MIRA INFORM REPORT

Report Date :

27.08.2012

IDENTIFICATION DETAILS

Name :	BEEKAYLON SYNTHETICS PRIVATE LIMITED
Registered Office :	9, Jasville, 3^rd Floor, 9, New Marine Lines, Mumbai – 400 020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.01.1979
Com. Reg. No.:	11-020944
Capital Investment / Paid-up Capital :	Rs.27.940 millions
CIN No.: [Company Identification No.]	U17110MH1979PTC020944
TAN No.: [Tax Deduction & Collection Account No.]	MUMB12712A
PAN No.: [Permanent Account No.]	AAACB2976M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Supplier of Dyed Polyester Yarn, Textured Polyester Yarn and Dope Dyed Black Polyester Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2785000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial strength of the company appears to be good. Trade relations are reported to be decent. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Cash Credit)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	November 25, 2011

Rating Agency Name	CRISIL
Rating	BBB (Long term loan)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	November 25, 2011

Rating Agency Name	CRISIL
Rating	A3+ (Bank Guarantee)
Rating Explanation	Moderate degree of safety
Date	November 25, 2011

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 31-03-2012.

LOCATIONS

Registered Office :	9, Jasville, 3^rd Floor, 9, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22000488/ 22005652/ 43530400/ 24353400
Fax No.:	91-22-22006437/ 43530438
E-Mail :	premgtolani@rediffmail.com bklon@vsnl.com shohink@gmail.com rahulkhemani@hotmail.com
Website :	http://www.beekaylon.com
Head Office :	7, Jasville, 2^nd Floor, Opposite Liberty Cinema, 9, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Factory 1 :	60, Government Industrial Estate, Masat, Silvassa – 396 230, (U.T.), Dadra and Nagar Haveli, India
Tel. No.:	91-260-2640842/ 2640843
Fax No.:	91-260-2640641
Factory 2 :	63, B. Danudyog Sahakari Sangh Limited, Piparia, Silvassa – 396 230, (U.T.), Dadra and Nagar Haveli, India
Tel. No.:	91-260-3293596
Fax No.:	91-260-2640632
Factory :	Also located at: v Rakholi v Samarvarni

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashok Kishinchand Khemani

Designation :

Managing Director

Address :

32, Elcid Building, 13-A Ridge Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Appointment :

20.07.1983

DIN No.:

00053623

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17100MH1972PTC016016	INDOTEX EXPORT HOUSE PRIVATE LIMITED	Director	01/01/1980	01/01/1980	Active	NO
2	U17110MH1979PTC020944	BEEKAYLON SYNTHETICS PRIVATE LIMITED	Managing director	20/07/1983	20/07/1983	Active	NO
3	U17110MH1979PTC021552	SANGAM SYNTWIST TEXTILES PRIVATE LIMITED	Director	21/11/1984	21/11/1984	Active	NO
4	U17110MH1991PTC062256	ANIL YARNS PRIVATE LIMITED	Director	27/06/1991	27/06/1991	Active	NO
5	L17100MH1985PLC037514	BLUE CHIP TEX INDUSTRIES LIMITED	Director	30/09/1996	30/09/1996	Active	NO
6	U17120MH2010PTC207686	D.N.H. SPINNERS PRIVATE LIMITED	Director	15/09/2010	15/09/2010	Active	NO
7	U55101MH2009PTC195313	SPECTRUM VIEW AND LEISURE RESORTS PRIVATE LIMITED	Director	29/09/2011	05/05/2011	Active	NO

Name :

Mr. Nand Kishinchand Khemani

Designation :

Managing Director

Address :

32, Elcid Building, 13-A Ridge Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

31.12.1945

Date of Appointment :

01.04.2008

DIN No.:

