MIRA INFORM REPORT

Report No. :	342070
Report Date :	25.09.2015

IDENTIFICATION DETAILS

Name :	GARWARE WALL ROPES LIMITED
Registered Office :	Plot No.11, Block D-1, MIDC, Chinchwad, Pune – 411 019, Maharashtra
Tel. No.:	91-20-30780000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.04.1976
Com. Reg. No.:	11-018939
Capital Investment / Paid-up Capital :	Rs.218.821 Million
CIN No.: [Company Identification No.]	L25209MH1976PLC018939
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08397E MUMG08396D
PAN No.: [Permanent Account No.]	AAACG1377P
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Selling of Various Products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles and also Providing Solution to the Infrastructure Industries which include Coastal Protection, Land Filling etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 was incorporated in the year 1976, having good track record. It is engaged in the business of manufacturing and selling of various products such as ropes, twine, yarn, fishnet, others nets and technical textiles and also providing solution to the infrastructure industries which include coastal protection, land filling etc. For the financial year 2015, the company has healthy operational activity marked by impressive revenue profile along with satisfactory profitability margin of 5.47%. The company possesses strong financial risk profile marked by efficient net worth base and there is favorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. In the view of long track record, the company 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limit: “A+”
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	December, 2014

Rating Agency Name	ICRA
Rating	Non-fund based limit: “A1+”
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	December, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office/ Factory 1 :	Plot No.11, Block D-1, MIDC, Chinchwad, Pune – 411019, Maharashtra, India
Tel. No.:	91-20-30780000/ 30780195
Fax No.:	91-20-30780350/ 30780341
E-Mail :	sales@garwareropes.com secretarial@garwareropes.com cpurandare@garwareropes.com hr@garwareropes.com pune_admin@garwareropes.com
Website :	www.garwareropes.com
Factory 2 :	Plot No.C-1 and B-226, MIDC, Wai, District Satara – 412803, Maharashtra, India
Tel No.:	91-2167-308301/ 02
Factory 3 :	Plot No.75, 80, 81 and 86, Danudyog Sahakari Sangh Limited, Piparia, Amli – 396 230, Silvassa, India
Tel No.:	91-260-2640867
Mumbai Office 1 :	Chowpatty Chambers, Sandhurst Bridge, Mumbai – 400007, Maharashtra, India
Tel No.:	91-22-22634696/ 97
E-Mail :	mum_admin@garwareropes.com
Mumbai Office 2 :	39, S.K. Hafizuddin Marg, Byculla, Mumbai – 400008, Maharashtra, India
Tel No.:	91-22-23091164/ 68
E-Mail:	mum_accounts@garwareropes.com
Foreign Branch Office :	Narrows Reach Business Centre, 6102 North 9th Street, Unit # 500, Tacoma, WA 98406, U.S.A.
Tel. No.:	001-25356 40217
E-Mail:	gwrlusa@garwareropes.com
Overseas Office 1:	Tacoma, WA 98406-2099, USA
Tel. No.:	253-564-0217
Fax No.:	253-564-0237
E-Mail :	gwrlusa@garwareropes.com
Overseas Office 2 :	Milton Keynes, MK9 1LH, United Kingdom
Tel. No.:	+44 1908 424424-25 Extn: 4424/25
Overseas Office 3 :	North Sydney – 2060, Australia
Tel. No.:	0061 2 9957 44 66/67
Fax No.:	0061 2 99572929
E-Mail :	lele@bigpond.com.au

DIRECTORS

AS ON 31.03.2015

Name :

Shrikant Pandharinath Kulkarni

Designation :

Director

Address :

44, Vijayanagar Colony, Pune - 411030, Maharashtra, India

Date of Appointment :

25.09.2014

DIN No.:

00006914

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	U22190MH1989PTC051705	DESHMUKH AND CO (PUBLISHERS) PVT LTD	Director	19/02/1997	19/02/1997	-	Active	NO
2	U17113MH1975PLC018620	GARWARE ELASTOMERICS LIMITED	Whole-time director	22/09/2009	22/09/2001	30/04/2011	Amalgamated	NO
3	U18109PN2005PLC021056	GARTEX INDUSTRIES LIMITED	Director	22/09/2006	05/09/2005	-	Strike off	NO
4	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Director	25/09/2014	21/07/2007	-	Active	NO
5	U18109PN2010PTC137642	Garware Apparel Private Limited	Director	29/10/2010	29/10/2010	-	Strike off	NO
6	U74999MH1960PLC011653	GARWARE CAPITAL MARKETS LIMITED	Additional director	01/03/2012	01/03/2012	02/11/2012	Active	NO

Name :

Ramesh Manjnath Telang

Designation :

Director

Address :

122/2, Om Radha Kunj, Opp. Kamla Nehru Park,, Deccan Gymkhana,, Pune - 411004, Maharashtra, India

