MIRA INFORM REPORT

Report Date :

20.11.2013

IDENTIFICATION DETAILS

Name :	SHUBHALAKSHMI POLYESTERS LIMITED
Registered Office :	401, A-Wing, Oberoi Chambers, Near Kuber, Andheri Link Road, Andheri (West), Mumbai – 400053,  Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.09.2005
Com. Reg. No.:	11-190937
Capital Investment / Paid-up Capital :	Rs.339.917 Millions
CIN No.: [Company Identification No.]	U17110MH2005PLC190937
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Yarns.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 8400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Shubhalaxmi Group. It is an established company having satisfactory track record. Sales turnover and profit of the company appears to be fair. General financial position of the company seems to be sound and healthy. Trade relations are reported to be fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	16.04.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	16.04.2013

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. Sanjay Jain
Designation :	Account Manager
Contact No.:	91-22-26744375
Date :	15.11.2013

LOCATIONS

Registered/ Corporate Office :	401, A-Wing, Oberoi Chambers, Near Kuber , Andheri Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26744375/6
Mobile No.:	91-9825800369 (Mr. C.V. Shah)
Fax No.:	91-22-26744377
E-Mail :	export@shubhalakshmi.com enqury@shubhalakshmi.com shubhl@vsnl.com subhalakshmi@sify.com pradeepsinghica@yahoo.co.in investor@shubhalakshmi.com
Website :	http://www.shubhalakshmi.com
Area :	2000 Sq.ft
Location :	Owned
‘
Head Office :	401, Jeevandeep Complex, Ring Road, Surat – 395002, Gujarat, India
Tel No.:	91-261-2354402/3
Fax No.:	91-261-2354401
E-mail Id :	corporate@shubhalakshmi.com
Factory 1:	Survey No.179/1 / 4, Village: Silli, Silvassa-396230 Union Territory of Dadra and Nagar Haveli
Tel. No.:	91-260-3253441 / 42
Mobile No.:	91-9825800850
Fax No.:	91-260-2632939
E-Mail :	enquiry@shubhalakshmi.com
Factory 2:	376/2, 16-17-22, Opposite Rishi Packer, Kachigam, Union Territory of Daman and Diu
Tel No.:	91-260 - 2240117 / 2241535
Plants :	Located at : · Bhensali · Dahej · Bharuch

DIRECTORS

As on 29.09.2012

Name :

Mr. Ajay Agarwal

Designation :

Managing Director

Address :

A-302, Nanadigram Apartments, Ghod Dod Road, Opposite Parle Point, Surat-395001, Gujarat, India

Date of Birth/Age :

23.02.1963

Date of Appointment :

01.04.2012

PAN No.:

AACPA1348P

DIN No.:

00088953

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U17297GJ1987PLC009689	SHUBHALAKSHMI INDUSTRIES LIMITED	Director	01/06/1987	01/06/1987	-	Amalgamated	NO
2	U17119GJ1991PTC014906	SHUBHLAXMI DYETEX PRIVATE LIMITED	Director	16/01/1991	16/01/1991	-	Active	NO
3	U17119GJ1991PLC015677	SHUBHLAXMI POLYTEX LIMITED	Director	17/05/1991	17/05/1991	17/03/2010	Active	NO
4	U72200GJ2000PTC038298	SHUBHALAKSHMI PETRO-YARNS PRIVATE LIMITED	Director	27/01/2004	27/01/2004	17/09/2009	Active	NO
5	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Managing director	01/04/2012	13/09/2005	-	Active	NO
6	U45300GJ2006PLC047780	SURAT SUPER YARN PARK LIMITED	Additional director	14/08/2006	14/08/2006	01/08/2011	Active	NO
7	U17120MH1972GAT016028	ASSOCIATION OF SYNTHETIC FIBRE INDUSTRY	Nominee director	25/08/2006	25/08/2006	-	Active	NO
8	U17120GJ2007PLC051574	SURAT SUPER FILAMENT LIMITED	Director	23/08/2007	23/08/2007	01/09/2011	Active	NO
9	U45201GJ2001PTC039777	R.B.A PROJECTS PRIVATE LIMITED	Director	01/03/2008	01/03/2008	-	Active	NO
10	U40106DL2008PTC224786	SUNKON ENERGY PRIVATE LIMITED	Director	13/02/2010	13/02/2010	-	Active	NO
11	U40101MH2010PTC201233	INDUS SOLAR PRIVATE LIMITED	Director	24/03/2010	24/03/2010	-	Active	NO
12	U40104DL2010PTC201381	DAHEJ ENERGY PRIVATE LIMITED	Director	29/09/2011	09/04/2010	-	Active	NO
13	U40106GJ2010PTC060486	NEXGEN SOLAR PARK PRIVATE LIMITED	Director	29/04/2010	29/04/2010	-	Active	NO
14	U01400GJ2010PTC060507	FERRO AGRO PARK PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO

