MIRA INFORM REPORT

Report No. :	309192
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	SUMEET INDUSTRIES LIMITED (w.e.f. 01.09.1993)

Formerly Known As :	SUMEET SYNTHETICS LIMITED (w.e.f. 26.02.1992) SUMEET SYNTHETICS PRIVATE LIMITED

Registered Office :	504, Trividh Chambers, Opposite Fire Station, Ring Road, Surat – 395002, Gujarat

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	01.08.1988

Com. Reg. No.:	04-011049

Capital Investment / Paid-up Capital :	Rs.780.397 Millions

CIN No.: [Company Identification No.]	L45200GJ1988PLC011049

TAN No.: [Tax Deduction & Collection Account No.]	SRTS00011E

PAN No.: [Permanent Account No.]	AAECS2256B

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

Line of Business :	Subject is engaged in the business of manufacturing and exporting Polyester Chips, Polyester Filament Yarn (POY and FDY) and Polypropylene Multifilament Yarn.

No. of Employees :	Information declined by management.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Exist

Comments :	Subject is an established company having satisfactory track record. The rating take into consideration rich experience of the promoters in the polyester business supported by established market presence of the company in the polyester yarn segment and sound profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	ICRA
Rating	Long Term Fund based facilities (Suspended) (BBB-)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October, 2014

Rating Agency Name	ICRA
Rating	Short term non fund Based Facilities: (Suspended) (A3)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	October, 2014

Reason for suspension: Absence of requisite information.

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 DENIED BY

MANAGEMENT NON COOPERATIVE. (91-261-2328902)

LOCATIONS

Registered Office :	504, Trividh Chambers, Opposite Fire Station, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2328902
Fax No.:	91-261-2334189/ 2310196
E-Mail :	sumeetindus@yahoo.com info@sumeetindustries.com sumeet@sumeetindustries.com silshare@yahoo.com sumeetindustries@drdc.net recruitment@sumeetindustries.com sumeetplant@yahoo.co.in sumeetind@drdcs.net
Website :	http://www.sumeetindustries.com

Factory :	Block No. 289, 291, 292, Village : Karanj, Taluka : Mandvi, District : Surat – 394110, Gujarat, India
Tel. No.:	91-9099978189

Branch Office :	901, Vishwa Deep Building, District Centre, Janakpuri, New Delhi – 110058, India
Tel. No.:	91-11-25554808, 25554773

DIRECTORS

As on: 31.03.2014

Name :	Mr. Shankarlal Somani
Designation :	Chairman Cum Managing Director

Name :	Mr. Sumeet Kumar Somani
Designation :	Director

Name :	Mr. Bhagchand Chordia
Designation :	Director

Name :	Mr. Dinesh Sharan Khare
Designation :	Director

Name :	Mr. Devi Prasad Saboo
Designation :	Director

Name :	Mr. Atma Ram Sarda
Designation :	Director

Name :	Mr. Ganga Devi Somani
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Anil Kumar Jain
Designation :	Company Secretary

Corporate Advisor
Name :	Shri Dhiren R. Dave
Designation :	Practicing Company Secretary, Surat

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9530027	16.42
Any Others (Specify)	17700703	30.50
Group Companies	17700703	30.50
Sub Total	27230730	46.92
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	27230730	46.92
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	450	0.00
Sub Total	450	0.00
(2) Non-Institutions
Bodies Corporate	12991835	22.38
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7964807	13.72
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4556520	7.85
Any Others (Specify)	5295396	9.12
Clearing Members	150207	0.26
Non Resident Indians	211024	0.36
Directors & their Relatives and Friends	4934165	8.50
Sub Total	30808558	53.08
Total Public shareholding (B)	30809008	53.08
Total (A)+(B)	58039738	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)	58039738	0.00

