MIRA INFORM REPORT

Report No. :	356710
Report Date :	26.12.2015

IDENTIFICATION DETAILS

Name :	SINTEX INDUSTRIES LIMITED (w.e.f.1995)
Formerly Known As :	THE BHARAT VIJAY MILLS LIMITED
Registered Office :	Kalol (N.G.), District: Gandhinagar – 382721, Gujarat
Tel No. :	91-2764-223731
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.06.1931
Com. Reg. No.:	04-000454
Capital Investment / Paid-up Capital :	Rs.424.400 Million
CIN No.: [Company Identification No.]	L17110GJ1931PLC000454
IEC No.:	0888003447
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00244G
PAN No.: [Permanent Account No.]	AADCS0858E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is organized into three main business segments, namely: Plastic - Manufacturer of Plastic Products such as Water Tanks Doors, Windows, Prefab Section, BT Shelters, Customs Mouldings etc. Textile - Spinning, Weaving and Finishing of Textiles such as Fabric and Yarn Infrastructure – Affordable Housing and EPC Contract. (Registered Activity)
No. of Employees :	4064 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in 1931 and commenced its operations with its textile mill at Kalol in Gujarat and diversified into manufacturing of water storage tanks in 1975. At present, the company operates primarily into three segments viz. Plastics, Textiles and Infrastructure which contributed around 80%, 10% and 10% respectively. The company enjoys leadership position in water tanks and prefabricated structure (prefab) business in India. Its established presence in the water tanks business has made brand ‘Sintex’ a generic name. For the financial year ended 2015, company has reported 23.04% sales turnover growth as compared to previous sales turnover and it has maintained decent profitability margins at 11.42% during the year under a review. Ratings continue to derive strength from its diversified revenue stream supported by wide product portfolio, its leadership position in prefabricated structures (prefabs) and water tank business in the domestic market, well-established distribution network with strong brand name and established relationships with its diversified clientele. The ratings are further underpinned by company’s competent management, long-standing operational track record and wider geographical reach through its subsidiaries along with its strong financial risk profile marked by strong capitalization, sustained income growth and healthy profitability. However, rating strength is partially offset by stabilization risk associated with the ongoing textile spinning project, although has satisfactory project progress and envisages ahead of schedule commissioning of part facilities, working capital intensive nature of its operations and susceptibility to volatility in crude based raw material prices. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Non-Convertible Debentures (NCD) (Withdrawn) = AA+
Rating Explanation	High degree of safety and very low credit risk.
Date	20.07.2015

Reason for Withdrawal: Withdrawn the rating assigned to the NCD issue with immediate effect, as the company has fully repaid the amounts under the said issue and there is no amount outstanding under the issue as on date.

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Piyush Soni
Designation :	Senior Manager-Marketing
Contact No.:	91-9099981071

LOCATIONS

Registered / Corporate Office / Plastic Division :	Kalol (N.G.), District: Gandhinagar – 382721, Gujarat, India
Tel. No.:	91-2764-223731 (6 Lines)/ 220246/ 220793/ 253000/ 253500/ 224301/ 2/ 3/ 4/ 5
Mobile No.:	91-9099981071 (Mr. Piyush Soni)
Fax No.:	91-2764-220436/ 222868/ 253100/ 253800/ 220385
E-Mail :	bvm@sintex.co.in plastic@sintex.co.in export@sintex.co.in umeshpandiya@sintex.co.in piyush.soni@sintex.co.in hiteshmehta@sintex.co.in
Website :	www.sintex-plastics.com www.sintex.in
Location :	Owned
Locality :	Industrial
Manufacturing Facilities :	· Kalol Near Seven Garnala, Kalol - 382721 (N.G.), District - Gandhinagar, Gujarat State, India Tel. No.: 91-2764-253000/ 253500 Fax No.: 91-2764-253100/ 253800 E-Mail: bvm@sintex.co.in · Bangalore 61-C, Bommasandra Industrial Estate, Hosur Road, Bommasandra - 562158, Karnataka State, India · Kolkata Plot No. 40/41, Uluberia Growth Center, Near - Birsipur Railway Station, District - Howrah, West Bengal State, India · Daman Plot No. 34, 39 / 40, Survey No. 168, Dabhel Industrial Company Society Limited, Dabhel, Daman (Union Territory), India · Baddi Pillanvali Road, Near Raja Forging Gears Limited, District: Solan, Himachal Pradesh, India · Nagpur Plot No. B/124 Batti-Bori, MIDC, Batti-Bori, District Nagpur, Maharashtra, India · Salem 131, Sandhiyur Attayampatti, Behind S.V.T. School, Via-Mallur, Trichy Main Road, Salem - 636203, Tamilnadu, India · Bhachau Plot No. 1211/1, 1223/24/31, Bhachau Gandhidham Highway, District – Kutch, Bhachau - 370140, Gujarat, India
Branch Offices :	Located at: · Ahmedabad · Bangalore · Bhopal · Chandigarh · Chennai · Jaipur  · Kolkata · Lucknow  · Mumbai · New Delhi  · Pune  · Ranchi  · Secunderabad  · Trivandrum

DIRECTORS

As on 31.03.2015

Name :	Mr. Amit Dineshchandra Patel
Designation :	Managing Director
Address :	Vrindavan, Near Manali Appartment, B/H Apang, Manav Mandal Workshop, Dr. V.S. Road, Vastrapur,, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	29.01.1966
Qualification :	B. Com., MT (USA)
Experience :	Industrialist with rich business experience in general.
Date of Appointment :	21.10.1993
DIN No.:	00171035
Name :	Mr. Rahul Arunprasad Patel
Designation :	Managing Director
Address :	112, Sunrise Park,, Opposite Drive-In Cinema, Thaltej Road, Ahmedabad - 380054, Gujarat, India
Date of Birth/Age :	04.10.1959
Qualification :	B. Com., MBA (USA)
Experience :	Industrialist with rich business experience in general.
Date of Appointment :	21.10.1993
DIN No.:	00171198
Name :	Mr. Satyanarayan Banwarilal Dangayach
Designation :	Managing Director
Address :	Bunglow No. 3, Ashwamegh - 7, Nearr. Hasubhai Park, Satellite Road, Ahmedabad - 380015, Gujarat, India
Date of Appointment :	21.10.1933
DIN No.:	01572754
Name :	Mr. Ramniklal Hirachand Ambani
Designation :	Director
Address :	'Vimal House', Navrangpura, Ahmedabad - 380014, Gujarat, India
Date of Appointment :	23.11.1994
DIN No.:	00004785
Name :	Ms. Indira Jitendra Parikh
Designation :	Director
Address :	Koregaon Park, Lane No. 7, Oxford Hallmark, "B" Building, Flat No. 1001, Pune - 411001, Maharashtra, India
Date of Appointment :	27.08.2003
DIN No.:	00143801
Name :	Mr. Dineshchandra Bhikhabhai Patel
Designation :	Director
Address :	Vrindavan, B/H Atira, Near Manali Apartment, Dr. V.S. Road, Ahmedabad - 380006, Gujarat, India
Date of Birth/Age :	04.07.1934
Qualification :	B.Sc.
Expertise in specific functional Area :	Industrialist with rich business experience in general.
Date of Appointment :	25.08.1972
DIN No.:	00171089
Name :	Mr. Rajeshbhai Balkrishnabhai Parikh
Designation :	Director
Address :	3, Nandanvan Society, Near. Sardar Garden, Taluka-Kalol, Gandhinagar, Kalol - 382721, Gujarat, India
Date of Appointment :	01.05.2004
DIN No.:	00171231
Name :	Mr. Ashwinbhai Lalbhai Shah
Designation :	Director
Address :	28/2, Mahalaxmi Society, Paldi, Ellisbridge, Ahmedabad - 380007, Gujarat, India
Date of Birth/Age :	26.11.1936
Qualification :	B.com, LLB
Expertise in specific functional Area :	Legal Advisor and Practicing advocate
Date of Appointment :	24.01.2002
DIN No.:	00171364
Name :	Mr. Arunprasad Purshottamdas Patel
Designation :	Director
Address :	Manglam, B/H. Apang Manav Mandal, Near Manali Appartment, Ahmedabad -380015, Gujarat, India
Date of Birth/Age :	06.04.1935
Qualification :	B.Sc.
Expertise in specific functional Area :	Industrialist with rich business experience in general
Date of Appointment :	25.08.1972
DIN No.:	00830809
Name :	Dr. Lavkumar Kantilal Shah
Designation :	Director
Address :	C-10, 426 Apartment, Near Nehru Foundation, Bodakdev Circle, Ahmedabad -380054, Gujarat, India
Date of Birth/Age :	01.04.1957
Qualification :	M.Sc., MBA, Ph.D., FTA
Expertise in specific functional Area :	Industrialist and adviser with rich business experience in general.
Date of Appointment :	01.05.2004
DIN No.:	01572788
Name :	Mr. Narendra Kumar Bansal
Designation :	Director Appointed In Casual Vacancy
Address :	House No. D-44, Sector-49, Noida - 201304, Uttar Pradesh, India
Date of Appointment :	07.05.2013
DIN No.:	03086069

