Business information report

1. Summary Information

		Country	India
Company Name	SARLA PERFORMANCE FIBERS PRIVATE LIMITED (w.e.f. 05.01.2007)	Principal Name 1	Mr. Krushna Kumar Jhunjunwala
Status	Good	Principal Name 2	Mr. Madhusudhan Jhunjunwala
		Registration #	000056
Street Address	Survey No.59/1/4, Amli, Piparia Industrial Estate, Silvassa, Dadar Nagar Haveli – 396230
Established Date	23.11.1993	SIC Code	--
Telephone#	91-22-22834116	Business Style 1	Manufacturer of Polyester Yarn
Fax #	91-22-22834116	Business Style 2	--
Homepage	www.sarlafibers.com	Product Name 1	--
# of employees	150 Approximately	Product Name 2	--
Paid up capital	Rs.69,503,000	Product Name 3	--
Shareholders	Individuals / Hindu Undivided Family 44.82%	Banking	Andhra Bank
Public Limited Corp.	--	Business Period	18 years
IPO	--	International Ins.	--
Public Enterprise	--	Rating	A (64)
Related Company
Relation - Joint Ventures	Country	Company Name	Savitex SA De C. V, Honduras
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	583,667,000	Current Liabilities	262,394,000
Inventories	235,816,000	Long-term Liabilities	350,271,000
Fixed Assets	589,682,000	Other Liabilities	65,327,000
Deferred Assets	0	Total Liabilities	677,992,000
Invest& other Assets	27,168,000	Retained Earnings	688,838,000
		Net Worth	758,341,000
Total Assets	1,436,333,000	Total Liab. & Equity	1,436,333,000
Total Assets (Previous Year)	1,358,322,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	1,316,168,000	Net Profit	112,843,000
Sales(Previous yr)	1,216,375,000	Net Profit(Prev.yr)	84,463,000

MIRA INFORM REPORT

Report Date :

26.05.2011

IDENTIFICATION DETAILS

Name :	SARLA PERFORMANCE FIBERS PRIVATE LIMITED (w.e.f. 05.01.2007)
Formerly Known As :	SARLA POLYESTER LIMITED
Registered Office :	Survey No.59/1/4, Amli, Piparia Industrial Estate, Silvassa, Dadar Nagar Haveli – 396230
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.11.1993
Com. Reg. No.:	000056
Capital Investment / Paid-up Capital :	Rs.69.503 millions
CIN No.: [Company Identification No.]	L31909DN1993PLC000056
TAN No.: [Tax Deduction & Collection Account No.]	MUMS54912E
PAN No.: [Permanent Account No.]	AABCS1322B
Legal Form :	Public Limited Liability Company. The Company's Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Polyester Yarn
No. of Employees :	150 Approximately

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 3033364
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Fanatical position of the company appears to be sound. Trade relations are fair. Business is active, payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Miss. Geeta
Designation :	Assistant Account Manager

LOCATIONS

Registered Office/ Plant 1 :	Survey No.59/1/4, Amli, Piparia Industrial Estate, Silvassa, Dadar Nagar Haveli – 396230, India
Tel. No.:	91-22-22834116
Fax No.:	91-22-22834116
E-Mail :	sushil@sarlafibers.com info@sarlafibers.com
Website :	www.sarlafibers.com
Location :	Owned
Plant 2 :	Survey No. 64/2/3/4, Amli, Piparia Industrial Estate, Silvassa, Dadar Nagar Haveli – 396230, India
Plant 3 :	Shed No. A1/48, 100 Shed Area, GIDC, Vapi – 369195, Gujrat
Corporate Office :	304, Arcadia, Nariman Point, Mumbai – 400021, Maharashtra, India

DIRECTORS

AS ON 31.03.2010

Name :	Mr. Madhusudhan Jhunjunwala
Designation :	Director (Chairman)
Name :	Mr. Krushna Kumar Jhunjunwala
Designation :	Director
Name :	Mr. Arun Vaid
Designation :	Director
Name :	Mr. Sanjay Karandikar
Designation :	Director
Name :	Mr. Jigar Shah
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Manish Agarwal
Designation :	Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2011

