MIRA INFORM REPORT

Report No. :	309040
Report Date :	23.02.2015

IDENTIFICATION DETAILS

Name :	SYNTAX POLYFIBRES PRIVATE LIMITED
Registered Office :	4010, St. No. 1, Sherpur Bye-Pass Road, Hargobindpura, Ludhiana- 141010, Punjab
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.07.2014
Com. Reg. No.:	16-027287
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U51490PB2004PTC027287
TAN No.: [Tax Deduction & Collection Account No.]	JLDS03956B
PAN No.: [Permanent Account No.]	AAICS2500C
Legal Form :	Private Limited Liability Company
Line of Business :	Agent of Reliance Industries Limited for Polyester fibers.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is an establishment company having satisfactory track record. General financial position of the company seems to be sound. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Vikas Mittal
Designation :	Account Manager
Contact No.:	91-161-2608922
Date :	21.02.2015

LOCATIONS

Registered Office :	4010, St. No. 1, Sherpur Bye-Pass Road, Hargobindpura, Ludhiana- 141010, Punjab, India
Tel. No.:	91-161-2608922/2300237/2302090/2608922/2690153
Fax No.:	91-161-2302820
E-Mail :	vjindal@jindalfibres.com sareenp61@gmail.com sareenp@satyam.net.in
Website :	http://www.jindalfibres.com
Location :	Owned

DIRECTORS

As on: 30.09.2014

Name :	Mr. Vijay Jindal
Designation :	Director
Address :	47-48-B, Rajguru Nagar, Ludhiana – 141012, Punjab, India
Date of Birth/Age :	23.08.1949
Date of Appointment :	08.07.2004
DIN No.:	00645990
Name :	Mr. Pardeep Sareen
Designation :	Director
Address :	913/5, Tagore Nagar, Ludhiana – 141001, Punjab, India
Date of Birth/Age :	04.01.1961
Date of Appointment :	08.07.2004
DIN No.:	00670521
Name :	Mr. Sandeep Gupta
Designation :	Director
Address :	H. No.: 590, Sector – B, Agar Nagar, Ludhiana – 141001, Punjab, India
Date of Birth/Age :	19.06.1967
Date of Appointment :	08.07.2004
DIN No.:	00844408
Name :	Mrs. Babita Gupta
Designation :	Director
Address :	H. No.: 590, Sector – B, Agar Nagar, Ludhiana – 141001, Punjab, India
Date of Birth/Age :	15.04.1968
Date of Appointment :	27.03.2004
DIN No.:	00844429

KEY EXECUTIVES

Name :	Mr. Vikas Mittal
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Vijay Jindal	3000
Pardeep Sareen	50000
Sandeep Gupta	6000
Babita Gupta	94000
Jagdamba Finvest Private Limited, India	47000
Total	200000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	23.50
Directors or relatives of Directors	76.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Agent of Reliance Industries Limited for Polyester fibers.
Products :	-
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Advance Payment and Credit
Purchasing :	Cash, Advance Payment and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Reliance Industries Limited
Name of the Person :	Mr. Rajesh Bishnoyee (Sales Department)
Contact No.:	91-9876525355
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference 1:

Shivatexfab Limited- Ludhiana

Reference 2:

Garg Acrylics Limited – Ludhiana

Reference 3:

Supremtexmart Limited- Ludhiana

Name of the Person :

Mr. Inderpal (Purchase Manager)

Contact No.:

91-9915710060

Since How Long Known :

7 to 8 years

Maximum Limit Dealt :

Rs. 5.000 to 6.000 Millions (Approximately)

Experience :

Product Quality	Delivery Behavior	Overall
Good	Good	-

Remark:

As claimed by Mr. Inderpal that company is suppliers’ material from Reliance Industries Limited and their product quality is good.