Name :

Mr. Vikas Agarwal

Designation :

Director

Address :

51-A, Royal Accord IV Apnaghar Layout, Lokhandwala, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

30.08.1981

Date of Appointment :

01.04.2012

PAN No.:

ADVPA1863D

DIN No.:

00089659

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200GJ2000PTC038298	SHUBHALAKSHMI PETRO-YARNS PRIVATE LIMITED	Director	03/07/2000	03/07/2000	07/09/2009	Active	NO
2	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Whole-time director	01/04/2012	13/09/2005	-	Active	NO
3	U40106GJ2010PTC060486	NEXGEN SOLAR PARK PRIVATE LIMITED	Director	29/04/2010	29/04/2010	-	Active	NO

Name :

Mr. Bankesh Chandra Late Babulal Agarwal

Designation :

Director

Address :

41-Royal Accord, 4^th Floor, Opposite Lokhandwala Complex, Andheri (West)m Mumabi-400090, Maharashtra, India

Date of Birth/Age :

29.10.1951

Date of Appointment :

13.09.2005

DIN No.:

00121080

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	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999MH1987PLC044942	SHREE HARI CHEMICALS EXPORT LIMITED	Managing director	01/03/2010	09/10/1987	-	Active	NO
2	U65910DN1995PLC000083	SHREE HARI FINVEST LTD	Director	13/03/1995	13/03/1995	-	Active	NO
3	U17119GJ1991PTC014906	SHUBHLAXMI DYETEX PRIVATE LIMITED	Director	01/04/1999	01/04/1999	-	Active	NO
4	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Director	13/09/2005	13/09/2005	-	Active	NO
5	U40109MH2010PTC199414	SAMRIDHI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	28/01/2010	28/01/2010	25/03/2011	Active	NO

Name :

Mr. Ramu Raman Late Babulal Agarwal

Designation :

Director

Address :

51-A, Royal Accord IV Apnaghar Layout, Lokhandwala, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

22.11.1949

Date of Appointment :

13.09.2005

DIN No.:

00203860

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	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999MH1987PLC044942	SHREE HARI CHEMICALS EXPORT LIMITED	Managing director	01/03/2010	09/10/1987	-	Active	NO
2	U65910DN1995PLC000083	SHREE HARI FINVEST LTD	Director	13/03/1995	13/03/1995	-	Active	NO
3	U17119GJ1991PTC014906	SHUBHLAXMI DYETEX PRIVATE LIMITED	Director	01/04/1999	01/04/1999	-	Active	NO
4	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Director	13/09/2005	13/09/2005	-	Active	NO
5	U40109MH2010PTC199414	SAMRIDHI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	28/01/2010	28/01/2010	25/03/2011	Active	NO

Name :

Mr. Manoj Agarwal

Designation :

Director

Address :

41-Royal Accord, 4^th Floor, Opposite Lokhandwala Complex, Andheri (West)m Mumabi-400090, Maharashtra, India

Date of Birth/Age :

16.08.1977

Date of Appointment :

30.06.2011

PAN No.:

AAKPA6827F

DIN No.:

00267951

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U17297GJ1987PLC009689	SHUBHALAKSHMI INDUSTRIES LIMITED	Director	01/06/1987	01/06/1987	-	Amalgamated	NO
2	U17119GJ1991PLC015677	SHUBHLAXMI POLYTEX LIMITED	Director	15/06/1992	15/06/1992	17/03/2010	Active	NO
3	L99999MH1987PLC044942	SHREE HARI CHEMICALS EXPORT LIMITED	Whole-time director	01/04/2007	29/10/1998	01/04/2012	Active	NO
4	U72900MH2000PTC127901	SHUBHALAKSHMI FARMAKEM PRIVATE LIMITED	Director	25/07/2000	25/07/2000	25/03/2011	Active	NO
5	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Director	30/06/2011	13/09/2005	-	Active	NO
6	U40109MH2010PTC199414	SAMRIDHI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	28/01/2010	28/01/2010	25/03/2011	Active	NO

Name :

Mr. Raghavachari Srinivasan

Designation :

Director

Address :

C-6-1, Lloyds Garden, Appa Saheb Marathe Marg, Prabhadevi, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

30.05.1931

Date of Appointment :

23.09.2011

PAN No.:

AAQPS5847R

DIN No.:

00003968

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	Date of cessation	Company/ LLP Status	Defaulting status
1	L10101WB1974PLC094602	GRAPHITE INDIA LIMITED	Director	12/10/1993	12/10/1993	-	Active	NO
2	L24239MH1983PLC029714	ELDER PHARMACEUTICALS LIMITED	Director	15/12/1997	15/12/1997	-	Active	NO
3	L51109WB1993PLC057984	BEEYU OVERSEAS LIMITED	Director	31/07/2001	31/07/2001	30/05/2007	Active	NO
4	L36912MH1986PLC041203	GOLDIAM INTERNATIONAL LIMITED	Director	02/05/2002	02/05/2002	-	Active	NO
5	U65991MH1994PLC078879	JM FINANCIAL ASSET MANAGEMENT LIMITED	Director	19/04/2003	19/04/2003	25/01/2012	Active	NO
6	L24222WB1902PLC001540	SHALIMAR PAINTS LTD	Director	29/01/2005	29/01/2005	-	Active	NO
7	L51109WB1998PLC087076	MCLEOD RUSSEL INDIA LIMITED	Director	11/03/2005	11/03/2005	-	Active	NO
8	L01132WB1949PLC017715	WILLIAMSON MAGOR & CO. LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
9	U72900MH2005PTC154805	NAYAMODE SOLUTIONS PRIVATE LIMITED	Director	15/07/2005	15/07/2005	-	Active	NO
10	U24222MH2005PTC215180	SNOWCEM PAINTS PRIVATE LIMITED	Director	04/10/2005	04/10/2005	-	Active	NO
11	L74999MH1995PLC085878	Solar Industries India Limited	Director	25/10/2005	25/10/2005	01/04/2009	Active	NO
12	L31300AP1985PLC005844	XL ENERGY LIMITED	Director	16/12/2006	01/03/2006	30/06/2011	Active	NO
13	L74210MH1999PLC122886	J. KUMAR INFRAPROJECTS LIMITED	Additional director	16/07/2007	16/07/2007	-	Active	NO
14	U70102AP2005PTC047145	SUCHIRINDIA INFRATECH PRIVATE LIMITED	Director	30/09/2008	01/09/2008	15/07/2013	Active	NO
15	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Director	23/09/2011	24/02/2011	-	Active	NO
16	U27310KA2003PTC032546	SUNVIK STEELS PRIVATE LIMITED	Director	01/09/2012	01/09/2012	-	Active	NO
17	U74900MH2009PTC192055	NewTurn Consulting Private Limited	Director	03/11/2012	03/11/2012	-	Active	NO
18	U65991MH1994PTC078880	JM FINANCIAL TRUSTEE COMPANY PRIVATE LIMITED	Director	23/07/2013	10/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahesh Kumar Poddar
Designation :	Secretary
Address :	C-201, Whispering Palms-XXclusive, Lokhandwala Complex, Kandiwali East, Mumbai-400101, Maharashtra, India
Date of Birth/Age :	15.03.1974
Date of Appointment :	01.07.2011
PAN No.:	AIWPP1708N

