1. Summary Information

		Country	India
Company Name	SARLA PERFORMANCE FIBERS LIMITED	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 - 396230, Dadar Nagar Haveli, India
Established Date	23.11.1993	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	www.sarlafibers.com	Product Name 1	Polyester Yarn
# of employees	150 (Approximately)	Product Name 2	--
Paid up capital	Rs.69,503,000/-	Product Name 3	--
Shareholders	Shareholding of Promoter and Promoter – 62.67% Public shareholding – 37.33%	Banking	Andhra Bank
Public Limited Corp.	Yes	Business Period	19 Years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	A (64)
Related Company
Relation	Country	Company Name	CEO
Joint Ventures	Honduras	Savitex SA De C. V,	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	635,672,000	Current Liabilities	264,760,000
Inventories	328,479,000	Long-term Liabilities	46,147,1000
Fixed Assets	720,556,000	Other Liabilities	130,862,000
Deferred Assets	0,000	Total Liabilities	857,093,000
Invest& other Assets	18,322,000	Retained Earnings	776,433,000
		Net Worth	845,936,000
Total Assets	1,703,029,000	Total Liab. & Equity	1,703,029,000
Total Assets (Previous Year)	1,436,333,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	1,586,870,000	Net Profit	124,067,000
Sales(Previous yr)	1,316,168,000	Net Profit(Prev.yr)	112,843,000

MIRA INFORM REPORT

Report Date :

28.05.2012

IDENTIFICATION DETAILS

Name :	SARLA PERFORMANCE FIBERS 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 - 396230, Dadar Nagar Haveli,
Country :	India
Financials (as on) :	31.03.2011
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
Legal Form :	A Public Limited Liability company. The company’s Share 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 3300000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Plant 1 :	Survey No.59/1/4, Amli, Piparia Industrial Estate, Silvassa - 396230, Dadar Nagar Haveli, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sushil@sarlafibers.com info@sarlafibers.com
Website :	www.sarlafibers.com
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
Tel. No.:	91-22-22834116/40322786
Fax No.:	91-22-22851728
E-Mail :	export@sarlafibers.com

DIRECTORS

As on 29.09.2011

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 31.03.2012

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 :	Item Code No.	Product Discription
	540233000	Polyester / Nylon / Spandex / Lycra – Texturised, Twisted and Dyed Yarns. High / Medium Tenacity Nylon Yarns, Monofilament Yarns, Covered Yarn.

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Licensed 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
Dyed Synthetics Yarn	M.T.	3200

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

· Andhra Bank

· CitI Bank

· Corporation Bank

· Standard Chartered Bank

· DBS Bank

· Yes Bank

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working Capital From Andhra Bank
Packing Credit	16.623	38.351
Post Shipment Credit	9.610	11.668
Buyer Credit	25.997	16.361
From Citi Bank N.A.
Packing Credit	106.932	79.796
Foreign Documentary Bill Purchase	43.432	65.611
From Corporate Bank
Buyer Credit – Against Machineries	1.700	0.000
Foreign Documentary Bill Purchase	18.669	29.398
From Standard Chartered Bank
Packing Credit	22.879	20.488
Export Bill/ Post Shipment Credit	48.513	30.065
From DBS Bank
Buyers Credit (Packing Credit Is Secured Against Stock In Trade, Post Shipment And Foreign Documentary Bill Purchase are Secured against Foreign Documentary Demand Bills, Buyer’s Credit are Secured against LC. All the above facilities are further secured by first charge on the fixed assets of the company except the assets which are financed through term loan, on which the Consorium Working Capital facilities lender will have second charges, except Wind Turbine Generator and vehicles)	23.790	0.000
From Yes Bank
Packing Credit	16.321	0.000
Buyers Credit (Post Dated Cheque and Personal Guarantee of Managing Director)	12.911	0.000
TERM LOAN
From Andhra Bank (Exclusive Charge On The Machinery Financed And Personal Guarantee Of Managing Director) (Repayable Within 1 Year Rs. 699.999 Millions : P.Y. Rs.699.999 Millions)	7.417	14.533
From Yes Bank (Exclusive Charge On The Wind Turbine Generator And Personal Guarantee Of Managing Director) (Repayable Within 1 Year Rs. 14.666 millions RY. Rs. 29.333 millions)	14.667	44.000
STANDARD CHARTERED BANK-ECB LOAN (Exclusive Charge On The Wind Turbine Generator Financed And Personal Guarantee Of Managing Director) (Repayable Within 1 Year Rs. NIL: P.Y. Nil)	89.191	0.000
HDFC BANK LIMITED	2.819	0.000
(Exclusive Charge On Vehicle Financed) (Repayable Within 1 Year Rs. 0.979 Million: P.Y. Nil)
TOTAL	461.471	350.271