KEY EXECUTIVES

Name :	Mr. Hitesh Mehta
Designation :	Company Secretary
Address :	12-B, Dwarkesh Apartment, Near Laad Society, Opposite Pushpak Bunglow, Bodakdev, Vastrapur, Ahmedabad - 380015, Gujarat, India
Date of Appointment :	15.10.2013
PAN No.;	AFJPM0982M
Name :	Mr. Piyush Soni
Designation :	Senior Manager-Marketing
Name :	Mr. Prashant Dineshbhai Shah
Designation :	Chief Financial Officer
Address :	C - 404, Rosewood Estate, Jodhpur Char Rasta, Satellite, Ahmedabad - 380015, Gujarat, India
Date of Appointment :	05.08.2014
PAN No.;	AFQPS3051L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholders	No. of Shares	% of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2869830	0.64
Bodies Corporate	142065933	31.81
Sub Total	144935763	32.46
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	144935763	32.46
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9647344	2.16
Financial Institutions / Banks	2549299	0.57
Insurance Companies	50000	0.01
Foreign Institutional Investors	100542502	22.52
Sub Total	112789145	25.26
(2) Non-Institutions
Bodies Corporate	19745729	4.42
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	79564277	17.82
Individual shareholders7 holding nominal share capital in excess of Rs. 0.100 Million	9799242	2.19
Any Others (Specify)	79716565	17.85
Non Resident Indians	4155234	0.93
Trusts	1962570	0.44
Clearing Members	1727746	0.39
Foreign Individuals	1000	0.00
Foreign Portfolio Investors	71870015	16.09
Sub Total	188825813	42.29
Total Public shareholding (B)	301614958	67.54
Total (A)+(B)	446550721	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	446550721	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	Pranay Arunprasad Patel	4,96,330	0.11
2	Rahulbhai Patel	3,92,090	0.09
3	Amit Patel	3,19,750	0.07
4	Pranay Arunprasad Patel	2,62,500	0.06
5	Deval Rahul Patel	2,62,500	0.06
6	Leena Arunprasad Patel	1,77,970	0.04
7	Arunprasad Purshottamdas Patel	1,73,910	0.04
8	Arunprasad Purshottamdas Patel	1,53,800	0.03
9	Dineshchandra Patel	1,29,250	0.03
10	Dineshchandra Patel	1,18,610	0.03
11	Kalavati Patel	1,08,550	0.02
12	Rahul Arunbhai Patel	1,05,000	0.02
13	Poonam Pranay Patel	65,620	0.01
14	Kalavati Bhagubhai	48,150	0.01
15	Kalavati Patel	35,650	0.01
16	Amit Patel	20,150	0.00
17	BVM Finance Private Limited	7,81,03,905	17.49
18	Opel Securities Private Limited	3,02,23,452	6.77
19	Kolon Investment Private Limited	3,02,22,046	6.77
20	Denis Traders & Investments Limited	9,58,300	0.21
21	Denis Holding Private Limited	7,74,550	0.17
22	Star Line Leasing Limited	7,24,390	0.16
23	Bar Magnet Investment Private Limited	3,97,690	0.09
24	Mas Chemical Industries Private Limited	3,93,750	0.09
25	Som Shiva Impex Limited	2,62,500	0.06
26	Prominent Plastics Limited	5,350	0.00
	Total	14,49,35,763	32.46

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Government of Singapore	11381838	2.55
2	Sr Global (Mauratius) Limited (Class G Global Opportunities)	5913500	1.32
3	Baring India Pvt Equity Fund III Listed Investment Limited	13961290	3.13
4	Orange Mautitius Investment Limited	19707904	4.41
5	Platinum Asia Fund	26186953	5.86
6	Causeway Emerging Markets Fund	6461326	1.45
7	Dimensional Emerging Markets Value Fund	7353212	1.65
8	Morgan Stanly Asia (Singapore) PTE	6569722	1.47
	Total	97535745	21.84

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Platinum Asia Fund	26186953	5.86
	Total	26186953	5.86

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Kolon Investment Private Limited	1,50,00,000	3.36
2	Opel Securities Private Limited	1,50,00,000	3.36
	Total	3,00,00,000	6.72

BUSINESS DETAILS

Line of Business :	Subject is organized into three main business segments, namely: Plastic - Manufacturer of Plastic Products such as Water Tanks Doors, Windows, Prefab Section, BT Shelters, Customs Mouldings etc. Textile - Spinning, Weaving and Finishing of Textiles such as Fabric and Yarn Infrastructure – Affordable Housing and EPC Contract. (Registered Activity)
Products/ Services :	Textile - Fabric and Yarn Plastic – Water Tanks Doors, Windows, Prefab, Sections, BT Shelters, Custom Moulding etc. Infrastructure – Affordable Housing and EPC Contract.
Brand Names :	“SINTEX”
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	United Arab Emirates Germany Sri Lanka Netherland Italy
Imports :
Products :	Raw Material
Countries :	Saudi Arabia United Sates of America Taiwan
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users and OEMs

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

4064 (Approximately)

Bankers :

· State Bank of India, Kalol, Branch, Gandhi Nagar, Gujarat,India

· Bank of Baroda

· IDBI Bank Limited

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Debentures	6675.000	6000.000
Term loans
From banks	15266.300	12703.600
From Financial Institutions	3381.400	1443.000
SHORT TERM BORROWINGS
Loans repayable on demand From banks	5360.600	3591.800
Total	30683.300	23738.400

