MIRA INFORM REPORT

Report No. :	503621
Report Date :	13.04.2018

IDENTIFICATION DETAILS

Name :	MARAL OVERSEAS LIMITED
Registered Office :	Maral Sarover V. and P.O. Khalbujurg, Tahsil Kasrawad, District: Khargone - 541660, Madhya Pradesh
Tel. No.:	91-7285-265401/265405
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	27.01.1989
Com. Reg. No.:	10-008255
Capital Investment / Paid-up Capital :	INR 629.350 Million
CIN No.: [Company Identification No.]	L17124MP1989PLC008255
IEC No.: [Import-Export Code No.]	0590023331
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AACCM0230B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Seller of Cotton, Yarn, Fabrics and Garments (Cut and Sewn Knits, Casual, Fashion, Active Wear, Sleepwear, Conventional, Organic, Fairtrade, Men’s Ladies, Kids Garments.) (Confirmed by management)
No. of Employees :	2469 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 3300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 1989 and it is having satisfactory track. For the financial year 2017, the company has increased in its revenue from operation as compared to previous year and maintained average profitability margin of 2.24%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and average debt balance sheet. Further, rating also derives strength from experienced promoters and management team of the company, its diversified product profile along with established marketing tie-ups with leading apparel brands and improvement in the revenue as well as profitability profile during the year. However, rating strength is partially offset by susceptibility of profitability margins to volatility in the raw material prices and high competition in the garment segment from other export-based countries. Trade relations are reported as fair. Business is active. Payments terms are seem to be usually correct. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. (Note- the company has been found under Defaulters list and has defaulted with Yes Bank (31-12-2015) However, update for the same is not available.)

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long- term Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	20.03.2018

Rating Agency Name	CARE
Rating	Short- term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	20.03.2018

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 :

Borrower Containing-MARAL OVERSEAS

Bank	Branch	Quarter	Borrower Name	Registration Address	Director Name	Outstanding Amount (INR In Million)
YES BANK	NOIDA	31.12.2014	MARAL OVERSEAS LIMITED	Bhilwara Towers, A 12 Sector 1, Noida, Uttar Pradesh, India	L.N. JHUJHUNWALA	30.400
YES BANK	NOIDA	30.06.2015	MARAL OVERSEAS LIMITED	Bhilwara Towers, A 12 Sector 1, Noida, Uttar Pradesh, India	L.N. JHUJHUNWALA	30.400
YES BANK	NOIDA	30.09.2015	MARAL OVERSEAS LIMITED	Bhilwara Towers, A 12 Sector 1, Noida, Uttar Pradesh, India	L.N. JHUJHUNWALA	30.400
YES BANK	NOIDA	31.12.2015	MARAL OVERSEAS LIMITED	Bhilwara Towers, A 12 Sector 1, Noida, Uttar Pradesh, India	L.N. JHUJHUNWALA	30.400

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 13.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date

.

INFORMATION DENIED BY

Name :	Mr. Aniul Kumar
Designation :	Not Divulged
Contact No.:	91-9350614898
Date :	12.04.2018

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-120-4390300 / 91-9350614899

Mobile No.: 91-9818455373 – Not Reachable

LOCATIONS

Registered Office / Factory 1 :	Maral Sarover V. and P.O. Khalbujurg, Tahsil Kasrawad, Disctrict: Khargone - 541660, Madhya Pradesh, India
Tel. No.:	91-7285-265401/265405
Mobile No.:	91-9350614899 (Mr. Sunil Sharma) 91-9818455373 (Mr. Naveen)
Fax No.:	91-7285-265406
E-Mail :	skg@lnjbhilwara.com maralsarovar@lnjb.com maral.investor@lnjbhilwara.com naveenm@lnjb.com
Website :	www.ilnjbhilwara.com www.maraloverseas.com
Corporate Office :	Bhilwara Towers, A-12, Sector-1, Noida-201301, Uttar Pradesh, India
Tel No.:	91-120-4390000 (Extension – 413)
Fax No.:	91-120-4390157/ 4277841/ 4277842
E-Mail :	mohitm@lnjb.com
Factory 2 :	Noida Unit A-11, Hosiery Complex, Phase - II (Extension), Noida-201305, Uttar Pradesh, India
Tel. No.:	91-120-4519200 / 4737401
Fax No.:	91-120-4519201
Factory 3 :	C-126, Sector-63, Noida - 201 307, Uttar Pradesh, India