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
Sl.No.	Name of the Shareholder	No. of Shares held	As a %
1	Shankarlal Sitaram Somani	37,06,183	6.39
2	Gangadevi Shankarlal Somani	12,00,000	2.07
3	Sushil Shankarlal Somani	13,10,844	2.26
4	Sumeet Shankarlal Somani	11,44,000	1.97
5	Rajkumar Sitaram Somani	3,60,000	0.62
6	Sumandevi Somani	5,50,000	0.95
7	Neelam Sushil Somani	5,00,000	0.86
8	Manisha Sumeet Somani	5,00,000	0.86
9	Rakesh Rajkumar Somani	1,38,023	0.24
10	Ritesh Rajkumar Somani	1,20,977	0.21
11	Somani Overseas Private Limited	86,41,928	14.89
12	Sumeet Menthol Private Limited	25,30,000	4.36
13	Sitaram Prints Private Limited	35,84,775	6.18
14	Betex India Limited	5,84,000	1.01
15	National Poly Yarn Private Limited	23,20,000	4.00
16	Ambaji Syntex Private Limited	40,000	0.07
	Total	2,72,30,730	46.92

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
Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Arihant Capital Mkt Limited	901342	1.55
2	Dhanvirdhi Financial Consultans Private Limited	2565443	4.42
3	Krishna Devi Lahoti	1535795	2.65
4	Shardadevi Somani	1221000	2.10
5	Religare Finvest Limited	1031650	1.78
6	Urmiladevi Somani	940000	1.62
7	Raghuvir Texturizers Private Limited	3654388	6.30
8	Bajranglal Sitaram Somani	1351087	2.33
9	Black Fox Financial Private Limited	600000	1.03
	Total	13800705	23.78

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
Sl. No.		No. of Shares	Shares as % of Total No. of Shares
1	Raghuvir Texturizers Private Limited	3654388	6.30
	Total	3654388	6.30

BUSINESS DETAILS

Line of Business:

Subject is engaged in the business of manufacturing and exporting Polyester Chips, Polyester Filament Yarn (POY and FDY) and Polypropylene Multifilament Yarn.

Products :

Products Description

Item Code No.

P.P. and Poly POY/ Texturised/ Twisted Yarn

54023900

Menthol Product

33012590

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS

Particulars	Unit
Electricity :	93134054
Gas :	1579900
Diesel :	2200

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by management.

Bankers :

· Bank of Baroda

· Bank of India

· IDBI Bank Limited

· Union Bank of India

· Canara Bank

· State Bank of India

Facilities :

Secured Loans	31.03.2014	31.03.2013
	(Rs. In Millions)
Long Term Borrowing
Term Loans
From Banks	2030.045	2158.373
From Others	11.613	14.281
Buyers credit on capital goods	235.587	0.000
Loans and Advances from Companies	259.162	193.239

Short Term Borrowings
Cash Credit Facilities	899.566	699.922
Buyers Credit	818.436	860.211
Inland LC (Union Bank)	39.883	27.058
Term Loan (GBPP)	0.000	1.856
Loan from others (Vehicle Loan (Mercedes))	0.856	0.000
Term Loans (Due within 12 months)	446.135	0.000
Inland (IDBI)	12.244	79.715

Total	4753.527	4034.655

Long Term Borrowing

Note:

Term Loan From Banks

Secured by way of hypothecation of 1st charge on all fixed assets of the company and 2nd pari passu charge on all current assets of the company.

Mortgage of Fixed Assets of M/S. Sitaram Prints Private Limited. And Residence Bungalow of Shri Shankar Lal Somani and Smt. Ganga devi Somani.

Term Loan From Others:

Vehicle Loans are secured by hypothecation of vehicles itself. LIC has Key Man Insurance policy hypothecated against Premium Amt. Paid.

Loans and Advances from Corporates:

Loans taken here are unsecured in nature.

Short Term Borrowings:

Classification of secured borrowings and Nature of security :

Cash Credit facility is secured by1st pari-passu charge on all current assets of the company and 2nd pari-passu charge on fixed assets of the company. Buyers’ credit secured by letter of comfort issued by Bank of Baroda, Union Bank and IDBI Bank Limited. by earmarking working capital.