Category of Shareholder	Total No. of Shares	% of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3,115,034	44.82
Bodies Corporate	1,241,053	17.86
Sub Total	4,356,087	62.67
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4,356,087	62.67
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2,000	0.03
Financial Institutions / Banks	50	-
Venture Capital Funds	4,000	0.06
Foreign Institutional Investors	29,083	0.42
Sub Total	35,133	0.51
(2) Non-Institutions
Bodies Corporate	531,150	7.64
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	929,868	13.38
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	929,817	13.38
Any Others (Specify)	168,245	2.42
Clearing Members	170	-
Non Resident Indians	168,075	2.42
Sub Total	2,559,080	36.82
Total Public shareholding (B)	2,594,213	37.33
Total (A)+(B)	6,950,300	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	6,950,300	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Polyester Yarn
Products :	Polyester / Nylon / Spandex / Lycra – Texturised, Twisted and Dyed Yarns. High / Medium Tenacity Nylon Yarns, Monofilament Yarns, Covered Yarn.
Terms :
Selling :	L/C
Purchasing :	L/C

PRODUCTION STATUS

AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity
Polyester, Polyamide (Nylon), Polypropylene, Acrylic and Viscose Filament Yarn, Texturised and/or Crimped and/or Twisted and/or Dyed, Medium/High Tenacity Nylon/Polyester Flat Yarns, Nylon/Polyester Monofilament Yarns.	M.T.	11999	--
Knitted Fabrics (Grey/Processed) made out of Synthetics Yarn/Man-made Fibre /Cotton Yarn and	M.T.	480	--
Polyester/Nylon/Cotton Covered Spandex /Lycra Yarn.	M.T.	927	11900
Dyed Synthetics Yarn	M.T.	2400	2400

GENERAL INFORMATION

Customers :

Wholesaler

No. of Employees :

150 Approximately

Bankers :

· Andhra Bank

· CitI Bank

· Corporation Bank

· HSBC Bank

· HDFC Bank

· Indusind Bank

· Standard Chartered Bank

· DBS Bank

Rs. In Millions

Facilities :

Secured loan	31.03.2010		31.03.2009
Working Capital From Andhra Bank
Packing Credit	38.351		15.818
Post Shipment Credit	11.668		17.260
Buyer Credit	16.361		9.244
From Citi Bank N.A.
Packing Credit	79.796		101.740
Foreign Documentary Bill Purchase	65.611		70.474
Buyers Credit	0.000		4.278
From Corporate Bank
Buyer Credit – Against Machineries	29.397		35.116
Foreign Documentary Bill Purchase	0.000		14.907
From Standard Chartered Bank
Packing Credit		20.488	37.144
Export Bill/ Post Shipment Credit		30.065	40.239
From DBS Bank
Packing Credit (packing Credit Is Secured Against Stock In Trade, Post Shipment And Foreign Documentary Bill Purchase are Secured against Foreign Documentary/ Demand Bills, Buyers Credit are Secured against Lc. Out Of above, the Term Loan Facilities are Secured By First Charge On Fixed Assets of the Company and the Second Charge for Working Capital Facilities on Parri Passu basis with all the Consortium Banks. All the above facilities are further secured by Personal Guarantee Of Managing Director)		0.000		15.216
Buyers Credit		0.000	8.109
TERM LOAN
From Andhra Bank (Exclusive Charge On The Machinery Financed And Personal Guarantee Of Managing Director) (Repayable Within 1 Year Rs. 6.999 millions RY. Nil)		14.533		0.000
From Yes Bank (Exclusive Charge On The Wind Turbine Generator And Personal Guarantee Of Managing Director) (Repayable Within 1 Year Rs. 29.333 millions RY. Nil)		44.000		0.000
TOTAL		350.271		369.545
UNSECURED
Term Loan From ICICI Bank Limited		0.000		12.935
From Body Corporate		0.000		7.200
TOTAL		0.000		20.135