DIRECTORS

As on 31.03.2017

Name :	Mr. Shekhar Agarwal
Designation :	Managing Director
Address :	7, Sadhana Enclave, New Delhi - 110017, India
Date of Appointment :	27.01.1989
DIN No.:	00066113
Name :	Mr. Dharmendar Nath Davar
Designation :	Director
Address :	B5/82, Safdarjung Enclave, New Delhi - 110029, India
Date of Appointment :	28.09.2004
DIN No.:	00002008
Name :	Ms. Priya Shankar Dasgupta
Designation :	Director
Address :	J-1810, Chittaranjan Park, New Delhi - 110019, India
Date of Appointment :	28.09.2004
PAN No.:	00012552
DIN No.:	Ms. Priya Shankar Dasgupta
Name :	Mr. Kamal Gupta
Designation :	Director
Address :	N-23, Sector 11, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India
Date of Appointment :	13.07.1991
DIN No.:	00038490
Name :	Mr. Ravi Jhunjhunwala
Designation :	Director
Address :	63, Friends Colony (East), New Delhi - 110065, India
Date of Appointment :	27.11.1996
DIN No.:	00060972
Name :	Mr. Shantanu Agarwal
Designation :	Director
Address :	7, Sadhana Enclave, New Delhi - 110017, India
Date of Appointment :	22.04.2014
DIN No.:	02314304
Name :	Ms. Archana Capoor
Designation :	Director
Address :	C-221, Sfs,Sheikh Sarai, Phase I, New Delhi - 110017, India
Date of Appointment :	06.11.2015
DIN No.:	01204170

KEY EXECUTIVES

Name :	Mr. Sunil Sharma
Designation :	Senior Manager
Name :	Mr. Suresh Chand Maheshwari
Designation :	President
Address :	Sarovar Unit
Name :	Mr. Naveen Maheshwari
Designation :	Senior Vice President
Address :	Noida Unit
Name :	Mr. Shekhar Agarwal
Designation :	Chief Executive Officer
Address :	7, Sadhana Enclave, New Delhi - 110017, India
Name :	Mr. Atul Kumar Jain
Designation :	Chief Financial Officer
Address :	1/11144-F, Subhash Park, Near Kirti Nagar, Shahdara , Delhi – 110032, India
Date of Appointment :	09.08.2017
PAN No.:	ABIPJ8401F
Name :	Mr. virendra kumar garg
Designation :	Company Secretary
Address :	Flat No 7, Plot 77, Sultan Pur, New Delhi – 110030, India
Date of Appointment :	01.11.2017
PAN No.:	AHWPG7880K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on March 2018

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
(A) Promoter & Promoter Group	31108829	74.95
(B) Public	10399171	25.05
Grand Total	41508000	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
A1) Indian		0.00
Individuals/Hindu undivided Family	2817273	6.79
SH. SHEKHAR AGARWAL	755573	1.82
SMT. SHASHI AGARWAL	687600	1.66
SH. SHANTANU AGARWAL	554500	1.34
MS. SHUCHI AGARWAL	406100	0.98
SH. SHEKHAR AGARWAL HUF	403800	0.97
SH. SHEKHAR AGARWAL-TRUST	2750	0.01
SH. SHANTANU AGARWAL HUF	2750	0.01
SMT.ALKA AGARWAL	4200	0.01
Any Other (specify)	28291556	68.16
AGARWAL TRADEMART PVT. LTD.	19760000	47.61
DIPLOMAT LEASING AND FINANCE PVT. LTD	1135500	2.74
AGARWAL FINESTATE PVT. LTD	7396056	17.82
Sub Total A1	31108829	74.95
A2) Foreign		0.00
A=A1+A2	31108829	74.95

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Mutual Funds/	1000	0.00
Foreign Portfolio Investors	5800	0.01
Financial Institutions/ Banks	2000	0.00
Sub Total B1	8800	0.02
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	6568857	15.83
Individual share capital in excess of INR 0.200 Million	2036748	4.91
NBFCs registered with RBI	37104	0.09
Any Other (specify)	1747662	4.21
Bodies Corporate	1709644	4.12
INTER GLOBE CAPITAL MARKET LTD.	485812	1.17
Non-Resident Indian (NRI)	37818	0.09
Sub Total B3	10390371	25.03
B=B1+B2+B3	10399171	25.05

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Seller of Cotton, Yarn, Fabrics and Garments (Cut and Sewn Knits, Casual, Fashion, Active Wear, Sleepwear, Conventional, Organic, Fairtrade, Men’s Ladies, Kids Garments.) (Confirmed by management)

Products :

NIC Code of the Product/service	Product Description
5205	Cotton Yarn
6003	Knitted Fabric
6114	Garments

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

2469 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	Ground Floor, BOB Building, Parliament Street, New Delhi, India
Person Name (With Designation)	--
Contact Number	91-11-23319195 (Number is continuously ringing)