Auditors :
Name :	Shah and Shah Associates Chartered Accountants
Address :	C.G. Road, Navranpura, Ahmedabad - 380009, Gujarat, India
Tel No.:	91-79-26465433
Fax No.:	91-79-26406983
E-Mail:	ca@shahandshah.co.in
Associate :	Zillion Infra Projects Private Limited
Subsidiaries:	· Sintex Holdings B.V. · Bright Auto Plast Limited · Sintex Infra Projects Limited · Amerange Inc. (Up to 29th August 2013) · Zep Infratech Limited (Up to 26th March 2014) · Sintex Wausaukee Composites Inc. · Sintex France SAS · Sintex Industries UK Limited · Sintex Austria B.V. · Southgate Business Corp. · Wasaukee Composites Inc.- Owosso, Inc. · WCI Wind Turbine Components, LLC. · Sintex NP SAS · NP Hungaria kft · NP Nord SAS · NP Slovakia SRO · NP Savoie SAS · NP Tunisia SARL · NP Vosges SAS · Segaplast SAS · Segaplast Maroc SA · Siroco SAS · NP Jura · AIP SAS · NP Poschman · Cuba City Real Estate LLC · Owosso Real Estate LLC · NP Polska · SICMO SAS · Simonin SAS · Ressorest SARL · Capelec SAS · Simonin Maroc SARL · Capelem SARL · Cuba City Real Estate LLC · Owosso Real Estate LLC
Enterprises over which Key Managerial Personnel are able to exercise significant influence/control :	· Som Shiva (Impex) Limited · Atik Land Developers Private Limited · Prominent Plastic Limited · BVM Finance Private Limited · Healwell International Limited (Earlier known as Sintex International Limited)

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
650000000	Equity Shares	Re. 1/- each	Rs.650.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
426392994	Equity Shares	Re. 1/- each	Rs.426.300 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
426361194	Equity Shares	Re. 1/- each	Rs.426.300 Million
	Less:- Amount Recoverable from ESOP Trust (face value of Re.1 each, 19,23,000 equity shares allotted to the Trust)		Rs. 1.900 Million
	Total		Rs. 424.400 Million

NOTES:

(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Opening Balance	QIP issue during the year	Conversion of share warrants into equity shares during the year	Closing Balance
Equity Shares
Year ended 31st March 2015
- Number of shares	313,109,980	9,68,51,214	1,64,00,000	42,63,61,194
- Amount in Million	313.100	96.800	16.400	426.300

ii) Terms/ Rights attached to equity shares

The Company has only one class of equity shares having a par value of Re. 1/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of Shareholders in the ensuing AGM.

iii) As at 31st March, 2015 2,21,12,553 shares were reserved for issuance as follows:

a) 19,23,000 shares of Re.1 each towards outstanding employee stock options granted / available for grant.

b) Nil of Re.1 each towards outstanding share warrants to promoter group companies.

c) 2,01,89,553 shares of Re.1 each towards Foreign Currency Convertible Bonds (FCCB)

iv) Equity shareholder holding more than 5% of equity shares along with the number of equity shares held is as given below:

Class of shares / Name of shareholder	As at March 31, 2015
	No. of Shares held	% holding in that class of shares
Equity shares
BVM Finance Private Limited	7,81,03,905	18.32%
Kolon Investment Private Limited	3,02,22,046	7.09%
Opel Securities Private Limited	3,02,23,452	7.09%

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	424.400	311.200	311.200
(b) Reserves & Surplus	41908.100	29827.000	27399.100
(c) Money received against share warrants	0.000	283.100	283.100
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	42332.500	30421.300	27993.400
(3) Non-Current Liabilities
(a) long-term borrowings	26834.100	28560.600	20789.400
(b) Deferred tax liabilities (Net)	4473.400	3114.300	2710.300
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	164.900	140.900	134.900
Total Non-current Liabilities (3)	31472.400	31815.800	23634.600
(4) Current Liabilities
(a) Short term borrowings	7310.600	5499.500	9320.600
(b) Trade payables	3771.500	3758.000	2611.900
(c) Other current liabilities	6789.400	2029.500	2002.200
(d) Short-term provisions	418.500	291.700	285.500
Total Current Liabilities (4)	18290.000	11578.700	14220.200
TOTAL	92094.900	73815.800	65848.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40529.200	26642.300	21067.600
(ii) Intangible Assets	18.400	12.600	2.800
(iii) Capital work-in-progress	2041.900	845.000	1247.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10117.700	10136.600	9417.100
(c) Deferred tax assets (net)	17254.400	0.000	0.000
(d) Long-term Loan and Advances	0.000	18000.300	8776.100
(e) Other Non-current assets	442.600	466.600	234.400
Total Non-Current Assets	70404.200	56103.400	40745.400
(2) Current assets
(a) Current investments	118.300	155.800	248.400
(b) Inventories	1625.200	1682.800	2009.700
(c) Trade receivables	14466.300	12996.400	12366.300
(d) Cash and cash equivalents	3365.100	1027.000	7812.900
(e) Short-term loans and advances	1004.600	871.800	2319.700
(f) Other current assets	1111.200	978.600	345.800
Total Current Assets	21690.700	17712.400	25102.800
TOTAL	92094.900	73815.800	65848.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	40060.600	32331.200	29692.600
		Other Income	1121.800	1138.700	822.100
		TOTAL	41182.400	33469.900	30514.700
Less	EXPENSES
		Cost of Materials Consumed	26188.400	20565.200	19611.900
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	36.400	233.700	(288.500)
		Employees benefits expense	1276.800	1129.900	1064.000
		Other expenses	3561.700	3243.400	3422.600
		Exceptional Items	217.900	160.600	903.500
		TOTAL	31281.200	25332.800	24713.500
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		9901.200	8137.100	5801.200
Less	FINANCIAL EXPENSES		2285.300	2373.800	1444.900
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		7615.900	5763.300	4356.300
Less/ Add	DEPRECIATION/ AMORTISATION		1448.400	1383.300	1231.800
	PROFIT/ (LOSS) BEFORE TAX		6167.500	4380.000	3124.500
Less	TAX		1592.300	1029.400	432.600
	PROFIT/ (LOSS) AFTER TAX		4575.200	3350.600	2691.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17319.000	14907.500	13078.100
Less	APPROPRIATIONS
		Transfer to General Reserve	460.000	350.000	275.000
		Debenture redemption reserve	273.100	332.700	332.700
		Proposed dividend on equity shares	310.700	219.200	219.200
		Tax on dividend	61.800	37.200	35.600
		Impact of depreciation	12.900	0.000	0.000
	BALANCE CARRIED TO THE B/S		1118.500	17319.000	14907.500
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Direct Export	331.500	385.000	365.500
	TOTAL EARNINGS		331.500	385.000	365.500
	IMPORTS
		Raw Materials	158.400	134.900	30.500
		Components and Spare Parts (Repairs)	25.800	26.500	64.500
		Capital Goods	3100.600	134.900	42.000
	TOTAL IMPORTS		3284.800	296.300	137.000
	Earnings / (Loss) Per Share (Rs.)
	Basic		12.48	10.77	9.46
	Diluted		11.64	10.77	9.44

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	6971.700	1870.500	853.800
Cash generated from operations	9104.800	8038.400	4703.800
Net cash generated from Operating Activities	8090.800	7122.500	5993.800

