S. HUNDAL	List Type
Status	PENDING	Next date

Case Listing Details

No Listing Data Available

Judgment Details For Case: CRM-66834-2010 
Party Detail: M/S. DESIRE CLOTHING & ANR. V/S NAHAR INDUSTRIAL ENTERPRISES LTD.

Order Date

Order Type

Bench

Judgment Link

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWING
Loans and advances from related parties (Loans and Advances from related parties will be paid after three years.)	505.398	421.401
Total	505.398	421.401

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
CONTINGENT LIABILITIES NOT PROVIDED FOR
Estimated amount of contracts remaining to be executed on capital account	539.867
Letter of Credits in favour of suppliers and others	69.498
Bank Guarantees in favour of suppliers and others	115.911
Sales tax demands against which the company has preferred appeals	6.717
Income tax demands against which the company has preferred appeals	64.683
The Central Excise Authorities have issued show cause notices to the Company	81.944
The Company has executed bonds / legal undertakings for an aggregate amount	868.130
Claims	352.540

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10554655	30/03/2015 *	300,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, AARTI COMPLEX, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA	C49443484
2	10553833	30/03/2015 *	300,000,000.00	STATE BANK OF HYDERABAD	15/179, SONA COMPLEX, G.T. ROAD, MILLER GANJ, LUDHIANA - 141010, PUNJAB, INDIA	C49540669
3	10542622	30/03/2015 *	230,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 165-INDUSTRIAL AREA-A,  CHEEMA CHOWK, LUDHIANA - 141001, PUNJAB, INDIA	C50343417
4	10545873	26/12/2014	400,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA BRANCH, NEAR MANJU CINEMA, MILLER GANJ, LUDHIANA - 141001, PUNJAB, INDIA	C41813932
5	10511273	30/03/2015 *	825,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, GOLDEN TOWER,, DHOLEWA  L CHOWK, G.T. ROAD, LUDHIANA - 141001, PUNJAB, INDIA	C51121325
6	10486529	26/07/2014 *	99,678,000.00	IDBI BANK LIMITED	S.C.O. 126-128, IST FLOOR, KALINGA TOWER, FEROZE  GANDHI MARKET, LUDHIANA - 141001, PUNJAB, INDIA	C14449425
7	10408509	06/06/2014 *	250,000,000.00	IDBI BANK LIMITED	S.C.O. 126-128, KALINGA TOWER, FEROZE GANDHI MARKET, LUDHIANA - 141001, PUNJAB, INDIA	C06059679
8	10403559	06/06/2014 *	400,000,000.00	STATE BANK OF INDIA	IFB, GOLDEN TOWER, DHOLEWAL CHOWK, LUDHIANA - 141001, PUNJAB, INDIA	C07106065
9	10347326	06/06/2014 *	300,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, AARTI COMPLEX, MILLER GANJ, LUDHIANA - 141001, PUNJAB, INDIA	C06181556
10	10333237	06/06/2014 *	325,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, AARTI COMPLEX, MILLER GANJ, LUDHIANA - 141001, PUNJAB, INDIA	C06217426

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

(Rs. in Million)

Particulars	Quarter ended 30.06.2015 (Unaudited)
Income from Operations
(a) Net sates/income from operations (Net of excise duty)	4307.381
(b) Other Operating Income	22.300
Total income from operations (net)	4329.681
Expenses
(a) Cost of materials consumed	1921.428
(b) Purchases of stock-in trade	8.840
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	405.409
(d) Employee benefits expense	407.401
(e) Depreciation and Amortization Expenses	236.855
(f) Other Expenses	480.208
(g) Power and Fuel	599.730
(h) Value of Wind Power	0.000
Total expenses	4059.871
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	269.810
Other Income	12.439
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	282.249
Finance Costs	223.191
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	59.058
Exceptional items	0.000
Profit/ (Loss) from ordinary activities before tax (7+8)	59.058
Tax expenses	20.000
Net Profit / (Loss) from ordinary activities after tax (9-10)	39.058
Extraordinary item (net of tax expense)	0.000
Net Profit / (Loss) for the period (11-12)	39.058
Share of profit' (loss) of associates
Minority Interest
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)
Paid up equity share capital (Face Value of Rs 10/-each)	398.351
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):
(a) Basic	0.98
(b) Diluted	0.98

PARTICULARS OF SHAREHOLDING	Quarter ended 30.06.2015 (Unaudited)
A. Public Shareholding
- Number of shares	12609940
- Percentage of shareholding	31.66
Promoters and Promoter group shareholding
a) Pledged / Encumbered	-----
- Number of shares	----
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	----
- Percentage of shares (as a % of the total Share Capital of the Company)	----
b) Non Encumbered
- Number of shares	27225201
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100
- Percentage of shares (as a % of the total Share Capital of the Company)	68.34

	3 month ended 30.06.2015
Investor Complaints
Pending at the beginning of the quarter	---
Received during the quarter	28
Disposed of during the quarter	28
Remaining unresolved at the end of the quarter	---

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	3 Months Ended
	30.06.2015 [Unaudited]
1. Segment Revenue
Textile	4087.432
Sugar	214.932
Others	5.034
Total	4307.398
Less : Inter Segment Revenue	0.17
Net Sales	4307.228
2. Segment Result
Profit before tax and interest from each segment
Textile	333.421
Sugar	(50.681)
Others	(0.491)
Total	282.249
Less : Interest	223.191
Exceptional Item - Foreign Exchange Gain/(Loss)	----
Profit from ordinary activities before tax	59.058
3. Capital Employed (Segment Assets-Segment Liabilities)
Textile	8753.965
Sugar	677.001
Others	1838.116
Total	11269.082

Note:

1. The above results were reviewed by the Audit Committee of Directors on 12th August, 2015 and taken on record by the Board of Directors at its meeting held on 12th August, 2015.