Banking Relations :	--
Auditors :
Name :	Sundarlal Desais and Kanodia Chartered Accountant
Address :	Mumbai
Associates:	Satidham Industries Private Limited Sarla Estate developers Private Limited Hindustan Cotton Limited Shivchandrai Jhunjunwala and Company Harmony Estates Private Limited
Joint Ventures:	· Savitex SA De C. V., Honduros · MRK SA De C.V., Honduras · Sarla Tekstil Filament Sanayi Ticaret A.S.
Subsidiary Company:	· Sarla Overseas Holding Limited · Sarla Europe, Lda

CAPITAL STRUCTURE

As on 31.03.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		69.503	69.503	69.503
2] Share Application Money		0.000	0.000	18.240
3] Reserves & Surplus		776.433	688.838	586.684
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		845.936	758.341	674.427
LOAN FUNDS
1] Secured Loans		461.471	350.271	369.545
2] Unsecured Loans		0.000	0.000	20.135
TOTAL BORROWING		461.471	350.271	389.680
DEFERRED TAX LIABILITIES		92.239	65.327	58.307
TOTAL		1399.646	1173.939	1122.414
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		720.556	589.682	508.050
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		18.322	27.168	36.225
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	328.479	235.816	230.429
	Sundry Debtors	405.053	345.696	361.735
	Cash & Bank Balances	91.929	75.951	96.314
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	138.690	162.020	125.569
Total Current Assets		964.151	819.483	814.047
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	238.538	203.946	172.153
	Other Current Liabilities	26.222	28.764	34.283
	Provisions	38.623	29.684	29.472
Total Current Liabilities		303.383	262.394	235.908
Net Current Assets		660.768	557.089	578.139
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1399.646	1173.939	1122.414

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1586.870	1316.168	1216.375
		Other Income	12.484	8.350	2.063
		TOTAL (A)	1599.354	1324.518	1218.438
Less	EXPENSES
		Raw Materials Consumption	884.655	584.362	653.340
		Purchases of Trading Goods	34.501	100.890	14.515
		Manufacturing and Operating Expenses	318.194	258.620	247.936
		Employees Remuneration and Benefit	29.124	24.846	21.312
		Increase/(Decrease) in Finished Goods	(49.381)	10.304	(29.206)
		Administrative Selling and Other Expenses	132.145	110.935	109.337
		TOTAL (B)	1349.238	1089.957	1017.234
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		250.116	234.561	201.204
Less	FINANCIAL EXPENSES (D)		18.466	23.443	29.991
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		231.650	211.118	171.213
Less/ Add	DEPRECIATION/ AMORTISATION (F)		58.646	51.252	47.616
	PROFIT BEFORE TAX (E-F) (G)		173.004	159.866	123.597
Less	TAX (I)		48.937	47.023	39.134
	PROFIT AFTER TAX (G-I) (J)		124.067	112.843	84.463
	PRIOR PERIOD ADJUSTMENT		0.000	0.000	(1.222)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		383.160	329.246	204.465
	SHORT PROVISION OF TAX OF EARLIER YEARS		0.000	(0.562)	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	30.000	30.000	30.000
		Dividend	5.195	24.326	24.327
		Tax on Dividend	31.276	4.040	4.131
					58.458
	BALANCE CARRIED TO THE B/S		440.756	383.161	329.245
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	810.611	680.249	698.004
	TOTAL EARNINGS		810.611	680.249	698.004
	IMPORTS
		Raw Materials	653.701	516.792	555.549
		Stores & Spares	19.411	3.954	8.305
		Capital Goods	4.811	18.938	12.184
		Trading Goods	34.501	0.000	14.515
	TOTAL IMPORTS		712.424	539.684	590.553
	Earnings Per Share (Rs.)		17.85	16.24	12.33

QUARTERLY RESULTS

PARTICULARS	30.06.2011 1^st Quarter	30.09.2011 2^nd Quarter	31.12.2011 3^rd Quarter
Type	Unaudited	Unaudited	Unaudited
Net Sales	424.230	450.700	464.300
Total Expenditure	359.990	409.100	417.450
PBIDT (Excl OI)	64.240	41.600	46.850
Other Income	1.520	1.190	1.710
Operating Profit	65.760	42.790	48.560
Interest	5.880	3.940	9.270
Exceptional Items	0.000	0.000	0.000
PBDT	59.880	38.850	39.290
Depreciation	17.310	18.430	18.590
Profit Before Tax	42.570	20.420	20.700
Tax	11.920	6.030	5.900
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	30.660	14.390	14.800
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	30.660	14.390	14.800

