MIRA INFORM REPORT

Report Date :

01.03.2014

IDENTIFICATION DETAILS

Name :	SATYAM FIBRES (INDIA) PRIVATE LIMITED
Registered Office :	97, Maker Chambers III, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.08.1986
Com. Reg. No.:	11-040613
Capital Investment / Paid-up Capital :	Rs.1.500 Millions
CIN No.: [Company Identification No.]	U17120MH1986PTC040613
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of fibres.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 53000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track. There are huge external borrowings recorded by the company during 2013. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution. Note: Profit and loss account of the company is not available.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 DECLINED

MANAGEMENT NON – COOPERATIVE (91-22-40274053)

LOCATIONS

Registered Office :	97, Maker Chambers III, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-40274053
Fax No.:	91-22-40274037
E-Mail :	petro@spanfibres.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Satyanarain Agarwal

Designation :

Director

Address :

52, Laxmi Niwas, 87, Neapenseas Road, Mumbai – 400006, Maharashtra, India

Date of Appointment :

12.08.1986

DIN No.:

00896325

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	U70102MH1984PTC034376	SEAMAX REALTY PRIVATE LIMITED	Director	23/10/1984	23/10/1984	-	Active	NO
2	U17120MH1986PTC040613	SATYAM FIBRES(INDIA) PRIVATE LIMITED	Director	12/08/1986	12/08/1986	-	Active	NO
3	U51491MH2001PTC132377	SPAN FIBRE (INDIA) PRIVATE LIMITED	Director	18/06/2001	18/06/2001	-	Active	NO
4	U23200MH2004PTC147069	PARRK PETROCHEM PRIVATE LIMITED	Director	21/06/2004	21/06/2004	21/01/2009	Active	NO

Name :

Mr. Vinod Mandavia

Designation :

Director

Address :

B-11, Mayur Pankh, 4^th Floor, N S Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Appointment :

12.08.1986

DIN No.:

00832167

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	U70102MH1984PTC034376	SEAMAX REALTY PRIVATE LIMITED	Director	23/10/1984	23/10/1984	-	Active	NO
2	U17120MH1986PTC040613	SATYAM FIBRES(INDIA) PRIVATE LIMITED	Director	12/08/1986	12/08/1986	-	Active	NO
3	U67120MH1988PTC046198	SPECTRUM CAPITAL PRIVATE LIMITED	Director	12/02/1988	12/02/1988	03/08/2008	Active	NO
4	U51491MH2001PTC132377	SPAN FIBRE (INDIA) PRIVATE LIMITED	Director	18/06/2001	18/06/2001	-	Active	NO
5	U99999MH2005PTC157055	V K MERCHANTS PRIVATE LIMITED	Director	26/10/2005	26/10/2005	-	Active	NO
6	U52100MH2008PTC186584	MANAS RETAIL PRIVATE LIMITED	Director	09/09/2008	09/09/2008	-	Active	NO
7	U45400MH2012PTC233338	GLOBAL LANDMARK PRIVATE LIMITED	Director	13/07/2012	13/07/2012	-	Active	NO

Name :

Mr. Kantilal Mandavia

Designation :

Director

Address :

B-11, Mayur Pankh Hill, N S Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Appointment :

12.08.1986

DIN No.:

00832122

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	U70102MH1984PTC034376	SEAMAX REALTY PRIVATE LIMITED	Director	23/10/1984	23/10/1984	-	Active	NO
2	U17120MH1986PTC040613	SATYAM FIBRES(INDIA) PRIVATE LIMITED	Director	12/08/1986	12/08/1986	-	Active	NO
3	U51491MH2001PTC132377	SPAN FIBRE (INDIA) PRIVATE LIMITED	Director	18/06/2001	18/06/2001	-	Active	NO
4	U99999MH2005PTC157055	V K MERCHANTS PRIVATE LIMITED	Director	26/10/2005	26/10/2005	-	Active	NO

Name :

Mr. Chandratan Satyanarain Agarwal

Designation :

Director

Address :