QUARTERLY RESULTS

Particulars	30.06.2015	30.09.2015
Unaudited	1st Quarter	2nd Quarter
Net Sales	8068.960	12999.910
Total Expenditure	6383.150	10468.400
PBIDT (Excl OI)	1685.810	2531.510
Other Income	261.890	193.430
Operating Profit	1947.700	2724.940
Interest	579.470	546.690
Exceptional Items	-56.800	NA
PBDT	1311.430	2178.250
Depreciation	468.530	431.340
Profit Before Tax	842.900	1746.910
Tax	269.800	466.200
Provisions and contingencies	NA	NA
Profit After Tax	573.100	1280.710
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	573.100	1280.710

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	11.42	10.36	9.07
Operating Profit Margin (PBIDT/Sales)	(%)	24.72	25.17	19.54
Return on Total Assets (PBT/Total Assets}	(%)	9.84	6.97	5.66
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.11
Debt Equity Ratio (Total Debt/Networth)		0.97	1.18	1.11
Current Ratio (Current Asset/Current Liability)		1.19	1.53	1.77

STOCK PRICES

Face Value	Rs.1.00/-
Market Value	Rs.103.15/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	311.200	311.200	424.400
Reserves & Surplus	27399.100	29827.000	41908.100
Money received against share warrants	283.100	283.100	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	27993.400	30421.300	42332.500
long-term borrowings	20789.400	28560.600	26834.100
Short term borrowings	9320.600	5499.500	7310.600
Current maturities of long-term debts	853.800	1870.500	6971.700
Total borrowings	30963.800	35930.600	41116.400
Debt/Equity ratio	1.106	1.181	0.971

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	29692.600	32331.200	40060.600
		8.886	23.907

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	29692.600	32331.200	40060.600
Profit	2691.900	3350.600	4575.200
	9.07%	10.36%	11.42%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT TAX APPEAL No. 1495 of 2011 (GROUP 01494-01495)
Status: PENDING (Converted from : : ST/3252/2011) CCIN No 001092201101495 Last Listing Date: 01/10/2012 Coram: HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX-IV	MR NITIN K MEHTA for: Appellant(s)  1
S.NO.	Name of the Respondent	Advocate On Record
1	SINTEX INDUSTRIES LIMITED	MR MANISH J SHAH for :Opponent(s)  1

Presented On

: 14/11/2011

Registered On

: 14/11/2011

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

:THROUGH ADVOCATE

Listed

: 272 times

Classification

DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act

· INCOME-TAX ACT, 1961

Lower Court Details

S.No.

Lower Court Case Detail

Lower Court Name

Judge Name

Judgment date

c

INCOME TAX APPELLATE TRIBUNAL/691/2007

INCOME TAX APPELLATE TRIBUNAL, AHMEDABAD

-

30/06/2011

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

15/08/2011

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
for RESPONDENT(s)  1

-

MR MANISH J SHAH:1

2

15/08/2011

VAKALATNAMA

MS PAURAMIB SHETH ADVOCATE
for PETITIONER(s)  1

-

MS PAURAMI B SHETH:1

3

30/11/2011

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
for RESPONDENT(s)  1

5

MR MANISH J SHAH:1

4

24/03/2014

APPEARANCE NOTE

MR NITIN K MEHTA ADVOCATE
for PETITIONER(s)  1

0

MR NITIN K MEHTA(3286) for P:1

Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	01/10/2012	9	18	ADJOURNED MATTERS	DISMISSED@ ADM. STAGE	HONOURABLE MR. JUSTICE AKIL KURESHI HONOURABLE MR. JUSTICE HARSHA DEVANI
2	30/11/2013	7	37	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR. JUSTICE M.R. SHAH HONOURABLE MR. JUSTICE R.P. DHOLARIA
3	26/02/2014	7	62	TAX APPEALS U/S 80 IA	NEXT DATE	HONOURABLE MR. JUSTICE AKIL KURESHI ONOURABLE MR. JUSTICE SONIA GOKANI

CORPORATE INFORMATION

Subject, the flagship Company of Sintex group is one of the leading manufacturers of plastics and composites along with a strong presence in structured fabrics in India. The Company is headquartered in Kalol (Gujarat) and enjoys a pan-India presence through 13 manufacturing facilities in India. Besides, its operations are spread across 12 countries in four continents through 37 manufacturing facilities and 30 global subsidiaries, which mainly includes Bright Autoplast Limited, Sintex Infra Projects Limited, Sintex Wasaukee Composites Inc., USA & its subsidiaries and Sintex NP SAS, a French Company and its subsidiaries.

FINANCIAL PERFORMANCE

The Company’s gross sales jumped by 23.34% from Rs.33144.700 Million in 2013-14 to Rs.40881.000 Million in 2014-15 driven by robust growth in three business segments namely prefabricated structures, custom moulding and textiles.

EBIDTA increased by 21.95% from Rs. 8297.700 Million in 2013-14 to Rs.10119.100 Million in 2014-15 and the profit for the year grew by 36.55% from Rs. 3350.600 Million in 2013-14 to Rs.4575.200 Million in 2014-15. Consequently, the earnings per share (face value of Rs. 1) stood at Rs 124.800 Million (basic) and Rs.116.400 Million (diluted) for 2014-15 against Rs. 107.700 Million (basic) and Rs.107.700 Million (diluted) for 2013-14.

The Company repaid Rs.1120.400 Million in debts. Besides, US$ 115.85 million of the US$ 140 million FCCBs were converted into equity which increased the Company’s net worth by Rs.6367.000 Million – strengthening the Balance Sheet.

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMY

Global growth in 2014 was a pegged at a modest 3.4%, following an improvement in advanced economies and a slowdown in the emerging markets and the developing economies. Despite the slowdown, the emerging market and the developing economies still accounted for three-fourths of global growth in 2014.

Global growth is projected to increase slightly to reach 3.5% in 2015 and then to rise further to 3.7% during 2016. The increase will be driven by a rebound in advanced economies, supported by declining oil prices, with the United States playing a crucial role. In emerging markets growth is projected to decline in 2015 for the fifth year in a row, reflecting downward revisions for oil exporters. The slowdown in China is a manifestation of its desire to move towards a growth that is less reliant on investment. A weaker outlook is predicted for Latin America resulting from a softening of commodity prices.

INDIAN ECONOMY

The latest indicators, emerging from the recently revised estimates of national incomes brought out by the Central Statistics Office, point out the fact that the markets begun reviving in 2013-14 and gained further steam in 2014-15.

The economy was relatively independent of factors associated with an economic slowdown - inflation, fiscal deficit, weak demand, external account imbalances and an oscillating rupee, which had choked growth during 2011-12 and 2012-13.

One of the redeeming features has been the emergence of India as a large economy with a promising outlook, amidst the mood of pessimism and uncertainties that continue to persist in a number of advanced and emerging economies. According to the Economic Survey, India’s GDP could expand by 8.1-8.5% during 2015-16.

THE PLASTICS SECTOR

The Indian plastic industry is making significant contribution to the development and growth of various key sectors in India, mainly automotive, agriculture, construction, electronic, healthcare, textile and FMCG as this sector continues to break into newer spheres of manufacturing enabling products to become lighter, stronger and more cost-effective.

The plastic industry is one of the biggest contributors to India’s GDP and is among the fastest growing sectors with annual growth rates averaging between 12%-15%.The growth in plastic consumption is primarily due to the substitution of traditional material with plastic variants, expansion of the middle income group and numerous new applications.

