MIRA INFORM REPORT

Report No. :	496358
Report Date :	10.03.2018

IDENTIFICATION DETAILS

Name :	ARVIND LIFESTYLE BRANDS LIMITED (w.e.f.09.06.2008)
Formerly Known As :	PINNACLE RISK ADVISORY SERVICES LIMITED [w.e.f.26.07.2002] HRM CONSULTING GROUP LIMITED [w.e.f.03.12.1999] CLEARCALL TELECOM LIMITED [w.e.f.27.03.1995] ARVIND TELECOM LIMITED
Registered Office :	Arvind Mills Premises, Naroda Road, Ahmedabad - 380025, Gujarat
Tel. No.:	91-79-22203030 / 30138000
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	13.02.1995
Com. Reg. No.:	04-024598
Capital Investment / Paid-up Capital :	INR 336.351 Million
CIN No.: [Company Identification No.]	U64201GJ1995PLC024598
IEC No.:	0809021218
GST No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACH7252A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	· Trader and Exporter of Readymade Garment Apparels and Accessories. (Confirmed by Management) · Subject is engaged in the business of Distribution and Retailing of Readymade Garment Apparels and Accessories. (Registered Activity)
No. of Employees :	Not Divulged

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+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 14240000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a wholly-owned step-down subsidiary of “Arvind Limited” and is a licensee for marketing various global brands in India. The brands portfolio of the company includes some of the key national and international brands like Arrow, US Polo, GAP, Tommy Hilfiger, Calvin Klein, Gant, Izod, Nautica, Elle, Cherokee, Ed Hardy, Hanes and Geoffrey Beene. The company portfolio of owned brands includes Flying Machine, Excalibur, Ruggers, Colt and New Port University. As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to the financial for the year 31.03.2017 are not available from any sources. For the financial year ended 2016, the company has achieved growth of 15.32% in its revenue profile as compared to the previous year. The profitability margin stood at 0.91% during the year under review. Rating also takes into consideration the company’s adequate financial profile with improved net worth position, sound liquidity position and comfortable debt protection metrics. The ratings also derive strength from the wide experience of its promoters, long-standing operational track record of Arvind as an integrated textile manufacturer having a presence across the textile value. Trade relations are reported as fair. Business is active. Payment seems to be regular and as per commitment. In view of aforesaid, the company can be considered for normal business dealings at usual trade terms and condition.

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 Loans: AA
Rating Explanation	High degree of safety and very low credit risk.
Date	16.11.2017

Rating Agency Name	CARE
Rating	Short term Loans: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	16.11.2017

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 31-03-2016.

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 10.03.2018.

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 DECLINED BY

Name :	Mr. Mani Kandan
Designation :	Not Divulged
Contact No.:	91-9845197710
Date :	08.03.2018
Name :	Mr. Kishor Kumar
Designation :	Not Divulged
Contact No.:	91-9845939543
Date :	08.03.2018

[91-79-22203030/ 30138000] Continuously ringing

LOCATIONS

Registered/Corporate Office 1/ Headquarter :	Arvind Mills Premises, Naroda Road, Ahmedabad – 380025, Gujarat, India
Tel. No.:	91-79-22203030 / 30138000
Mobile No.:	91-9845197710 (Mr. Mani Kandan) 91-9845939543 (Mr. Kishor Kumar)
Fax No.:	91-79-22200267 / 30138671
E-Mail :	vijaykumar.bs@arvindbrands.com jatin.thakkar@arvind.in
Website :	www.arvindmills.com
Corporate Office 2 :	8th Floor, Duparc Trinity 17, M.G. Road Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-41550601
Warehouse :	Survey No.93, Archakara Halli, No.26/2 and 27/2, Kasaba Hobli, Ramnagar, Bangalore - 560032, Karnataka, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Suresh Jayaraman

Designation :

Managing Director

Address :

S02, Magnolai No. 170/5, Defence Colony, 5th Main Indira Nagar, Bangalore-560038, Karnataka, India

Date of Birth/Age :

25.05.1960

Date of Appointment :

28.10.2010

PAN No.:

AEPPJ7802Q

DIN No.:

03033110

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	01/11/2010	-
U52100GJ2015PLC085165	ARVIND TRUE BLUE LIMITED	25/09/2017	-
U52100GJ2015PTC082996	ARVIND BEAUTY BRANDS RETAIL PRIVATE LIMITED	30/09/2016	-
U52390GJ2016PLC085946	ARVIND PREMIUM RETAIL LIMITED	07/08/2017	-
U52609GJ2016PTC093051	ARVIND RUF & TUF PRIVATE LIMITED	07/08/2017	-

Name :

Mr. Jayesh Kantilal Shah

Designation :

Director

Address :

26, Amaltas Bunglows, Vastrapur, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

25.05.1960

Date of Appointment :

31.10.2009

DIN No.:

00008349

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L17110GJ1986PLC008886	ARVIND PRODUCTS LIMITED	25/09/2010	-
L17119GJ1931PLC000093	ARVIND LIMITED	01/10/2008	-
U17120GJ2011PTC066160	ARVIND PD COMPOSITES PRIVATE LIMITED	28/09/2012	-
U17120GJ2013PTC073597	ARVIND GARMENTS PARK PRIVATE LIMITED	23/09/2015	-
U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	23/09/2013	-
U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	24/09/2010	-
U51909GJ1985PTC008269	AURA SECURITIES PRIVATE LIMITED	01/12/2017	-
U52190GJ2011PTC084513	CALVIN KLEIN ARVIND FASHION PRIVATE LIMITED	24/03/2014	-
U52399GJ2016PLC085595	ARVIND FASHIONS LIMITED	04/08/2017	-

Name :

Mr. Sajaybhai Shrenikbhai Lalbhai

Designation :

Director

Address :

Lalbaug, Shahibaug, Ahmedabad-388004, Gujarat, India

Date of Birth/Age :

10.04.1954

Date of Appointment :

31.10.2009

DIN No.:

00008329

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L17119GJ1931PLC000093	ARVIND LIMITED	01/01/2010	-
L45201GJ2008PLC055771	ARVIND SMARTSPACES LIMITED	11/05/2015	-
L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	08/08/2013	-
U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	24/09/2010	-
U29306GJ2017PLC099085	ANVESHAN HEAVY ENGINEERING LIMITED	25/10/2017	-
U52399GJ2016PLC085595	ARVIND FASHIONS LIMITED	04/08/2017	-
U65910GJ1981PTC004521	ANIMESH HOLDINGS PVT LTD	10/07/1993	-
U85300GJ2015NPL084020	ARVIND FOUNDATION	03/08/2015	-
U99999GJ1962PLC001170	THE ANUP ENGINEERING LIMITED	29/09/2017	-

Name :

Mrs. Renuka Ramnath

Designation :

Director

Address :

D-4701/2, Floor: 47, Ashok Tower, 63/74, Dr. S. S. Rao Marg, Parel, Mumbai - 400012, Maharashtra, India

Date of Appointment :

04.11.2014

DIN No.:

00147182

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L17119GJ1931PLC000093	ARVIND LIMITED	30/09/2011	-
L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	28/08/2015	-
L64200MH1986PLC039266	TATA COMMUNICATIONS LIMITED	29/09/2015	-
L72900MH2012PLC232169	L&T TECHNOLOGY SERVICES LIMITED	22/09/2015	-
L74899DL1995PLC067827	PVR LIMITED	27/09/2013	-
L93030DL2011PLC262151	CINEMAX INDIA LIMITED	22/07/2013	-
U24230MH1995PTC092485	ENCUBE ETHICALS PRIVATE LIMITED	26/09/2016	-
U52399GJ2016PLC085595	ARVIND FASHIONS LIMITED	07/02/2017	-
U52599TN1997PLC037948	SUBHIKSHA TRADING SERVICES LIMITED	20/12/2004	-
U65922MH2005PLC272501	VASTU HOUSING FINANCE CORPORATION LIMITED	21/07/2017	-

Name :

Mr. Bakul Harshadrai Dholakia

Designation :

Director

Address :

6, Asopalav Bungalow Thaltej, Ahmedabad – 380059, Gujarat, India

Date of Appointment :

16.03.2015

DIN No.:

00005754

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L17119GJ1931PLC000093	ARVIND LIMITED	25/09/2010	-
L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	25/09/2014	-
L99999GJ1982PLC005253	ASHIMA LIMITED	28/04/2006	-
U17110GJ1995PTC025537	ASHIMA DYECOT PRIVATE LIMITED	25/04/2001	-

KEY EXECUTIVES

Name :	Mr. B.S Vijay Kumar
Designation :	Company Secretary
Address :	No. 740, Eswari Industrial Estate, Gate 2, Hulimavu, Bannerghatta Road, Bangalore – 560076, Karnataka, India
Date of Appointment :	30.10.2015
PAN No.:	DAXPK9214C
Name :	Mrs. Kannan Soundararajan
Designation :	Chief Finance Officer
Address :	Flat No. C-32, Oakyard Apartment, 38th Cross Jayanagar 9th Block, East End Road, Bangalore – 560069, Karnataka, India
Date of Appointment :	04.11.2014
PAN No.:	ABSPK9188Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Arvind Fashions Limited, India	54396997
Devanshu S Desai [Nominee of Arvind Fashions Limited, India]	1
Ramnik V Bhimani [Nominee of Arvind Fashions Limited, India]	1
Jayesh N Thakkar [Nominee of Arvind Fashions Limited, India]	1
Hemen H Joshi [Nominee of Arvind Fashions Limited, India]	1
Rohit S Jani [Nominee of Arvind Fashions Limited, India]	1
Bharat P Patel [Nominee of Arvind Fashions Limited, India]	1
Total	54397003

