MIRA INFORM REPORT

Report No. :	342498
Report Date :	29.09.2015

IDENTIFICATION DETAILS

Name :	BANSWARA SYNTEX LIMITED
Registered Office :	Industrial Area, Dohad Road, Post Box No. 21, Banswara - 327001, Rajasthan
Tel. No.:	91-2962-242301 to 242306 / 240690 / 240691 / 240693 / 257676 - 681
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	05.05.1976
Com. Reg. No.:	17-001684
Capital Investment / Paid-up Capital :	Rs.172.412 Million
CIN No.: [Company Identification No.]	L24302RJ1976PLC001684
IEC No.:	1388016401
TAN No.: [Tax Deduction & Collection Account No.]	JDHB01978E / JDHB04353G
PAN No.: [Permanent Account No.]	AAACB8403F / AAACB8403F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The company is engaged in production of Textile products.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 6400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Management has reported decent sales turnover and there seems to be a dip in its profit earning in the FY 2014. The company has healthy financial base sound liquidity position and comfortable capital structure. The rating derives strength from experience of the promoters in the textile industry supported by integrated presence across the textile value chain diversified product line. Trade relations are fair. Business is active. Payments are regular and as per commitment. 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.

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	CARE
Rating	Long term bank facilities term loan = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October 07, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities non-fund based = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	October 07, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED BY

Name :	Mr. Venu
Designation :	Export-Import Department
Contact No.:	91-22-66336571
Date :	24.09.2015

LOCATIONS

Registered Office/Factory 1 :	Industrial Area, Dohad Road, Post Box No. 21, Banswara - 327001, Rajasthan, India
Tel. No.:	91-2962-242301 to 242306 / 240690 / 240691 / 240693 / 257676 - 681
Fax No.:	91-2962-240692
E-Mail :	secbsw@banswarafabrics.com software@banswarafabrics.com info@banswarafabrics.com rkbansal@banswarafabrics.com
Website :	www.banswarasyntex.com
Head / Marketing Office :	4^th/5^th Floor, Gopal Bhawan, 199, Princess Street, Mumbai – 400002, Maharashtra, India
Delhi Office :	1E/5, Ground Floor, Near Mahindra Service Show Room, Jhandewalan Extension, New Delhi – 110055, India
Jaipur Office :	Ankur Apartments, S-6, Jyoti Nagar Extension, Jaipur – 302005, Rajasthan, India
Plants :	Daman Units : · 98/3, Village Kadaiya, Nani Daman, Daman – 396210 (Union Territory), India · Survey No.713/1, 713/2, 713/3, 725/2 and 725/1, Village Dabhel, Nani Daman, Daman – 396210 (Union Territory), India · Survey No.722/9, Village Dabhel, Nani Daman, Daman – 396210 (Union Territory), India · Plot No.85/3, 85/4 and 86/2, Village Kadaiya, Daman Industrial Area, Nani Daman, Daman - 396210
Surat Unit (Garment) :	Plot No.5-6, G.I.D.C., Apparel Park, SEZ Sachin, Surat – 394230, Gujarat, India

DIRECTORS

As on 31.03.2015

Name :	Mr. R. L. Toshniwal
Designation :	Chairman and Managing Director
Date of Birth/Age :	75 Years
Qualification :	M. Sc.
Name :	Mr. Ravindra Kumar Toshniwal
Designation :	Managing Director
Date of Birth/Age :	45 Years
Name :	Mr. Rakesh Mehra
Designation :	Vice Chairman
Date of Birth/Age :	51 Years
Qualification :	F.C.A.
Name :	Mr. Shaleen Toshniwal
Designation :	Managing Director
Date of Birth/Age :	31 Years
Qualification :	MBA
Name :	Mr. P. Kumar
Designation :	Director
Name :	Mr. D. P. Garg
Designation :	Director
Name :	Mr. S. B. Agarwal
Designation :	Director
Name :	Mr. Vijay Kumar Agarwal
Designation :	Director
Date of Birth/Age :	63 Years
Name :	Mr. P.K. Bhandari
Designation :	Director
Name :	Mr. Kamal Kishore Kacholia
Designation :	Director
Date of Birth/Age :	64 Years
Name :	Mr. Vijay Mehta
Designation :	Director
Date of Birth/Age :	61 Years
Name :	Mr. A. N. Jariwala
Designation :	Director
Name :	Mr. Vaijayanti Pandit (w.e.f. 12.11.2014)
Designation :	Director