00053671

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17110MH1979PTC020944	BEEKAYLON SYNTHETICS PRIVATE LIMITED	Managing director	01/04/2008	23/01/1979	Active	NO
2	U17110MH1979PTC021552	SANGAM SYNTWIST TEXTILES PRIVATE LIMITED	Director	27/08/1981	27/08/1981	Active	NO
3	U17100MH1987PTC042905	BUTEX TEXTILE INDUSTRIES PRIVATE LIMITED	Director	13/03/1987	13/03/1987	Active	NO
4	U17110MH1988PTC047105	SETRON SYNTHETICS PRIVATE LIMITED	Director	21/04/1988	21/04/1988	Active	NO
5	U74899DL1988PTC034431	TIMES LEASING (INDIA) PRIVATE LIMITED	Director	28/12/1988	28/12/1988	Active	NO
6	L17100MH1985PLC037514	BLUE CHIP TEX INDUSTRIES LIMITED	Managing director	01/09/2009	19/07/1989	Active	NO
7	U17100MH1996PTC100522	ARAVALI FABRICS PRIVATE LIMITED	Director	25/06/1996	25/06/1996	Amalgamated	NO
8	U73100MH1970NPL014736	ALL INDIA TEXURISERS ASSOCIATION	Director	14/08/1999	14/08/1999	Active	NO

Name :

Mr. Mahesh Lakhmichand Lakhwani

Designation :

Director

Address :

1602, Belscot Tower, Lokhandwala Complex, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Appointment :

01.10.1994

DIN No.:

00230091

Name :

Mr. Rahul Ashok Khemani

Designation :

Director

Address :

32, Elcid Building, 13-A Ridge Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

30.01.1985

Date of Appointment :

30.09.2011

DIN No.:

03290468

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L17100MH1985PLC037514	BLUE CHIP TEX INDUSTRIES LIMITED	Director	11/08/2011	01/11/2010	Active	NO
2	U17110MH1979PTC020944	BEEKAYLON SYNTHETICS PRIVATE LIMITED	Director	30/09/2011	01/11/2010	Active	NO

Name :

Mr. Shahin Nand Khemani

Designation :

Director

Address :

32, Elcid Building, 13-A Ridge Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

03.03.1985

Date of Appointment :

30.09.2011

DIN No.:

03296813

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L17100MH1985PLC037514	BLUE CHIP TEX INDUSTRIES LIMITED	Director	11/08/2011	01/11/2010	Active	NO
2	U17110MH1979PTC020944	BEEKAYLON SYNTHETICS PRIVATE LIMITED	Director	30/09/2011	01/11/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Nand K. Khemani	274500
Daryano K. Jeswani	5000
Roop Kishinchand Khemani Nand Kishinchand Khemani	385000
Ashok K. Khemani Rahul A. Khemani	440000
Roop Kishinchand Khemani Ramesh R. Khemani	385000
Nand Kishinchand Khemani (HUF)	27500
Roop K. Khemani (HUF)	27500
Ashok K. Khemani	98998
Nand K. Khemani (HUF)	27500
Rajesh R. Khemani	25000
Kamlesh Vijay Jethani	27500
Sheela Muhit Munje	27500
Roop K. Khemani	135000
Nand K. Khemani Shahin N. Khemani	143000
Roop K. Khemani Nand K. Khemani	166650
Nand K. Khemani Shahin N. Khemani	110000
Rachna A. Khemani	24250
Bhagwati T. Datwani	5500
Ashok K. Khemani Rachna A. Khemani	6500
Daryano K. Jeswani Sapna D. Jeswani Laju D. Jeswani	200
Daryano K. Jeswani Deepa D. Jeswani Jyoti K. Nichani	200
Daryano K. Jeswani Maya K. Jeswani	100
Roop K. Khemani Ramesh R. Khemani	2500
Rajesh R. Khemani Arti R. Khemani	2500
Nand K. Khemani Devdas K. Khemani	100
Nand K. Khemani Kiran D. Khemani Mukesh D. Khemani	100
Nand K. Khemani Rahul A. Khemani Siddharth A. Khemani	100
Nand K. Khemani Ramesh L. Lakhwani Nirmala R. Lakhwani	100
Nand K. Khemani Mahesh L. Lakhwani Renuka L. Lakhwani	100
Indo Tex Export House Private Limited, India	27500
Sangam Synwist Textiles Private Limited, India	100
Lachman Wadhumal Punjabi	418000
Rachna Khemani Nitika Khemani Rishma Khemani	500
Veena Nathani	1
Anju Nathani	1
Total	2794000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.98
Directors or relatives of directors	83.67
Other top fifty shareholders	15.35
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Supplier of Dyed Polyester Yarn, Textured Polyester Yarn and Dope Dyed Black Polyester Yarn.
Products :	v Dyed Polyester Yarn v Textured Polyester Yarn v Dope Dyed Black Polyester Yarn