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Ajaykumar Agarwal	846020
Bankesh Chandra Agarwal	748445
Ramu Raman Agarwal	737392
Manoj Kumar Agarwal	563000
Vikas Agarwal	526333
Shailendra Chaudhary	34333
Vikram Chaudhary	1000
Shubhlaxmi Dyetex Private Limited, India	19682072
Ajay Kumar Agarwal –HUF	97523
Babulal Agarwal –HUF	54028
Bankesh Chandra Agarwal –HUF	68334
Ramau Raman Agarwal - HUF	162053
Gayatri Devi Agarwal	119393
Kanta Agarwal	3000
Narangi Devi Agarwal	69000
Suman Agarwal	131975
Chandra Choudhary	12500
Shubhalakshmi Petro-Yarns Private Limited	841337
Total	24697738

As on 25.06.2013

Names of Allottee	No. of Shares
Shubhlaxmi Dyetex Private Limited, India	470000
Total	470000

As on 12.06.2013

Names of Allottee	No. of Shares
Shubhlaxmi Dyetex Private Limited, India	670000
Total	670000

As on 27.02.2013

Names of Allottee	No. of Shares
Shubhlaxmi Dyetex Private Limited, India	357500
Total	357500

As on 26.02.2013

Names of Allottee	No. of Shares
Shubhlaxmi Dyetex Private Limited, India	715000
Total	715000

As on 18.02.2013

Names of Allottee	No. of Shares
Shubhlaxmi Dyetex Private Limited, India	715000
Total	715000

As on 15.02.2013

Names of Allottee	No. of Shares
Shubhlaxmi Dyetex Private Limited, India	715000
Total	715000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	83.10
Directors or relatives of directors	16.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of Yarns.
Exports :
Products :	Yarn
Countries :	· Peru · Egypt · Spain · Turkey · Thailand
Imports :
Products :	· Raw Material · Machinery
Countries :	· Korea · China
Terms :
Selling :	L/C, Cash and Advance
Purchasing :	L/C and Cash

GENERAL INFORMATION

Suppliers :

· Reliance India Limited

· Indian Oil Corporation Limited

Customers :

Jivraykar Textile Industries, Mumbai, Maharashtra, India

No. of Employees :

Information denied by management

Bankers :

· Bank of Baroda, Parsi, Sheri Branch, Surat-395003, Gujarat, India

· State Bank of India - State Bank of India, BOB- Parsi, Sheri BR SBI – Special Commercial BR, Surat – 395003, Gujarat, India

· IDBI Bank Limited, ESS En House, Ghod Dod Road, Surat - 395007, Gujarat, India

· Allahabad Bank

· Axis Bank Limited

· Kotak Mahindra Bank

· State Bank of Travancore

Facilities :

Including Fund and non-fund base total limit = Rs.7360.000 Millions

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	3100.725	2249.714
Loans taken for fixed assets	7.138	6.712
Short Term Borrowings
Rupee term loans from bank	69.651	0.000
Working capital loans from banks	1280.189	458.845
Loans taken for vehicles	0.204	1.178
Total	4457.907	2716.449

Notes:

Long Term Borrowings

Particulars	31.03.2013	31.03.2012
Term Loan
Bank of Baroda	1241.050	1009.647
State Bank of India	1015.489	954.749
Allahabad Bank [Term Loans are primarily secured by 1st pari-passu charge on fixed assets by way equitable mortgage of the land and building alongwith all movable and immovable plant and machinery and other fixed assets thereon and extention of charge on the company's current assets on pari-passu and personal guarantee of promoters and corporate guarantee of two companies.]	800.325	249.621
IDBI Bank Limited [This Term Loan is secured by hypothecation of the machineries and personal guarantee of promoters and corporate guarantee of one company]	43.860	35.698
Car/ Vehicle Loan
Axis Bank Limited	1.633	0.724
Bank of Baroda	0.254	0.310
HDFC Bank Limited	1.710	4.471
ICICI Bank Limited	3.542	1.186
Kotak Mahindra	0.000	0.020
[All Vehicle loans are secured against hypothecation of respective vehicles]
Total	3107.863	2256.426