AS ON 26.09.2017

Names of Allottee (Equity Share)	No. of Shares
Arvind Fashions Limited, India	26881720
Total	26881720

AS ON 04.08.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters
Body corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· Trader and Exporter of Readymade Garment Apparels and Accessories. (Confirmed by Management)

· Subject is engaged in the business of Distribution and Retailing of Readymade Garment Apparels and Accessories. (Registered Activity)

Products :

ITC Code No.	Product Descriptions
62052000	Men's/Boy's Shirts

Brand Names :

· Arrow

· Cherokee

· ELLE

· Excalibur

· Flying Machine

· Mossimo

· USPA

· Megamart

· AEROPOSTALE

· CHILDRENS PLACE

· Ed Hardy

· Edge

· GAP

· Gant

· Geoffrey Beene

· Hanes

· Izod

· Nautica

· WonderBra

· U. S. POLO

· IZOD

· Debenhams

· Flying Machine, etc.

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 (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Information declined by the management

Bankers :

Bank Name:	State Bank of India
Branch:	MID Corporate Branch, Ahmedabad, Gujarat, India
Person Name (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:	--

· State Bank of India

Commercial Branch, 3rd Floor, Paramasiddhi Complex, Near Mahakanth Building, Ahmedabad - 380006, Gujarat, India

· Bank of Baroda

Facilities :

SECURED LOANS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	1163.462	1487.027
Rupee term loans from others	1.298	4.761
SHORT TERM BORROWINGS
Working capital loans from banks	2697.982	2797.169
Total	3862.742	4288.957

Financial Institution:	Axis Trustee Services Limited
Auditors :
Name :	Sorab S Engineer and Company Chartered Accountants
Address :	902, Raheja Centre, Free Press Journal, Nariman Point, Mumbai-400021, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFS5191E
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Arvind Brands and Retail Limited [U52609GJ2007PLC051974]
Ultimate Holding company:	Arvind Limited [L17119GJ1931PLC000093]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Aura Securities Private Limited [U51909GJ2000PTC038248]
Fellow Subsidiary Company:	· Arvind Internet Limited [U72400GJ2013PLC074576] · Arvind Infrastructure Limited [U45201GJ2008PLC055771] · Arvind Accel Limited [U29100GJ2008PLC053226] · Asman Investments Limited [U65910GJ1981PLC004408] · Arvind Beauty Brands Retail Private Limited [U52100GJ2015PTC082996] · Aura Securities Private Limited [U51909GJ2000PTC038248]
Other Related Parties:	· Calvin Klein Arvind Fashion Private Limited [U52190GJ2011PTC084513] · Arvind Goodhill suit Manufacturing Private Limited [U17121GJ2012PTC071968]

CAPITAL STRUCTURE

AFTER 04.08.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
85000000	Equity Shares	INR 10/- each	INR 850.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
81278723	Equity Shares	INR 10/- each	INR 812.787 Million

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	INR 10/- each	INR 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33635100	Equity Shares	INR 10/- each	INR 336.351 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	336.351	299.351	279.351
(b) Reserves & Surplus	4647.543	2612.748	2294.503
(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)	4983.894	2912.099	2573.854
(3) Non-Current Liabilities
(a) Long-term borrowings	1914.760	1491.788	1470.050
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	373.809	279.505	159.405
(d) long-term provisions	55.730	41.454	31.129
Total Non-current Liabilities (3)	2344.299	1812.747	1660.584
(4) Current Liabilities
(a) Short term borrowings	4344.768	4990.943	3886.610
(b) Trade payables	6644.528	5582.995	4809.134
(c) Other current liabilities	1279.169	1196.486	1088.305
(d) Short-term provisions	105.335	91.630	68.393
Total Current Liabilities (4)	12373.800	11862.054	9852.442
TOTAL	19701.993	16586.900	14086.880
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2448.225	2051.827	2106.987
(ii) Intangible Assets	457.906	565.878	674.211
(iii) Capital work-in-progress	7.622	0.426	0.000
(iv) Intangible assets under development	247.336	0.000	0.000
(b) Non-current Investments	0.150	0.150	0.150
(c) Deferred tax assets (net)	447.006	508.683	192.086
(d) Long-term Loan and Advances	1738.644	1430.198	1375.997
(e) Other Non-current assets	0.685	4.503	17.875
Total Non-Current Assets	5347.574	4561.665	4367.306
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4528.397	5056.258	4093.191
(c) Trade receivables	8574.747	5960.835	4724.328
(d) Cash and cash equivalents	187.454	77.622	176.506
(e) Short-term loans and advances	1013.784	910.610	708.712
(f) Other current assets	50.037	19.910	16.837
Total Current Assets	14354.419	12025.235	9719.574
TOTAL	19701.993	16586.900	14086.880