Auditors :
Name :	Pradeep Singhi and Associates Chartered Accountants
Address :	Surat, Gujarat, India

Internal Auditor :
Name :	RRA and Company Chartered Accountants
Address :	Surat, Gujarat, India

Memberships :	Not Available

Collaborators :	Not Available

Name of the related parties Key management Personnel:	Somani Overseas (Private) Limited National Poly Yarn (Private) Limited Sitaram Prints Private Limited Priyanshi Creations Private Limited Dhanvirdhi Financial Consultants Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

80000000	Equity Shares	Rs.10/- each	Rs.800.000 millions
20000000	6% Non-Convertible Redeemable Preference shares	Rs.10/- each	Rs.200.000 millions

	Total		Rs.1000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

58039738	Equity Shares (Out of which 7605930 Shares are issued for consideration other than Cash)	Rs.10/- each	Rs.580.397 millions
20000000	6% Non-Convertible Redeemable Preference shares	Rs.10/- each	Rs.200.000 millions

	Total		Rs.780.397 millions

A. Reconciliation of the Number of shares at the beginning and end of the reporting period:

Autorised Share Capital	31.03.2013
Previous Year	100,000,000
Increase by	-
Current Year	100,000,000

Number of Shares at the Beginning of the year	68289738
Add: Addition during the year	10000000
Less: Reduction during the year	250000
Number of shares at the end of the year	78039738

B. Shares held by each shareholders holding more than 5% shares, specifying the number of shares held:

Name	No. of shares	% of Holding

Somani Overseas Private Limited	8641928	14.89
Sitaram Prints Private Limited	3584775	6.18
Shankarlal Sitaram Somani	3706183	6.39
Raghuvir Texturisers private Limited	-	-
IFIN Securities Finance Limited	4962000	8.55

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	780.397	682.897	682.897
(b) Reserves & Surplus	1428.577	1257.423	1092.811
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	87.000	87.000
Total Shareholders’ Funds (1)+(2)	2208.974	2027.320	1862.708

(3) Non-Current Liabilities
(a) long-term borrowings	2536.407	2366.995	2264.034
(b) Deferred tax liabilities (Net)	415.058	327.726	233.256
(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)	2951.465	2694.721	2497.290

(4) Current Liabilities
(a) Short term borrowings	2217.120	1668.762	1565.208
(b) Trade payables	963.016	1241.245	199.145
(c) Other current liabilities	215.032	116.639	56.988
(d) Short-term provisions	66.008	68.225	78.934
Total Current Liabilities (4)	3461.176	3094.871	1900.275

TOTAL	8621.615	7816.912	6260.273

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4008.795	3836.605	1905.677
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	306.014	101.611	1731.889
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	156.624	7.796	5.914
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.780	39.531	29.243
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4479.213	3985.543	3672.723

(2) Current assets
(a) Current investments		0.000	0.000
(b) Inventories	1935.357	1819.886	1258.672
(c) Trade receivables	1210.751	1159.448	669.481
(d) Cash and cash equivalents	227.269	239.444	58.570
(e) Short-term loans and advances	341.887	266.117	158.960
(f) Other current assets	427.138	346.474	441.867
Total Current Assets	4142.402	3831.369	2587.550

TOTAL	8621.615	7816.912	6260.273

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	11079.962	11593.378	8244.764
		Other Income	(160.712)	(113.036)	(54.196)
		TOTAL (A)	10919.250	11480.342	8190.568

Less	EXPENSES
		Cost of Materials Consumed	6523.147	8181.199	5490.589
		Purchases of stock in Trade	3381.562	2945.113	1973.521
		Changes in Inventories of Finished Goods, Work-inprogre4ss and stock in Trade	10.529	(590.796)	(147.656)
		Employee Benefits Expenses	115.478	106.954	74.152
		Other Expenses	71.465	131.134	218.171
		TOTAL (B)	10102.181	10773.604	7608.777

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)(C)		817.069	706.738	581.791

Less	FINANCIAL EXPENSES (D)		305.091	217.187	108.118

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		511.978	489.551	473.673

Less/ Add	DEPRECIATION/ AMORTISATION (F)		245.285	198.986	120.175

	PROFIT BEFORE TAX (E-F) (G)		266.693	290.565	353.498

Less	TAX (H)		87.331	94.469	104.945

	PROFIT AFTER TAX (G-H) (I)		179.362	196.096	248.553

Less	TAXATION OF PREVIOUS YEAR		3.208	4.502	7.353

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		--	--	--

Less	APPROPRIATIONS
		6% Dividend and Distribution Tax	0.000	0.000	0.000
		Provision for dividend and dividend Dist. Tax	0.000	26.982	0.000
		Short provision for dividend and dividend Dist. Tax	0.000	0.000	20.817
	BALANCE CARRIED TO THE B/S		176.154	164.612	220.383