• Axis Bank Limited
• Canara Bank
• Central Bank of India
• Export-Import Bank of India
• State Bank of India
• Union Bank of India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term loans:
From banks	529.285	723.600
From financial institutions	9.672	97.917
Short-term borrowings
Loans repayable on demand: Working capital facilities from banks	1108.210	899.500
Total	1647.167	1721.017
Notes: Long-term Borrowings a. Term loans from both banks and financial institutions are secured by first mortgage and charge created / to be created on all the present and future immovable and movable properties (other than current assets) of the Company, ranking pari-passu, and second pari-passu charge on current assets of the company. Term loans from both banks (except term loans from Central Bank of India INR 368.800 Million, Union Bank of India INR 320.000 Million and State Bank of Bikaner and Jaipur INR 2.844 Million) and financial institutions along with working capital facilities from banks, are secured by pledge of stipulated promoter’s equity shareholding, constituting 36% of the present equity capital, in favour of the lenders on pari-passu basis. b. Maturity profiles of secured loans are as set out below: 1 Carry a fixed rate of interest of 11.75% to be reset on an annual basis 2 Carry floating interest rate of Base Rate + 1.25% to 1.50% All secured loans are repayable in quarterly installments. Short-term borrowings Loans repayable on demand, comprise of working capital facilities from banks and are secured by way of hypothecation first charge, ranking pari-passu, on stocks of raw material, stock in process, finished goods, book debts / receivables and all current assets stored in the company’s factory premises, at all plants and / or elsewhere including those in transit covered by documents of title thereto, local and export usance bills and second pari-passu charge on the entire movable and immovable assets of the Company (fixed assets), both present and future. Loans repayable on demand from banks, along with term loans from both banks (except term loans from Central Bank of India INR 368.800 Million, Union Bank of India INR 320.000 Million and State Bank of Bikaner and Jaipur INR 284.400. Million) and financial institutions are secured by pledge of stipulated promoter’s equity shareholding, constituting 36% of the present equity capital, in favour of the lenders on pari-passu basis.

Auditors :
Name :	Doogar and Associates Chartered Accountants
Address :	13, Community Centre, East of Kailash, New Delhi, India
Name :	Ashim and Associates Chartered Accountants
Address :	E-36, Greater Kailash Part I, New Delhi, India
Memberships :	Not Available
Collaborators :	Not Available
Enterprises in respect of which the reporting enterprise is an associate :	Agarwal Trademart Private Limited BMD Private Limited
Enterprises significantly influenced by key management personnel or their relatives :	RSWM Limited HEG Limited BSL Limited Swami Vivekanand Educational Sports Cultural and Welfare Society

CAPITAL STRUCTURE

After 22.09.2017

Authorised Capital : INR 750.000 Million

Issued, Subscribed & Paid-up Capital : INR 582.215 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
44000000	Equity Shares	INR 10/- each	INR 440.000 Million
3100000	Cumulative Redeemable Preferences Shares	INR 100/- each	INR 310.000 Million
	TOTAL		INR 750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
41508000	Equity Shares	INR 10/- each	INR 415.080 Million
942700	8% Cumulative Redeemable Preferences Shares	INR 100/- each	INR 94.270 Million
1200000	3% Cumulative Redeemable Preferences Shares	INR 100/- each	INR 120.000 Million
	TOTAL		INR 629.350 Million

RECONCILIATION OF THE SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING PERIOD

PARTICULAR	AS ON 31.03.2017
	NO. OF SHARES	INR IN MILLION
Equity Shares
At the beginning of the period	41508000	415.080
Issued during the period	--	--
Bought back during the period	--	--
Outstanding at the end of the period	41508000	415.080
8 per cent Cumulative Redeemable Preference Shares
At the beginning of the period	1,414,050	141.405
Issued during the period	--	--
Redeemed during the year	471,350	47.135
Outstanding at the end of the period	942,700	94.270
3 per cent Cumulative Redeemable Preference Shares
At the beginning of the period	1200000	120.000
Issued during the period	--	--
Bought back during the period	--	--
Outstanding at the end of the period	1200000	120.000

b) Terms/rights attached to equity shares

Company has only one class of equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The holder of equity shares is entitled to receive dividend only after distribution of dividend to the holders of preference shares.

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

c) Terms/rights attached to preference shares

Company has only one class of cumulative redeemable preference shares (CRPS) having a par value of INR 100/. There are two series of CRPS, carrying differential dividend coupon rates.

First series of preference shares carrying a dividend coupon rate of 8%, allotted to the various banks and financial institutions, pursuant to the Corporate Debt Restructuring (‘CDR’) Package, are redeemable in four equal annual installments from 2016 to 2019. In terms of the Master Restructuring Agreement executed with the Company’s bankers, premium of 5% on redemption is payable in case Company’s cash flows permit.

Second series of preference shares carrying a dividend coupon rate of 3%, allotted to promoters, against infusion of funds by them, pursuant to the Corporate Debt Restructuring (‘CDR’) Package are redeemable on 31st March, 2019.

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The holders of preference shares are entitled to a preferential right of repayment of capital on winding up vis-à-vis the holders of equity shares. The distribution will be in proportion to the number of shares held by the shareholders

Each holder of preference shares is entitled to one vote per share only on resolutions placed before the company which directly affect the rights attached to preference shares. Further, they shall have the right to vote on all resolutions placed before the Company if the dividend on such preference shares remain unpaid over a period of two years or more.