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015	31.03.2014
	SALES
		Revenue from Operations	24272.983	21049.325	17420.492
		Other Income	63.568	49.566	(9.067)
		TOTAL	24336.551	21098.891	17411.425
Less	EXPENSES
		Cost of Materials Consumed	31.975	43.861	96.313
		Purchases of Stock-in-Trade	11868.687	11935.924	10155.336
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	521.600	(909.427)	(1010.842)
		Employees benefits expense	1947.739	1588.406	1281.385
		Exceptional Items	0.000	224.040	0.000
		Other expenses	8059.716	7152.826	5956.465
		TOTAL	22429.717	20035.630	16478.657
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1906.834	1063.261	932.768
Less	FINANCIAL EXPENSES		755.472	858.280	647.578
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1151.362	204.981	285.190
Less/ Add	DEPRECIATION/ AMORTISATION		867.890	682.172	585.141
	PROFIT/(LOSS) BEFORE TAX		283.472	(477.191)	(299.951)
Less	TAX		61.677	(153.996)	(85.142)
	PROFIT/(LOSS) AFTER TAX		221.795	(323.195)	(214.809)
	EARNINGS IN FOREIGN CURRENCY
		FOB value of traded goods exported	320.973	279.097	267.094
	IMPORTS
		Raw Materials	1457.087	1368.328	1012.642
		components and spare parts	31.632	69.691	2.032
		Capital Goods	43.180	9.975	1.480
	TOTAL IMPORTS		1531.899	1447.994	1016.154
	Earnings/(Loss) Per Share (INR)
	Basic		6.86	(3.54)	(7.83)
	Diluted		6.86	(11.53)	(7.83)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	538.559	479.102	179.403
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(337.003)	(1517.139)	(1442.903)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	128.94	103.36	98.99
Account Receivables Turnover (Income / Sundry Debtors)	2.83	3.53	3.69
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	203.79	170.10	171.22
Inventory Turnover (Operating Income / Inventories)	0.42	0.21	0.23
Asset Turnover (Operating Income / Net Fixed Assets)	0.60	0.41	0.34

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.75	0.83	0.82
Debt Equity Ratio (Total Liability / Networth)	1.36	2.39	2.15
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.48	4.07	3.83
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.63	0.90	1.08
Interest Coverage Ratio (PBIT / Financial Charges)	2.52	1.24	1.44

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	0.91	(1.54)	(1.23)
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.13	(1.95)	(1.52)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	4.45	(11.10)	(8.35)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.16	1.01	0.99
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.79	0.59	0.57
G-Score Ratio Financial (Networth / Total Assets)	0.25	0.18	0.18
G-Score Ratio Debt (Debts / Equity Capital)	20.21	23.26	19.82
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.16	1.01	0.99

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	279.351	299.351	336.351
Reserves & Surplus	2294.503	2612.748	4647.543
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2573.854	2912.099	4983.894
Long-term borrowings	1470.050	1491.788	1914.760
Short term borrowings	3886.610	4990.943	4344.768
CURRENT MATURITIES OF LONG-TERM DEBTS	179.403	479.102	538.559
Total borrowings	5536.063	6961.833	6798.087
Debt/Equity ratio	2.151	2.391	1.364

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	17420.492	21049.325	24272.983
		20.831	15.315

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	17420.492	21049.325	24272.983
Profit/(Loss)	(214.809)	(323.195)	221.795
	(1.23%)	(1.54%)	0.91%

LEGAL CASE

DISTRICT AND SESSIONS JUDGE, EAST, KKD

CASE DETAILS

Case Type: LIR - Labour/Ind TRIB REF. Matter

Filing Number: 6485/2016 Filing Date: 08.07.2016

Registration Number: 8520/ 2016 Registration Date: 08.07.2016

CNR Number: DLFT01-008151-2016

CASE STATUS

First Hearing Date: 22.12.2016

Next Hearing Date: 11.05.2017

Stage of Case: Misc. case

Court Number and Judge: 53-Presiding Officer-Labour Court

PETITION AND ADVOCATE

Paras Sachdeva

Address: Delhi Hosiery Workers Union 1800/9 Govindpuri Extn. Main Road, Kalkaji, N D

Advocate: Delhi Hosiery Wokers Union

RESPONDENT AND ADVOCATE

Arvind Lifestyle Brands Limited

Address: No-8, Community Centre Lal Bhai House Saket, ND

ACTS

Under Act(s)	Under Section(s)
Industrial Disputes Act, 1947	10(1)

HISTORY OF CASE HEARING

Registration number	Judge	Business on date	Hearing Date	Purpose of hearing
8520/2016	Presiding Officer-Labour court	22.12.2016	11.05.2017	Misc. cases

