MIRA INFORM REPORT

Report No. :	511660
Report Date :	29.05.2018

IDENTIFICATION DETAILS

Name :	LOYAL TEXTILE MILLS LIMITED
Registered Office :	21/4, Mill Street, Kovilpatti – 628 501, Tamilnadu
Tel. No.:	91-4632-220001 (5 Lines)
Country :	India
Financials (as on) :	31.03.2018
Date of Incorporation :	09.04.1946
Com. Reg. No.:	18-001361
Capital Investment / Paid-up Capital :	INR 48.200 Million
CIN No.: [Company Identification No.]	L17111TN1946PLC001361
IEC No.: [Import-Export Code No.]	0488007470
TIN No.:	33615860011
PAN No.: [Permanent Account No.]	AAACL2632C
GSTN : [Goods & Service Tax Registration No.]	33AAACL2632C1Z8 37AAACL2632C1Z0
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Trading of Yarn and Garments. (Registered activity)
No. of Employees (As on 2017) :	1668 (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+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is flagship entity of the loyal group founded in April 1946 and it is one of the oldest and leading integrated textile mills in South India with facilities for production of cotton yarn, knitted & woven fabrics and garments. As per the financials of March 2018, the company has registered marginal growth in its revenue and has reported average profit margin of 1.99%. Rating takes into consideration the company’s long established track record of business operations marked by sound net worth base along with average debt coverage indicators and good liquidity position. Rating also takes into account the long standing experience of the promoter in the textile business, vertically integrated nature of operations, benefits derived from diverse offerings within each product category and a widespread clientele. Shares are quoted high on Stock Exchanges. (Shares are traded at a price of INR 537.65 against its face value of INR 10.) However, rating strength is partially offset by high gearing level, high working capital intensity along with susceptibility of profit margins to the volatile raw material prices and cyclical nature of the textile industry. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

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	28.12.2017

Rating Agency Name	CARE
Rating	Short term rating : A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	28.12.2017

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 31-03-2018.

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 29.05.2018

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. Narsi Reddy
Designation :	Accounts Department
Contact No.:	91-4632-220001
Date :	25.05.2018

LOCATIONS

Registered Office :	21/4, Mill Street, Kovilpatti – 628501, Tamilnadu, India
Tel. No.:	91-4632-220001 (5 Lines)
Mobile No.:	91-9953357176 (Mr. Manikram Ramaswami)
Fax No.:	91-4632-221353
E-Mail :	loyal@giasmd01.vsnl.net.in loyal@vsnl.com secredtarial@loyaltextile.com loyal@loyaltextiles.com kpl@loyaltextiles.com investors@loyaltextiles.com kovilpatti@loyaltectiles.com
Website :	http://www.loyaltextiles.com
Area :	5000 sq. ft. (Approximately)
Location :	Owned
Locality :	Industrial
Corporate Office/ Marketing Office/ Divisional Office :	No. 83 (Old No. 41), 1^st Main Road, R.A. Puram, Chennai – 600028, Tamilnadu, India
Tel. No.:	91-44-42277374/ 45120101
Fax No.:	91-44-43060622
E-Mail :	loyal@vsnl.com loyal@loyaltextiles.com
Plant Locations :	Spinning, Knitting Weaving, Ginning and Garments: · 21/4, Mill Street, Kovilpatti – 628 501, Tamilnadu, India · N Venkateswarapuram, N. Subbiahpuram, Sattur Taluk, Virudhunagar District – 626 205, Tamilnadu, India · Menakur Village, Naidupet Mandal, Nellore District – 524 221, Andhra Pradesh, India · Arasanur, Thirumancholai Post, Sivagangai Taluk, Sivagangai District – 630 561, Tamilnadu, India · Annarugudan Village, Tallada Mandal, Khammam District, Telangana, India Processing: · C7 - 1, SIPCOT Industrial Complex, Kudikadu, Cuddalore – 607 005, Tamilnadu, India

