MIRA INFORM REPORT

Report Date :

18.10.2012

IDENTIFICATION DETAILS

Name :	G M SYNTEX PRIVATE LIMITED
Registered Office :	Dhanasingh Processors Compound, Wazir Glass Works Lane, J B Nagar, Andheri Kurla Road, Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.11.1999
Com. Reg. No.:	11-122522
Capital Investment/ Paid-up Capital:	Rs.6.464 Millions
CIN No.: [Company Identification No.]	U17100MH1999PTC122522
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fabrics.
No. of Employees:	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2535000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country’s growth, which has averaged more than 7% per year since 1997. India’s diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India’s output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis – in large part because of strong domestic demand – and growth exceeded 8% year-on-year in real terms. However, India’s economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government’s fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India’s medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	NFBL – BG A3 (Non Fund Based limit –Bank Guarantee) (Short Term Rating)
Rating Explanation	The moderate credit quality it carry higher credit risk.
Date	07.03.2012

Rating Agency Name	ICRA
Rating	FBL – TL BBB – (Fund Based Limit – Term Loan) (Long Term Rating)
Rating Explanation	The moderate credit quality it carry higher than average credit risk
Date	07.03.2012

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.

INFORMATION PARTED BY

Name :	Mr. Suresh
Designation :	Accounts Head
Contact No.:	91-22-66921560
Date :	18.10.2012

LOCATIONS

Registered Office :	Dhanasingh Processors Compund, Wazir Glass Works Lane, J B Nagar, Andheri Kurla Road, Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-66921560
Fax No.:	91-22-66164014
E-Mail :	accounts@gmsyntex.com gmsyntex@vsnl.net
Website :	www.gmsyntex.com
Factory :	Plot No. C 38 and E 32 / 1 / 1 , MIDC, Tarapur Industrial Area, Boisar, Thane, Maharashtra, India
Tel. No.:	91-2525-272478
Fax No.:	91-2525-272672

DIRECTORS

AS ON 30.09.2011

Name :	Ms. Raviderkaur K G Singh Chugha
Designation :	Director
Address :	801, 8^th Floor, Daffodil Building, 7^th Road, JVPD Scheme, Vile Parle West, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	28.01.1950
Date of Appointment :	20.07.2005
DIN No. :	00136434

Name :	Mr. Gurbakshish Singh
Designation :	Director
Address :	801, 8^th Floor, Daffodil Building, 7^th Road, JVPD Scheme, Vile Parle West, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	20.12.1949
Date of Appointment :	03.11.1999
DIN No. :	01332493

Name :	Mrs. Chandeep Kaur
Designation :	Director
Address :	C – 24, Vishal Enclave, New Delhi – 110027, Delhi, India
Date of Birth/Age :	03.02.1986
Date of Appointment :	04.12.2006
DIN No. :	01031048

Name :	Mr. Omkarnath P Malhotra
Designation :	Director
Address :	T – 2 – 101, Sunder Nagar, Malad West, Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	01.08.1945
Date of Appointment :	15.03.2009
DIN No. :	01346267

Name :	Mr. Dalbir Singh G S Chugha
Designation :	Director
Address :	901, 9^th Floor, Daffodil Building, 7^th Road, JVPD Scheme, Vile Parle West, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	24.08.1981
Date of Appointment :	20.07.2005
DIN No. :	00136561

KEY EXECUTIVES

Name :	Mr. Suresh
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Gurbakshish Singh	62653
Raviderkaur G Singh Chugha	60462
Dalbir Singh	60559
Chandeep Kaur	60000
Gurbakshish Singh HUF	62033
Gurdeep Kaur	24438
Jagdish Kaur	24438
Dhanasingh Finishers Private Limited, India	58705
Kim Fashion Exports Private Limited, India	58700
Jagdish Polyster Private Limited, India	35000
Jagdish Kaur and Ms. Gurdeep Kaur	4998
Manohar Fashion (Manufacturer) Private Limited, India	11775
S Prabhadit Singh	121
Gagandeep Kaur	2450
Pure Drapes Private Limited, India	60000
Dalbir Singh HUF	60000
Dilpreet Kaur Batra	100
Total	646432

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2011

Category	Percentage
Bodies corporate	34.00
Directors or relatives of directors	66.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Fabrics

Products :

ITC NUMBER OF PRODUCT	DESCRIPTION OF PRODUCT OR SERVICES
3540710	fabrics made from Polyester yarn

Exports :

Products :

Fabrics

Countries :

· USA,

· Canada

Imports :

Products :

Raw Material and Machinery

Countries :

· China

· Switzerland

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Actual Production
Finished Fabrics	Mtrs.	6994367.730

GENERAL INFORMATION

No. of Employees :

1200 (Approximately)

Bankers :

Punjab and Sind Bank – Shahid Bhagat Singh Colony, J B Nagar, Andheri Kurla Road, Andheri (East), Mumbai 400059, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans banks secured	394.589	345.065
Working capital loans banks secured	168.274	69.429
Total	562.863	414.494

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Loans directors unsecured	150.195	89.309
Total	150.195	89.309

Banking Relations :	--
Auditors :
Name :	B P Trivedi and Associates Chartered Accountants
Address :	3/926 Navjivan Commercial Premises Co Operative Society Limited, Lamington Road, Mumbai 400008, Maharashtra, India
Tel. No.:	91-22-23099318/66335689
Mobile No.:	91-9967058219
Pan No.:	AABPT6694C