Date of Appointment :

25.09.2014

DIN No.:

00092103

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	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Director	25/09/2014	01/07/1989	-	Active	NO
2	U65900MH1996PLC103544	VMIR INVESTMENT LIMITED	Director	28/10/1996	28/10/1996	02/11/2012	Active	NO
3	U24130MH1994PLC142451	Garware Bestretch Limited	Director	08/11/2014	04/10/2004	-	Active	NO
4	U29253PN2014PTC151046	OCEANIC FLOATS PRIVATE LIMITED	Director	18/03/2014	18/03/2014	-	Active	NO

Name :

Vayu Ramesh Garware

Designation :

Managing director

Address :

Garware Farm, Nda Road, Khadakwasla, Pune - 411023, Maharashtra, India

Date of Appointment :

01.12.2011

DIN No.:

00092201

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	U67120MH1975PTC018256	RSDV INVESTMENTS PRIVATE LIMITED	Director	01/04/1991	01/04/1991	02/03/2012	Amalgamated	NO
2	U65993PN1974PTC017349	CEEBEEGEE INVESTMENT CO. PVT. LTD.	Director	01/04/1991	01/04/1991	02/03/2012	Amalgamated	NO
3	U51909MH1985PTC035770	SURAMEX EXIM PVT LTD	Director	10/07/1993	10/07/1993	02/03/2012	Active	NO
4	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Managing director	01/12/2011	01/12/1995	-	Active	NO
5	U15203MH1974PTC017888	CONSOLIDATED AGRICULTURAL AND DAIRY FARMING CO PVT LTD	Additional director	28/02/2014	30/09/1998	-	Active	NO
6	U65995MH1981PTC025841	SUKUKAR HOLDINGS AND TRDG.CO PVT LTD	Director	30/09/2014	30/09/1998	-	Active	NO
7	U65993MH1981PTC025842	SANAND INVESTMENTS AND TRADING CO PVT LTD	Director	30/09/2014	30/09/1998	-	Active	NO
8	U65993MH1981PTC025840	MANMIT INVESTMENTS AND TRADING CO PVT LTD	Director	30/09/2014	30/09/1998	-	Active	NO
9	U65993MH1981PTC025845	MOONSHINE INVESTMENTS AND TRADING CO PVT LTD	Director	30/09/2014	30/09/1998	-	Active	NO
10	U65993MH1981PTC025839	STARSHINE INVESTMENTS AND TRDG CO PVT LTD	Director	30/09/2014	30/09/1998	-	Active	NO
11	U65993MH1978PTC020857	RSDV FINANCE CO PVT LTD	Director	30/09/1998	30/09/1998	02/03/2012	Amalgamated	NO
12	U73100PN1984PTC033693	GARWARE RESEARCH INSTITUTE	Director	07/12/1999	07/12/1999	-	Active	NO
13	U73100PN1984PTC033694	VIMLABAI GARWARE RESEARCH INSTITUTE	Director	07/12/1999	07/12/1999	-	Active	NO
14	U65190PN1994PLC083094	VRG INVESTMENTS LIMITED	Director	30/09/2014	07/06/2000	-	Active	NO
15	U67120MH1994PLC076949	GARWARE SECURITIES BROKING LIMITED	Director	03/08/2000	03/08/2000	02/03/2012	Amalgamated	NO
16	U74900PN2007PTC130686	GARWARE ENVIRONMENTAL SERVICES PRIVATE LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
17	U45203PN2007PTC130687	GARWARE INFRASTRUCTURE PRIVATE LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
18	U17113MH1975PLC018620	GARWARE ELASTOMERICS LIMITED	Director	15/07/2013	25/01/2008	-	Amalgamated	NO
19	U24130MH1994PLC142451	Garware Bestretch Limited	Director	15/07/2008	25/01/2008	17/12/2013	Active	NO
20	U18109PN2011PTC141536	Garware Meditech Private Limited	Director	02/12/2011	02/12/2011	-	Active	NO
21	U17121MH2010NPL199093	INDIAN TECHNICAL TEXTILE ASSOCIATION	Director	27/09/2012	27/09/2012	-	Active	NO
22	U65900MH1996PLC103544	VMIR INVESTMENT LIMITED	Director	30/09/2014	28/02/2014	-	Active	NO
23	U74999MH1960PLC011653	GARWARE CAPITAL MARKETS LIMITED	Director	27/09/2014	01/03/2014	-	Active	NO
2 4	U65993MH1981PTC025843	GURUKRUPA INVESTMENTS AND TRADING CO PVT LTD	Director	30/09/2014	28/04/2014	-	Active	NO

Name :

Ashish Dhurvendra Goel

Designation :

Director

Address :

15, Dalamal Apartments, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Date of Appointment :