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2849.480	1219.222	90.864
	TOTAL EARNINGS		2849.480	1219.222	90.864

	IMPORTS
		Raw Materials	4190.999	2862.880	3940.450
		Stores & Spares	4.517	3.418	3.495
		Capital Goods	215.945	39.268	1095.722
		Others	38.023	92.205	0.000
	TOTAL IMPORTS		4449.484	2997.771	5039.667

	Earnings Per Share (Rs.)		3.04	3.29	4.14

QUARTERLY RESULTS

PARTICULARS	1 Quarter Unaudited 30.06.2014	2 Quarter Unaudited 30.09.2014	3 Quarter Unaudited 31.12.2014
Revenue	2,410.300	2,340.000	2,451.560
Other Income	1.740	0.100	0.080
Total Income	2,412.040	2,340.100	2,451.640
Expenditure	(2,201.520)	(2,125.530)	(2,196.760)
Interest	(65.580)	(96.800)	(95.560)
PBDT	144.940	117.760	159.330
Depreciation	(62.510)	(60.000)	(62.490)
PBT	82.430	57.760	96.840
Tax	(24.700)	(17.300)	(17.250)
Net Profit	57.730	40.460	79.590

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.62	1.69	3.01

Operating Profit Margin (PBIDT/Sales)	(%)	7.37	6.10	7.06

Return on Total Assets (PBT/Total Assets}	(%)	3.27	3.77	7.82

Return on Investment (ROI) (PBT/Networth)		0.12	0.14	0.19

Debt Equity Ratio (Total Debt /Networth)		2.15	1.99	2.06

Current Ratio (Current Asset/Current Liability)		1.20	1.24	1.36

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	682.897	682.897	780.397
Reserves & Surplus	1092.811	1257.423	1428.577
Share Application money pending allotment	87.000	87.000	0.000
Net worth	1862.708	2027.320	2208.974

long-term borrowings	2264.034	2366.995	2536.407
Short term borrowings	1565.208	1668.762	2217.120
Total borrowings	3829.242	4035.757	4753.527
Debt/Equity ratio	2.056	1.991	2.152

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	8244.764	11593.378	11079.962
		40.615	(4.429)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8244.764	11593.378	11079.962
Profit	248.553	196.096	179.362
	3.01%	1.69%	1.62%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITY OF LONG TERM BORROWINGS DETAIL: NOT AVAILABLE

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	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
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	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

SPECIAL CIVIL APPLICATION NO. 7117 OF 2014

STATUS : PENDING

(CONVERTED FROM : C/ST/6971/2014 )

CCIN NO : 001021201407117

NEXT LISTING DATE:

25/02/2015

CORAM

HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

S.NO.

NAME OF THE PETITIONER

ADVOCATE ON RECORD

1
2

BAYER VAPI PRIVATE LIMITED (BVPL) BIPIN PATEL

MR NV GANDHI FOR: PETITIONER(S) 1 - 2

S.NO.

NAME OF THE RESPONDENT

ADVOCATE ON RECORD

· DAKSHIN GUJARAT VIJ COMPANY LIMITED – DGVCL

·
GUJARAT ENERGY TRANSMISSION

· CORPORATION LIMITED

· CHIEF ENGINEER

·
GUJARAT ELECTRICITY REGULATORY

· COMMISSION
SUMEET INDUSTRIES LIMITED

· FILATEX INDIA LIMITED

·
VIDEOCON INDUSTRIES LIMITED

·
SHUBHLAXMI POLYESTERS LIMITED

·
MOHIT INDUSTRIES LIMITED

·
DEVIKA FIBERS PRIVATE LIMITED

·
N.J. TEXTILE INDUSTRIES PRIVATE LIMITED
MORE

NOTICE SERVED BY DS FOR :RESPONDENT(S)  1 - 2
MR PREMAL R JOSHI FOR :RESPONDENT(S)  2 , 5 - 15
MR ANAL S SHAH FOR :RESPONDENT(S)  4