KEY EXECUTIVES

Name :	Mr. S. S. Sajal
Designation :	President
Name :	Mr. J. K. Rathi
Designation :	President (Commercial)
Name :	Mr. J. K. Jain
Designation :	Senior Vice President (Finance and Commerce) and Company Secretary
Name :	Mr. B.C. Kaushik
Designation :	Senior Vice President (Technical)
Name :	Mr. S. S. Kella
Designation :	Vice President (Audit and Taxation)
Name :	Mr. S. R. Jain
Designation :	Vice President [Engineering]
Name :	Mr. Ashok Mishra
Designation :	Vice President [Technical Worsted]
Name :	Mr. Nailesh Joshi
Designation :	Vice Presidend (Technical Surat SFZ Unit)
Name :	Mr. Prashant Joshi
Designation :	Vice President [Processing]
Name :	Mr. D.K. Menariya
Designation :	Vice President [Personal]
Name :	Mr. Basant Kala
Designation :	Vice President (Finance and Accounts)
Name :	Mr. Rahul Bhadauria
Designation :	Vice President (Operation)
Name :	Mr. Arun Kumar Pareek
Designation :	Vice President (Technical)
Name :	Mr. S.L. Agarwal
Designation :	Vice President (Finance and Accounts)
Name :	Mr. Rahul Bhadauria
Designation :	Vice President (Operation)
Name :	Mr. Neeraj Mehra
Designation :	Vice President (Sales and Marketing)
Name :	Mr. H. Maharana
Designation :	Vice President (Weaving)
Name :	Mr. S. K. Dhar
Designation :	Vice President (Fabric Marketing)

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	8585332	50.71
Bodies Corporate	1319919	7.80
Sub Total	9905251	58.51
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	100000	0.59
Sub Total	100000	0.59
Total shareholding of Promoter and Promoter Group (A)	10005251	59.10
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4775	0.03
Financial Institutions / Banks	570	0.00
Foreign Institutional Investors	2108581	12.46
Sub Total	2113926	12.49
(2) Non-Institutions
Bodies Corporate	1891006	11.17
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1877356	11.09
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1041807	6.15
Sub Total	4810169	28.41
Total Public shareholding (B)	6924095	40.90
Total (A)+(B)	16929346	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)	16929346	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in production of Textile products.
Products :	Textile Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

• Punjab National Bank
• Union Bank of India
• Bank of Baroda
• Bank of India

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Term Loans From Financial Institutions and Banks
IDBI BANK LIMITED
Term Loan -I	0.000	20.000
Term Loan -II	59.386	61.700
Term Loan -III	37.056	38.500
Term Loan -IV	88.358	91.800
EXPORT IMPORT BANK OF INDIA
Term Loan -I	192.000	213.000
Term Loan-II	255.750	280.938
Term Loan - III	7.640	23.640
Term Loan - IV	46.056	60.449
Term Loan-V	64.000	84.000
Term Loan - VI	278.125	337.500
Term Loan - VII	228.485	263.636
Working Capital Term Loan	68.500	68.500
BANK OF INDIA
Term Loan -I	147.000	215.000
Term Loan - II	86.250	111.250
Term Loan - III	398.750	431.750
Term Loan - IV	176.000	140.561
Working Capital Term Loan	31.500	0.000
Punjab National Bank
Term Loan -I	110.953	143.454
Term Loan - II	34.395	44.395
Term Loan - III	92.052	0.000
Term Loan - IV	131.250	162.500
Working Capital Term Loan	168.000	210.000
BANK OF INDIA
Term Loan -I	1.501	10.901
Term Loan - II	61.371	71.372
UNION BANK OF INDIA
Term Loan -I	0.000	0.587
Term Loan - II	168.000	190.400
Term Loan - III	103.790	0.000
Working Capital Term Loan	63.000	0.000
AXIS BANK LIMITED
Term Loan -I	125.000	150.000
LESS :
Current Maturities
IDBI Bank Ltd.	(14.401)	(27.200)
Export-Import Bank of India	(283.820)	(191.107)
Bank of Baroda	(153.600)	(126.000)
Punjab National Bank	(128.625)	(115.750)
Bank of India	(11.501)	(19.400)
Union Bank of India	(36.400)	(22.987)
Axis Bank Limited	(25.000)	(25.000)
Short Term Borrowings
Loans Repayable on Demand (Cash credits and packing credits) From Banks
Punjab National Bank	1734.892	1690.950
Union Bank of India	609.234	827.229
Bank of Baroda	368.908	505.509
Bank of India	318.797	347.378
Total	5602.652	6269.455