25.09.2014

DIN No.:

00147449

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	U63090MH2003PTC140562	MARITIME AND COMMERCE AGENCY INDIA PRIVATE LIMITED	Director	23/05/2003	23/05/2003	-	Converted to LLP and dissolved	NO
2	U63090MH2003PTC142039	CMA CGM GLOBAL (INDIA) PRIVATE LIMITED	Director	04/09/2003	04/09/2003	-	Active	NO
3	U63030MH2003PTC142331	AMEYA LOGISTICS PRIVATE LIMITED	Director	23/09/2003	23/09/2003	-	Active	NO
4	U63000UP2005PTC036441	CMA CGM LOGISTICS PARK (DADRI) PRIVATE LIMITED	Managing director	02/05/2005	02/05/2005	-	Active	NO
5	U63012PN2008PTC133890	CMA CGM AGENCIES (INDIA) PRIVATE LIMITED	Director	04/06/2008	04/06/2008	-	Active	NO
6	U63090MH1989PTC051891	CONTAINER MARINE AGENCIES PRIVATE LIMITED	Director	22/12/2009	22/12/2009	-	Active	NO
7	U74120MH2011PTC211931	INDIAL HEAVY LOAD PRIVATE LIMITED	Director	06/01/2011	06/01/2011	-	Active	NO
8	U63011GJ2006PTC070691	HONEYCOMB LOGISTICS PRIVATE LIMITED	Director	22/09/2014	09/01/2012	-	Active	NO
9	U63030DL2012PTC244154	SS SUPPLY CHAIN SOLUTIONS PRIVATE LIMITED	Director	30/09/2014	10/11/2013	-	Active	NO
10	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Director	25/09/2014	16/08/2014	-	Active	NO
11	AAC-6738	MARITIME AND COMMERCE AGENCY INDIA LLP	Designated Partner	05/09/2014	05/09/2014	-	Active	NO

Name :

Subbarao Venkata Murukutla

Designation :

Additional Director

Address :

Flat No. S-124, Forest County, Near Eon It Park, Kharadi, Pune - 411014, Maharashtra, India

Date of Appointment :

26.05.2015

DIN No.:

02099059

Name :

Mayuri Vayu Garware

Designation :

Director

Address :

Garware Farm,, Nda Road, Khadakwasla, Pune - 411023, Maharashtra, India

Date of Appointment :

25.09.2014

DIN No.:

06948274

KEY EXECUTIVES

Name :	Sanjay Harishchandra Bamne
Designation :	CFO
Address :	F1, Mazda Corner, D-2, Kasturba Society, Vishrantwadi, Pune - 411015, Maharashtra, India
PAN No.:	AAZPB5106B
Name :	Sunil Amar Nath Agarwal
Designation :	Secretary
Address :	2B, Edenwood Bay House, Off. Pokhran Road 2, Thane - 410610, Maharashtra, India
PAN No.:	AHJPA2614E

AUDIT COMMITTEE :

Name of the Member :	Mr. S. P. Kulkarni
	Mr. R. M. Telang
	Mr. V. R. Garware

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
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3631711	16.60
Bodies Corporate	7437220	33.99
Sub Total	11068931	50.58
(2) Foreign	0	0
Total shareholding of Promoter and Promoter Group (A)	11068931	50.58
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1300	0.01
Financial Institutions / Banks	5235	0.02
Insurance Companies	713398	3.26
Foreign Institutional Investors	945099	4.32
Sub Total	1665032	7.61
(2) Non-Institutions
Bodies Corporate	982399	4.49
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4900646	22.40
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2173717	9.93
Any Others (Specify)	1091335	4.99
Non Resident Indians	144835	0.66
Trusts	946500	4.33
Sub Total	9148097	41.81
Total Public shareholding (B)	10813129	49.42
Total (A)+(B)	21882060	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	21882060	100.00

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP

No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Ramesh Bhalchandra Garware	36,12,053	16.51	16.51
2	Garware Capital Markets Limited	34,73,437	15.87	15.87
3	Gurukrupa Investments and Trading Company Private Limited	85,870	0.39	0.39
4	Manmit Investment and Trading Company Private Limited	2,88,885	1.32	1.32
5	Moonshine Investment and Trading Company Private Limited	4,59,695	2.10	2.10
6	Sanand Investments and Trading Company Private Limited	2,75,032	1.26	1.26
7	Starshine Investments and Trading Company Private Limited	2,01,720	0.92	0.92
8	Sukukar Holdings and Trading Company Private Limited	2,56,600	1.17	1.17
9	Garware Research Institute	2,300	0.01	0.01
10	Vimlabai Garware Research Institute	5,90,070	2.70	2.70
11	VRG Investment Limited	8,81,400	4.03	4.03
12	VMIR Investments Limited	9,22,211	4.21	4.21
13	Vayu Ramesh Garware	19,658	0.09	0.09
	Total	1,10,68,931	50.58	50.58