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Licensed Capacity	Installed Capacity (As certified by Management)	Actual Production
Crimping Machines and Texturising Machines	Not Applicable	20 Nos.	20105170 kgs.
Twisting Machine	Not Applicable	42 Nos.	5513373 Kgs.
Windmill	1250 KW	1 x 1250 KW	2063620 KWH

Notes:

Production of texturised yarn excludes production of 197010 Kgs. processed on jobwork basis for the outside parties.

Production of twisted yarn excludes production of 164554 Kgs. processed on jobwork basis for the outside parties.

Production of texturised yarn excludes texturised yarn consumed for manufacture of twised yarn.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Union Bank of India, Veer Nariman Road Branch, 84, Raj Mahal, Veer Nariman Road, Churchgate, Mumbai – 400 020, Maharashtra, India

v Dena Bank, New Marine Line Branch, Mumbai – 400 020, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	363.087	133.143
Working capital loans banks secured	52.128	44.848
Loans taken for vehicles secured	(A) 5.268	(B) 4.038
Total	420.483	182.029

Notes:

(A) 1.Term Loans from three banks aggregating to Rs.352.672 millions (Previous Year Rs.116.991 millions from two banks) and the cash credit of Rs.52.127 millions (Previous Year Rs.44.848 millions) are secured by first charge by way of hypothecation/mortgage on all the movable/immovable properties both present and future, of the projects financed by the respective banks, at the manufacturing unit of the Company at Masat, Rakholi, Piparia and Samarvarni and first charge ranking parri-passu inter-say on all other movable/immovable assets of the Company except for the movable/immovable assets relating to the windmill. The term Loan for the windmill aggregating to Rs.10.415 millions (Previous Year Rs.16.152 millions) is secured by first charge on windmill (plant and machinery) located at Dhule and second charge on the current assets of the Company and an exclusive charge on receivables from Maharashtra State Electricity loans are further secured by personal guarantees of two directors of the Company.

(B) Term Loans from three banks aggregating to Rs.116.991 millions from two banks and the cash credit of Rs.44.848 millions are secured by first charge by way of hypothecation/mortgage on all the movable/immovable properties both present and future, of the projects financed by the respective banks, at the manufacturing unit of the Company at Masat, Rakholi, Piparia and Samarvarni and first charge ranking parri-passu inter-say on all other movable/immovable assets of the Company except for the movable/immovable assets relating to the windmill. The term Loan for the windmill aggregating to Rs.16.152 millions is secured by first charge on windmill (plant and machinery) located at Dhule and second charge on the current assets of the Company and an exclusive charge on receivables from Maharashtra State Electricity loans are further secured by personal guarantees of two directors of the Company.

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans others unsecured	137.355	93.710
Loans directors unsecured	35.350	20.925
Total	172.705	114.635

Banking Relations :	--
Auditors :
Name :	Shah and Taparia Chartered Accountants
Address :	12, Navjeevan Wadi , Dhobi Talao , Mumbai – 400 002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAOFS0663D
Fellow Subsidiary Company :	Jay Gee Rayons, India
Associate :	Cumballa Hill High School, India
Other Related Parties :	v Sangam Syntwist Textiles Private Limited, India (CIN No.: U17110MH1979PTC021552) v Indotex Export House Private Limited, India (CIN No.: U17100MH1972PTC016016) v D.N.H. Spinners Private Limited, India (CIN No.: U17120MH2010PTC207686) v Blue Chip Tex Industries Limited, India (CIN No.: L17100MH1985PLC037514) v Geekay Industries, India v Madhu Krimps, India v Indo Leather Works, India v Setron Synthetics Private Limited, India (CIN No.: U17110MH1988PTC047105) v Beekay International, India v Beekaylon Developers, India v Setron Exports, India v Beekay Textile Mills, India v Imperial Jewellers Private Limited, India (CIN No.: U50100MH1925PTC001198) v D.N.H. Spinners, India