Banking Relations :	--
Auditors :
Name :	Sundarlal Desais and Kanodia Chartered Accountant
Address :	Mumbai
Associates:	Satidham Industries Limited Sarla Estate developers Private Limited Hindustan Cotton Limited Hindustan Synthetics Shivchandrai Jhunjunwala and Company Technofil Honduras, SA De C.V.
Joint Ventures:	Savitex SA De C. V, Honduras
Subsidiary Company:	· Sarla Overseas Holding Limited · Sarla Europe, Lda

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10 each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6950300	Equity Shares	Rs. 10 each	Rs.69.503 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		69.503	69.503	69.503
2] Share Warrants		0.000	18.240	0.000
3] Reserves & Surplus		688.838	586.684	531.903
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		758.341	674.427	601.406
LOAN FUNDS
1] Secured Loans		350.271	369.545	417.810
2] Unsecured Loans		0.000	20.135	7.547
TOTAL BORROWING		350.271	389.680	425.357
DEFERRED TAX LIABILITIES		65.327	58.307	52.231
TOTAL		1173.939	1122.414	1078.994
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		589.682	508.050	497.542
Capital work-in-progress		0.000	0.000	16.881
INTANGIBLE ASSETS				0.146
INVESTMENT		27.168	36.225	26.557
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	235.816	230.429	216.982
	Sundry Debtors	345.696	361.735	344.011
	Cash & Bank Balances	75.951	96.314	91.874
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	162.020	125.569	121.366
Total Current Assets		819.483	814.047	774.233
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	203.946	172.153	192.081
	Other Current Liabilities	28.764	34.283	15.824
	Provisions	29.684	29.472	28.460
Total Current Liabilities		262.394	235.908	236.365
Net Current Assets		557.089	578.139	537.868
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1173.939	1122.414	1078.994

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	1316.168	1216.375	1113.544
		Other Income	8.350	2.063	8.936
		TOTAL (A)	1324.518	1218.438	1122.480
Less	EXPENSES
		Cost of Materials	584.362	653.340	602.728
		Purchases	100.890	14.515	0.000
		Manufacturing Expenses	258.620	247.936	208.649
		Employees Remuneration	24.846	21.312	16.291
		Increase/(Decrease) in Finished Goods	10.304	(29.206)	(1.489)
		Office Expenses	0.000	0.000	2.947
		Administrative Expenses	110.935	109.337	84.374
		TOTAL (B)	1089.957	1017.234	913.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		234.561	201.204	208.980
Less	FINANCIAL EXPENSES (D)		23.443	29.991	18.821
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		211.118	171.213	190.159
Less/ Add	DEPRECIATION/ AMORTISATION (F)		51.252	47.616	38.491
	PROFIT BEFORE TAX (E-F) (G)		159.866	123.597	151.668
Less	TAX (H)		47.023	39.134	29.461
	PROFIT AFTER TAX (G-H) (I)		112.843	84.463	122.207
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	680.249	698.004	609.472
	IMPORTS
		Raw Materials	516.792	555.549	506.424
		Stores & Spares	3.954	8.305	2.339
		Capital Goods	18.938	12.184	16.642
		Others	100.890	14.515	0.000
	TOTAL IMPORTS		640.574	590.553	525.405
	Earnings Per Share (Rs.)		16.24	12.33	17.16

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	319.980	396.490	426.360	444.050
Total Expenditure	260.250	340.020	355.420	393.550
PBIDT (Excl OI)	59.730	56.470	70.940	50.500
Other Income	2.010	5.390	(6.200)	11.300
Operating Profit	61.740	61.860	64.740	61.800
Interest	5.750	4.000	5.150	3.570
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	55.990	57.860	59.590	58.230
Depreciation	14.500	14.780	14.980	14.390
Profit Before Tax	41.490	43.070	44.600	43.840
Tax	11.620	12.270	11.500	13.550
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	29.870	30.800	33.100	30.300
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	29.870	30.800	33.100	30.300