PRESENTED ON

: 06/05/2014

REGISTERED ON

: 07/05/2014

BENCH CATEGORY

: -

DISTRICT

: VALSAD

CASE ORIGINATED FROM

: THROUGH HIS/HER/THEIR ADVOCATE

LISTED

: 16 TIMES

STAGE NAME

: NOTICE AND ADJOURNED MATTERS

CLASSIFICATION

SJ - NON-SERVICE - ELECTRICITY ACT, 2003 - OTHER MISCELLANEOUS MATTERS

ACT

INDIAN ELECTRICITY ACT, 1910

OFFICE DETAILS

S. NO.

FILING DATE

DOCUMENT NAME

ADVOCATE NAME

COURT FEE ON DOCUMENT

DOCUMENT DETAILS

06/05/2014

VAKALATNAMA

MR NV GANDHI ADVOCATE
FOR PETITIONER(S) 1

MR NV GANDHI(1693) FOR P:1 - 2

06/05/2014

MEMO OF APPEAL/PETITION/SUIT

MR NV GANDHI ADVOCATE
FOR PETITIONER(S) 1

MR NV GANDHI(1693), FOR P:1 - 2

07/05/2014

ADVANCE COPY OF PETITION

MR PREMAL R JOSHI ADVOCATE
FOR RESPONDENT(S) 2

MR PREMAL R JOSHI(1327) FOR R:2

12/05/2014

AFFIDAVIT OF DS

MR NV GANDHI ADVOCATE
FOR PETITIONER(S) 1

MR NV GANDHI(1693) FOR P:1

13/05/2014

AFFIDAVIT OF DS

MR NV GANDHI ADVOCATE
FOR PETITIONER(S) 1

MR NV GANDHI(1693) FOR P:1 - 2

19/05/2014

AFFIDAVIT IN REPLY

MR ANAL S SHAH ADVOCATE
FOR RESPONDENT(S) 4

MR ANAL S SHAH(3988) FOR R:4

19/05/2014

VAKALATNAMA

MR ANAL S SHAH ADVOCATE
FOR RESPONDENT(S) 4

MR ANAL S SHAH(3988) FOR R:4

20/05/2014

AFFIDAVIT IN RE-JOINDER

MR NV GANDHI ADVOCATE
FOR PETITIONER(S) 1

MR NV GANDHI(1693) FOR P:1 - 2

13/06/2014

AFFIDAVIT IN REPLY

MR PREMAL R JOSHI ADVOCATE
FOR RESPONDENT(S) 2 , 2 , 2

MR PREMAL R JOSHI(1327) FOR R:2

03/11/2014

AFFIDAVIT IN RE-JOINDER

MR NV GANDHI ADVOCATE
FOR PETITIONER(S) 1

MR NV GANDHI(1693) FOR P:1 - 2

10/11/2014

VP NOT FILED IN MAIN MATTER

MR PREMAL R JOSHI ADVOCATE
FOR RESPONDENT(S) 10

MR PREMAL R JOSHI(1327) FOR R:5 - 15

APPLICATIONS

S. NO.

CASE DETAIL

STATUS NAME

DISPOSAL DATE

ACTION/CORAM

CIVIL APPLICATION/2179/2015

PENDING

HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

COURT PROCEEDINGS

S. NO.

NOTIFIED DATE

COURT CODE

BOARD SR. NO.

STAGE

ACTION

CORAM

08/05/2014

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FIXED NOTICE

HONOURABLE MR.JUSTICE A.J.DESAI

13/05/2014

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21/05/2014

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16/06/2014

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03/07/2014

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10/07/2014

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10/08/2014

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11/08/2014

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HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

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HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

AVAILABLE ORDERS

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CASE DETAILS

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QUESTIONS

TRANSFERRED

DOWNLOAD

SPECIAL CIVIL APPLICATION/7117/2014

HONOURABLE MR.JUSTICE A.J.DESAI

08/05/2014

ORDER

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SPECIAL CIVIL APPLICATION/7117/2014

HONOURABLE MR.JUSTICE S.H.VORA

13/05/2014

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HONOURABLE MR.JUSTICE S.G.SHAH

21/05/2014

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16/06/2014

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HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

25/08/2014

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OPERATIONS:

The company has posted a satisfactory performance for the year. The company has produced 87460.918 Tons of Pet Chips / Polyester / Polypropylene Multifilament Yarn and dispatched 78905.632 Tons of Pet Chips / Polyester / P.P. Yarns.