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PUBLIC AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES

No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Vinodchandra Mansukhlal Parekh	404548	1.85	1.85
2	Garware Polyester Limited	400300	1.83	1.83
3	GWRL Managerial Staff Welfare Trust	946500	4.33	4.33
4	Life Insurance Corporation of India	307979	1.41	1.41
5	General Insurance Corporation of India	405269	1.85	1.85
6	Acacia Partners LP	299000	1.37	1.37
7	Acacia Institutional Partners LP	275000	1.26	1.26
	Total	3038596	13.89	13.89

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Various Products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles and also Providing Solution to the Infrastructure Industries which include Coastal Protection, Land Filling etc.

Products :

Item Code No. (ITC Code)	Product Description
1394	Nettings
1394 / 2030	Twines, Ropes & Yarns

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 (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

Information declined by the management.

\ :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· Bank of India

· Bank of Baroda

· DBS Bank Limited

· Citibank NA

· HDFC Bank Limited

· IDBI Bank Limited

· HSBC Bank Limited

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG TERM BORROWINGS
From Banks and Financial Institutions
IDBI Bank Term Loan under TUFS
Balance as per reporting date	0.000	5.270
Current Maturity transfer to other Current Liability	0.000	(5.270)
CITI Bank ECB Term Loan
Balance as per reporting date	121.792	195.678
Current Maturity transfer to other Current Liability	(81.194)	(77.829)
HDFC Bank Rupee Term Loan
Balance as per reporting date	121.792	325.948
Current Maturity transfer to other Current Liability	(81.194)	(208.099)
SHORT TERM BORROWINGS
Loans repayable on demand From Banks
Cash Credit, Rupee Loan and Rupee Packing Credit	44.735	28.003
Packing Credit in Foreign Currency Loan	86.579	289.609
Total	171.912	435.461

NOTE

LONG TERM BORROWINGS :

1). IDBI Bank Term Loan under TUFS Loan is repayable in 20 quarterly instalments of 5.270 Million each along with interest from 31st July, 2009. This loan is secured by way of charge on specific assets financed by the Bank.

2). CITI Bank ECB term loan is repayable in 16 quarterly instalments of 15.625 Million each along with interest from 26th December 2012. This loan is secured by way of hypothecation of the whole of the movable fixed assets, comprising plant & machinery, computers, furniture and fixtures, machinery spares, tools & accessories and other assets, both present & future on first charge on pari-passu basis with others.

3). DFC Bank Rupee Term Loan is repayable in 12 quarterly instalments of 20.833 Million each along with interest from 4th January, 2012. This loan is secured by way of hypothecation of the Movable Properties including Plant & Machinery, Machinery Spares, Tools & Accessories and other Movables both present & future on first charge on pari-passu basis with others.

SHORT TERM BORROWINGS

The above secured Loans are availed from Consortium Bankers, viz., Bank of India, Bank of Baroda, IDBI Bank Ltd., HDFC Bank Ltd., CITI Bank N. A, DBS Bank Ltd. and The Hongkong and Shanghai Banking Corporation Ltd., which

are secured by a first charge, pari passu, interest by way of hypothecation of the Company's current assets, viz. Raw materials, stock-in-process, semi-finished goods, finished goods, stores & spares not relating to Plant & Machinery, bills receivable and book debts. The cash credit and packing credit (rupee and foreign currency loan) loan is repayable on demand.

* The said deposits were held by Late Shri R. B. Garware, and the same will be repaid on production of Probate of the Will dated 6th April, 2012 of Late Shri R. B. Garware.

Auditors :
Name :	Patki and Soman Chartered Accountants
Address :	639 Sadashiv Peth, Kumthekar Road, Pune – 411 030, Maharashtra, India
Associates Companies [AS ON 31.03.2015] :	Garware Meditech Private Limited, [U18109PN2011PTC141536]
Subsidiary Companies : [AS ON 31.03.2015] :	Garware Environmental Services Private Limited, [U74900PN2007PTC130686]
Enterprises Owned or Significantly influenced by Key Management Personnel or Their Relatives [AS ON 31.03.2015]:	· Manmit Investment and Trading Company Private Limited · Garware Capital Markets Limited · Gurukrupa Investments and Trading Company Private Limited · Sanand Investments and Trading Company Private Limited · Moonshine Investments and Trading Company Private Limited · Starshine Investments and Trading Company Private Limited · Sukukar Holdings and Trading Company Private Limited · VMIR Investment Limited · VRG Investments Limited. · Garware Infrastructure Private Limited · Suramex Exim Private Limited · Ramesh Trading Company · Sunita Trading Company · Garware Research Institute · Vimlabai Garware Research Institute · Consolidated Agricutural and Dairy Farming Company Private Limited · Garware Bestretch Limited (upto 25.9.2014) · Garware Holdings Limited (upto 25.9.2014) · Garware Motors Ltd. (upto 25.9.2014) · Gartex Industries Ltd. (upto 25.9.2014) · Garware Apparel Pvt. Ltd. (upto 25.9.2014) · Diya Trading Co. (upto 25.9.2014) · Vayu Trading Co. (upto 25.9.2014)