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10 each	Rs.7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
646432	Equity Shares	Rs. 10 each	Rs. 6.464 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		6.464	6.463	6.463
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		627.407	560.740	494.413
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		633.871	567.203	500.876
LOAN FUNDS
1] Secured Loans		562.863	414.494	245.329
2] Unsecured Loans		150.195	89.309	80.835
TOTAL BORROWING		713.058	503.803	326.164
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1346.929	1071.006	827.040
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		804.800	713.984	554.035
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.437	4.437	4.438
DEFERREX TAX ASSETS		29.523	21.657	16.831
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	277.899	155.110	99.017
	Sundry Debtors	335.140	270.937	171.542
	Cash & Bank Balances	12.167	8.827	17.584
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	247.004	154.887	114.086
Total Current Assets		872.210	589.761	402.229
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	186.211	160.107	76.175
	Other Current Liabilities	38.313	3.434	20.188
	Provisions	141.448	98.157	57.927
Total Current Liabilities		365.972	261.698	154.290
Net Current Assets		506.238	328.063	247.939
MISCELLANEOUS EXPENSES		1.931	2.865	3.797
TOTAL		1346.929	1071.006	827.040

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1377.378	1368.919	1377.375
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1065.954	1104.409	1168.576
		Advertising Expenses
		TOTAL	1065.954	1104.409	1168.576
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		311.424	264.510	208.799
Less/ Add	DEPRECIATION/ AMORTISATION		201.467	157.953	156.640
	PROFIT BEFORE TAX		109.957	106.557	52.159
Less	TAX		43.291	40.230	27.430
	PROFIT AFTER TAX		66.666	66.327	24.729
	EARNINGS IN FOREIGN CURRENCY		1081.193	811.879	NA
	IMPORTS
		Stores & Spares	10.394	4.045
		Plant and Machinery	134.710	210.602
		Yarn	75.271	26.001
		Wall paper and Fabrics	19.031	0.000
		Tracing/Designing Paper	7.507	3.735
		Grey Sample	0.000	0.164
		Colours & Chemicals	0.478	0.115
		Grey fabrics	1.021	2.759
	TOTAL IMPORTS		248.412	247.421	NA
	Earnings Per Share (Rs.)		103.15	102.63	38.26

Particulars	31.03.2012
Sales Turnover (Approximately)	2150.000

Expected Sales (2012-2013): Rs.Rs.2250.000 Millions

The above information has been parted by Mr. Suresh

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.84	4.84	1.79
Return on Total Assets (PBT/Total Assets}	(%)	6.56	8.17	5.45
Return on Investment (ROI) (PBT/Networth)		0.17	0.19	0.10
Debt Equity Ratio (Total Liability/Networth)		1.70	1.35	0.95
Current Ratio (Current Asset/Current Liability)		2.38	2.25	2.60

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Due to Micro, Small and Medium Enterprises	0.000	0.000
Due to Others	186.211	160.107
Total	186.211	160.107	76.175

FORM 8

Corporate identity number of the company	U17100MH1999PTC122522
Name of the company	G M SYNTEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Dhanasingh Processors Compund, Wazir Glass Works Lane, J B Nagar, Andheri Kurla Road, Mumbai 400059, Maharashtra, India Note: gmsyntex@vsnl.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10071186
Type of charge	Immovable property
Particular of charge holder	Punjab and Sind Bank, 101 Shahid Bhagat Singh Colony, J B Nagar, Andheri Kurla Road, Andheri East, Mumbai 400059, Maharashtra, India Email: b0499@psb.org.in
Nature of instrument creating charge	No instrument was executed. Charge created by way of equitable mortgage by deposit of title deeds by constructive delivery.
Date of instrument Creating the charge	12.03.2012
Amount secured by the charge	Rs. 633.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and operation of the charge Security to cover the principal together with interest and other charges thereon.
Short particulars of the property charged (Including location of the property)	Immovable properties of the company being Plot of land bearing No. E-32/1/1/MIDC admg. 4080 sq. mtrs, with shed / structure standing thereon, situated at Tarapore Indl Area, Salwad Tal, Palghar Thane; Plot of land No.D-21/2/1 adm.18046 sq. mts with Shed / Structure standing thereon together with Plant and Machineries installed therein, situated at Tarapur Indl Area, Salwad Taluka, Palghar Thane; Plot of land bearing No. E-32/1/2 adm. 3120 sq.mtrs. with Shed/structure standing thereon t/w plant and machineries installed therein, situated at Tarapur Indl Area, Salwad Taluka, Palghar Thane.
Date of last modification prior to the present modification	12.07.2011
Particulars of the present modification	Charge over immovable properties is now made available to secure the revised credit facilities aggregating Rs.633.300 Millions

FIXED ASSETS:

• Land
• Building
• Motor Car
• Electric Installation
• Computer
• Trolley
• Furniture and Fixture
• Office Equipment
• Tools and Equipment
• Fire and Fighting
• Mobile and Telephone
• Motor Truck

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 :

o 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.52.75
UK Pound	1	Rs.85.08
Euro	1	Rs.69.04

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.