d) Details of shareholders holding more than 5% shares in the company

PARTICULAR	AS ON 31.03.2017
	NO. OF SHARES HELD	% HOLDING
Equity Shares
Agarwal Trademart Private Limited	19760000	47.61
Essay Marketing Company Limited	3356700	8.09
8 per cent Cumulative Redeemable Preference Shares
IDBI Bank Limited	47300	5.02
Indusind Bank Limited	65450	6.94
J & K Bank Limited	71500	7.58
Yes Bank Limited	72050	7.64
State Bank of Hyderabad	51700	5.48
Export-Import Bank of India	164450	17.44
Central Bank of India	212850	22.58
Axis Bank Limited	168850	17.91
State Bank of India	54450	5.78
3 per cent Cumulative Redeemable Preference Shares
Apeksha Vyapaar Private Limited	475000	39.58
Ultramarine Impex Private Limited	200000	16.67
Sita Nirman Private Limited	200000	16.67
Pawanputra Trading Private Limited	200000	16.67
Shantanu Agarwal	125000	10.41

The aforesaid disclosure is based upon percentages computed separately for each class & series of shares outstanding, as at the balance sheet date. As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

e) The Company has not allotted any fully paid up shares pursuant to contract(s) without payment being received in cash nor has allotted any fully paid up shares by way of bonus shares nor has bought back any class of shares during the period of five years immediately preceding the balance sheet date.

f) The CDR package grants a right to the various banks and financial institutions to convert 20% of their debt outstanding beyond seven years from the date of CDR Letter i.e March 26, 2009 into equity shares, as per SEBI guidelines / loan covenants, whichever is applicable.

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	629.350	676.485	723.620
(b) Reserves & Surplus	534.305	380.757	267.899
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
(2) Deferred Government Grants	3.671	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1167.326	1057.242	991.519
(3) Non-Current Liabilities
(a) long-term borrowings	588.957	871.517	1106.059
(b) Deferred tax liabilities (Net)	67.173	56.947	25.557
(c) Other long term liabilities	7.010	5.701	5.303
(d) long-term provisions	26.987	21.638	21.587
Total Non-current Liabilities (3)	690.127	955.803	1158.506
(4) Current Liabilities
(a) Short term borrowings	1108.210	899.500	509.134
(b) Trade payables	418.596	161.494	218.144
(c) Other current liabilities	632.477	607.076	669.873
(d) Short-term provisions	28.027	32.321	41.386
Total Current Liabilities (4)	2187.310	1700.391	1438.537
TOTAL	4044.763	3713.436	3588.562
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1578.630	1530.129	1711.109
(ii) Intangible Assets	1.464	2.130	3.461
(iii) Capital work-in-progress	30.167	110.013	28.800
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	125.418	112.126	87.551
(e) Other Non-current assets	2.014	2.270	13.364
Total Non-Current Assets	1737.693	1756.668	1844.285
(2) Current assets
(a) Current investments	1.277	1.277	1.277
(b) Inventories	1513.112	1231.660	973.833
(c) Trade receivables	591.494	477.110	434.657
(d) Cash and cash equivalents	17.458	35.842	69.842
(e) Short-term loans and advances	51.092	60.004	72.995
(f) Other current assets	132.637	150.875	191.673
Total Current Assets	2307.070	1956.768	1744.277
TOTAL	4044.763	3713.436	3588.562

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	6664.395	6188.305	6484.295
	Other Income	151.516	140.397	162.252
	TOTAL	6815.911	6328.702	6646.547
Less	EXPENSES
	Cost of Materials Consumed	4025.575	3524.380	3863.087
	Purchases of Stock-in-Trade	36.125	65.659	72.378
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(56.339)	49.910	33.885
	Employees benefits expense	864.541	768.030	649.471
	Exceptional Items	0.000	23.265	0.000
	Other expenses	1342.768	1316.304	1305.585
	TOTAL	6212.670	5747.548	5924.406
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	603.241	581.154	722.141
Less	FINANCIAL EXPENSES	155.154	192.553	192.485
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	448.087	388.601	529.656
Less/ Add	DEPRECIATION/ AMORTISATION	225.943	252.647	353.967
	PROFIT/ (LOSS) BEFORE TAX	222.144	135.954	175.689
Less	TAX	72.626	33.890	8.702
	PROFIT/ (LOSS) AFTER TAX	149.518	102.064	166.987
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(395.440)	(497.504)	(641.062)
Less	APPROPRIATIONS
	Contribution to CSR	0.000	0.000	1.010
	Proposed dividend on preference shares	0.000	0.000	18.683
	Tax on Dividend	0.000	0.000	3.736
	Total (M)	0.000	0.000	23.429
	Balance Carried to the B/S	(245.922)	(395.440)	(497.504)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	3513.602	3635.246	3601.992
	Others (Freight, Insurance, Claims etc.)	26.550	47.862	36.506
	TOTAL EARNINGS	3540.152	3683.108	3638.498
	IMPORTS
	Raw materials (including purchases for consumption)	392.455	115.149	253.709
	Stores & spare parts	42.253	27.589	32.186
	Capital Goods	59.066	68.051	208.279
	TOTAL IMPORTS	493.774	210.789	494.174
	Earnings / (Loss) Per Share (INR)	3.17	1.92	3.48

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	394.595	353.186	393.239
Cash from / (used in) operating activities	445.636	289.860	892.029
Net cash from / (used in) operating activities	385.388	251.953	851.587