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 millions
25000	Preference Shares	Rs.100/- each	Rs.2.500 millions
	Total		Rs.72.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2794000	Equity Shares	Rs.10/- each	Rs.27.940 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		27.940	23.760	23.760
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		668.262	448.077	388.249
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		696.202	471.837	412.009
LOAN FUNDS
1] Secured Loans		420.483	182.029	118.945
2] Unsecured Loans		172.705	114.635	91.585
TOTAL BORROWING		593.188	296.664	210.530
DEFERRED TAX LIABILITIES		49.565	39.342	41.401
TOTAL		1338.955	807.843	663.940
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		714.538	403.351	359.717
Capital work-in-progress		1.480	0.109	13.044
INVESTMENT		137.512	160.164	146.525
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	177.756	91.272	78.522
	Sundry Debtors	190.989	124.202	88.933
	Cash & Bank Balances	80.067	56.416	38.258
	Other Current Assets	69.396	65.544	0.000
	Loans & Advances	133.478	10.698	43.623
Total Current Assets		651.686	348.132	249.336
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	107.160	63.888	71.493
	Other Current Liabilities	45.976	36.065	31.332
	Provisions	13.125	3.960	1.857
Total Current Liabilities		166.261	103.913	104.682
Net Current Assets		485.425	244.219	144.654
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1338.955	807.843	663.940

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	2198.789	1750.267
		Job Work Charges	NA	11.651	18.538
		Other Income	NA	36.986	37.787
		Amount withdrawn from Revaluation Reserve	NA	0.214	0.214
		TOTAL (A)	NA	2247.640	1806.806
Less	EXPENSES
		Increase/ Decrease in Stock of Finished Goods	NA	(6.410)	6.399
		Manufacturing and Other Expenses	NA	2116.188	1703.548
		TOTAL (B)	NA	2109.778	1709.947
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	137.862	96.859
Less	INTEREST (D)		NA	18.661	19.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	119.201	77.059
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	37.018	29.662
	PROFIT BEFORE TAX (E-F) (G)		109.579	82.183	47.397
Less	TAX (H)		NA	20.402	23.867
	PROFIT AFTER TAX (G-H) (I)		NA	61.781	23.530
	Short provision of Taxes in respect of earlier years (net)		NA	(0.532)	(0.698)
	Prior Period Items		NA	(1.208)	0.501
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		292.758	232.717	209.384
	BALANCE CARRIED TO THE B/S		NA	292.758	232.717
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	NA	19.716	6.893
	TOTAL EARNINGS		NA	19.716	6.893
	IMPORTS
		Stores & Spares	NA	0.330	0.000
		Capital Goods	NA	0.000	5.832
	TOTAL IMPORTS		NA	0.330	5.832
	Earnings Per Share (Rs.)		NA	25.27	9.82

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.75	1.30
Net Profit Margin (PBT/Sales)	(%)	NA	3.74	2.71
Return on Total Assets (PBT/Total Assets}	(%)	8.02	10.94	7.78
Return on Investment (ROI) (PBT/Networth)		0.16	0.17	0.12
Debt Equity Ratio (Total Liability/Networth)		1.09	0.85	0.77
Current Ratio (Current Asset/Current Liability)		3.92	3.35	2.38

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

FINANCIAL RESULTS:

The Net Profit before tax for the year ended 31^st March, 2011 amounts to Rs.109.579 millions.