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.75	8.52	6.93
Net Profit Margin (PBT/Sales)	(%)	10.90	19.51	15.18
Return on Total Assets (PBT/Total Assets}	(%)	17.94	11.34	9.34
Return on Investment (ROI) (PBT/Networth)		0.20	0.21	0.18
Debt Equity Ratio (Total Liability/Networth)		0.36	0.35	0.35
Current Ratio (Current Asset/Current Liability)		3.18	3.12	3.45

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	No
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
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	--
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	No

BUSINESS PERFORMANCE

Operations: During the year the sales of the Company were Rs.1586.80.70 Millions as against Rs.1316.168 Millions in 2009-10 registering an annual growth of 20.56%. The FOB value of exports increased by 19.16% from Rs.680.249 Millions to Rs.810.611 Millions

Profitability: The profit before Depreciation, Interest and Tax was Rs. 250.116 Millions as compared to Rs. 234.561 Millions in the previous year. After providing for depreciation of Rs.58.645 Millions (Previous Year Rs. 51.252 Millions) and provision for taxation of Rs. 48.938 Millions (Previous Year Rs.47.024 Millions), there was a net profit of Rs.124.067 Millions as compared to Rs.112.843 Millions in the Previous Year.

MANAGEMENT DISCUSSION AND ANALYSIS

Business Overview:

Economy: After 2 years of recovery in global and Indian economy, a sense of slowdown is emphatic for FY 2011-12. The IMF lowered global GDP growth to 4.3% for 2011. The Reserve Bank of India estimates India’s GDP growth between 7.5%-8% for Fy12.The world economy is more perplexing than before.

Some of the critical global economic issues in the short to medium term are :

· End of QE 2 program in the US and its fall out on growth

· European debt crisis

· Turmoil in Japan following Tsunami

· High commodity prices and weakening US$ and Euro

· High inflation and rising interest rates in Asia

· Slowing CAPEX cycle and weakness in equity issuance

A resolution of the above issues will require some time and no quick fix is likely. Indian economy due to its consumption led growth as compared to other countries is better placed. However, its growth is becoming questionable in the wake of recent corruption scandals, slow progress of policy actions and lack of infrastructure. It is in the backdrop of these dynamic factors, they need to brace ourselves for a ‘sensible growth.’

Business Overview: Sarla Performance Fibers Limited is a global manufacturer of performance fibers having operations in all parts of the world. After a modest beginning as producer of regular polyester yarns, SPFL is a transformed company. In recent years the company’s emphasis has been to focus on difficult 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 set up a manufacturing facility under a JV in 2006 in Honduras, Central America. Central America is the gateway to the North American market which is still the largest market for high tenacity yarns used in specialized applications Last year; they established a presence in Turkey, a gateway to Europe. A manufacturing facility was established in Portugal as well. Over the years, it will help then work closely with customers and increase volume.

Outlook:

They are cautiously optimistic for FY12 because They have built strong engines of growth. Their new facilities in Turkey and Portugal as well as a revamped dye house in India will drive volume. An increase in the proportion of nylon yarn in the total volume may boost gross spread. However, Their key difficulty will be to absorb high raw material cost and get price increase with customers in time. A tight control over cost of finance and increased income from wind energy will help offset the pressure on their profitability this year. In conclusion, a growth in line with that of last year is not out of Raw Material Cost: Their raw material mainly consists of polyester and nylon/POY/chips which are in turn made from PTA, MEG and Caprolactum. Prices of all these raw material rose very sharply last year. Their total raw material cost increased by 34% last year. As a percentage of total cost it increased to 59% from 49% in FY10.

Financial Performance:

Turnover: The company turnover (excluding Trading Sales) grew by 27% in FY 10-11. This increase can be attributed to 23% volume and 4% price growth.

Expansion: During the year, the company has invested Rs.66.000 million in Plant and Machinery and Building in the yarn segment.

Diversification: Last year the Company has decided to diversify into Wind Power by putting up a Wind Power Plant in Baradiya, Gujarat of the capacity of 1.25 MW with an investment of Rs.63.000 million. During this year, the company has put up another Wind Mill at Satara, Maharashtra with the capacity of 2 MW with a total investment of Rs.123.000 million. The company is looking forward to it, on one part, as a better investment opportunity and on the other part, towards social responsibility as generation of green energy.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

A. Letter of credit: Letter of Credit issued by Banks on behalf of the Company Rs.334.571 Millions (P.Y. Rs.201.674 Millions) these are covered by the Charge created in favour of the Company’s Bankers by way of Hypothecation of Stocks, Receivable and Machineries/Assets of the Company.