2. The above unaudited results have been reviewed by the Statutory Auditors as per clause 41 of the listing agreement.

3. Tax expense includes current tax and deferred tax.

4. Previous period's figures have been regrouped / rearranged wherever considered necessary.

5. Join "Green Initiative in Corporate Governance" of Ministry of Corporate Affairs by registering / updating your latest e-mail address with Depository Participants (DP) or send the latest e-mail address to the Company at e-mail id : msood®owmnahar.com or share@owmnahar.com.

PERFORMANCE REVIEW

In view of the Accounting Standard (AS) - 17 (Segment Reporting). The Company operates in two main segments i.e. Textile and Sugar.

I Textile: The textile division accounts for 93.30% of the total turnover of the company for the year ended 31^st March, 2015. The Business wise performance of this segment is asunder:

a. Yarn: The Company has produced 69,890 MTs of yarn as against 70,595 MTs in the previous year.

b. Fabric: The Company has produced 702.33 Lacs meters of fabrics (both grey and processed) as against 72.878 Million meters in the previous year. The total turnover of this segment (Yarns and Fabrics) has decreased to Rs. 16668.500 Million as against Rs.17044.200 Million in the previous year.

ii. Sugar: The Company has produced 393,430 Qtls. of sugar as against 412,720 Qtls. in the previous year. The total turnover of this segment is Rs. 1195.800 Million as against Rs. 1216.600 Million in the previous year.

OVERALL PERFORMANCE

During the year the company has achieved operational income of Rs. 18074.000 Million as against Rs. 18545.700 Million. The company has earned Profit before finance cost, Depreciation and tax of Rs. 2048.800 Million as against Rs. 3312.600 Million in the previous year. After providing for Finance Cost of Rs. 1048.800 Million (previous year Rs. 1058.700 Million), Depreciation of Rs. 1352.400 Million (Previous year Rs. 1203.100 Million) and Tax Expenses of Rs. (72.300) Million (previous year Rs. 358.300 Million) (inclusive of Deferred Tax) the Profit/(Loss) for the year comes to Rs. (280.100) Million as against Rs. 692.500 Million in the previous year.

2014-15 was the challenging year for the Indian Textile industry. There was sluggish demand of the textile products both in the domestic as well as export market dueto steep decline in export of cotton yarn to China which has created excess supply in the domestic market and the pressure of finished goods was mounted at mills level, pushed the Companies to sell its products at lower prices which in turn affected the Company's financial performance

The Sugar Unit of the Company had suffered a Cash Loss of Rs. 229.000 Million during the year under review in comparison to the Cash Profit of Rs. 40.200 Million earned during the previous year due to higher MSP of the Sugar Cane (basic Raw material) fixed by the Govt. Our company could not even recover its raw material cost in the realized value of the sugar

Consequent to the enactment of the Companies Act, 2013 and its applicability for accounting periods commencing st from 1 April, 2014, the Company has recalculated the remaining useful life of fixed assets in accordance with the provisions of Schedule-II of the Act. The depreciation and st amortization expenses charged for the year ended 31 March, 2015 would have been lowered by Rs. 196.666 Million had the company continued with the previously prescribed depreciation rates as per Schedule XIV of the Companies Act, 1956

OUTLOOK

There is scope for growth in the Textile Industry as India's share in the global trade in textiles is weak, compared to other countries. The free trade environment is a good opportunity for Indian textile industry to increase its share in the global market. In the mid-long term, the Indian textile industry is expected to grow very strongly with growth being balanced from both domestic consumption as well as exports demand. The prospects of long-term growth in India remain strong as it brings a rare set of strengths: stable democratic Governments, capable private sector, huge consumer base, coupled with the availability of raw material and skills, India's growing young population and rising income have been a key determinant of demand growth. All of the above will create a huge market opportunity for companies to take long-term opportunity.

The company has positioned itself as one of the leading integrated textile player to reap the benefits of economies of scale and become globally competitive in terms of cost and quality. The management of the company is making all efforts to meet the prevailing concern by focusing its efforts on improving operational parameters and effective raw material procurement and marketing strategies to reduce the cost pressure. The Company keeps reviewing its strategy in the light of changes.

FIXED ASSETS

Tangible assets

• Leasehold land
• Freehold land
• Building
• Plant and machinery
• Furniture and fixtures
• Office equipment
• Vehicles

Intangible assets

· Computer software

WEBSITE DETAILS

PROFILE:

Nahar Industrial Enterprises Limited subject was incorporated on 27th September, 1983 as Oswal Fats and Oils Limited. Subject is a vertically-integrated textile manufacturer, with operations ranging from spinning, weaving and processing and also having sugar unit with 2500 TCD per day. Subject is evolution of amalgamation of different group companies with it. Subject strategic objective is to capitalize on the growth opportunities that it believes are available in the domestic and global textile industry. At the same time the company recognizes the competitive nature of the industry, especially with pressure from Asia, and that to maintain growth it must continue to improve production process and reduce costs.

THE JOURNEY

1983	Incorporated as Oswal Fats and Oils Limited.
1994	Name changed as Nahar Industrial Enterprises Limited.
1997	Merged Nahar Fabrics Limited (manufacturer of greige fabric).
2002	Merged Oswal Cotton Mills Limited (manufacturer of Processed fabrics and finished garments).
2005	Merged Nahar International Limited (manufacturer of yarn) and Nahar sugar and Allied Industries Limited (manufacturer of sugar and steel).

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 records 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. 65.62
UK Pound	1	Rs. 101.73
Euro	1	Rs. 73.26

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	YES
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	YES
--EPF	YES/NO	NO
TOTAL		34

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.