52, Laxmi Niwas, 87, Neapenseas Road, Mumbai – 400006, Maharashtra, India

Date of Appointment :

12.08.1986

DIN No.:

01394983

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	U17120MH1986PTC040613	SATYAM FIBRES(INDIA) PRIVATE LIMITED	Director	12/08/1986	12/08/1986	-	Active	NO
2	U67120MH1988PTC046198	SPECTRUM CAPITAL PRIVATE LIMITED	Director	12/02/1988	12/02/1988	03/08/2008	Active	NO
3	U51491MH2001PTC132377	SPAN FIBRE (INDIA) PRIVATE LIMITED	Director	18/06/2001	18/06/2001	-	Active	NO
4	U70109DL2006PTC152306	C S BUILDWELL PRIVATE LIMITED	Director	22/08/2006	22/08/2006	-	Active	NO
5	U17126DL2006PLC152697	MOHAN FABTEX LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of fibres.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	K C Todarwal and Company Chartered Accountants
Address :	615, Makers Chamber V, 221, Nariman Point, Mumbai – 400021, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABPT1549A

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs. 1.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.500	1.500
(b) Reserves & Surplus	11.729	10.599
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	13.229	12.099
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	67.629	89.229
(b) Trade payables	35.376	7.843
(c) Other current liabilities	0.573	1.925
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	103.578	98.997
TOTAL	116.807	111.096
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.635	1.663
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	19.621	18.559
(c) Deferred tax assets (net)	0.086	0.102
(d) Long-term Loan and Advances	2.422	3.892
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	23.764	24.216
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	14.744	67.548
(d) Cash and cash equivalents	0.059	0.098
(e) Short-term loans and advances	78.240	19.194
(f) Other current assets	0.000	0.040
Total Current Assets	93.043	86.880
TOTAL	116.807	111.096

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		1.500
2] Share Application Money		0.000
3] Reserves & Surplus		8.275
4] (Accumulated Losses)		0.000
NETWORTH		9.775
LOAN FUNDS
1] Secured Loans		29.696
2] Unsecured Loans		44.849
TOTAL BORROWING		74.545
DEFERRED TAX LIABILITIES		0.000
TOTAL		84.320
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.577
Capital work-in-progress		0.000
INVESTMENT		21.543
DEFERREX TAX ASSETS		0.015
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	62.542
	Cash & Bank Balances	0.090
	Other Current Assets	0.000
	Loans & Advances	3.557
Total Current Assets		66.189
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.007
	Other Current Liabilities	1.200
	Provisions	0.797
Total Current Liabilities		6.004
Net Current Assets		60.185
MISCELLANEOUS EXPENSES		0.000
TOTAL		84.320

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	0.000
		Other Income	24.535
		TOTAL (A)	24.535
Less	EXPENSES
		Administrative and other Expenses	3.068
		Selling and marketing Expenses	12.904
		TOTAL (B)	15.972
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.563
Less	FINANCIAL EXPENSES (D)		5.746
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.817
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.651
	PROFIT BEFORE TAX (E-F) (G)		2.166
Less	TAX (H)		0.789
	PROFIT AFTER TAX (G-H) (I)		1.377
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.130
	BALANCE CARRIED TO THE B/S		9.507
	Earnings Per Share (Rs.)		91.83

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	5.61
Net Profit Margin (PBT/Sales)	(%)	NA	NA	8.83
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	3.15
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.22
Debt Equity Ratio (Total Debt /Networth)		5.11	7.37	0.65
Current Ratio (Current Asset/Current Liability)		0.90	0.88	11.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.500	1.500
Reserves & Surplus	10.599	11.729
Net worth	12.099	13.229
long-term borrowings	0.000	0.000
Short term borrowings	89.229	67.629
Total borrowings	89.229	67.629
Debt/Equity ratio	7.375	5.112

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 one year	Yes
12]	Profitability for last one year	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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 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.62.07
UK Pound	1	Rs.103.61
Euro	1	Rs.85.03

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.