DIRECTORS

As on 31.03.2018

Name :	Mrs. Valli Ramaswami
Designation :	Whole-Time Director
Address :	No.5, Satyanarayana Avenue, Boat Club Road, R A Puram, Chennai - 600028, Tamilnadu, India
Date of Appointment :	11.022015
DIN No.:	00036508
Name :	Mr. Manivannan Palaniappan
Designation :	Whole-Time Director
Address :	6 Bungalaw Street, Kovilpatti, Kovilpatti - 628501, Tamilnadu, India
Date of Birth/Age :	23.06.1961
Date of Appointment :	01.11.2011
DIN No.:	00366954
Name :	Mr. Maniedath Madhavan Nambiar
Designation :	Director
Address :	No. 3, Nawab Habibullah 3 Rd Street, Chennai - 600006, Tamilnadu, India
Date of Appointment :	11.05.2012
DIN No.:	03487311
Name :	Mr. Vijayalakshmi Rao
Designation :	Director
Address :	2A, Kences Sundar 21, Raghavaiah Road, T. Nagar, Chennai-600017, Tamilnadu, India
Date of Appointment :	25.09.2017
DIN No.:	00259208
Name :	Bendoor Tarachand Bangera
Designation :	Director
Address :	48, Viswanathapuram Main Road, Madurai-625014, Tamilnadu, India
Date of Appointment :	25.09.2017
DIN No.:	00432492
Name :	Mr. Poornalingam Ramasubramaniam
Designation :	Director
Address :	No.10, 1^st Cross Street, Indira Nagar, Chennai – 600 020, Tamilnadu, India
Date of Birth/Age :	15.11.1945
Date of Appointment :	27.10.2006
DIN No.:	00955742
Name :	Mr. Balasubramanian Vaidyanathan
Designation :	Additional Director
Address :	Flat No.2, 'Varuna', 2, Lambeth Avenue, Abhiramapuram, Chennai-600018, Tamilnadu, India
Date of Birth/Age :	07.12.2017
Date of Appointment :	00263983

KEY EXECUTIVES

Name :	Mr. Ganapathi Krishnamurthy
Designation :	Chief Financial Officer
Address :	F-5, Phase II, Jains Aashiana No.13 Vembuliamman Koil Street, Virugamb Akkam Chennai-600078, Tamilnadu, India
Date of Appointment :	23.08.2017
PAN No.:	AAEPG5797L
Name :	Velliangiri Arunachalam
Designation :	Chief Executive Officer
Address :	Agastiyar Manor, Flat No: 1B 13, Raja Street, T. Nagar, Chennai-600017, Tamilnadu, India
Date of Appointment :	30.03.2018
PAN No.:	ACLPV0272A

MAJOR SHAREHOLDERS

As on 31.03.2018

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A) Promoter & Promoter Group	3539845	73.49
(B) Public	1276601	26.51
Grand Total	4816446	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 (calculated as per SCRR, 1957)As a % of
A1) Indian
Individuals/Hindu undivided Family	196017	4.07
Manikam Ramaswami	109315	2.27
Valli M Ramaswami	86148	1.79
Vishala Ramaswami	550	0.01
Ramakrishnan M	2	0.00
Manivannan P	2	0.00
Any Other (specify)	3343828	69.43
Madurai Tara Traders Private Limited	776887	16.13
Felspar Credit And Investments Private Limited	661126	13.73
Dhanalakshmi Investments Private Limited	629343	13.07
Kurunji Investments Private Limited	346887	7.20
Chintamani Investments Private Limited	280270	5.82
Nemesis Cotton Trading Company Private Limited	136086	2.83
Rhea Cotton Traders Private Limited	116660	2.42
Nike Cotton Traders Private Limited	115000	2.39
Hellen Cotton Trading Company Private Limited	71950	1.49
Valli Agri Industries Private Limited	55620	1.15
Valli Yarn Processors Private Limited	53496	1.11
Vishala Apparels Private Limited	30625	0.64
Vishala Knitwear Private Limited	29375	0.61
Shri Manikavasagam Trades And Finance Private Limited	22501	0.47
Emmar Trades and Finance Private Limited	18002	0.37
Sub Total A1	3539845	73.49
A2) Foreign		0.00
A=A1+A2	3539845	73.49