B. Guarantees: Bank Guarantees issued by Banks on behalf of the Company Rs.36.169 Millions (P. Y. Rs.34.579 Millions). These are secured by the charge created in favour of the Company’s bankers by way of pledge of Fixed Deposit Receipts.

C. The claim against Company not acknowledged as debt, comprises of excise duty and Customs duty disputed by company relating to issue of applicability and classification aggregating to Rs.189.172 Millions (P.Y.Rs.184.523 Millions).

D. Bill discounted not matured Rs.102.250 Millions (P. Y. Rs.107.345 Millions). The contingent liabilities in respect of Bank Guarantees and other matters arising in the ordinary course of business from which it is anticipated that no material liabilities will arise.

E. CST liability in respect of invoice amount of Rs.251.859 Millions (P. Y. Rs.155.908 Millions) for which C-Form are yet to be collected from the customers.

F. Liability of Income Tax with respect to which appeal is pending before ITAT amounting to Rs.1.317 Millions for A.Y2003-04 and appeals pending before CIT Appeal for Rs.0.993 Million for A.Y.2007-08, Rs.3.056 Millions for A.Y.2008-09 and Rs.0.628 Millions for A.Y.2009-10.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS PERIOD ENDED 31.12.2011

						Rs in Millions
	Particulars			Quarter ended	Quarter ended	Year to date
				31.12.2011	30.09.2011	31.12.2011
				(Unaudited)	(Unaudited)	(Unaudited)
1	(a) Net Sales/Income from Operations			464.298	450.704	1339.237
	(b)Other Operating Income			0.000	0.000	0.000
2	Expenditure			464.298	450.704	1339.237
	(a)		Increase/(Decrease) in Stock-in-trade and work in progress	(27.829)	6.084	(52.150)
	(b)		Consumption of raw materials	275.036	238.316	758.717
	©		Purchase of traded Goods	11.923	22.963	61.855
	(d)		Employees Cost	10.623	7.668	26.554
	(e)		Depreciation	18.591	18.433	54.332
	(f )		Other Expenditure	147.695	134.062	391.575
	(g)		Total (Any item exceeding 10% of the total Expenditure to be shown separately)	436.046	427.527	1240.884
3			Profit from operation before other income, interest and other exceptional items(1-2)	28.252	23.177	98.353
4			Other Income	1.714	1.186	4.422
5			profit before interest and exceptional items(3+4)	29.966	24.362	102.775
6	Interest			9.265	3.943	19.086
7	Profit after interest but before exceptional items(5-6)			20.701	20.420	83.689
8	Exceptional Items			0.000	0.000	0.000
9	Profit(+)/Loss(-) from Ordinary Activities before tax (7-8)			20.701	20.420	83.689
10	Tax Expenses			5.900	6.032	23.851
11	Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10)			14.801	14.387	59.838
12	Extra Ordinary Items			0.000	0.000	0.000
13	Net Profit(+)/Loss(-) for the period (1112)			14.801	14.387	59.838
-14	Paid-up Equity Share Capital Rs.2/ per share			69.503	69.503	69.503
15	Reserves excluding revaluation reserves			0.000	0.000	0.000
16		Earning Per Share
(a)		Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		2.13	2.07	8.61
(b)		Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		2.13	2.07	8.61
17		Public Shareholding
		Number of Shares		25423769	2593213	2542376
		Percentage of Shareholding		36.58%	37.31%	36.58%
18		Promoters and Promoter group
		a) Pledged/Encumbered		--	--	--
		Number of shares		--	--	--
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		--	--	--
		Percentage of Shares (as a % of the total share capital of the Company)		--	--	--
		b) Non-encumbered
		- Number of Shares		4407924	4357087	4407924
		- Percentage of Share (as a % of the total shareholding of promoter and promoter group)		100.00%	100.00%	100.00%
		- Percentage of Share (as a % of the total share capital of the company)		63.42%	62.69%	63.42%

1. The financial results were reviewed by the Audit Committee and approved by the Board of Directors of the Company in their meeting held on 13^th February, 2012.

2. The Statutory Auditors have carried out a limited review of the results for the quarter ended 31^st December, 2011, as required by Clause 41 of the listing agreement.

3. No complaint was outstanding at the beginning of the quarter. During the quarter ended on 31/12/2011 Complaint received: 1, Complaint Redressed: 1, Closing as at 31.12.2011: Nil.

