1. Summary Information

		Country	India
Company Name	SHUBHALAKSHMI POLYESTERS LIMITED	Principal Name 1	Mr. Ajay Agarwal
Status	Satisfactory	Principal Name 2	Mr. Vikas Agarwal
		Registration #	11-190937
Street Address	410, A-Wing, Oberoi Chambers, Near Kuber , Andheri Link Road, Andheri (West), Mumbai – 400053, Maharashtra
Established Date	13.09.2005	SIC Code	--
Telephone#	91-22-26744375	Business Style 1	Manufacturer
Fax #	91-22-26744377	Business Style 2	Exporter
Homepage	http://www.shubhalakshmi.com	Product Name 1	Yarns
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.246,977,380/-	Product Name 3	--
Shareholders	Bodies corporate - 83.10 % Directors or relatives of directors - 16.90 %	Banking	Bank of Baroda
Public Limited Corp.	No	Business Period	8 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Holding Company	--	Shubhlaxmi Dyetex Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,200,732,000	Current Liabilities	559,430,000
Inventories	373,126,000	Long-term Liabilities	2,977,761,000
Fixed Assets	1,566,405,000	Other Liabilities	247,026,000
Deferred Assets	0,000	Total Liabilities	3,784,217,000
Invest& other Assets	1,964,354,000	Retained Earnings	1,073,423,000
		Net Worth	1,320,400,000
Total Assets	5,104,617,000	Total Liab. & Equity	5,104,617,000
Total Assets (Previous Year)	3,298,278,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	5,677,896,000	Net Profit	164,363,000
Sales(Previous yr)	4,537,472,000	Net Profit(Prev.yr)	201,510,000

MIRA INFORM REPORT

Report Date :

21.09.2013

IDENTIFICATION DETAILS

Name :	SHUBHALAKSHMI POLYESTERS LIMITED
Registered Office :	410, A-Wing, Oberoi Chambers, Near Kuber , Andheri Link Road, Andheri (West), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.09.2005
Com. Reg. No.:	11-190937
Capital Investment / Paid-up Capital :	Rs.246.977 Millions
CIN No.: [Company Identification No.]	U17110MH2005PLC190937
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer 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 5300000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Shubhalaxmi Dyetex Private Limited”. It is a well established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments terms are slow but correct. The company can be considered 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB = Long Term Bank Loan
Rating Explanation	Moderate Credit Risk
Date	19.09.2013

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 DENIED

Management non-cooperative. (Tel No. 91-22-26744375)

LOCATIONS

Registered/ Corporate Office :	410, A-Wing, Oberoi Chambers, Near Kuber , Andheri Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26744375 / 6
Fax No.:	91-22-26744377
E-Mail :	export@shubhalakshmi.com enqury@shubhalakshmi.com shubhl@vsnl.com subhalakshmi@sify.com pradeepsinghica@yahoo.co.in
Website :	http://www.shubhalakshmi.com
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

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 LIMITED	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 :

30.06.2011

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	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. 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 :

13.09.2005

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	U72200GJ2000PTC038298	SHUBHALAKSHMI PETRO-YARNS PRIVATE LIMITED	Director	03/07/2000	03/07/2000	07/09/2009	Active	NO
2	U72900MH2000PTC127901	SHUBHALAKSHMI FARMAKEM PRIVATE LIMITED	Director	25/07/2000	25/07/2000	-	Active	NO
3	U17297GJ1987PLC009689	SHUBHALAKSHMI INDUSTRIES LIMITED	Director	01/12/2000	01/12/2000	-	Amalgamated	NO
4	U17110MH2005PLC190937	SHUBHALAKSHMI POLYESTERS LIMITED	Director	13/09/2005	13/09/2005	-	Active	NO
5	U01400GJ2010PTC060507	FERRO AGRO PARK PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO
6	U40109MH2010PTC199414	SAMRIDHI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	25/07/2011	25/03/2011	-	Active	NO
7	U99100MH1954NPL009434	THE SYNTHETIC AND RAYON TEXTILES EXPORT PROMOTION COUNCIL	Director	10/09/2012	10/09/2012	-	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	U65991MH1994PTC078879	JM FINANCIAL ASSET MANAGEMENT PRIVATE LIMITED	Director	19/04/2003	19/04/2003	25/01/2012	Active	NO
6	L24222WB1902PLC001540	SHALIMAR PAINTS LIMITED	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 AND COMPANY 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	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

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 and Exporter of Yarns.