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
B1) Institutions
Financial Institutions/ Banks	5200	0.11
Sub Total B1	5200	0.11
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	797845	16.57
Individual share capital in excess of INR 0.200 million	279371	5.80
Mayur Mangaldas Kothari	106626	2.21
Vijay Kumar Kasera	55175	1.15
Any Other (specify)	194185	4.03
Bodies Corporate	164244	3.41
Muses Cotton Trading Company Private Limited	90484	1.88
Clearing Members	55	0.00
Enemy Property	18235	0.38
Non-Resident Indian (NRI)	7346	0.15
Trusts	1200	0.02
Foreign Nationals	3105	0.06
Sub Total B3	1271401	26.40
B=B1+B2+B3	1276601	26.51

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Yarn and Garments. (Registered activity)

Products / Services :

NIC Code No.	Products/Services Description
5403	Yarn
5911	Cloth and Hosiery Cloth

Brand Names :

Not Available

Agencies Held :

Not Available

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 (As on 2017) :

1668 (Approximately)

Bankers :

Banker Name :	Indian Bank
Branch :	Park Town Branch, No.53, Raja Muthiah Salai Periamet, Chennai-600003, Tamilnadu, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

· Export Import Bank of India

· State Bank of India

· Karur Vysya Bank Limited

· Indian Bank Limited

· IDBI Bank Limited, LIC Building, 1st Floor, No.3, West Marrat Street, Madurai-628501, Tamilnadu, India

· Central Bank of India, 10, R.C Church Main Road, Kovilpatti-628501, Tamilnadu, India

Facilities :

Secured Loan	31.03.2018 (INR in Million)	31.03.2017 (INR in Million)
Long-term Borrowings
Term Loans
From Banks	NA	1560.500
From Financial Institutions	NA	367.700
Short-term borrowings
Loans Repayable On Demand - From Banks (Working Capital Loans from banks are secured by the hypothecation of Raw-materials, Stock-in-process, Finished Goods, Stores consumables, Spares and Book debts and are also secured by second charge on block assets and are guaranteed by the Chairman and Managing Director.)	NA	2174.800
Total	NA	4103.000
Long-term Borrowings (As on 31.03.2017) Term loans except the following are secured by joint and equitable mortgage of all immovable properties present and future and by hypothecation of machineries ranking paripassu with one another (i) Term loans availed from Central Bank of India and Karur Vysya Bank and Indian Bank to the extent of INR 1583.100 Million are exclusively charged by the specific assets purchased out of the term loan. (ii) Term loans are repayable Quarterly as per agreement at floating rate of interest. (iii) Term loans are guaranteed by the Chairman and Managing Director. (iv) Term loan instalments repayable minimum 4 and maximum 24 instalments.

Statutory Auditors :
Name :	Suri and Company Chartered Accountants
Address :	Chennai, Tamilnadu, India
Cost Auditor :
Name :	V. Balasubramanian Cost Accountant
Address :	Coimbatore, Tamilnadu, India
Internal Auditors :
Name :	SLSM & Company Chartered Accountants
Address :	Madurai, Tamilnadu, India
Secretarial Auditors
Name :	M.K. Bashyam Company Secretary in practice
Address :	Madurai, Tamilnadu, India
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture Companies (As on 31.03.2017) :	· Gruppo P&P Loyal Spa, Italy · Loyal Dimco Group A.E.B.E., Greece · Loyal IRV Textile LDA, Portugal
Wholly owned subsidiary (As on 31.03.2017) :	Loyal International Sourcing Private Limited
Key Managerial Person has a significant interest in the Concern (As on 31.03.2017) :	· Hellen Cotton Trading Company Private Limited · Kurunji Investment Private Limited · Madurai Tara Traders Private Limited · Nemesis Cotton Trading Company Private Limited · Nike Cotton Traders Private Limited · Rhea Cotton Traders Private Limited