No. of Employees :

5 (Approximately)

Bankers :

• Oriental Bank of Commerce, Dharampura Branch, Shingar Cinema Road, Ludhiana - 141008, Punjab, India
• OBC Dharampura
• HDFC Bank Limited

Bank Name	The Jammu and Kashmir Bank Limited
Branch	Industrial Estate
Person Name (With Designation)	Mr. Manoj (BM)
Contact Number	91-161-2221296
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	4 to 5 Years
Average Balance Maintained (If Possible)	Sufficient Balance
Credit Facilities Enjoyed (If any)	Overdraft – Rs. 0.900 Millions
Account Operation	Not Divulged
Remarks (If any)	As claimed by Mr. Manoj (Bank Manager) that company have a satisfactory transaction and sufficient balance they are maintaining, no Cheque are banks from them site

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
Working capital facility from Banks Cash Credit	1.005	0.623
Total	1.005	0.623

Auditors :
Name :	Rakesh Goel and Associates Chartered Accountants
Address :	B15/503 ST No 1, Nirankari Mohalla Overlock Road Ludhiana, Ludhiana-141001, Punjab, India
Tel. No.:	91-161-2533174/2532574
Mobile No.:	91-9814058370
PAN N Income-tax PAN of auditor or auditor's firm :	AALFR0310D
Memberships :	Not Available
Collaborators :	Not Available
Group Company:	Jindal Fibre Private Limited Jindal Wooltex Industries Elbrina Enterprise Private Limited Asiatic Exports and Imports.

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.000	2.000	2.000
(b) Reserves & Surplus	2.935	2.084	0.957
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4.935	4.084	2.957
(3) Non-Current Liabilities
(a) Long-term borrowings	0.774	0.459	1.120
(b) Deferred tax liabilities (Net)	-0.001	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.773	0.459	1.120
(4) Current Liabilities
(a) Short term borrowings	1.005	0.623	0.000
(b) Trade payables	0.005	0.000	4.783
(c) Other current liabilities	0.271	0.189	0.323
(d) Short-term provisions	0.000	0.117	0.000
Total Current Liabilities (4)	1.281	0.929	5.106
TOTAL	6.989	5.472	9.183
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.013	0.017	0.013
(ii) Intangible Assets	0.000	0.000	0.016
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.013	0.017	0.029
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	4.788	2.838	6.576
(d) Cash and cash equivalents	0.772	2.441	1.455
(e) Short-term loans and advances	1.416	0.176	1.123
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	6.976	5.455	9.154
TOTAL	6.989	5.472	9.183

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations and Other Income	52.046	55.662	84.879
Less	EXPENSES TOTAL		50.809	53.966	84.249
	PROFIT /(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION)		1.237	1.696	0.630
Less/	DEPRECIATION/ AMORTISATION		0.003	0.003	0.003
	PROFIT/ (LOSS) BEFORE TAX		1.234	1.693	0.627
Less	TAX		0.383	0.566	0.194
	PROFIT/ (LOSS) AFTER TAX		0.851	1.127	0.433
	Earnings/ (Loss) Per Share (Rs.)		4.26	5.64	2.17

Expected Sales (2014-15): Rs.250.000 millions

The above information has been parted by Mr. Vikas Mittal.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.64	2.02	0.51
Return on Total Assets (PBT/Total Assets}	(%)	17.66	30.94	6.83
Return on Investment (ROI) (PBT/Networth)		0.25	0.41	0.21
Debt Equity Ratio (Total Debt /Networth)		0.36	0.26	0.38
Current Ratio (Current Asset/Current Liability)		5.45	5.87	1.79

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.000	2.000	2.000
Reserves & Surplus	0.957	2.084	2.935
Net worth	2.957	4.084	4.935
long-term borrowings	1.120	0.459	0.774
Short term borrowings	0.000	0.623	1.005
Total borrowings	1.120	1.082	1.779
Debt/Equity ratio	0.379	0.265	0.360

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations and Other Income	84.879	55.662	52.046
		(34.422)	(6.496)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations and Other Income	84.879	55.662	52.046
Profit	0.433	1.127	0.851
	0.51%	2.02%	1.64%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE REVIEW:

He Company has achieved the revenue the revenue from operation of 52.046 Millions against the revenue from operations of previous year of Rs. 55.662 and has earned net profit after tax of Rs. 0.851 against net profit tax of previous year of Rs. 1.127 Millions.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loan from Director	0.774	0.459
Total	0.774	0.459

NOTE: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

• Computer
• Mobile Set
• Scooter

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.25
UK Pound	1	Rs.96.01
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.