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Million
10000000	Unclassified Shares	Rs.10/- each	Rs. 100.000 Million
	Total		Rs. 600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21882060	Equity Shares	Rs.10/- each	Rs. 218.821 Million

Note: During the year 2014-15, the Company has bought back 90,193 Equity Shares of 10/- each under the Buy Back Scheme (Previous Year 17, 36,097).

Reconciliation of Number of Shares	As at 31.03.2015
	Number of Shares	Rs. In Million
Equity Shares
Opening Balance	21,972,253	219.722
Changes during the year	(90,193)*	(0.902)
Closing Balance	21,882,060	218.821

* During the year 2014-15, the Company has bought back 90,193 Equity Shares of 10/- each under the Buy Back Scheme (Previous Year 17, 36,097 Equity Shares).

Details of Shareholders' holding more than 5% Shares in the Company

Particulars	As at 31.03.2015
Equity Shares
Ramesh B. Garware**	3612053* 16.51%
Garware Capital Markets Limited	3,473,437 15.87%

* 9.99% (Previous year 9.95%) shares are held on behalf of a Partnership Firm.

** Mr. V. R. Garware informed that as per the Will of Late Mr. R. B. Garware, who died on 7th February, 2014, the shares standing in the name of Mr. R. B. Garware are bequeathed to him and same are yet to be transmitted in his name. Pending transmission of the said shares in the name of Mr. V. R. Garware, they continue to be registered in the name of Late Mr. R. B. Garware.

Shares allotted as fully paid up by way of Bonus Shares (during 5 years preceding 31^st march, 2014): Nil.

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	218.821	219.723	237.084
(b) Reserves & Surplus	2881.264	2529.225	2429.777
(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)	3100.085	2748.948	2666.861
(3) Non-Current Liabilities
(a) long-term borrowings	40.598	117.849	244.740
(b) Deferred tax liabilities (Net)	224.701	202.501	181.436
(c) Other long term liabilities	14.889	32.653	30.564
(d) long-term provisions	23.756	15.828	16.797
Total Non-current Liabilities (3)	303.944	368.831	473.537
(4) Current Liabilities
(a) Short term borrowings	275.455	449.859	684.391
(b) Trade payables	663.113	640.751	575.658
(c) Other current liabilities	865.392	598.163	374.202
(d) Short-term provisions	1777.184	1180.140	849.463
Total Current Liabilities (4)	3581.144	2868.913	2483.714
TOTAL	6985.173	5986.692	5624.112
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1558.752	1450.762	1452.395
(ii) Intangible Assets	99.657	76.117	89.010
(iii) Capital work-in-progress	67.683	74.379	3.511
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	90.400	93.346	91.695
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	117.970	114.921	108.852
(e) Other Non-current assets	55.657	10.142	16.978
Total Non-Current Assets	1990.119	1819.667	1762.441
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1371.969	1268.260	1217.934
(c) Trade receivables	1820.776	1425.422	1403.656
(d) Cash and cash equivalents	105.710	89.195	197.628
(e) Short-term loans and advances	1696.599	1384.148	1042.453
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4995.054	4167.025	3861.671
TOTAL	6985.173	5986.692	5624.112

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	7822.325	6845.678	5993.680
		Other Income	37.239	39.620	57.512
		TOTAL (A)	7859.564	6885.298	6051.192
Less	EXPENSES
		Cost of Materials Consumed	3482.714	2844.070	2353.105
		Purchase of Traded Goods	223.709	258.804	261.883
		(Increase)/Decrease in inventories of Finished Goods, Work-in-Progress and Traded Goods	(71.834)	60.494	31.850
		Employee Benefit Expense	842.409	637.998	791.559
		Operation and Other Expenses	2551.112	2420.936	1970.750
		TOTAL (B)	7028.110	6222.302	5409.147
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		831.454	662.996	642.045
Less	FINANCIAL EXPENSES (D)		102.483	128.296	144.801
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		728.971	534.700	497.244
Less	DEPRECIATION/ AMORTISATION (F)		123.855	143.933	163.244
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		605.116	390.767	334.000
Less	TAX (H)		174.566	124.149	87.262
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		430.550	266.618	246.738
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		96.107	1338.795	1186.101
Less	APPROPRIATIONS
		Transfer to General Reserve	43.055	26.700	24.700
		Dividend	65.646	59.325	59.271
		Tax on Dividend	13.128	10.082	10.073
	BALANCE CARRIED TO THE B/S		121.829	96.107	94.044
	EARNINGS IN FOREIGN CURRENCY		3394.601	3271.582	2541.456
	IMPORTS
		Raw Materials	875.102	912.335	691.583
		Traded Goods, Stores, Spares, etc.	233.938	135.201	223.195
		Capital Goods	64.367	11.078	11.941
	TOTAL IMPORTS		1173.407	1058.614	926.719
	Earnings / (Loss) Per Share (Rs.)		19.68	12.13	10.41