GENERAL INFORMATION

No. of Employees :

Not Available

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 :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Term Loan
- From Banks	2503.648	0.000
- From Others	0.000	979.756
Loans taken for Vehicles	11.635	3.541
Working Capital Loans from Banks	461.503	465.948
Total	2976.786	1449.245

Banking Relations :	--
Financial Institution :	Reliance Capital Limited
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 31.03.2012

Authorised Capital : Rs. 400.000 Millions

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

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24697738	Equity Shares	Rs.10/- each	Rs.246.977 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		246.977	214.949	214.949
2] Share Application Money		0.000	100.000	0.000
3] Reserves & Surplus		1073.423	740.564	569.362
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1320.400	1055.513	784.311
LOAN FUNDS
1] Secured Loans		2976.786	1449.245	1075.528
2] Unsecured Loans		0.975	22.820	9.831
TOTAL BORROWING		2977.761	1472.065	1085.359
DEFERRED TAX LIABILITIES		136.660	115.927	71.872
TOTAL		4434.821	2643.505	1941.542
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1566.405	1480.620	1138.943
Capital work-in-progress		1876.236	150.731	172.937
Expenditure Pending Allocation		0.000	0.000	(15.559)
INVESTMENT		88.118	96.144	18.615
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	373.126	506.741	182.199
	Sundry Debtors	722.559	594.295	469.668
	Cash & Bank Balances	268.948	258.514	65.481
	Other Current Assets	1.739	0.305	0.000
	Loans & Advances	207.486	210.928	178.444
Total Current Assets		1573.858	1570.783	895.792
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	510.961	529.392	195.682
	Other Current Liabilities	48.469	29.517	19.730
	Provisions	110.366	95.864	54.155
Total Current Liabilities		669.796	654.773	269.567
Net Current Assets		904.062	916.010	626.225
MISCELLANEOUS EXPENSES		0.000	0.000	0.381
TOTAL		4434.821	2643.505	1941.542

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	5677.896	4537.472	3213.757
		Other Income	8.808	2.508	2.906
		TOTAL (A)	5686.704	4539.980	3216.663
Less	EXPENSES
		Cost of materials consumed	4709.905	3676.600	2984.489
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(62.781)	(60.714)
		Employee benefit expense	97.475	83.982
		Other expenses	538.748	440.406
		TOTAL (B)	5283.347	4140.274	2984.489
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		403.357	399.706	232.174
Less	FINANCIAL EXPENSES (D)		110.481	80.487	62.943
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		292.876	319.219	169.231
Less/ Add	DEPRECIATION/ AMORTISATION (F)		94.666	80.733	52.057
	PROFIT BEFORE TAX (E-F) (G)		198.210	238.486	117.174
Less	TAX (H)		33.847	36.976	16.579
	PROFIT AFTER TAX (G-H) (I)		164.363	201.510	100.595
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	137.632	206.522	75.876
	TOTAL EARNINGS		137.632	206.522	75.876
	IMPORTS
		Raw Materials	55.937	0.000	0.000
		Stores & Spares	4.511	0.000	0.000
		Capital Goods	799.113	0.000	0.000
	TOTAL IMPORTS		859.561	0.000	0.000
	Earnings Per Share (Rs.)		6.65	9.37	4.68

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.89	4.44	3.13
Net Profit Margin (PBT/Sales)	(%)	3.49	5.26	3.65
Return on Total Assets (PBT/Total Assets}	(%)	6.31	7.82	5.76
Return on Investment (ROI) (PBT/Networth)		0.15	0.23	0.15
Debt Equity Ratio (Total Debt/Networth)		2.26	1.39	1.38
Current Ratio (Current Asset/Current Liability)		2.35	2.40	3.32

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	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 three 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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The Registered Office of the company has been shifted from “418 Jeevandeep Complex, Opposite J.K. Tower Ring road, Surat – 395 002, Gujarat, India” to present w.e.f 23.02.2009.

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Loans and advances
- From Others	0.975	22.820
Total	0.975	22.820

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10432231	17/06/2013	500,000,000.00	BANK OF BARODA	PARSI SHERI BRANCH, SURAT, Gujarat - 395003, INDIA	B77561694
2	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
3	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
4	10201640	01/02/2010	89,000,000.00	IDBI BANK LIMITED	ESS En House, Ghod Dod Road, SURAT, Gujarat - 395007, INDIA	A79150314
5	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
6	10007280	30/01/2013 *	7,369,600,000.00	BANK OF BARODA	PARSI SHERI BRANCH, SURAT, Gujarat - 395003, INDIA	B67573303
7	90094980	28/06/1997	11,700,000.00	BANK OF BARODA	PARSI SHERI BRANCH, SURAT, Gujarat, INDIA	-
8	90243086	12/04/1991	4,750,000.00	STATE BANK OF INDIA	SP COMM. BRNCH, SURAT, Gujarat, INDIA	-

* Date of charge modification

OPERATIONS:

The ongoing expansion of the Continuous Poly Condensation Plant Project as on 30th June, 2011 located at Dahej, Gujarat is running on the scheduled time. As on 30th June, 2011, a total cost of Rs.85.900 Millions have been incurred, Rs.177.600 Millions have been given as advance, an order for Rs.1165.400 Millions have been placed for the Building, Plant and Machineries, Furniture and Fixtures, Land and Site Development and towards other miscellaneous expenses against the total project cost of Rs.3480.000 Millions

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. 62.24
UK Pound	1	Rs. 99.90
Euro	1	Rs. 84.23

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
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.