ORDER

Order number	Order date	Order details
1	22.12.2016	Copy of order

METROPOLITAN MAGISTRATE, VILE PARLE, MUMBAI

CASE DETAILS

Case Type: Ss casess

Filing Number: 1511448/2016 Filing Date: 12-08-2014

Registration Number: 3910819/2016 Registration Date: 02-09-2016

CNR Number: MHMM25-009078-2016

CASE STATUS

First Hearing Date: 14.11.2016

Next Hearing Date: 14.11.2016

Stage of Case: NOT HEARD CASES

Court Number and Judge: 1-Metropolitan Magistrate, 39th Court

PETITION AND ADVOCATE

MUMNCIPAL CORPORATION H/W WARD, MUMBAI

Address: Mumbai

RESPONDENT AND ADVOCATE

· MR. NAGRAJ V. AND 1 OTHER

Address: Arvind Lifestyle Brands Ltd., (Arrow), S. No. 283, Anandvilla Chs Ltd., P. No. 652, Linking Road, Santacruz West, Mumbai - 400054, Maharashtra, India

· ARVIND LIFESTYLE BRANDS LTD.,

Address: Arvind Lifestyle Brands Ltd., (Arrow), S. No. 283, Anandvilla Chs Ltd., P. No. 652, LINKING ROAD, Santacruz West, Mumbai - 400054, Maharashtra, India

ACTS

Under Act(s)	Under Section(s)
The Bombay Shop and Establishment Act	7(2A),20(13)(a)(b)

CHIEF METROPOLITAN MAGISTRATE, SOUTH, SAKET

CASE DETAILS

Case Type: CC - COMPLAINT CASES

Filing Number: 6485/2016 Filing Date: 12-12-2012

Registration Number: 467369/2016 Registration Date: 15-03-2013

CNR Number: DLST02-000500-2012

CASE STATUS

First Hearing Date: 16.01.2013

Next Hearing Date: 09.01.2017

Stage of Case: Charge

Court Number and Judge: 46-Addl. Chief Metropolitan Magistrate

PETITION AND ADVOCATE

· ANAND SHEEL CHAWLA

RESPONDENT AND ADVOCATE

· ARVIND LIFESTYLE BRANDS LIMITED ORS

ACTS

Under Act(s)	Under Section(s)
IPC	--
Cr. P.C.	--

FIR DETAILS

Police Station: Saket

FIR Number:--

Year: 0

Registration Number	Judge	Business On Date	Hearing Date	Purpose of hearing
467369/2016	--	16-01-2013	16-04-2013	Misc./ Appearance
467369/2016	--	16-04-2013	03-05-2013	Misc./ Appearance
467369/2016	--	03-05-2013	10-05-2013	Misc./ Appearance
467369/2016	--	10-05-2013	23-05-2013	Misc./ Appearance
467369/2016	--	23-05-2013	01-07-2013	Order/Judgment
467369/2016	--	01-07-2013	16-07-2013	Order/Judgment
467369/2016	--	16-07-2013	24-07-2013	Order/Judgment
467369/2016	--	24-07-2013	31-07-2013	Misc./ Appearance
467369/2016	--	31-07-2013	12-08-2013	Order/Judgment
467369/2016	--	12-08-2013	27-08-2013	Pre Summoning Evidence
467369/2016	--	27-08-2013	07-10-2013	Pre Summoning Evidence
467369/2016	--	07-10-2013	31-10-2013	Pre Summoning Evidence
467369/2016	--	31-10-2013	18-11-2013	Arguments
467369/2016	--	18-11-2013	03-12-2013	Order/Judgment
467369/2016	--	03-12-2013	10-01-2014	Misc./ Appearance
467369/2016	--	10-01-2014	21-02-2014	Misc./ Appearance
467369/2016	--	21-02-2014	22-03-2014	Misc./ Appearance
467369/2016	--	22-03-2014	16-07-2014	Pre Summoning Evidence
467369/2016	--	16-07-2014	20-09-2014	Pre Summoning Evidence
467369/2016	--	20-09-2014	15-11-2014	Pre Summoning Evidence
467369/2016	--	15-11-2014	03-01-2015	Post Summoning Evidence
467369/2016	--	03-01-2015	25-01-2015	Charge
467369/2016	--	25-01-2015	21-02-2015	Post Summoning Evidence
467369/2016	--	21-02-2015	10-04-2015	Post Summoning Evidence
467369/2016	--	10-04-2015	26-05-2015	Post Summoning Evidence
467369/2016	--	26-05-2015	10-07-2015	Post Summoning Evidence
467369/2016	--	10-07-2015	18-08-2015	Post Summoning Evidence
467369/2016	--	18-08-2015	25-01-2016	Charge
467369/2016	--	25-01-2016	09-03-2016	Charge
467369/2016	Addl. Chief Metropolitan Magistrate	09-03-2016	29-07-2016	Charge
467369/2016	Addl. Chief Metropolitan Magistrate	29-07-2016	28-08-2016	Charge
467369/2016	Addl. Chief Metropolitan Magistrate	28-08-2016	28-11-2016	Charge
467369/2016	Addl. Chief Metropolitan Magistrate	28-11-2016	09-01-2017	Charge