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	81.194	145.599	175.201
Cash generated from operations	886.313	845.099	414.366
Net Cash provided by Operating Activities	744.956	790.880	338.693

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	5.50	3.89	4.12
Operating Profit Margin (PBDIT/Sales)	(%)	10.63	9.68	10.71
Return on Total Assets (PBT/Total Assets}	(%)	8.86	6.72	6.04
Return on Investment (ROI) (PBT/Networth)		0.20	0.14	0.13
Debt Equity Ratio (Total Debt/Networth)		0.10	0.21	0.35
Current Ratio (Current Asset/Current Liability)		1.39	1.45	1.55

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.301.70/-

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	237.084	219.723	218.821
Reserves & Surplus	2429.777	2529.225	2881.264
Net worth	2666.861	2748.948	3100.085
long-term borrowings	244.740	117.849	40.598
Short term borrowings	684.391	449.859	275.455
CURRENT MATURITIES OF LONG-TERM DEBTS	175.201	145.599	81.194
Total borrowings	1104.332	713.307	397.247
Debt/Equity ratio	0.414	0.259	0.128

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	5993.680	6845.678	7822.325
		14.215	14.267

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	5993.680	6845.678	7822.325
Profit	246.738	266.618	430.550
	4.12%	3.89%	5.50%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATIONS DETAILS

CASE DETAILS

BENCH – BOMBAY

Presentation Date: 13/06/2014

Lodging No.:-	ITXAL/778/2013	Filing Date:-	28.05.2013
Reg. No.:-	ITXA/1327/2013	Reg. Date:-	15.07.2013

Petitioner:-	THE COMMISSIONER OF INCOME TAX - 5	Respondent:-	GARWARE WALL ROPES LIMITED
Petn. Adv.:	TEJVEER SINGH (0)	Res. Adv.:	RAHUL K HAKANI AND NEELAM C JADHAV
District:-	MUMBAI

Bench:-	DIVISION
Status:-	Admitted (Unready)	Category:-	TAX APPEALS
Last Date:-	26/11/2014	Stage:-	FOR PASSIG ORDERS
Last Coram:-	HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE A.A. SAYED

Act :-

Income Tax Act, 1961

Under Section:-

260A

CORPORATE INFORMATION:

Garware-Wall Ropes Limited (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed at two Stock Exchanges in India. The Company is engaged in manufacturing and selling various products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles. The Company is providing solutions to the infrastructure industries which include coastal protection, land filling, etc. The Company caters to both domestic and international markets.

FINANCIAL SUMMARY:

The Company earned revenue of Rs. 7866.000 Million for the year ended 31st March, 2015, as against Rs. 6887.900 Million of previous year. Domestic Sales amounted to Rs. 4010.600 Million and the Export Sales amounted to Rs. 3855.400 Million for the year ended 31st March, 2015. The Indian economy started FY 2014-15, on a positive note with significant improvement in market and business sentiment, following the 'General Elections in May 2014'. Softening of international crude and commodity rates has eased the mounting cost pressures on the industry to some extent as well as curtailed inflationary pressures on the Government. Given the increased government focus and policy initiatives to boost the infrastructure and agri segments, the growth rate is expected to pick up, moving forward. However, the micro economic environment continued to be challenging to the country during the year. During the year, the Company has successfully navigated from depressed period with remarkable growth. The Company earned the Net Profit after Tax of Rs. 430.500 Million, in the year under review, which is a significant improvement of 61.50%, compared to previous year.

OVERVIEW:

The Company, Garware-Wall Ropes Limited (GWRL), is one of India's leading players in Technical Textiles with customers and end-users across the world. Deploying its expertise in engineering of Polymers and its in-depth knowledge of customer needs, the Company provides application-focused solutions for various sectors including Deep Sea Fishing, Aquaculture, Shipping, Agriculture, Sports, Infrastructure, Defence and Transportation. The Company has three integrated manufacturing facilities in Pune, Wai and Silvassa, where a range of products are produced, including Ropes, Nets and Aquaculture Cages for capturing and breeding fish; Nets for Sports such as Tennis and Soccer; Insect and Shade Nets for high-value Agriculture; Coated Fabrics for Covers, Tarps, Tents, etc.; and products and solutions for water management, waste management, and erosion-control applications.