Auditors :
Name :	Kalani and Company Chartered Accountants
Address :	“Shankar Ratan Chambers”, S-23A, Mangal Marg, Bapu Nagar, Jaipur – 302015, Rajasthan, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary, Joint Venture and Associate concerns:	Banswara Global Limited (formerly known as Carreman Fabrics India Limited) Treves Banswara Private Limited Banswara Fabrics Limited
Enterprises where Key Management Personnel has control /interest:	Dhruv Impex Mehra International Lawson Trading Company Private Limited Niral Trading Private Limited Shaleen Syntex Limited Moonfine Trading Company Private Limited Speed Shore Trading Company Private Limited Toshniwal Trust APM Industries Limited Lawson Corporation RR Toshniwal Enterprises Excel Pack Limited Shaleen Synthetics
Relatives of Key Management Personnel and their Enterprises where transactions have taken place :	Rameshwar Lal Ravindra Kr Toshniwal HUF Ravindra Kumar Toshniwal HUF J.K. Jain HUF

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- each	Rs.450.000 Million
500000	3% Redeemable Preference Shares	Rs.100/- each	Rs.50.000 Million
	Total		Rs.500.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
16446361	Equity Shares	Rs.10/- each	Rs.164.464 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
	Subscribed and fully Paid
16416361	Equity Shares	Rs.10/- each	Rs. 164.164 Million
	Subscribed but not fully Paid
30300	Equity Shares	Rs.10/- each	Rs.0.300 Million
Less:	Allotment money due
	From Directors		---
	From Others		Rs.0.150 Million
	Total		Rs. 164.314 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	164.314	172.412	164.712
(b) Reserves & Surplus	2065.354	1958.523	1721.826
(c) Money received against share warrants	5.291	14.836	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2234.959	2145.771	1886.538
(3) Non-Current Liabilities
(a) long-term borrowings	2627.821	2941.899	2996.718
(b) Deferred tax liabilities (Net)	415.872	444.204	381.675
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	107.616	100.942	107.758
Total Non-current Liabilities (3)	3151.309	3487.045	3486.151
(4) Current Liabilities
(a) Short term borrowings	3031.831	3383.766	3206.369
(b) Trade payables	1388.379	1062.972	1294.740
(c) Other current liabilities	822.699	761.752	711.315
(d) Short-term provisions	129.092	214.537	93.197
Total Current Liabilities (4)	5372.001	5423.027	5305.621
TOTAL	10758.269	11055.843	10678.310
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5014.364	5142.194	5148.830
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	100.360	85.376	77.675
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	175.143	142.998	93.499
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	44.710	86.092	81.409
(e) Other Non-current assets	43.552	74.870	75.714
Total Non-Current Assets	5378.129	5531.530	5477.127
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3288.333	3046.116	2943.673
(c) Trade receivables	1381.448	1543.651	1526.723
(d) Cash and cash equivalents	152.395	321.417	164.048
(e) Short-term loans and advances	209.693	270.162	220.549
(f) Other current assets	348.271	342.967	346.190
Total Current Assets	5380.140	5524.313	5201.183
TOTAL	10758.269	11055.843	10678.310