Short Term Borrowings

Particulars	31.03.2013	31.03.2012
Working Capital(cash-credit)
Bank of Baroda	574.510	349.876
State Bank of India	233.676	108.968
State Bank of Travencore	223.762	0.000
IDBI Bank Limited	248.241	0.000
[Working Capital is secured by hypothecation of all the current assets on 1st pari-passu basis and 2nd pari-passu charge by way of extention of charge on the entire fixed assets of factory land, building etc., and personal guarantee of promoters and corporate guarantee of two companies]
Term Loan
Bank of Baroda	41.251	0.000
State Bank of India	28.400	0.000
[Term Loans are primarily secured by 1st pari-passu charge on fixed assets by way equitable mortgage of the land and building along with all movable and immovable plant and machinery and other fixed assets thereon and extension of charge on the company's current assets on pari-passu and personal guarantee of promoters and corporate guarantee of two companies.]
Car/ Vehicle Loan
HDFC Bank Limited	0.185	0.853
Kotak Mahindra	0.019	0.326
[All Vehicle loans are secured against hypothecation of respective vehicles]
Total	1350.044	460.023

Banking Relations :	--
Auditors :
Name :	Pradeep Singhi and Associates Chartered Accountants
Address :	A/501, President Plaza, Near RTO, Ring Road, Nanpura, Surat, Gujarat, India
PAN No.:	ADRPS1701L
Holding Company :	Shubhlaxmi Dyetex Private Limited CIN No.: U17119GJ1991PTC014906

CAPITAL STRUCTURE

After 31.03.2013

Authorised Capital : Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.351.317 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33991738	Equity Shares	Rs.10/- each	Rs.339.917 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	339.917	246.977	214.949
(b) Reserves & Surplus	1755.144	1073.423	740.564
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	100.000
Total Shareholders’ Funds (1) + (2)	2095.061	1320.400	1055.513
(3) Non-Current Liabilities
(a) long-term borrowings	3214.659	2257.401	1006.118
(b) Deferred tax liabilities (Net)	200.536	136.660	115.927
(c) Other long term liabilities	283.664	66.423	21.506
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3698.859	2460.484	1143.551
(4) Current Liabilities
(a) Short term borrowings	1350.044	460.023	465.948
(b) Trade payables	1697.274	514.039	529.392
(c) Other current liabilities	263.687	239.304	8.011
(d) Short-term provisions	149.106	110.367	95.864
Total Current Liabilities (4)	3460.111	1323.733	1099.215
TOTAL	9254.031	5104.617	3298.279
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5162.231	1566.406	1480.620
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	7.072	1845.567	150.731
(iv) Intangible assets under development	40.733	30.668	0.000
(b) Non-current Investments	35.102	35.093	8.051
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	33.535	22.134	22.132
(e) Other Non-current assets	0.00	0.000	0.000
Total Non-Current Assets	5278.673	3499.868	1661.534
(2) Current assets
(a) Current investments	2.627	53.025	88.093
(b) Inventories	1345.803	373.126	506.741
(c) Trade receivables	1622.390	722.559	594.295
(d) Cash and cash equivalents	376.191	268.948	258.514
(e) Short-term loans and advances	625.363	185.353	188.797
(f) Other current assets	2.984	1.738	0.305
Total Current Assets	3975.358	1604.749	1636.745
TOTAL	9254.031	5104.617	3298.279

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		7505.760	5669.152	4537.472
		Other Income		9.573	8.808	2.508
		TOTAL (A)		7515.333	5677.960	4539.980
Less	EXPENSES
		Cost of Materials Consumed		6436.743	4709.905	3676.600
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(151.332)	(62.781)	(60.714)
		Employee Benefits Expenses		130.754	97.475	83.982
		Other Expenses		629.307	538.131	440.406
		TOTAL (B)		7045.472	5282.730	4140.274
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			439.861	395.230	399.706
Less	FINANCIAL EXPENSES (D)			175.830	102.354	80.487
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			294.031	292.876	319.219
Less	DEPRECIATION/ AMORTISATION (F)			111.431	94.666	80.733
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			182.600	198.210	238.486
Less	TAX (H)			(0.024)	33.847	36.976
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			182.624	164.363	201.510
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	287.258	137.632	206.522
	TOTAL EARNINGS			287.258	137.632	206.522
	IMPORTS
			Raw Materials	735.122	55.937	0.000
			Stores & Spares	91.266	4.511	0.000
			Capital Goods	698.444	799.113	0.000
	TOTAL IMPORTS			1524.832	859.561	0.000
	Earnings Per Share (Rs.)			5.37	6.65	9.37