Driven by the mission to provide innovative, application-focused solutions to enhance value of customers globally, the Company has earned the trust of customers across all continents, in over 75 countries. End-users of Company’s products include Fishermen, Shipping Companies, Oil Drillers, Agriculturists, Packers, Transporters, and Construction companies, Municipalities, Government Organizations, Clubs, Universities and Manufacturing Plants. The Company's sales are spread across several verticals and geographies, providing stability and hedge against fluctuations in particular business segments, and thereby ensuring a steady stream of revenue and profitability. Users of Company's products are serviced through branches, depots, dealers and distributors located across the globe.

Marketing offices in USA, UK, Russia and Canada improve customer responsiveness in respective time zones and ensure better understanding of local needs. Apart from being a leading player in the domestic market, the Company has a dominant share of markets in North America, and parts of Europe and Australia, for several products. The Company has a long history of paying dividend and is committed to enhancing stakeholder value through profitable growth in sales and earnings. With growing acceptance of Company's new products in the overseas aquaculture industry and in the domestic agriculture market, Company is on a growth trajectory.

BUSINESS ENVIRONMENT:

Compared to FY 2013-14, the Global Economy witnessed dynamic growth In FY 2014-15, especially in Europe and USA. As a result, there was growth in demand for the Company's products from Europe, Canada and USA, which are the key markets for the Company outside India. Improvement in the dollar-rupee rates was favourable for the Indian economy and resulted in a significant increase in the Company's export revenues, notably due to better performance in the Aquaculture, Fisheries and Sports-goods Sectors. The Company recorded good growth in the domestic market also, mainly in the Fisheries and Agriculture businesses

Despite the persistent slowdown in the domestic infrastructure sector, the Company increased its. Geo-Textile Business. Moreover, demand was good in some specific areas like erosion control and landfill lining. The Company improved its performance through innovative products and exploration of new business segments. Concerted efforts were made for addition of new customers across the globe to compensate for contraction in traditional markets. New business lines were further developed and this helped boost the Company's revenues. Innovative solutions launched in the Aquaculture Industry were particularly successful.

TECHNOLOGY ABSORPTION:

Efforts made in technology absorption:

Research & Development:

1. Specific areas in which R & D activities are carried out by the Company:

The Company has well-equipped R & D facilities at Wai and Chinchwad, both recognised by The Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India. The main thrust of R &D has been the development of new products, ropes, nettings and coated fabric with different / new applications.

2. Benefits derived / to be derived as a result of the R & D activities:

New products help the Company to tap new markets / customers. It also helps the Company to provide solutions meeting customers' requirements and delivering greater value addition to them.

3. Future Plan of Action:

The Company has invested resources in developing sophisticated next generation products which will allow significant fuel savings in fishing applications.

4.

Expenditure on R&D:	Rs. In Million
Capital	44.312
Revenue / Recurring	38.123
Total	82.435
Total of R & D as a percentage of Revenue from Operations	1.05%

5. Technology Absorption, Adaptation and Innovation:

Company does not employ any foreign technology, which needs absorption or adaptation. The Company has

developed, on its own, various new products.

COMPANY'S PERFORMANCE:

The Company registered total revenue of Rs. 78.660 Million for the year ended 31st March, 2015, an increase of 14% over the previous year's Revenue. Export Revenue accounted for 49% of the total Revenue. Compared to the previous year, Export Revenue rose by 13%. Profit after tax in the year was Rs. 4.305 Million, registering an increase of 61.5% over the previous year.

Profitability was affected by steep increases in the cost of raw materials, interest, power, labour and transportation. Slowdown in the Domestic Fishery Sector, which is the Company's core business area, puts pressure on margins. Despite these challenges, Company recorded increase in profitability. Cost increases were passed on in most customer segments. Several initiatives were undertaken to improve productivity per machine and person.

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10334334	11/01/2012	150,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI  TED	52/60 MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B31593486
2	10315464	01/11/2011	250,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN  DRA KURLA COMPLEX, BANDRA (E), MUMBAI - 400051, MAHARASHTRA , INDIA	B24454464
3	90084810	26/11/2014 *	2,831,000,000.00	BANK OF INDIA	1162/6, SHIVAJI NAGAR, UNIVERSITY ROAD, PUNE - 411005, MAHARASHTRA, INDIA	C37180486

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand From Bank
Packing Credit in Foreign Currency Loan	0.000	0.000
Loan from Promoter*	144.141	132.247
Total	144.141	132.247

NOTE:

The above secured Loans are availed from Consortium Bankers, viz., Bank of India, Bank of Baroda, IDBI Bank Limited, HDFC Bank Limited, CITI Bank N. A, DBS Bank Limited and The Hongkong and Shanghai Banking Corporation Limited which are secured by a first charge, pari passu, interest by way of hypothecation of the Company's current assets, viz. raw materials, stock-in-process, semi-finished goods, finished goods, stores & spares not relating to Plant & Machinery, bills receivable and book debts. The cash credit and packing credit (rupee and foreign currency loan) loan is repayable on demand.