Contingent Liability in respect of:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
i. Guarantee given to a bank in connection with credit facilities availed by D.N.H. Spinners Private Limited (Previously a partnership firm in which the Company was a partner)	551.773	16.303
ii. Custom Duty in respect of future export obligation in accordance with EXIM Policy	229.560	18.490
iii. Disputed Canal Water Charges	0.000	0.024

Bankers Charges Report as per Registry

Corporate identity number of the company

U17110MH1979PTC020944

Name of the company

BEEKAYLON SYNTHETICS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

9, Jasville, 3^rd Floor, 9, New Marine Lines, Mumbai – 400 020, Maharashtra, India

E-Mail: bklon@vsnl.com

This form is for

Modification of charge

Charge identification number of the modified

10092380

Type of charge

Book Debts

Movable Property (not being pledge)

Others (Bills)

Particular of charge holder

Union Bank of India, Veer Nariman Road Branch, 84, Raj Mahal, Veer Nariman Road, Churchgate, Mumbai – 400 020, Maharashtra, India

E-Mail: cbsvnroad@unionbankofindia.com

Nature of description of the instrument creating or modifying the charge

(1) Supplementay Agreement to SD-06 Hypothecation Agreement [SD-06(S)]

(2) Packing Credit Agreement (SD-04)

(3) Letter of Hypothecation of Bills (SD-17)

Date of instrument Creating the charge

11.02.2012

Amount secured by the charge

Rs.90.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

For Cash Credit Limit: BR+4% with monthly rests or such other rate as may be revised by the Bank from time to time.

For PC / PCFC / FDBD Limit: As applicable.

Terms of Repayment:

On demand

Margin:

Cash Credit (H) and/or SOD Book Debts Limit: Margin 25% on stock and 30% on Book Debts.

PC / PCFC / FDBD Limit: Margin 25% for PC and nil for FDBD.

Extent and Operation of the charge:

To secure an amount of Rs.90.000 millions granted by the bank to the company as under :-

Nature of Facility	Amount (Rs. in millions)
Cash Credit (H) and/or SOD (BD) W/W	90.000
PC / PCFC / FDBD	(30.000)
TOTAL	90.000

Others:

Nil

Short particulars of the property charged

(1) The borrower hypothecates by way of first charge in favour of the bank :-

(i) Stock of yarn including all raw materials, semi finished and finished goods and movable property of any kind belonging to the borrower and stored at their premises and / or godowns at Silvassa or wherever else the same may be.

(ii) The borrower's present and future book debts, outstanding, monies, deposits, receivables, claims and bills, contracts, securities, investments which are due and owing to the borrower in the course of its business.

(2) The borrower hypothecates by way of first charge in favour of the bank all movable properties meant or intended for export of goods and / or any other goods meant, intended or being manufactured for export both present and future lying / stored at the borrower's factory shed or godowns at 60, Government Industrial Estate, Masat, Silvassa and 63, B. Danudyog Sahakari Sangh Limited, Piparia, Silvassa or at shed / godowns hired by the borrower for storage wherever situate and/or in transit.

(3) Purchase From or negotiate a bill or bills of exchange drawn or accepted or endorsed against goods and / or merchandise or shipping or other documents and / or hold such or any other bill or bills of exchange and / or documents for collection on the borrower's account under lien to the bank.

Particulars of the present modification

The Cash Credit (Hypothecation) and/or SOD (book debts) limit has enhanced from Rs.60.000 millions to Rs.90.000 millions within which PC / PCFC / FDBD limit of Rs.30.000 millions has also been granted by the Bank to the Company.

FIXED ASSETS:

v Land (Leasehold)

v Land (Freehold)

v Building

v Plant and Machinery (including windmill)

v Furniture and Fixtures

v Vehicles

WEBSITE DETAILS:

PROFILE:

Subject is a well reputed company engaged in the manufacturing, importing and supplying of Polyester Yarns like Dyed Polyester Yarn, Textured Polyester Yarn and Dope Dyed Black Polyester Yarn. The company has been successfully catering to the needs of the clients since past 3 decades. Moreover, its ethical business practice and transparent dealings have helped the company marks its name in the international market.

The company has a vast experience in this field and that has helped it in having better understanding of the client’s requirements. Thus, the company makes sure that the products are in match with the client’s requirements and needs. With such dedicated efforts, the company has secured cordial relations with all its valuable clients.

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.55.38
UK Pound	1	Rs.87.80
Euro	1	Rs.69.47

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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

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

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

RATING EXPLANATIONS

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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