4. Previous periods figures have been regrouped / reclassified wherever necessary to conform with the current period's presentation.

5. The consolidated financial results represent those of Saria Performance Fibers Limited and its wholly owned subsidiary, Saria Overseas Holdings Limited., BVI (SOHL). Result of SOHL includes, Saria Europe, LDA in which SOHL holds 60% of its Share Capital, Savitex S.A.De C.V., a joint venture company in which SOHL holds 40%of its Share Capital, Saria Tekstil in which SOHL holds 45% of its Share Capital and MRK SA De C.V. in which (SOHL) hold 33.33% of its Share Capital. All these accounts are considered herein in Indian Currencies.

6. Other expenditure for Current Quarter and Nine Months ended includes Foreign Exchange Fluctuation Loss of Rs.12.859 Millions and Rs.35.331 Millions respectively (Corresponding Quarter and Nine Months of the previous year included exchange gain of Rs.6.999 Millions and loss of Rs.4.397 Millions respectively), on account of reinstatement of Foreign Currency Assets and Liabilities in accordance with the Accounting Standard -11, which has no effect on the operational profit of the Company.

7. The company has exercised option given in Companies (Accounting Standard) Amendment Rules 2009 on Accounting Standard 11 issued by ICAI which was notified by Ministry of Corporate Affairs regarding accounting of exchange rate difference related to long term foreign currency loan utilised for acquisition of fixed assets by way of notification no. GSR 225(E) dated 31.03.2009 read with notification no GSR913(E) dated 29.12.2011 on exercise of option referred above, foreign exchange loss of Rs.15.120 Millions for nine months ended 31.12.2011 is now capitalised which includes loss of Rs.8.540 Millions pertaining to period ended 30.09.2011, which was charged to profit and loss account in that period.

8. The company’s' business activity falls under two business segment- Yam and Wind Power. Secondary Segment (by geographical demarcation) is as under.

			Rs in Millions
Particulars	Quarter ended	Quarter ended	Year to date
	31.12.2011	30.09.2011	31.12.2011
	(Unaudited)	(Unaudited)	(Unaudited)
1. YARN
Segment Revenues (Net)
Manufacturing Activities
- Within India	136.630	132.094	413.750
- Outside India	306.330	283.504	832.913
	442.960	415.598	1246.662
Trading Activities
- Within India	12.050	23.907	63.823
- Outside India	--	--	--
	12.050	23.907	63.823
Total Net Sales	455.010	439.504	1310.486
Segment Results
Manufacturing Activities	12.786	22.274	66.963
Trading Activities	0.119	1.197	1.968
Less: Bank Interest
(Unallocable)	9.265	4.988	19.086
	3.641	18.483	49.845
* Capital employed in Yarn Segment could not be allocated to particular segment as assets and liabilities I are used interchangeable for all segments
2. Wind Power
Revenue	9.289	11.200	28.751
Profit After Tax	11.160	(4.095)	9.993
Assets	210.879	134.927	210.879
Liabilities	104.421	89.395	104.421

Fixed Assets

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

Intangible Assets

• Software

AS PER WEBSITE DETAILS

COMPANY PROFILE

Subject is a 100% EOU engaged in the manufacturing and export of polyester and nylon textured, twisted and dyed yarns, covered yarns, high tenacity yarns and sewing thread.

Beginning as a manufacturer of commodity yarns, the company has successfully shifted its focus and established itself as a manufacturer of specialized and higher value added yarns. Their strength lies in customizing the product as per each individual customer’s requirements and specifications.

With clients in all major countries across the globe, SPFL has developed a strong customer base. See Global Presence.

Over the years, SPFL has expanded its activities within India as well as overseas through creation of new facilities and the expansion of existing facilities, with the primary objective of establishing closeness to customers to provide quick and efficient services to them.

Today, the company is run by its promoters, Mr Madhusudhan Jhunjhunwala, the current Chairman and Mr. Krishna Jhunjhunwala, the Managing Director. The company’s head office is located in Mumbai, India and its manufacturing facilities are situated 160 km outside Mumbai in Silvassa and Vapi. See manufacturing facilities for more details.

A close-knit family-run business, with a professional approach in all its business endeavours enhanced with a long standing market presence and promoter expertise, SPFL enjoys the promise of credibility, sustainability and growth.

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.55.72
UK Pound	1	Rs.87.26
Euro	1	Rs.69.89

INFORMATION DETAILS

Report Prepared by :

KVT

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	NO
--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	-

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.