* The said deposits were held by Late Shri R. B. Garware, and the same will be repaid on production of Probate of the Will dated 6th April, 2012 of Late Shri R. B. Garware.

CONTINGENT LIABILITIES (AS ON 31.03.2015):

(a) Disputed Excise Duty Rs. 2.757 Million (Previous year Rs. 2.757 Million).

(b) Bank Guarantees for Rs. 150.390 Million (Previous year Rs. 149.871 Million), in the ordinary course of business, against which the Company has issued counter guarantees for the overall bank limits of Rs. 1350.000 Million (Previous year Rs. 1350.000 Million).

(c) Disputed amount of Sales Tax Liability Rs. 19.668 Million (Previous year Rs.19.668 Million).

(d) Export Sales Bills Discounted with the Banks Rs. 237.380 Million (Previous year Rs. 301.605 Million).

(e) The interest portion on delayed payment of Octroi Liability amounting to Rs. 2.164 Million (Previous year Rs. 2.164 Million) is under dispute.

(f) The Income Tax Liability due to the department's appeals at higher levels (Supreme Court) amounting to Rs. 20.800 Million (Previous year Rs. 20.800 Million).

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30TH JUNE 2015

(Rs. In Million)

PARTICULARS		6 Months Ended
		30.06.2015
		(UNAUDITED)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)		2391.111
b) Other operating income		2.046
Total income from Operations(net)		2393.157
2. Expenditure
a) Cost of material consumed		1126.946
b) Purchases of stock in trade		40.770
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		10.476
d) Employees benefit expenses		229.643
e) Depreciation and amortization expenses		31.814
f) Other expenditure		725.997
Total expenses		2165.646
3. Profit from operations before other income and financial costs		227.512
4. Other income		7.162
5. Profit from ordinary activities before finance costs		234.674
6. Finance costs		18.091
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items		216.583
8. Exchange Currency Fluctuation Loss/ (Gain)		---
9. Profit from ordinary activities before tax Expense:		216.583
10. Tax expenses		70.352
11. Net Profit / (Loss) from ordinary activities after tax		146.231
12. Extraordinary Items (net of tax expense)		---
13. Net Profit for the period		146.231
14. Paid-up equity share capital (Nominal value Rs. 10/- per share)		218.821
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16. i) Earnings per share (before extraordinary items) of Rs. 10/- each) (not annualised):
(a) Basic and diluted		6.68
A. Particulars of shareholding
1. Public Shareholding
- Number of shares		10811876
- Percentage of shareholding		49.41
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares		NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)		NIL
Percentage of shares (as a % of total share capital of the company)		NIL
b) Non Encumbered
Number of shares		11070184
Percentage of shares (as a % of total shareholding of the promoter and promoter group)		100.00
Percentage of shares (as a % of total share capital of the company)		50.59
B. Investor Complaints
Pending at the beginning of the quarter	NIL
Receiving during the quarter	1
Disposed of during the quarter	1
Remaining unreserved at the end of the quarter	NIL

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE HALF YEAR ENDED 30TH JUNE 2015

(Rs. In Million)

Particulars	6 Months Ended
	30.06.2015
1. Segment Revenue
a) Synthetic cordage	1950.037
b) Fibre and Industrial Products & Projects	488.705
Total segment revenue	2438.742
Less: Inter – segment revenue	(47.630)
Total income from operations (net sales)	2391.112
2. Segment Results
Profit/ (loss) before tax and interest
a) Synthetic cordage	249.094
b) Fibre and Industrial Products & Projects	37.445
Total segment results	286.539
Less: Interest	(18.091)
Other un-allocable expenditure net off un-allocable other operating income	(51.865)
Total Profit Before Tax	216.583
3. Capital Employed
(Segment Assets – Segment Liabilities)
a) Synthetic cordage	2929.545
b) Fibre and Industrial Products & Projects	856.995
Add : Unallocable Assets Less Liabilities	(540.223)
Total Capital Employed In the Company	3246.317

FIXED ASSETS

TANGIBLE ASSETS

· Leasehold Land

· Buildings

· Plant and Machinery

· R&D Equipments

· Electrical Installations

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Helicopter

INTANGIBLE ASSETS

· Technical Know-How

· Product Development

· Computer Software

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. 65.97
UK Pound	1	Rs. 101.19
Euro	1	Rs. 73.38

INFORMATION DETAILS

Analysis Done by :	AMT
Report Prepared by :	SYL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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