CAPITAL STRUCTURE

As on 31.03.2018

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4816446	Equity Shares	INR 10/- each	INR 48.200 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	INR 10/- each	INR 90.000 Million
600000	Redeemable Cumulative Preference Shares	INR 10/- each	INR 60.000 Million
			INR 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4816446	Equity Shares	INR 10/- each	INR 48.200 Million

Reconciliation of number of equity shares outstanding at the beginning and at the end of the year

Particulars	As at 31.03.2017
Number of shares outstanding as at the beginning of the year	4816446
Number of shares outstanding as at the end of the year	4816446

Shares in the company held by each shareholder holding more than 5% shares

Particulars	As at 31.03.2017
Madurai Tara Traders Private Limited	776887
Felspar Credit and Investment Private Limited	661126
Dhanalakshmi Investment Private Limited	629343
Kurunji Investments Private Limited	346887
Chinthamani Investments Private Limited	279220

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2018	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	48.200	48.200	48.200
(b) Reserves & Surplus	1898.600	1736.700	1469.900
(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)	1946.800	1784.900	1518.100
(3) Non-Current Liabilities
(a) long-term borrowings	1525.800	1948.200	1802.500
(b) Deferred tax liabilities (Net)	78.300	326.800	402.700
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1604.100	2275.000	2205.200
(4) Current Liabilities
(a) Short term borrowings	3139.100	2174.800	2436.100
(b) Trade payables	1257.400	744.900	648.800
(c) Other current liabilities	1500.100	1605.200	1549.700
(d) Short-term provisions	17.800	16.100	88.100
Total Current Liabilities (4)	5914.400	4541.000	4722.700
TOTAL	9465.300	8600.900	8446.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4109.600	4540.600	4813.900
(ii) Intangible Assets	7.800	0.000	0.000
(iii) Capital work-in-progress	66.500	31.000	151.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	50.900	34.800	50.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	100.500	50.200
(e) Other Non-current assets	50.000	0.000	0.000
Total Non-Current Assets	4284.800	4706.900	5065.800
(2) Current assets
(a) Current investments	20.900	59.500	2.600
(b) Inventories	2192.300	2017.600	1558.300
(c) Trade receivables	1905.100	714.200	488.000
(d) Cash and cash equivalents	81.700	88.900	49.000
(e) Short-term loans and advances	131.600	138.500	137.400
(f) Other current assets	848.900	875.300	1144.900
Total Current Assets	5180.500	3894.000	3380.200
TOTAL	9465.300	8600.900	8446.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2018	31.03.2017	31.03.2016
	SALES
	Income	11587.500	11347.400	11782.500
	Other Income	78.800	38.300	25.000
	TOTAL	11666.300	11385.700	11807.500
Less	EXPENSES
	Cost of Materials Consumed	5961.700	5105.000	4439.800
	Purchases of Stock-in-Trade	1312.200	1913.900	2436.200
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	99.100	(117.600)	(103.500)
	Employees benefits expense	929.200	880.000	902.000
	Other expenses	2203.500	2248.600	2586.400
	TOTAL	10505.700	10029.900	10260.900
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1160.600	1355.800	1546.600
Less	FINANCIAL EXPENSES	390.700	420.300	545.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	769.900	935.500	1001.400
Less/ Add	DEPRECIATION/ AMORTISATION	604.800	677.000	672.100
	PROFIT/ (LOSS) BEFORE TAX	165.100	258.500	329.300
Less	TAX	(65.700)	(8.400)	69.500
	PROFIT/ (LOSS) AFTER TAX	230.800	266.900	259.800
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	548.600	373.000
	APPROPRIATIONS
	Transfer to General Reserve	NA	0.000	26.100
	Proposed Final dividend	NA	0.000	48.200
	Tax on distributed profits on equity shares	NA	0.000	9.800
	Total	NA	0.000	84.100
	Balance Carried to the B/S	NA	815.500	548.600
	EARNINGS IN FOREIGN CURRENCY
	On export of goods, including export through Merchant Exporters calculated on FOB basis	NA	9600.900	9912.100
	Dividends received	NA	0.000	5.400
	TOTAL EARNINGS	NA	9600.900	9917.500
	IMPORTS
	Raw Materials (Staple Fibre, cotton, dyes, reflective band)	NA	1536.900	828.700
	Components and Spares	NA	36.700	31.600
	Capital Goods	NA	131.100	37.900
	TOTAL IMPORTS	NA	1704.700	898.200
	Earnings / (Loss) Per Share (INR)	47.92	55.41	53.93