The Indian plastic industry enjoys a pan-India presence. However, is, highly fragmented with more than 25,000 processors in the fray, with less than 100 large processors accounting for 30% share of the industry. The growth of organised players has outpaced that of other players in the sector through constant innovation and niche product launches.

The plastics industry can be classified into (a) manufacturing of polymers, or ‘upstream’ processes, and (b) conversion of polymers into plastic articles, which is commonly referred to as ‘downstream’.

Despite more than 10 technologies prevailing for plastic processing in India, the sector can be largely categorised into three broad segments namely injection moulding, blow moulding and extrusion, catering to the requirements of a wide array of applications like packaging, automobile, consumer durables, healthcare, among others. The processes for conversion of polymers determine the final products.

OUTLOOK

According to the All India Plastic Manufacturer’s Association (AIPMA), domestic consumption has been growing at 10-12% CAGR over the last decade. Going ahead, the size of the plastic processing industry – is expected to touch Rs.1.3 trillion (18.9 million tonnes) by 2015. The exponential growth will see this number go up to 40,000 units, employment will increase to 7 million by 2015 from the current 3.5 million-plus people (direct and indirect). To achieve this target, India will require 42,000 new machines and an investment estimated at US$ 10 billion by 2015.

PLASTICS BUSINESS AND INFRASTRUCTURE BUSINESS

Sintex is recognised as a pioneer in plastic processing by creating unique solutions that extended the frontiers of plastic application.

The Company offers a huge bouquet of products -- from creating housing units to small components that find application in the medical equipment and electrical businesses -- processed at its facilities across India – emerging as the only plastic processing Company with a pan-India manufacturing presence.

Revenue from this business grew by 14.88% from Rs.47294.300 Million in 2012-13 to Rs.54331.900 Million in 2013-14 despite the continued endeavour to gain business exposure in the monolithic construction space, due to prevailing external adversities. This segment contributed 90.87% of the Company’s consolidated revenues. EBIDTA moved to Rs.9124.000 Million in 2013-14 against Rs.6659.500 Million in 2012- 13. Input cost prices and inflation pressured] EBIDTA margins of this business.

The prefab business retained its star performer status, registering the maximum growth and cushioned the vacuum due to throttled exposure in the monolithic space. The Company has further divided its plastic business into two major verticals namely building products and custom moulding based on the business characteristics and customer profile. This has facilitated focused efforts in growing each segment individually.

Building products

This business vertical comprises of products that find application in residential, commercial and industrial structures, and comprised of the following sub-verticals:

- Prefabricated structures

- Monolithic concrete construction (MCC)

- Water storage tanks

- Plastic sections

- Sub-ground structures and waste management solutions

- Environment products

Prefabricated structures

As the name suggests, these are completely-knocked-down plastic kits for enclosures (large and small), which can be assembled in six or seven days – making it the fastest and most cost-effective construction solution.

India’s rapid economic growth over the last decade has magnified the need for superior construction technologies over the brick-and-mortar system – especially for strengthening social infrastructure (classrooms, health centres, sanitation amenities, community centres)in rural India with speed as these basic amenities were largely overlooked during India’s economic resurgence.

The Government has endeavoured to provide these facilities to the rural masses through its various programmes – Sarva Shiksha Abhiyan, National Rural Health Mission (NRHM), Mid-Day Meal programme, to name a few– creating robust demand for fast and cost-effective construction technologies.

• The Company has bagged prestigious orders for providing primary health centres and dispensaries under the NRHM programme in Madhya Pradesh and West Bengal,among others, which are under various stage of execution.

• The Company is already executing an order for constructing 38,000 Mid-Day Meal kitchens in every village of Maharashtra. A large project management team is meticulous following the detailed project management plan for timely site and project delivery The speed and quality of execution has received recognition from the Central Government which could generate other such opportunities.

• The Company received a prestigious project from the Gujarat Government to create facilities namely schools, hospitals and other infrastructure for upliftment of tribal people. This project has also received heartening recognition from various governmental agencies.

• The Company is working on creating Central Universities through the prefabricated route in Jharkhand and Bihar.

• The Company has initiated the creation of Agri-sheds and warehouses along with silos through the prefabricated route in several states which is likely to generate an interesting response over the medium term.

Sandwich panels:

Polyurethene sandwich panels has gained increases acceptance as a modern building material as opposed to the traditional route of brick and mortar construction.

The Company’s sandwich panels come in varying thickness (20mm-150mm) with different structural designs and

colours (the external sheets being pre-painted colour-coated Galvalume sheets) and is generating a very good response.

Light-weight and excellent insulation properties have positioned sandwich panels as the preferred construction material in India (especially in the high temperature zones) and the product is finding use in diverse applications.

Cold chain network:

The cold chain programme being accelerated by the Government through attractive subsidies is generating significant interest in this product. The Company’s strategy of positioning this product as the preferred building material for cold storage infrastructure mushrooming pan- India has generated sizeable volumes in 2013-14.

Industrial buildings:

For large industrial buildings being made through PEB route, builders have shown an increasing preference for sandwich panels as walling and roofing element due to its light weight and insulation properties which make the structure energy efficient and provide better comfort for its occupants. The product has also been accepted for meeting Green Building norms which is adding to its acceptability.

In 2013-14, the Company has supplied large volumes of sandwich panels to PEB players. It has also provided large volumes of material in railways and power projects, among others.

Besides, the Company is working on establishing a retail business for this product through dedicated fabricators

and franchisees to stock material and convert these walling and roofing elements into useful structures such as house extension, sheds, rooftop house, Prefab etc. It has achieved commendable success in this endeavour.

Monolithic construction

Due to challenging times and policy paralysis, several important decisions pertaining to low-cost housing and funds sanction for these projects were put on the back burner. It has resulted in a sectoral slowdown.

The Company enjoys a strong order book position due to its novel technology and demonstrated expertise in project management.

• It has a significant presence in Uttar Pradesh with several projects and multiple sites under execution.

• In Delhi, the Company has bagged a large project through DUSIB, DSIIDC and is constructing more than 7,600 units at one single site which upon completion (in 2014-15) will emerge as the single largest development project.

• Construction activities in other projects in Pondicherry and Gujarat are also in full swing.

Due to a number of projects in at various stages of execution, the Company did not initiate any projects during the year. Besides, the Company is cherry-picking orders based on important parameters that ensure smooth and speedy completion – namely regulatory clearances and fund allocation. Additionally, the Company has strategised to restrict its geographic spread to ensure fastest project execution.

The Company started moving up the value chain with a focus on EWS, MIG and HIG housing. It has developed execution capabilities for construction of G+13 structures using this technology (earlier focused on G+3). Most of the new projects are now founded on Multi-storeyed construction.

Water storage tanks

Having changed the way the average Indian stores water for household consumption, the Sintex brand has become synonymous with water storage tanks. Despite having pioneered the concept of plastic water storage tanks more than 35 years ago, the Company commands leadership and premier position in the water tanks market with a major market share.

The huge product range comprising water tanks for every conceivable application - loft tanks in individual apartments to water storage solutions for a pin code and underground storage tanks in various sizes– position it as a preferred name in this business.