QUARTERLY RESULTS

Particulars	30.06.2017	30.09.2017	31.12.2017
Audited / Unaudited	Unaudited	Unaudited	Unaudited
	1^ST Quarter	2^nd Quarter	3rd Quarter
Net Sales	1578.200	1403.400	1828.600
Total Expenditure	1515.300	1320.500	1803.500
PBIDT (Excl OI)	62.900	82.900	25.100
Other Income	46.200	18.000	26.100
Operating Profit	109.100	100.900	51.200
Interest	50.500	46.300	43.100
Exceptional Items	NA	NA	NA
PBDT	58.600	54.600	8.100
Depreciation	45.300	45.900	45.200
Profit Before Tax	13.300	8.700	(37.100)
Tax	7.900	0.500	(13.500)
Provisions and contingencies	NA	NA	NA
Profit After Tax	5.400	8.200	(23.600)
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	5.400	8.200	(23.600)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	32.40	28.14	24.47
Account Receivables Turnover (Income / Sundry Debtors)	11.27	12.97	14.92
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	37.62	16.42	20.23
Inventory Turnover (Operating Income / Inventories)	0.40	0.47	0.74
Asset Turnover (Operating Income / Net Fixed Assets)	0.37	0.35	0.41

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.78	0.79	0.82
Debt Equity Ratio (Total Liability / Networth)	1.79	2.01	2.03
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.87	1.61	1.45
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.38	1.55	1.76
Interest Coverage Ratio (PBIT / Financial Charges)	3.89	3.02	3.75

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.24	1.65	2.58
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.70	2.75	4.65
Return on Investment (ROI) ((PAT / Networth) * 100)	%	12.81	9.65	16.84

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.05	1.15	1.21
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.36	0.43	0.54
G-Score Ratio Financial (Networth / Total Assets)	0.29	0.28	0.28
G-Score Ratio Debt (Debts / Equity Capital)	3.32	3.14	2.78
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.05	1.15	1.21

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 36.85/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	723.620	676.485	629.350
Reserves & Surplus	267.899	380.757	534.305
Deferred Government Grants	0.000	0.000	3.671
Net worth	991.519	1057.242	1167.326
Long Term borrowings	1106.059	871.517	588.957
Short Term borrowings	509.134	899.500	1108.210
Current Maturities of Long term debt	393.239	353.186	394.595
Total borrowings	2008.432	2124.203	2091.762
Debt/Equity ratio	2.026	2.009	1.792

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	6484.295	6188.305	6664.395
		(4.565)	7.693

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	6484.295	6188.305	6664.395
Profit	166.987	102.064	149.518
	2.58%	1.65%	2.24%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS

During the year, the Company despite difficult economic conditions prevailing in both domestic and international markets recorded reasonably good performance.

The Company achieved a Turnover of INR 6664.400 Million for the year ended 31st March, 2017 against INR 6188.300 Million in the previous year, ended 31st March, 2016. The Company achieved a net profit of INR 149.500 Million against INR 102.100 Million in the previous year.

During the period, the Company has been able to achieve production of 18252 MT of cotton yarn (18596 MT), 2531 MT of dyed yarn (2402 MT), 4542 MT of grey knitted fabric (3726 MT), 5611 MT of processed fabric (4807 MT) and 43.59 lac pieces of garments (31.21 lac pieces), without any expansion in capacity.

Though the demonetization affected the economy of the Country, the Company has succeeded in maintaining its profitability in both yarn and fabric segments. The Company in order to maintain presence in the market continued to spin blended yarn, mainly value added yarn.

The fabric division of the company also reported good performance and increased its profitability significantly during the year.

However, the garment segment continued to remain sluggish with international markets weak due to political and social conditions.

The Directors are hopeful that the current economic momentum will continue and with the completion of the ongoing modernization programme, the Company would improve its performance and profitability.

Industry Scenario

Indian textile industry is one of India’s oldest industries and has a formidable presence in the national economy. It has earned a unique place in their country. It has an image of self-reliant industry, from the production of raw materials to the delivery of finished products, with good value addition at each stage of processing which forms a major contribution to the country’s economy.

Cotton production in India for the season 2016-17 is expected to be around 342 lac as against 351 lac bales estimated by Cotton Advisory Board at the beginning of the season. However, the production is expected to grow by two percent to 348 lac bales in 2017-18. The prices of cotton in India, the world’s largest producer have firmed up on falling supplies in the spot markets. Prices are expected to remain range bound with farmers holding the crop due to lack of cash flow in the market which in turn had also narrowed down the gap between international and domestic prices. Indian mills are increasingly seeking to buy overseas cotton, which yields better yarn and lower wastage, as a rise in prices of domestic output makes local fibre commercially unviable.