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	12261.593	12121.996	10963.166
	Other Income	168.859	41.045	80.479
	TOTAL (A)	12430.452	12163.041	11043.645
Less	EXPENSES
	Cost of Materials Consumed	6209.088	5821.089	5525.926
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(61.573)	(30.127)	(84.329)
	Manufacturing Expenses	2132.161	2034.349	1992.977
	Employees benefits expense	1805.534	1608.826	1307.976
	Other expenses	799.819	915.819	750.384
	TOTAL (B)	10885.029	10349.956	9492.934
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1545.423	1813.085	1550.711
Less	FINANCIAL EXPENSES (D)	806.951	812.974	823.032
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	738.472	1000.111	727.679
Less/ Add	DEPRECIATION/ AMORTISATION (F)	593.914	519.639	516.797
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	144.558	480.472	210.882
Less	TAX (H)	64.266	214.195	90.226
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	80.292	266.277	120.656
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	269.144	158.090	113.736
Less	APPROPRIATIONS
	Proposed dividend on Preference Shares	0.000	0.519	0.519
	Proposed dividend on Equity Shares	16.431	46.534	22.112
	Tax on Proposed dividend	3.345	7.996	3.671
	Previous year Dividend thereon	0.000	0.174	0.000
	Transfer to General Reserves	50.000	100.000	50.000
	Transfer to capital Redemption Reserves	17.300	0.000	0.000
	Total (M)	87.076	155.223	76.302
	Balance Carried to the B/S (J+K+L-M)	262.360	269.144	158.090
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	4567.679	5240.166	5181.552
	Other Realization	111.497	178.977	168.808
	TOTAL EARNINGS	4679.176	5419.143	5350.360
	IMPORTS
	Raw Materials	624.630	383.212	392.665
	Dyes and Chemicals	6.269	11.199	11.631
	Components and Stores parts	136.968	117.356	105.882
	Capital Goods	156.745	152.389	183.605
	TOTAL IMPORTS	924.612	664.156	693.783
	Earnings / (Loss) Per Share (Rs.)
	Basic	5.06	16.86	8.14
	Diluted	4.9	16.3	8.14

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	658.548	634.304	577.636
Cash generated from operations	1793.153	1344.125	1509.048

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	0.65	2.20	1.10
Operating Profit Margin (PBDIT / Sales)	(%)	12.60	14.96	14.14
Return on Total Assets (PBT/Total Assets}	(%)	1.38	4.44	2.01
Return on Investment (ROI) (PBT/Networth)		0.06	0.22	0.11
Debt Equity Ratio (Total Debt /Networth)		2.83	3.24	3.59
Current Ratio (Current Asset/Current Liability)		1.00	1.02	0.98

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs.68/-

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	164.712	172.412	164.314
Reserves & Surplus	1721.826	1958.523	2065.354
Money received against share warrants	0.000	14.836	5.291
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1886.538	2145.771	2234.959
long-term borrowings	2996.718	2941.899	2627.821
Short term borrowings	3206.369	3383.766	3031.831
Current maturities of long-term debts	577.636	634.304	658.548
Total borrowings	6780.723	6959.969	6318.200
Debt/Equity ratio	3.594	3.244	2.827

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	10963.166	12121.996	12261.593
		10.570	1.152

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	10963.166	12121.996	12261.593
Profit	120.656	266.277	80.292
	1.10%	2.20%	0.65%

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

UNSECURED LOAN

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Fixed Deposits
From Directors	5.500	7.200
From Other Includes Rs.19.900 Million (Previous Years Rs.20.400 Million) from related parties	56.700	128.170
Less: Current Maturities	(5.200)	(91.860)
Term Loans Corporate (From Related Parties) Repayable in one bullet payment by July 14	0.000	0.000
Short Term Borrowings
Loans from related Parties	0.000	12.700
Total	57.000	56.210

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10542394	23/12/2014	200,000,000.00	UNION BANK OF INDIA	BURHANI COMPLEX, NAI ABADI, BANSWARA, Rajasthan - 327001, INDIA	C39994488
2	10535627	15/11/2014	70,000,000.00	UNION BANK OF INDIA	BURHANI COMPLEX, NAI ABADI, BANSWARA, Rajasthan - 327001, INDIA	C36193928
3	10515787	16/07/2014	35,000,000.00	Bank of Baroda	Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, Banswara, Rajasthan - 327001, INDIA	C16817348
4	10512600	16/07/2014	100,000,000.00	Punjab National Bank	Near Kushal Bagh Ground, Banswara, Rajasthan - 327001, INDIA	C14840151
5	10490643	20/12/2014 *	315,000,000.00	Punjab National Bank	Near Kushal Bagh Ground, Banswara, Rajasthan - 327001, INDIA	C44364081
6	10464937	27/11/2013	176,000,000.00	Bank of Baroda	Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, Banswara, Rajasthan - 327001, INDIA	B91335091
7	10376409	05/02/2013 *	38,500,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B68242585
8	10376407	05/02/2013 *	61,700,000.00	IDBI Bank Limited	IDBI TOWER, WTC COMPLEX,, CUFFE PARADE, MUMBAI, M  aharashtra - 400005, INDIA	B68491026
9	10376408	05/02/2013 *	91,800,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B68493378
10	10308149	10/09/2012 *	440,000,000.00	Bank of Baroda	Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, BANSWARA, Rajasthan - 327001, INDIA	B59143891