The Company’s most recent innovation, the white triple wall water tanks has received an overwhelming response from the average Indian for its superior life, functionalities and aesthetics and is fetching a premium over competing variants. To cater to the demand of water tanks at the lower end of the spectrum, the Company launched ’Renotuf’ – tanks manufactured using blow moulding technology (high-speed productivity) which provides `value for money’ unbreakable tanks. These tanks are generating sizeable volumes pan-India. The Company’s underground water storage tanks received good response from the market; it is working aggressively to develop a strong market for this product vertical.

Interiors and readymade doors

Extruded plastic sections, used in household/office interiors, are positioned as an environment-friendly replacement of timber, aluminium among others. Its USP’s namely lowcost maintenance, rust-proof, termite-proof, water-proof, lightweight and easy-to-install positions it as a preferred interior décor material. In recent years, the Company strengthened the visibility of this product by following initiatives:

• Launched and marketed several new sections and shades in line with the market demand

• Launched superior grade quality of panelling material that closely resembles timber which has received heartening customer acceptance

• Launched D-I-Y (do it yourself) products. The Company also arranged several workshops through carpenters to

familiarise them with installation of plastic sections.

The Company also embarked on promoting `readymade doors’ such as factory made doors to build its `readymade’ products portfolio. In 2013-14, the Company launched factory made doors under the `Indiana’ brand which has been well received by the market. Toilet and bathroom doors are also moving very well in the market. The Company is very aggressively pursuing clients to build up the portfolio of doors.

Sub-ground structures

Sub-ground structures represent a new focus area for the Company which comprise solutions that provide drainage and water treatment solutions. Growing urbanisation and mushrooming of new towns pan-India has created a huge scarcity of drainage and water treatment solutions estimated at 75-80% - hence these areas are high on the government’s priority list.

The Company’s product basket comprises septic tanks, packaged treatment solutions, biogas holders and manhole structures and covers.

Septic tanks:

Expanding city limits has increased the liquid waste load which can scarcely be managed by outdated and inadequate drainage solutions pan-India. The Company’s developed underground septic tanks for storage of liquid waste (for about 50-500 people) – an extension of its robust water storage tanks business. Its space-saving USP has enabled the Company secure approvals from numerous municipalities and other government agencies. In 2013-14, the Company marketed sizeable volume of these tanks in urban locations.

Packaged waste water treatment solution:

The Company has developed the decentralised packaged waste water treatment solutions in collaboration with Aqua Nishihara (Japan), global leaders in waste water management and treatment. This unique solution reduces BOD levels by 75- 95% depending on the product. In 2013-14, the Company successfully installed a number of these solutions in urban areas. Moreover, the Company created a retail presence for this solution – it designed a solution for managing liquid waste loads between 1,000-6,000 litres which is being marketed by a specialised retail network and has gained significant traction.

Biogas units:

The Company pioneered the portable, prefabricated and moulded biogas plants in India – a unique solution perfectly suiting Indian villages which are bereft of basic utilities (primarily electricity). The excreted waste of cows is converted into energy and the treated waste can be used as a fertiliser in the fields. Additionally, this solution

makes the neighbourhood more sanitised.

The product received clearances from Central and State Governments as it provided energy to rural areas – a top government priority. During the year, the Company marketed good volumes across Gujarat, Maharashtra, Karnataka, Tripura and Kerala.

Environment products

The Company is aggressively promoting a new range of `Euroline’ dustbins and containers with international looks and finish. It received an overwhelming response from several markets particularly in Eastern India. These are expected to gain acceptance across the country as solid waste management programmes are being implemented at an accelerated pace by various municipalities.

Custom moulding

As the name suggests, this business segment comprise products customised for specialised applications. As a result, the product development cycle for this business segment is long (especially for customer-specific products), but\ provide long-term revenue visibility and high margins once they receive the seal of approval. The Company has divided its custom moulding business into two important subverticals –products customised to applications and products customised to customer specifications – for focused business development and sustained growth.

Products customised to applications

The products customised to application are SMC products, industrial containers, pallets, FRP tanks and insulated boxes.

SMC products

This business vertical comprises of products that address the burning power theft issue in the last mile energy

distribution in the Indian power distribution space.

SMC as a material has good electrical insulation properties, no resale value – hence is positioned as the preferred replacement to cast iron, aluminium, sheet metal among others; enclosures big and small area is now being made of SMC.

Over the years, the Company has developed manufacturing expertise in this vertical leveraging multiple technologies namely SMC pultrusion, chop hoop winding, RTM, hand layer, among others.

The Company specialises in tamper-proof enclosures of different sizes for housing various meters and equipment. It has secured product approvals from across India under the Electrical Reform Programme initiated by the Central Government. And successfully starch deals with Electricity Boards in multiple states – Gujarat, Rajasthan, Uttar Pradesh, Karnataka and Andhra Pradesh, to name a few.

In recent years, the Company focused on larger enclosures, distribution boxes, pillar boxes, service connection boxes among others, with special built-in features with considerable success – in 2013-14, the Company sold considerable volumes of these enclosures.

The Company is actively pursuing retail business for electrical products of smaller sizes such as junction boxes, pole connections, smaller meter boxes, sheets, angles and other variety of products made out of the composite. The Company successfully established a retail footprint in major markets and will aggressively pursue to scale its retail business. Moreover, the Company is also working on increasing its business relations with the OE segment by creating products to suit OE applications.

Industrial containers and FRP tanks

Industrial containers:

The Company manufactures large industrial tanks to store dyes, colours and chemicals in multiple sizes to suit diverse industrial uses. Rising industrialisation and increasing thrust towards a safe working environment has accelerated the demand for these products. In 2013-14, the Company introduced large sized roto-moulded tanks (1,000 litres and above) especially targeting the chemicals and textiles sector for material storage.

FRP tanks:

The Company introduced high-strength, noncorrosive and non-reactive storage tanks especially to store fuel in dispensing stations – as a replacement to RCC and steel tanks which, over time, get corroded resulting in soil contamination. The Company’s products were approved by HPCL and BPCL for installation at all new dispensing stations pan-India – a huge opportunity over the coming years. The Company successfully marketed this underground storage solution to large malls and commercial complexes for storage purposes (generator fuel, fire fighting, water, sewerage, among others). In 2013-14, the Company successfully completed more than 80 installations; it also secured approvals from IOCL and is negotiating with other oil marketing companies.

Plastic pallets

While industrial output has scaled, so has the distance grown between manufacturing and consuming resulting in greater reliance on the hub-and-spoke distribution model for a pan-India presence. This has increased the need for superior material handling systems and increased the demand for pallets.

The Company manufactures light-weight, cost-effective and customised plastic pallets, catering to various industries like pharmaceuticals, automotive, electrical, engineering, textiles, fisheries, logistics and warehousing, among others.

In 2013-14, the Company segregated its product repository into different segments for focused marketing

– its philosophy being the right product,for the right sector and the most-cost efficient manner and sector:

• Pharma pallets: Uniformly moulded pallets, these products have no welds or joints and meet the globally accepted GMP.

• Dynamic pallets: These products are customised for racking and packing.

• Export pallets: These are specially designed light pallets for exports (6 kg compared with 25 kg traditional ones).

• Poly pallets: These pallets are for non-pharma industry applications.

This strategy worked reasonably well as pallet offtake increased significantly.

Insulated boxes

The Company has a large repository of insulated boxes which were primarily exported to Australia. Recently, the

Company realigned its marketing strategy. It positioned insulated boxes as part of its cold chain management solution – a sector high on government priority. This allows the Company to promote insulated boxes through governmental programmes.