ORDER

Order number	Order date	Order details
1	29-07-2016	Copy of order
2	28-11-2016	Copy of order

CASE TRANSFER DETAILS BETWEEN THE COURTS

Regn. Number	Transfer Date	From Court Number and Judge	To Court Number and Judge
467369/2016	08-04-2013	17 -	46 -

CCH1 PRL. CITY CIVIL AND SESSIONS JUDGE

CASE DETAILS

Case Type: O.S. - Original Suit

Filing Number: 8264/2016 Filing Date: 06-12-2016

Registration Number: 8298/2016 Registration Date: 06-12-2016

Case Code: 205200082642016

CASE STATUS

First Hearing Date: 22.12.2016

Next Hearing Date: 11.05.2017

Stage of Case: Summons

Court Number and Judge: 1146-CCH63 LXII ADDL. CITY CIVIL AND SESSIONS JUDGE

PETITION AND ADVOCATE

· TRIVENI SILKS AND SARE

Address: Regd Office at Santosh Cinema Complex, Kempegowda Circle, Bengaluru 09. Rep by its Managing Partner, B S Arun Kumar, 64 Years, S/O B C S Narayan.

Advocate: V.B.SHIVAKUMAR

RESPONDENT AND ADVOCATE

· ARVIND LIFESTYLE BRANDS LT

Address: Regd Office at Due Parc Trinity, 5th Floor, No.17, M G Road, Bengaluru 01. Rep by its Managing Director and Authorized Officer.

ACTS

Under Act(s)	Under Section(s)
U/O 7 RULE 1 AND 2 AND R/W SEC 26 OF CPC	--

HISTORY OF CASE HEARING

Registration number	Judge	Business on date	Hearing Date	Purpose of hearing
8298/2016	CCH63 LXII Addl. city civil and sessions judge	07-12-2016	24-01-2017	SUMMONS

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	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	No
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

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C62952569	10588819	AXIS TRUSTEE SERVICES LIMITED	04/08/2015	-	-	1200000000.0	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLI,MUMBAIMH400025IN
2	B83787606	10446579	STATE BANK OF INDIA	16/08/2013	-	-	3701200000.0	COMMERCIAL BRANCH, 3RD FLOORPARAMASIDDHI COMPLEX, NEAR MAHAKANTH BUILDINGAHMEDABADGJ380006IN
3	B83787028	10446576	STATE BANK OF INDIA	16/08/2013	-	-	750000000.0	COMMERCIAL BRANCH, 3RD FLOORPARAMASIDDHI COMPLEX, NEAR MAHAKANTH BUILDINGAHMEDABADGJ380006IN
4	B45213782	10369345	STATE BANK OF INDIA	12/06/2012	-	-	250000000.0	COMMERCIAL BRANCH, 3RD FLOORPARAMASIDDHI COMPLEX, NEAR MAHAKANTH BUILDINGAHMEDABADGJ380006IN
5	B22254817	10309498	STATE BANK OF INDIA	06/09/2011	-	-	200000000.0	MID CORPORATE GROUP, COMMERCIAL BRANCH,3RD FLOOR"PARAMSIDDHI"COMPLEX,NR.MAHAKANT BLDG.,ELLISBRIDGEAHMEDABADGJ380006IN
6	C62871520	10309501	AXIS TRUSTEE SERVICES LIMITED	06/09/2011	04/08/2015	-	4613200000.0	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLI,MUMBAIMH400025IN
7	B09709700	10189726	STATE BANK OF INDIA	26/11/2009	11/02/2011	-	1182800000.0	MID CORPORATE GROUP, COMMERCIAL BRANCH,3RD FLOOR"PARAMSIDDHI"COMPLEX,NR.MAHAKANT BLDG.,ELLISBRIDGEAHMEDABADGJ380006IN
8	B09711425	10190135	STATE BANK OF INDIA	26/11/2009	11/02/2011	-	650000000.0	MID CORPORATE GROUP, COMMERCIAL BRANCH,3RD FLOOR"PARAMSIDDHI"COMPLEX,NR.MAHAKANT BLDG.,ELLISBRIDGEAHMEDABADGJ380006IN
9	C61055695	10275675	BANK OF BARODA	11/02/2011	-	03/08/2015	187500000.0	1ST FLOOR, BANK OF BARODA TOWERSELLISBRIDGEAHMEDABADGJ380006IN
10	C61056438	10536592	BANK OF BARODA	24/11/2014	-	03/08/2015	500000000.0	CORPORATE FINANCIAL SERVICES BRANCH, 1ST FLOORBOB TOWERS, OPP. LAW GARDEN, ELLISBRIDGEAHMEDABADGJ380006IN

UNSECURED LOANS

PARTICULARS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Non-convertible debentures others	750.000	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from	749.316	532.624
Intercorporate borrowings	897.470	1661.150
Total	2396.786	2193.774

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from AAA Hospital Premises, Naroda Road, Ahmedabad – 380025, Gujarat, India to the present address w.e.f.21.01.2005.