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2018	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	653.500	749.500
Cash generated from operations	NA	NA	NA
Cash flow from operating activities	NA	796.500	1861.700

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	60.01	22.97	15.12
Account Receivables Turnover (Income / Sundry Debtors)	6.08	15.89	24.14
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	63.10	38.74	34.44
Inventory Turnover (Operating Income / Inventories)	0.53	0.67	0.99
Asset Turnover (Operating Income / Net Fixed Assets)	0.28	0.30	0.31

LEVERAGE RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.79	0.83	0.86
Debt Equity Ratio (Total Liability / Networth)	2.40	2.68	3.29
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.04	2.54	3.11
Fixed Assets to Networth (Net Fixed Assets / Networth)	2.15	2.56	3.27
Interest Coverage Ratio (PBIT / Financial Charges)	2.97	3.23	2.84

PROFITABILITY RATIOS

PARTICULARS		31.03.2018	31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	1.99	2.35	2.20
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.44	3.10	3.08
Return on Investment (ROI) ((PAT / Networth) * 100)	%	11.86	14.95	17.11

SOLVENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	0.88	0.86	0.72
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.51	0.41	0.39
G-Score Ratio Financial (Networth / Total Assets)	0.21	0.21	0.18
G-Score Ratio Debt (Debts / Equity Capital)	96.78	99.10	103.49
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.88	0.86	0.72

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

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 537.65/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Share Capital	48.200	48.200	48.200
Reserves & Surplus	1469.900	1736.700	1898.600
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1518.100	1784.900	1946.800
long-term borrowings	1802.500	1948.200	1525.800
Short term borrowings	2436.100	2174.800	3139.100
Total borrowings	4238.600	4123.000	4664.900
Debt/Equity ratio	2.792	2.310	2.396

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	11782.500	11347.400	11587.500
		(3.693)	2.116

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	11782.500	11347.400	11587.500
Profit	259.800	266.900	230.800
	2.20%	2.35%	1.99%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2018	31.03.2017
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	48.200	48.200
(b) Reserves & Surplus	2021.000	1847.900
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2069.200	1896.100
(3) Non-Current Liabilities
(a) long-term borrowings	1525.800	1947.900
(b) Deferred tax liabilities (Net)	78.300	326.800
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.100
Total Non-current Liabilities (3)	1604.100	2274.800
(4) Current Liabilities
(a) Short term borrowings	3141.200	2333.600
(b) Trade payables	1257.500	708.200
(c) Other current liabilities	1501.100	1617.400
(d) Short-term provisions	17.800	22.700
Total Current Liabilities (4)	5917.600	4681.900
TOTAL	9590.900	8852.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4109.600	4599.000
(ii) Intangible Assets	7.800	0.000
(iii) Capital work-in-progress	66.500	31.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	184.800	19.700
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	100.800
(e) Other Non-current assets	50.000	0.000
Total Non-Current Assets	4418.700	4750.500
(2) Current assets
(a) Current investments	20.900	59.500
(b) Inventories	2192.300	2105.700
(c) Trade receivables	1908.900	818.800
(d) Cash and cash equivalents	86.000	109.800
(e) Short-term loans and advances	132.600	139.500
(f) Other current assets	831.500	869.000
Total Current Assets	5172.200	4102.300
TOTAL	9590.900	8852.800