MANAGEMENT DISCUSSION AND ANALYSIS

Against the backdrop of robust macro-economic stability, the year has been marked by several historic economic policy developments. On the domestic front, a constitutional amendment paved the way for the long-awaited and transformational goods and services tax while demonetisation of the large currency notes signaled a regime shift to punitively raise the costs of illicit activities. These actions would allow growth to return in 2017-18, following a temporary decline in 2016- 17. Further, in order to overcome major challenges ahead, societal shifts in ideas and narratives will be needed thereby expanding employment opportunities and accelerating growth. Moreover, various new initiatives were undertaken as a part of economic reforms of the Government i.e. the merger of railway budget with the general budget to allow for holistic planning and budgeting of transport infrastructure, advancing of the budget cycle by close-to-a-month, passage of the Insolvency and Bankruptcy Code 2016, formalization of the Monetary Policy Committee and instituting inflation targeting, changes in FDI policy regime by putting a large number of sectors on automatic route for FDI which help in overall growth of the economy. Further, these measures cemented India’s reputation as one of the few bright spots in an otherwise grim global economy.

The Indian Economy has sustained a macro-economic environment of relatively lower inflation, fiscal discipline and moderate current account deficit coupled with broadly stable rupee-dollar exchange rate despite continuing global sluggishness. The GDP growth in the first half of the year was 7.2 percent, somewhat lower than 7.6 percent rate recorded in second half of 2015-16. The decline in fixed investment due to stressed balance sheets in the corporate sector continued to take a toll on firms’ spending plans. However, the expansion in Government final consumption expenditure has been a major driver of growth along with the long-awaited start of an export recovery as demand in advanced countries began to accelerate. It was the services sector, led by public administration, defence and other services that resulted in the overall GVA growth rate of 7.0 per cent in 2016-17.

The world economy faces considerable uncertainty, in the aftermath of major economic and political developments during the last year. The investment to GDP ratio has not only been lower than desirable levels but has been consistently declining over the last few years. This trend needs to be reversed by increase in the saving rate so that investment can be financed without resorting to high dose of external financing. However, the outlook set for the next financial year suggest that the growth is set to recover, as the currency in circulation returns to normal levels and taking into account the significant reform measures initiated by the government. Inflation remained under control for the third successive financial year. The average Consumer Price Index (CPI) inflation declined from 5.9 per cent in 2014-15 to 4.9 per cent in 2015-16. In the current financial year till December, CPI inflation averaged 4.8 per cent and eased to 3.4 per cent in December 2016 backed by sharp fall in food prices. Further, as a part of Government initiatives, the double taxation avoidance agreement with Mauritius, Cyprus and Singapore with zero or low tax jurisdiction will attract investment in India for debt funds and equity investment.

The Indian economy has been robust and IMF forecasts India to be one of the fastest growing major economies in 2017. “India is growing at a fast pace, largely driven by efficiency gains in doing business, tax collections, infrastructure and rural economy.” Indian economy is becoming more efficient through five broad themes -- fast and steady rate of growth, market reforms, expanding digital footprint, revival in rural growth and creation of modern infrastructure. Further, the trend of negative growth was reversed somewhat during 2016-17, with export registering a growth of 4.7 per cent to US$ 274.65 billion from US$197.3 billion in 2015-16.

The Indian Textiles sector is one of the oldest industries in Indian economy dating back to several centuries. It varies with the handspun and handwoven textiles sectors at one end of the spectrum, and the capital intensive, sophisticated mill sector at the other end of the spectrum. The unorganised power looms/hosiery and knitting sector form the largest component of the textiles sector. The close linkage of the textile industry to agriculture and the ancient culture and traditions of the country in terms of textiles make the Indian textiles sector unique in comparison to the industries of the other countries. The industry has the capacity to produce a wide variety of products suitable for different market segments, both within India and across the world.

The Indian textile industry consumes a diverse range of fibres and yarn, but is predominantly cotton based. The industry has an overwhelming presence in the economic life of the country. The textile industry, which consumes cotton, as its principal raw material, contributes about 4% to GDP and is a major exchange earner for the country. Hence, growth and development of cotton and cotton based textile industry has a vital bearing on the overall development of the Indian economy. During the fiscal year 2017-18, the total budget allocation for the textile ministry is INR 62260.000 Million as against last year’s revised allocation of INR 62860.000 Million.

The Amended Technology Up-gradation Fund scheme (ATUFs) is slated to receive an allocation of INR 20130.000 Million for 2017-18, which has been welcomed by the industry at large. The Government also notified the scheme for Production and Employment Linked Support for Garmenting Units (SPELSGU) under ATUFs to incentivize production and employment generation in the garmenting sector wherein additional incentive of 10% will be provided to the garment units which would be availing 15% Capital Investment Subsidy (CIS) under ATUFs for the installation of benchmarked eligible machinery. The cap on capital investment subsidy for eligible machines in the garmenting units has, therefore been enhanced from INR 300.000 Million to INR 500.000 Million. This additional subsidy of 10% will be available on achievement of the projected production and employment generation stated by the unit in Detail Project Report (DPR).

The Government has further approved reforms inter alia to boost Employment Generation and Exports in the Made- ups sector to provide production incentive through enhanced TUFS subsidy for made- ups similar to what is provided to garmenting unit based on additional production and employment under SPELSGU. An additional subsidy of 10% will also be provided to the Made- ups units enhancing the cap to INR 500.000 Million on the lines of SPELSGU under ATUFS based on achievement of the projected production and employment as given in the Detailed Project Report (DPR).