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.51	6.93	10.88
Net Profit Margin (PBT/Sales)	(%)	12.14	10.16	13.62
Return on Total Assets (PBT/Total Assets}	(%)	11.34	9.34	11.92
Return on Investment (ROI) (PBT/Networth)		0.21	0.18	0.25
Debt Equity Ratio (Total Liability/Networth)		0.89	1.01	1.18
Current Ratio (Current Asset/Current Liability)		3.12	3.45	3.27

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the year under review the sales of the Company were Rs. 1316.168 millions as against Rs. 1216.375 millions in 2008-09 registering an annual growth of 8.20%. The FOB value of exports decreased by 2.54% from Rs. 698.004 millions to Rs. 680.249 millions.

Profitability:

The profit before Depreciation, Interest and Tax was Rs. 234.561 millions as compared to Rs. 201.203 millions in the previous year. After providing for depreciation of Rs.51.252 millions (Previous Year Rs. 47.615 millions) and provision for taxation of Rs.47.024 millions (Previous Year Rs. 39.134 millions), there was a net profit of Rs. 112.843 millions as compared to Rs. 84.463 millions in the Previous Year.

MANAGEMENT DISCUSSION AND ANALYSIS

Economy:

During the year 2009-10, the Indian economy has grown at the rate of 7.4 per cent and is widely estimated to increase growth rate in the long term. For the next year India's GDP growth estimates vary between 8% to 9.5%. The global slowdown was having a wide ranging impact on consumption and saving habits of people in the developed market in the last 2 years. This situation has slightly improved but the ongoing crisis in Europe and partial recovery in the US will stop the global growth rate well ahead of what it achieved in 2005 to 2007.

Business Overview:

Subject is one of the well established and niche companies exporting regular as well as high tenacity polyester and nylon yarns. It started its operations 1 7 years back as a commodity manufacturer of Man Made Fiber. However, in the past seven years, it has successfully transformed the business strategy and implemented a niche business model. It has an installed capacity of 11 700 tonnes per annum for manufacturing yarns in Silvassa and 2400 tonnes per annum for a Dyeing unit at Vapi. The company's emphasis has been to focus on niche end user applications, higher value added yarns to leading global apparel brands and companies. While it still manufactures some commodity yarns, the major focus has been in the area of performance fibers. To aid the strategy further, the company has also set up a manufacturing facility under JV in 2006 in Honduras, Central America. This has enabled the company to tap the North American market, the largest market for performance yarns in the world. With this JV, the company supplies to global textile majors such as Delta, Hanes Brands Inc., Fruit of The Loom, Russell etc.. due to global position ing for supplying of our products. With the sign ing of the CAFTA treaty major garment and apparel companies (especially North American Companies) are shifting their manufacturing facilities to Central America resulting in this region becoming a fast growing textile manufacturing hub. During the year under review, your company has established partnerships for outsourcing business from Europe.

Outlook:

Despite the textile industry's continuing woes, your company has built significant capabilities and will look to find suitable opportunities for growth. The desire is to grow much faster than compared to past. Our pursuit for tackling cost efficiencies, quality enhancement will enable greater growth in future on organic basis. Also, we will look for growth beyond Indian boundaries by setting up new manufacturing facilities. We have talked about a 20% plus growth on an annual basis in the past but situations like last 2 years have been extraordinary which forced us to give priority to risk management. We have not taken sights off that target and will get to that benchmark with little support from the environment.

Financial Performance:

Turnover:

The company turnover grew by 0.62% per cent in FY 09-10 (excluding trading sales). This is despite decrease in volume by 7.39%.

Fixed Assets

• Land
• Building
• Plant and Machinery
• Furniture
• Office Equipments
• Vehicle
• Electrical Installation
• Other Fixed Assts
• Computers

Intangible Assets

• Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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	Indian Rupees
US Dollar	1	Rs.45.38
UK Pound	1	Rs.73.31
Euro	1	Rs.63.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

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

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

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

RATING EXPLANATIONS

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

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