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2015

(Rs. In Million)

Particulars	3 Months Ended (Unaudited)
	30.06.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	2814.423
b) Other operating income	103.385
Total income from Operations(net)	2917.808
2.Expenditure
a) Cost of material consumed	1390.782
b) Purchases of stock in trade	--
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	11.177
d) Employees benefit expenses	449.814
e) Depreciation and amortization expenses	140.213
f) Power and Fuel	284.599
g) Other expenditure	431.156
Total expenses	2707.741
3. Profit from operations before other income and financial costs	208.067
4. Other income	30.602
5. Profit from ordinary activities before finance costs	238.669
6. Finance costs	(205.921)
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	32.748
8. Exceptional item	--
9. Profit from ordinary activities before tax Expense:	32.748
10.Tax expenses	(15.645)
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	17.103
12.Extraordinary Items (net of tax expense)	--
13.Net Profit / (Loss) for the period (11 -12)	17.103
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	1692.93
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	1.01
(b) Diluted	1.01
ii) Earnings per share (after extraordinary items)
(a)Basic	1.01
(b) Diluted	1.01

Particulars	3 Months Ended (Unaudited)
	30.06.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	6924095
- Percentage of shareholding	40.90%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	---
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	---
Percentage of shares (as a % of total share capital of the company)	---
b) Non Encumbered
Number of shares	10005251
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)	59.10%
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unreserved at the end of the quarter	Nil

Note:

1. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 14, 2015. The Statutory Auditors have carried out a Limited Review of the results.

2. The Company and collectively group companies are engaged in production of Textile products having integrated working For management purposes, Company is organized into major operating activity of the textile products. The Company has no activity outside India except export of textile products manufactured in India. Thereby, there is no geographical segment. Accordingly, segment-wise information is not being reported.

3. The Net Sales / Income from operations is exclusive of Inter Division Transfers.

4. Credit in respect of Minimum Alternative Tax under Income Tax Act, 1961 (MAT Credit - Entitlement), wherever applicable, is recognized in accordance with guidance note issued by the Council of the Institute of Chartered Accountants of India.

5. As per SEBI (DIP) Guidelines, the Board of Directors at its meeting held on November 13, 2013, has allotted 6 Lac equity shares to other than promoter group and 16 Lac warrants to promoter group; each warrant is entitled to 1 equity share, Out of 16 Lac warrants allotted to promoter, 10.90 Lacs share warrants have been converted into fully paid up equity shares upto March 31, 2015. The balance 510000 warrants were converted in equal of equity shares on May 08, 2015. The above preferential issue was made as per the SEBI (ICDR) Regulations, 2009.

6. The Board has approved the scheme of amalgamation of Banswara Fabrics Limited, an Associate Company and of Banswara Global Limited, a wholly owned Subsidiary Company with Banswara Syntex Limited w.e.f. April 01, 2015 subject to necessary approvals.

7. Depreciation has been charged on Straight Line Method (SLM) based on useful life of the assets as mentioned in Schedule II of Companies Act, 2013, except in case of Plant & machinery where the useful life has been taken as ascertained by the Independent Chartered Engineer and technical experts of the Company.

8. The figures of previous period / year have been re-grouped / re-arranged and / or recast, wherever necessary, to make them comparable.

FIXED ASSETS

· Lease Hold Land

· Free Hold Land

· Buildings and Road

· Plant and Equipment

· Building Machinery

· Electric and Water

· Supply Installation

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Live Stock

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.09
UK Pound	1	Rs.100.88
Euro	1	Rs.73.96

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	TRI
Report Prepared by :	JYTK / ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.