BUSINESS

Maral Overseas Limited (MOL) is one of India’s largest vertically integrated textile Companies. Commitment towards the employees, stakeholders as well as the society, has helped the Company to create a name as a reliable supplier in the global market.

During the financial year ended 31st March, 2017, the Company achieved a Turnover of INR 6664.400 Million against INR 6188.300 Million in the previous year. However, the operating profit of the Company was marginally lower at INR 596.000 Million against INR 604.400 Million in the previous year.

During the year under review, the Company’s exports (FOB value) were to the tune of INR 3540.200 Million and accounted for 53.12% of MOL’s turnover. The yarn business accounted for 50% (Previous year 54.00%) while knitted fabric and garment business accounted for 31% (29%) and 19% (17%) respectively.

In order to cater to the growing demand of the customers and for better quality of fabric feel and finish and to meet the expectation of the customers to supply all types of dyed fabrics, the Company has decided to invest in a printing facility which in turn would also increase the present capacity and long term sustenance of the business and provide a complete package of product to customers. The Company has undertaken an ERP upgradation programme at an approximate cost of INR 50.000 Million and the same is likely to be implemented in the first half of the year 2017-18. The upgraded ERP system would ensure seamless and effective working and ensure high level of work efficiency.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings	50.000	50.000
Loans from related parties
Total	50.000	50.000
c) Unsecured loan from related party, carries a fixed rate of interest of 8% and is repayable on 31st March, 2019 d) The Company’s financial restructuring package was approved under the Corporate Debt Restructuring mechanism (CDR) by the CDR Empowered group vide their letter dated March 26, 2009 (‘CDR letter’) and subsequent approvals received from the various financial institutions and banks. e) Some of the lenders follow the practice to recover suo motto, payment of both principal as well as interest from the working capital facility advanced by them, where applicable, or from the current account under instructions from the Company. It is regarded as accepted practice that the due date for payment shall be the date next following the date when interest is charged. Any delay on part of the lender to recover payment, either in line with past practice or specific instructions given in this regard by the Company, is not attributable to default on part of the Company Accordingly, there is no continuing default in repayment of the principal loan and interest amounts.

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G68843192	100137591	EXPORT-IMPORT BANK OF INDIA	08/11/2017	-	-	352000000.0	CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADEMUMBAIMH400005IN
2	G43586411	100096627	UNION BANK OF INDIA	30/03/2017	-	-	35000000.0	Overseas Branch, 26/28 D,Connaught PlaceNew DelhiDL110001IN
3	G34123810	100073861	CENTRAL BANK OF INDIA	30/12/2016	-	-	100000000.0	MID CORPORATE FINANCE BRANCHPATRIOT HOUSE, 3 BAHADURSHAH ZAFAR MARGNEW DELHIDL110002IN
4	G33776485	100040216	State Bank of Bikaner and Jaipur	29/06/2016	30/12/2016	-	284400000.0	Devika Tower6, Nehru Place, New delhi-110019New DelhiDL110019IN
5	G06829881	10588082	CENTRAL BANK OF INDIA	05/08/2015	08/06/2016	-	128000000.0	GROUND FLOOR (RIGHT WING), LINK HOUSE3, BAHADUR SHAH ZAFAR MARGNEW DELHIDL110002IN
6	C61554549	10530452	UNION BANK OF INDIA	03/11/2014	22/07/2015	-	320000000.0	26/28-D, CONNAUGHT PLACENEW DELHIDL110001IN
7	C33148818	10530475	UNION BANK OF INDIA	03/11/2014	-	-	155000000.0	26/28-D, CONNAUGHT PLACENEW DELHIDL110001IN
8	B79003851	10393425	CENTRAL BANK OF INDIA	26/11/2012	19/06/2013	-	240800000.0	GROUND FLOOR (RIGHT WING)LINK HOUSE, 3, BAHADURSHAH ZAFAR MARGNEW DELHIDL110002IN
9	B41668609	10360737	EXPORT-IMPORT BANK OF INDIA	11/06/2012	-	-	100000000.0	CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADEMUMBAIMH400005IN
10	B15273014	10292962	BANK OF BARODA	10/05/2011	-	-	37500000.0	16, SANSAD MARGNEW DELHIDL110001IN