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2018	31.03.2017
	SALES
	Income	11588.200	11154.400
	Other Income	77.300	40.900
	TOTAL	11665.500	11195.300
Less	EXPENSES
	Cost of Materials Consumed	5961.700	5105.000
	Purchases of Stock-in-Trade	1312.400	1590.300
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	99.200	(98.100)
	Employees benefits expense	929.500	929.000
	Other expenses	2201.000	2285.500
	Share of Profit/ (Loss) from a Joint venture	(22.500)	0.000
	TOTAL	10481.300	9811.700
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1184.200	1383.600
Less	FINANCIAL EXPENSES	390.700	422.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	793.500	961.500
Less/ Add	DEPRECIATION/ AMORTISATION	605.900	682.100
	PROFIT/ (LOSS) BEFORE TAX	187.600	279.400
Less	TAX	(65.700)	(1.700)
	PROFIT/ (LOSS) AFTER TAX	253.300	281.100
	Earnings / (Loss) Per Share (INR)	52.60	58.35

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	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	No
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULAR	31.03.2018 (INR in Million)	31.03.2017 (INR in Million)
Long-term Borrowings
Other Loans And Advances
Inter corporate deposit (Interest free - repayable beyond 12 months)	NA	20.000
Total	NA	20.000

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G42312439	100093777	Indian Bank	13/04/2017	-	-	318000000.0	PARK TOWN BRANCH, NO.53, RAJA MUTHIAH SALAIPERIAMETCHENNAITN600003IN
2	G53487351	100077923	Central Bank of India	30/01/2017	24/03/2017	-	446000000.0	10, R.C Church Main RoadKovilpattiTN628501IN
3	G72253099	100066664	IDBI Bank Limited	21/12/2016	21/09/2017	-	240000000.0	LIC BUILDING, 1ST FLOOR, NO.3WEST MARRAT STREET,MADURAITN628501IN
4	G42311993	10521629	Indian Bank	27/08/2014	13/04/2017	-	687200000.0	PARK TOWN BRANCH, NO.53, RAJA MUTHIAH SALAIPERIAMETCHENNAITN600003IN
5	B95746517	10476215	CENTRAL BANK OF INDIA	10/01/2014	-	-	240000000.0	10, R C CHURCH MAIN ROAD,KOVILPATTITN628501IN
6	G20523478	10432641	CENTRAL BANK OF INDIA	24/05/2013	14/09/2016	-	260000000.0	10, R C CHURCH MAIN ROAD,KOVILPATTITN628501IN
7	B67999144	10402763	THE KARUR VYSYA BANK LIMITED	05/01/2013	-	-	31400000.0	POST BOX NO.21,ERODE ROADKARURTN639002IN
8	B37091881	10348013	CENTRAL BANK OF INDIA	29/02/2012	-	-	460000000.0	10, R C CHURCH MAIN ROAD,KOVILPATTITN628501IN
9	B29041480	10326714	KARUR VYSYA BANK LIMITED	23/11/2011	-	-	470000000.0	WHITES ROAD BRANCH NO.37WHITES ROAD BRANCHCHENNAITN600014IN
10	B28744662	10278966	EXPORT-IMPORT BANK OF INDIA	17/03/2011	18/11/2011	-	584000000.0	CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLES, CUFFE PARADE,MUMBAIMH400005IN

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2018 (INR in Million)	31.03.2017 (INR in Million)
Claim against the Company not acknowledged as debts	NA	4.300
Counter Guarantee given to Banks	NA	10.100
On Account of Bills discounted	NA	772.800
Disputed Sales tax demand not provided for	NA	16.400
On account of export obligation covered by letter of undertaking	NA	298.100
Total	NA	1101.700

FIXED ASSETS

• Land
• Buildings
• Furniture
• Plant and Machinery
• Vehicles
• Computers
• Electrical Installations

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 68.39
UK Pound	1	INR 91.44
Euro	1	INR 80.14

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	VIV
Report Prepared by :	JYTK

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.