COMPANY BACKGROUND

The company is engaged in the business of distribution and Retailing of Readymade Garment Apparels and Accessories. True to being the pioneer in Apparel designing and retailing in India, ALBL launched first ever Denim Brand in India in the early 80’s, brought first international brand Arrow to India in early 90’s and also opened first exclusive brand outlet in India. With close to 600 stores covering 6 Lac plus square feet of Retail space panning the length and breadth of the country, ALBL today has some of the best known international portfolio brands, the likes of ARROW, GANT, U. S. POLO, IZOD, ELLE, NAUTICA, DEBENHAMS, NEXT and HANES apart from our very own Denim brand FLYING MACHINE spread across. The company has recently added two New Brands in GAP and TCP to strengthen its presence in Bridge to Lifestyle and Kidswear segment respectively. Megamart, a division of ALBL is engaged in the business of Value Retailing of Apparels. Again taking Pioneer position,

Megamart introduced the concept of Apparel Value retailing business in India and dominates the Branded Apparel Value-Retailing market in India. Megamart also introduced International Brands like Cherokee, Mossimo and Geoffrey Beane in the Value Retailing segment and created a big market excitement. With more than 135 regular format stores and 5 Big Format stores, Megamart operates with more than 8 million square feet of Retail space across India.

Both Brands and Megamart retail presence touches 800+ stores and 14.2Mn Retail space.

REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS

The Company has posted Revenue from operations (gross) for the current year at INR 25328.630 which was at INR 21927.162 million during the previous year, showing growth of 15.51%. The Profit before interest, depreciation, tax and exceptional items stands at INR 1906.833 million which was at INR. 1287.301 million during the previous year.

The year was challenging on many fronts. The company has completed yet another significant year in which it has achieved a sustained growth in terms of Turnover and increase in profitability.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

PRESS RELEASES

ARVIND EXPANDS GAP'S INDIA PRESENCE THROUGH 17 NEW SHOP-IN-SHOPS

05 MARCH 2018

Arvind Lifestyle Brands Limited, Gap’s India franchisee, has announced the launch of 17 Gap shop-in-shops through multi-brand retailers. The company said, this expansion plan would accelerate the availability of Gap products in key tier II and III markets.

Commenting on the plan, Parag Dani, Gap Business Head at Arvind Lifestyle Brands said in a statement: “Since Gap launched in India in 2015, the brand has witnessed strong growth in the country driven by its fans. Our latest expansion ensures that more people are able to experience Gap’s iconic American style.”

This is the first time Gap’s shop-in-shop format will be introduced in India offering one of three product configurations: family destinations with adult, kids and baby assortments; adult only locations; and dedicated kids and baby layouts. These shop-in-shops, the company added, will be launched in partnership with Kapsons Group, Iconic India and All That Jazz in cities including Jammu, Amritsar, Ludhiana, Patiala, Chandigarh, Jaipur, Ahmedabad, Bhopal, Bhubaneshwar, and Ranchi; as well as existing Gap markets of Pune, Noida, and New Delhi.

Arvind currently has 11 standalone Gap stores in New Delhi, Mumbai, Bangalore, Pune, Chennai and Indore. In addition, Gap products are available online on Nnnow.com and Amazon.in/gap.

Arvind has been bringing international brands to India and first brought Arrow to India in 1993. The company also has licensing relationships with many international brands including Gap, TCP, Gant, Nautica, Aeropostale, Arrow, Izod, US Polo Association, Elle, Ed Hardy, Hanes, Cherokee and Geoffrey Beene apart from a portfolio of 12 company-owned labels. Arvind recently opened stores for Gap, The Children’s Place and Sephora in India. The company also has a JV with PVH Corp. for the Tommy Hilfiger and Calvin Klein businesses in the country.

ARVIND: BRANDS BUSINESS STAKE SALE LEADS TO HIGH EXPECTATIONS

Nov 03 2016

The 10% stake sale in its branded apparel business not only upped the expectations about Arvind Ltd but also of its peer Aditya Birla Fashion and Retail Limited.

The deal values Arvind’s brand business at 22-24 times one-year forward EV/Ebitda. That is higher than what the Street was assigning and triggered gains in the stock, which is up around 15% from when the deal was announced. (EV/Ebitda is enterprise value to earnings before interest tax depreciation and amortization. It is a measure of the value of the stock and the company.)

Compared to Arvind, Aditya Birla Fashion’s brands business is said to be more mature, as Arvind still has brands that are in the investment phase. So Aditya Birla Fashion should get superior valuations, analysts at Edelweiss Securities Ltd argue. “Considering overall brand size, better penetration, better return ratios (Madura’s RoCE of 46% versus Arvind brands ~7%), we believe Aditya Birla Fashion should command better multiples,” Edelweiss said in a note. “At current market price, the Aditya Birla Fashion stock trades at 16.7x FY19E EV/Ebitda. With the Arvind deal at richer valuations, we expect this to aid re-rating of Aditya Birla Fashion’s business too.” Madura is the apparel brand unit of Aditya Birla Fashion. RoCE is return on capital employed.