In the year 2013-14, the Company undertook important initiatives which is expected to create the foundation for

increased product offtake in coming years:

• Received approvals from the Marine Product Export Development Authority which will help market its boxes to all seafood exporters.

• Strengthened the visibility of the boxes in Tier-II and Tier-III towns and rural areas facing acute electricity shortage to store perishable commodities.

• Marketed the boxes to governmental agencies for their vaccination programmes.

• Initiated marketing of boxes to fishermen an India’s eastern coast.

The Company also remodelled the boxes to match specific customer requirements. Besides, it widened its export presence to de-risk against dependence on a single geography. Besides, the insulated box business with large corporate namely global beverage and icecream manufacturers sustained its pace.

Products customised to applications

The products customised to client specifications are largely for off-the-road vehicles and non-automotive applications.

Custom moulding for OEMs

The Company develops customised products for some its globally-respected corporates. The Company’s performance was impacted by labour unrest and strikes at guidelines operating units of some customers.

The Company’s product basket includes:

• Fuel tanks and mud guards to M&M, AMW, Ashok Leyland and Escorts – off-the-road vehicles.

• Fuel tanks for generator set manufacturers namely Kirloskar and Cummins.

• Packaging crates for the engineering sector, primarily some of the Tata Group companies.

• Enclosures to leading corporates in the electrical sector.

• Starter panel boxes for pumps and motors for the agricultural industry.

• Fertiliser and pesticide drums.

• Components for the cooling tower sector.

TEXTILE BUSINESS

Sintex is a leading continuous fabric processing textile manufacturer in India. The fibre-to-fabric (composite mill) facility at Kalol (Gujarat) houses contemporary technologies and is among the largest fleet of contemporary shuttle-less looms (air jet and rapier machines with dobbies and jacquard) capable of manufacturing fabrics from 80 GSM to 550 GSM. It is one of the most reputed corduroy mills in India.

It manufactures high-end yarn dyed structured fabrics for men’s shirting, yarn dyed corduroy, ultima cotton yarn-based corduroy and fabrics for ladies wear. This business is a value-driven, margin accretive business which contributes only about 10% to the Company’s topline -- its contribution to the Company’s profitability is more pronounced.

The unit weaves some of the finest fabrics for global clients under the BVM brand, focusing on value-addition (high-end structured yarn-dyed fabrics, yarn-dyed corduroy, Ultima cotton yarn-basedcorduroy and sophisticated home furnishings).

The Company’s reputed fashion clients comprise Armani, Diesel, Hugo Boss, Burberry, DKNY, Zara, Mexx, Massimo Dutti, Royal Mint, Canali, Tommy Hilfiger, Versace, Oliver, Max Europe, Banana Republic, Marks and Spencer IKEA, H & M, Ann Taylor, Colour Plus, Pepe Jeans and Nike. Its reputed Indian customers comprise Arrow, ITC Wills Lifestyle, Allen Solly, Zodiac, Van Heusen, Reid & Taylor and Louis Philippe.

Despite the persisting economic slowdown in Europe, a large textile market for the Company, the textile division reported astrong growth – revenue grew by 15.72% from Rs.4717.100 Million in 2012-13 to Rs.5458.600 Million in 2013-14. This was primarily due to a strong uptick in demand from the domestic market and a significant increase in ready-to-stitch fabrics marketed through its retail distribution network.

THE TEXTILE SECTOR

Textile industry plays a significant role in determining the economic development of a country in terms of not just net foreign exchange earnings but also via direct and indirect employment generation. The industry contributes around 4% to the gross domestic product (GDP), around 11% to the country’s export earnings and nearly 14% to industrial production, besides providing direct employment to over 45 million people. The textile sector is the second largest provider of employment after agriculture in India.

The industry is self-reliant and inclusive as far as the value chain is concerned - right from availability of raw materials to manufacture of garments. On the global front, the industry is the world’s second largest producer of textiles and represents around 4.5% share of the global export turnover.

PERFORMANCE

Textile and clothing export from India rose a marginal 5.4% in 2014-15 but still fell short of the official target of $45 billion as a result of unfavourable governmental policies. According to the Cotton Textiles Export Promotion Council (Texprocil), textile and clothing export revenues stood at $41.4 billion in 2014-15 as against $39.3 billion in 2013-14. Export of cotton textiles and raw cotton touched $11,353 million in 2014-15 as against $13,306 million in 2013-14, a fall of 14.7%. This was due to a significant slowdown in China’s demand for cotton and yarn. China, which usually accounts for over 70% of India’s cotton and 40% of yarn supplies, cut down its purchases. Consequently, exports of raw cotton, including waste, and cotton yarn dropped sharply.

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 30, 2015

(Rs. In Million)

Sr. No	Particulars		Quarter Ended 30.09.2015	Quarter Ended 30.06.2015	Half Year Ended 30.09.2015
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		12931.559	8056.110	20987.669
	b. Other Operating Income		68.350	12.849	81.199
	Total Income from Operations (Net)		12999.909	8068.959	21068.868
2	Expenditure
	a. Cost of material Consumed		9024.531	5120.231	14144.762
	b. Purchase of Stock-in trade		121.726	24.525	146.250
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		(45.702)	(45.570)	(91.272)
	d. Employees Benefit Expenses		365.792	320.159	685.951
	e. Depreciation and Amortisation Expenses		431.344	468.527	899.871
	f. Other expenses		1002.047	963.796	1965.844
	Total Expenses		10899.738	6851.668	17751.406
3	Profit from Operations before Other Income, Interest and Exceptional Items		2100.171	1217.291	3317.462
4	Other Income		193.428	261.885	455.313
5	Profit from ordinary activities before finance cost & exceptional items		2293.599	1479.176	3772.775
6	Finance Costs		546.685	579.473	1126.159
7	Profit from ordinary activities after finance costs & exceptional items		1746.914	899.703	2646.616
8	Exceptional items
	-Net Foreign Exchange Gain/Gain/ (Loss) on Long Term Foreign Currency Monetary Items.		(0.000)	(56.803)	(56.803)
9	Profit from ordinary activities before tax		1746.914	842.900	2589.813
10	Tax Expense		466.200	269.800	736.000
11	Net Profit from ordinary activity after tax		1280.714	573.100	1853.813
12	Extraordinary Items		--	-	-
13	Net Profit After Tax		1280.714	573.100	1853.813
14	Share of Profit of associates		-	-	-
15	Minority Interest		--	-	-
16	Net Profit after taxes, minority interest and share of profit of associates		1280.714	573.100	1853.813
17	Paid-up equity share capital (Face value) of Rs. 1 each		444.628	4440.01	444.628
18	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year
19	Earning Per Share (of Rs.10 each) (not annualized)
	Basic EPS		2.88	1.33	4.24
	Diluted EPS		2.87	1.31	4.20
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	301614958	300987954	301614958
		- Percentage of shareholding	67.54%	67.50%	67.54%
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	68400000	68400000	68400000
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	47.19%	47.19%	47.19%
		- Percentage of shareholding (as a % of the total share capital of the company)	15.32%	15.34%	15.32%
		b) Non-encumbered
		- No. of shares	76535763	76535763	76535763
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	52.81%	52.81%	52.81%
		- Percentage of shareholding (as a % of the total share capital of the company)	17.14%	17.16%	17.14%

	Particulars	Quarter ended 30.06.2015
B	Investor Complaints
	Pending at the beginning of the quarter	Nil
	Received during the quarter	1
	Disposed off during the quarter	1
	Remaining unresolved at the end of the quarter	Nil

1. The above Standalone Unaudited Financial Results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on, 2015.

2. The Statutory Auditors have carried out a limited review of the Standalone Financial Results for the quarter ended June 30, 2015.