Expected Sales (2013-2014) : Rs.20000.000 Millions (Rise in turnover due to addition of plant in Baruch)

The above information has been parted by Mr. Sanjay Jain (Account Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.43	2.89	4.44
Net Profit Margin (PBT/Sales)	(%)	2.43	3.50	5.26
Return on Total Assets (PBT/Total Assets}	(%)	2.00	6.25	7.65
Return on Investment (ROI) (PBT/Networth)		0.09	0.15	0.23
Debt Equity Ratio (Total Debt /Networth)		2.18	2.06	1.39
Current Ratio (Current Asset/Current Liability)		1.15	1.21	1.49

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Deposits from directors	6.796	0.975
Loans and advances from related parties	100.000	0.000
Total	106.796	0.975

Notes:

Particulars	31.03.2013	31.03.2012
Loans from Directors and Share Holders
Loans from Bodies Corporates	6.796	0.975
State Bank of Travencore	100.000	0.000
Total	106.796	0.975

PROGRESS:

The Company has set up a new plant for manufacturing of PET Chips having capacity of 600 TPD at Bhensali, Dahej and operation of this plant has started in the last quarter of the year. The Company has capitalized all the pre-operative expenditure and depreciation has been provided on Straight Line method (SLM) as per Section 205 (2) of the Companies Act, 1956.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10455072	05/10/2013	5,387,200,000.00	BANK OF BARODA	PARSI SHERI BRANCH, SURAT, Gujarat - 395003, INDIA	B87492393
2	10455073	05/10/2013	5,387,200,000.00	BANK OF BARODA	PARSI SHERI BRANCH, SURAT, Gujarat - 395003, INDIA	B87491700
3	10432231	17/06/2013	500,000,000.00	BANK OF BARODA	PARSI SHERI BRANCH, SURAT, Gujarat - 395003, INDIA	B77561694
4	10359331	06/06/2012	58,500,000.00	IDBI Bank Limited	IDBI Tower Wtc Complex, Cuffe Parade, Mumbai, Branch At 2nd Floor, Essen House, Ghod Dod Road, Surat, Gujarat - 395009, India	B41088253
5	10358963	11/05/2012	150,000,000.00	STATE BANK OF TRAVANCORE	Rajhans Complex, 0pp.J.K Tower, Ring Road, Surat, Surat, Gujarat - 395002, India	B40909608
6	10201640	01/02/2010	89,000,000.00	IDBI BANK LIMITED	ESS En House, Ghod Dod Road, Surat, Gujarat - 395007, India	A79150314
7	10009861	16/06/2013 *	113,600,000.00	STATE BANK OF INDIA	Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara, Gujarat - 390007, India	B79181020
8	10007280	30/01/2013 *	7,369,600,000.00	BANK OF BARODA	PARSI SHERI BRANCH, SURAT, Gujarat - 395003, INDIA	B67573303
9	90094980	28/06/1997	11,700,000.00	BANK OF BARODA	PARSI SHERI BRANCH, SURAT, Gujarat, INDIA	-
10	90243086	12/04/1991	4,750,000.00	STATE BANK OF INDIA	SP COMM. BRNCH, SURAT, Gujarat, INDIA	-

* Date of charge modification

TRADE REFERENCES:

· Reliance India Limited

· Indian Oil Corporation Limited

· Jivraykar Textile Industries, Mumbai, Maharashtra, India

FIXED ASSETS:

· Land and Buildings

· Plant and Equipment

· Furniture and Fixtures

· Motor Vehicles

· Office Equipment

· Computer Equipments

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 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 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.62.23
UK Pound	1	Rs.100.18
Euro	1	Rs.84.06

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.