For Arvind, the stake sale transaction will strengthen its financial position through debt reduction and infusion of funds for investments. As profitability improves and the brands business becomes self-sustaining, the stock can re-rate and it may even pave the way for a separate listing, ICICI Securities Ltd says. “We believe that, as in the case of Arvind Infrastructure, Arvind Lifestyle & Brands could also be possibly carved out as a separate listed entity in the foreseeable future which would unlock value for minority shareholders,” ICICI Securities said in a note.

These expectations have driven up the stock. While it is up 49% from a year ago, the valuation and the current Street expectations could be affected if the company does not deliver on the brands business. Despite strong growth, the unit generates single digit margins and trails peers like Aditya Birla Fashion on a full-year basis (2015-16).

As the brands business attains economies of scale, Arvind expects profitability to improve. But that is easier said than done. Its power brands are doing well, clocking double-digit margins. The trouble is with emerging brands where it continues to lose money and requires investments. A breakthrough here can create enduring value for the shareholders.

ARVIND DIVESTS 10% IN SUBSIDIARY TO PRIVATE EQUITY FIRM FOR INR 7400.000 MILLION

October 26, 2016

Arvind Limited, one of India's largest integrated textile and apparel companies, has divested 10 per cent stake in its brand business subsidiary Arvind Lifestyle Brands to Multiples, the private equity firm founded by Renuka Ramnath.

At an enterprise value of INR 80000.000 million, the deal is valued at INR 7400.000 million which would be used by Arvind to reduce its debt. Post this deal, effective November 2016, the overall debt on the group level of the conglomerate would decline to INR 25000.000 million.

"Arvind has completed a deal under which 10 per cent stake in Arvind's brand business arm has been acquired by Multiples, promoted by Renuka Ramnath. Our brand business has been growing at phenomenal rate over the years. So, the value of our brand business subsidiary is worked out at INR 80000.000 million," said Sanjay Lalbhai, chairman and managing director, Arvind Limited.

Arvind's brand portfolio is among the strongest in India and has many power brands that have growth at a phenomenal pace. The business clocked a turnover of INR 23000.000 million for the financial year 2015-16 and is one of the fastest growing businesses in the country with a compounded annual growth rate (CAGR) of 25 per cent over the last three years.

The unmatched portfolio includes global marquee brands such as Calvin Klein, Tommy Hilfiger, US Polo Assn, Ed Hardy, Hanes, Arrow, Gant and Nautica among others.

"The transaction reflects the confidence of the investor community in the overall business strategy, the robustness of the platform and quality of our leadership team. The deal is an important milestone in our journey to be a fashion, apparel and accessories powerhouse," said Lalbhai.

Arvind has got a very interesting and comprehensive portfolio of brands. It has many growth engines. Arvind has a wide portfolio relevant for various sectors including men, women and children; and various kinds of value propositions including luxury, premium and value. Arvind has crystalised its potential by bringing in an investor through selling 10 per cent equity in the brand subsidiary.

"We believe that the new investor will add value to the company. We estimate this business to reach the phenomenal heights in the next five years. I have been saying since long that India has not achieved its full potential in terms of growth in textiles sector. Consumers would start investing in their wardrobe once Indians achieve a sizeable per capita income," said Lalbhai.

With India becoming the fastest growing economy in the world, Arvind estimates the future growth momentum to continue.

"We estimate our business to treble in the next five years from the INR 32000.000 million now to INR 90000.000 million by 2022," said Suresh J, Managing Director and Chief Executive Officer, Arvind Limited

AGE GAP NO BAR FOR TECHNOLOGY: ARVIND LIFESTYLE'S J. SURESH 

AUG 22, 2016

For the average person, who does not qualify as a tech nerd, it can often be difficult to get a grip on the constantly changing development in technology

However, J Suresh, MD and CEO, Arvind Lifestyle, has observed that two types of age groups don't let new gadgets intimidate them. "I've seen that kids below five and senior citizens above 70 are smart with adapting to technology. Give them a phone and they will explore it completely," says Suresh with a laugh

Speaking on the sidelines of a smart shirt's launch, Suresh said that even though he wouldn't consider himself extremely tech savvy, he is yet to go on a 'phone detox'. "I'm glued to my phone. Every time I wake up in the middle of the night, I end up responding to a few emails. That works best in situations when the mail is from companies in the US, saving a lot of time."

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 65.08
UK Pound	1	INR 89.85
Euro	1	INR 80.16

INFORMATION DETAILS

Information Gathered by :	SHW
Analysis Done by :	NYT
Report Prepared by :	ARC

SCORE FACTORS

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	NO
--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.