3. In respect of US $ 140 million FCCBs raised by the Company on 28 November 2012, during the quarter FCCBs aggregating to US $ 23.40 million have been converted into 19562523 equity shares resulting into increase in Equity Share capital by Rs. 19.563 Million and security premium by Rs. 1266.478 Million.

4. Figures for the previous quarter and year have been regrouped /rearranged, wherever necessary.

UNAUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Half Year Ended ( Unaudited)
	30.09.2015	30.06.2015	30.09.2015
1. Segment Revenue
a) Textile	2328.138	1719.229	4047.367
b) Plastics	10671.771	6349.730	17021.501
c) Infrastructure	--	-	-
d) Unallocated	193.428	261.885	455.313
Total	13193.337	8330.844	21524.181
Less : Inter Segment Revenue		-	--
Net Sales	13193.337	8330.844	21524.181
2. Segment Result
(Profit before tax and interest from each segment)
a) Textile	327.693	205.163	532.856
b) Plastics	1803.364	1096.320	2899.684
e) Infrastructure	-	-	-
f) Unallocated	162.542	120.890	283.432
Total	2293.599	1422.373	3715.972
Less : Interest	546.685	579.473	1126.159
Other Unallocable Expenditure net off	-	-	-
Unallocable Income	-	-	-
Total	1746.914	842.900	2589.813
3. Capital Employed (Segment Assets-Segment Liabilities)
a) Textile	35558.825	29798.819	35558.825
b) Plastics	36231.268	33057.571	36231.268
g) Infrastructure	--	-	-
h) Unallocated	12769.308	11356.706	12769.308
Total	84559.401	74213.096	84559.401

1. The Standalone and Consolidated Unaudited Financial Results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on October 15, 2015.

2. The Statutory Auditors have carried out a limited review of the Standalone Financial Results for the quarter and six months ended September 30, 2015.

3. In respect of US $ 140 million FCCBs raised by the Company on November 28, 2012, during the quarter FCCBs aggregating to US $ 0.750 million have been converted into 627004 equity shares resulting into increase in Equity Share capital by Rs. 62.700 Million and security premium by Rs.40.592 Million. There is no outstanding FCCBs as at September 30, 2015.

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Million)

SOURCES OF FUNDS	30.09.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	444.628
(b) Reserves & Surplus	45115.522
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	45560.150
(3) Non-Current Liabilities
(a) long-term borrowings	33791.238
(b) Deferred tax liabilities (Net)	5208.013
(c) Other long term liabilities	0.000
(d) long-term provisions	200.576
Total Non-current Liabilities (3)	39199.827
(4) Current Liabilities
(a) Short term borrowings	9298.948
(b) Trade payables	4406.524
(c) Other current liabilities	3355.519
(d) Short-term provisions	33.832
Total Current Liabilities (4)	17094.823
TOTAL	101854.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47891.127
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	11109.755
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	18583.794
(e) Other Non-current assets	502.563
Total Non-Current Assets	78087.239
(2) Current assets
(a) Current investments	108.532
(b) Inventories	1741.884
(c) Trade receivables	15308.354
(d) Cash and cash equivalents	3987.798
(e) Short-term loans and advances	1271.860
(f) Other current assets	1349.133
Total Current Assets	23767.561
TOTAL	101854.800

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10489935	17/04/2014	12,200,000,000.00	PNB INVESTMENT SERVICES LIMITED	PNB INVESTMENT SERVICES LIMITED, YUSUF SARAI COMM  ERCIAL COMPLEX, GULMOHAR ENCLAVE, NEW DELHI, DELHI  - 110049, INDIA	C03322823
2	10397351	07/01/2013 *	6,500,000,000.00	STATE BANK OF INDIA CAG AHMEDABAD BRANCH ACTING AS  SECURITY AGENT FOR SBI LONDON	CAG BRANCH, 58, SHRIMALI SOCIETY, MITHAKHALI SIX  ROADS, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009,  INDIA	B66923731
3	10400951	07/01/2013	4,500,000,000.00	STATE BANK OF INDIA CAG AHMEDABAD BRANCH ACTING AS  SECURITY AGENT FOR IDBI TRUSTEESHIP SERVICES LTD	CAG BRANCH, 58, SHRIMALI SOCIETY,, MITHAKHALI SIX  ROADS, NAVRANGPURA,, AHMEDABAD, GUJARAT - 380009,  INDIA	B67229468
4	10368793	12/07/2012	4,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA  LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B45006236
5	10333277	31/01/2012 *	3,250,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTING GROUP, 58, SHRIMALI SOCIETY,  NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	B32196958
6	10228658	20/08/2010 *	3,500,000,000.00	IL AND FS TRUST COMPANY LIMITED	IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA  - 400051, INDIA	A92122035
7	10156236	27/01/2010 *	2,500,000,000.00	IL AND FS TRUST COMPANY LIMITED	IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA  - 400051, INDIA	A79571733
8	10091760	27/01/2010 *	1,750,000,000.00	STATE BANK OF INDIA FOR ITS OWN BEHALF AND ON BEHA  LF OF BANK OF BARODA	CORPORATE ACCOUNT GROUP, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	A79814844
9	10014919	27/01/2010 *	750,000,000.00	IDBI BANK LIMITED	IDBI COMPLEX, LAL BUNGLOW, OFF C G ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	A79572277
10	10003517	27/01/2010 *	1,500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	A79815254
11	90103215	31/01/2012 *	12,250,000,000.00	STATE BANK OF INDIA ON ITS OWN BEHALF AND ON BEHAL  F OF BANK OF BARODA AND IDBI BANK LIMITED	CORPORATE ACCOUNTING GROUP, 58, SHRIMALI SOCIETY,  NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	B32197691

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Foreign Currency Convertible Bonds	1511.400	8414.000
SHORT TERM BORROWINGS
Loans repayable on demand From banks	1950.000	1907.700
Total	3461.400	10321.700

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
a) Corporate guarantees given to Financial Institution / Bank on behalf of a Subsidiaries	2025.300	50.000
b) Disputed demand not acknowledged as debt against which the Company has preferred appeal
- Income tax*	128.000	59.400
- Sales Tax/VAT	18.900	27.200
- Service Tax*	40.400	40.400
* The amount deposited with the authority in respect of above income tax and service tax demands are Rs. 59.400 Million (previous year Rs. 136.400 Million) and Rs. 40.400 Million (previous year Rs. 22.800 Million), respectively. The dispute of service tax relates to CENVAT eligibility on taxes paid for procurement of services
Company has imported machineries duty free under EPCG Scheme for which an export obligation of Rs. 563.100 Million that is equivalent to 6 times of duty saved of Rs. 93.800 Million has been undertaken which is to be completed by FY 2020-21	93.800	--

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture, Fixture and Office Equipments

· Vehicles

Intangible Assets

· Technical Knowhow

· Computer Software

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.66.20
UK Pound	1	Rs.98.29
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		74

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.