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 31^ST DECEMBER 2017

		Particulars	quarter ended	quarter ended	Nine months ended
			31.12.2017	30.09.2017	31.12.2017
			(Unaudited)	(Unaudited)	(Unaudited)
1		Income from Operations
		Sales/Income from Operations (Gross)	1828.600	1403.400	4810.200
		b) Other Operating Income	26.100	8.000	90.300
	Total Income from Operations (Net)		1854.700	1421.400	4900.500
2	Expenses
	a)	Cost of Materials consumed	1063.600	1053.900	3257.700
	b)	Purchase of Stock-in-trade	--	--	1.300
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	188.900	(284.800)	(246.200)
	d)	Employee benefit expenses	223.500	233.600	674.900
	e)	Finance Costs	43.100	46.300	139.900
	f)	Depreciation and amortization expense	45.200	45.900	136.400
	g)	Other expenses	327.500	317.800	951.600
	Total Expenses		1891.800	1412.700	4915.600
7	Profit /(Loss) from before exceptional items and tax		(37.100)	8.700	(15.100)
8	Exceptional Items		--	--	--
9	Profit /(Loss) from ordinary activities before tax		(37.100)	8.700	(15.100)
10	Tax Expense
	Current Tax		(5.000)	2.100	--
	Deferred Tax		(8.500)	(1.600)	(5.100)
11	Net Profit /(Loss) for the period		(23.600)	8.200	(10.000)
	Other Comprehensive Income:
	A. Items that will not be reclassified to profit or loss		(1.500)	(1.600)	(4.800)
	Income tax relating to items that will be reclassified to profit or loss		0.500	0.500	1.600
	B. Items that will be reclassified to profit or loss		18.300	(7.100)	(5.400)
	Income tax relating to items that will be reclassified to profit or loss		(6.300)	2.500	1.900
	Total Other Comprehensive Income for the period		(12.600)	2.500	(16.700)
12	Paid up equity share capital (Eq. shares of INR 10/- each)		4150.80	4150.80	4150.80
13	Reserve excluding revaluation reserves
14		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic & Diluted	(0.57)	0.20	(0.24)

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER 2017

Sr. No.	Particular	quarter ended	quarter ended	Nine months ended
		31.12.2017	30.09.2017	31.12.2017
		(Unaudited)	(Unaudited)	(Unaudited)
1.	Segment Revenue
	Yarn	1489.100	1139.300	3917.600
	Fabric	598.000	514.200	1667.40
	Garment	292.500	291.800	815.200
	Total	2379.600	1945.300	6400.200
	Less: Inter Segment Revenue	551.000	541.900	1590.000
	Net Sales / Income from Operations	1828.600	1403.400	4810.200
2.	Segment Result
	Profit/(Loss) before tax and Interest from each segment
	Yarn	27.600	53.000	136.200
	Fabric	4.500	17.600	46.800
	Garment	(25.000)	(13.200)	(46.400)
	Total	7.100	57.400	136.600
	Less : i. Interest	43.000	46.300	139.900
	ii. Other Un-allocable expenditure net off un-allocable income	1.200	2.400	11.800
	Total Profit/(Loss) before tax	(37.100)	8.700	(15.100)
3.	Capital Employed
	Segment Assets
	Yarn	2953.200	2642.200	2953.200
	Fabric	689.900	692.900	689.900
	Garment	430.400	422.400	430.400
	Total	4073.500	3757.500	4073.500
	Un-allocable Other Assets	62.500	16.00	62.500
	Total Segment assets	4136.000	3773.500	4136.000
	Segment Liabilities
	Yarn	620.800	386.800	620.800
	Fabric	235.100	213.500	235.100
	Garment	127.200	152.700	127.200
	Total	983.100	753.000	983.100

Note:

The above Results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its Meeting held on 19th January, 2018. The statutory auditors have carried out a limited review of the results for the quarter and nine month ended December 31st, 2017.

This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS), prescribed under section 133 of the Companies Act, 2013, and other recognized accounting practices and policies to the extent applicable. Beginning April 1, 2017 company has for the first time adopted Ind AS.

The figures of the previous period / year have been regrouped / recast wherever considered necessary.

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
a) Claims against the Company not acknowledged as debts	--	1.323
b) Income tax matters in dispute	39.265	39.264
c) Excise / customs / service tax matters in dispute	14.206	30.604
d) Sales tax matters in dispute	1.122	1.122
e) Recall of certain DEPB benefits, in dispute	5.107	3.445
f) Other pending litigations
Labour cases involving claims for reinstatement, back wages etc.	8.882	7.640
Civil cases for recoveries, counter claims etc.	0.359	0.359
g) Arrears of dividends on cumulative preference shares, excluding tax thereon (note 2.1.2)	33.595	18.683
h) Premium of 5% on redeemed CRPS, in terms of the Master Restructuring Agreement executed with the Company bankers, is payable in case company’s cash flows permit. Same has not been provided pending final determination by Company bankers.	4.714	2.357
i) Further, in terms of the Master Restructuring Agreement, if, in the opinion of the Lenders, the profitability and cash flows of the Company so warrant, the Lenders shall be entitled to receive recompense for the reliefs and sacrifices extended by them within the CDR Parameters, with the approval of the CDR Empowered Group. Pending determination by the lenders, same is neither quantifiable nor provided
Note: Based on legal advice, discussions with the solicitors, etc., the management believes that there is fair chance of decisions in the company’s favour in respect of all the items listed at (a) to (f) above and hence no provision is considered necessary against the same. The management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the company’s financial position and results of operations.

FIXED ASSETS

• Freehold Land
• Leasehold Land
• Buildings
• Leasehold Improvements
• Plant & Equipment
• Office Equipment
• Furniture & Fixtures
• 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 records 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	INR
US Dollar	1	INR 65.12
UK Pound	1	INR 92.51
Euro	1	INR 80.58

INFORMATION DETAILS

Information Gathered by :	SVT
Analysis Done by :	PRS
Report Prepared by :	SUJ

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.