Income from operation of the company has marginally decreased from Rs. 11593.400 Millions to Rs. 11080.000 Millions. EBIDTA has been increased from Rs. 706.700 Millions to Rs. 817.100 Millions and Net profit after Tax has been decreased from Rs. 191.600 Millions to Rs. 176.200 Millions in comparison to last year.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long Term Borrowing
Loan from Director	0.000	1.102
Total	0.000	1.102

MANAGEMENT DISCUSSION AND ANALYSIS (MDA):

WORLD ECONOMY:

The macroeconomic scenario during the year was characterized by world economy continuing its downward trend on growth as world economy further decelerated growth rate to 3% in 2013 compared to 3.2% in 2012. The World Bank has predicted a 3.2% global GDP growth in 2014. The growth rate is further projected to stabilize to 3.4% in 2015 and to 3.5% in 2016. The high-income economies are now showing signs of recovery. Growth in the emerging and developing economies is expected to pick up from 4.8% in 2013 to 5.3% in 2014 and then to 5.5% in 2015 and to 5.7% in 2016. The US economy is projected to grow by 2.8% in 2014 up from 1.8% in 2013. GDP in China, the second largest economy in the world, is projected to stay flat at 7.6% in 2014. Japan, world’s third largest economy, is projected to grow at 1.4% in 2014, but is expected to register 1% growth in 2015 mostly due to the government’s efforts curb domestic demand by imposing high consumption tax. World Bank has projected India’s GDP growth to be 6% in 2014-15. Asian Development Bank (ADB) has come up with a more conservative estimate and expects India’s GDP to grow at 5.5% in FY15. Emerging markets, including India, had to face multiple challenges of rising current account deficit, depreciation of the local currency and additional pressure due to capital outflows.

INDIAN ECONOMY

India’s GDP growth rate moderately increased to 4.9% as compared to 4.5% in FY 2012-13. High Interest rate, a depreciated currency and uncertainty due to general elections have led to deceleration in the economic recovery. The slow growth of the economy in 2013-14 was mainly on account of industrial sector which grew -0.5% as against 3.10% in 2012-13 though agriculture sector grew 4.7%. Services sector grew at the rate of 6.8% in 2013-14 as against 6.6% in 2012-13. The slowdown in the previous two financial years 2011-12 and 2012-13 had been precipitated by domestic as well as global factors. Domestic factors, including the tightening of monetary policy resulted in slowing down of investment and growth, particularly in the industrial sector. However, the new Central government is expected to accelerate the pace of new reforms and help enhance Investor confidence. Outlook for FY. 2014 appears optimistic. In FY. 2014-15, India is likely to accelerate GDP growth rate to 5.5%-6%. The increase in growth rate is expected to be contributed by growth in industrial sector around to 4%.

TEXTILE INDUSTRY SCENARIO

GLOBAL TEXTILE INDUSTRY

The global textile and clothing industry is estimated to register 5% growth in 2013-14. China is expected to lead the world with an estimated USD 284 billion in 2013, up 11.4% from 2012. India is estimated to achieve an estimated USD 42 billion of textiles and apparel exports in 2013-14, a 30% jump over the previous year. The Global Textile and clothing trade is estimated to grow at the rate of 5%. Asia is the largest consumer of PFY contributing about 90% of overall global demand. China and India contribute about 74% and 10% of the global demand respectively. Middle East was seen gradually moving up in the capacity building also

INDIAN TEXTILE INDUSTRY

India is the world’s second largest producer of textiles and garments, with a diverse raw material base. In India, Textile and clothing industry contributes nearly 4% of India’s GDP, 14% of total industrial production and 11% of the total exports of goods. Textile industry provides direct employment to 35 million and indirect employment to 45 million.

Globally, India has the second largest textile manufacturing capacity, in terms of spindles and looms. India is the 4th largest exporter of textiles and clothing products to the world, with a share of 4.4% in the global trade. Over last 10 years, exports of textiles and clothing products from India have grown at more than 11% p.a., which increased the share in global trade from 3% to 4.4% between 2003 and 2012.

The textile sector in the country is expected to witness improvement as the export demand has begun to pick up. According to Dun and Bradstreet India, growth in textile exports have picked up since April this year compared to same period of last fiscal year. During April-September 2013, textile exports from India reached USD 16 billion, which is 8 per cent higher than the exports during the same period last year. Pick-up in demand from the US market is the prime reason for this reversal. (Source: Economic Times)

According to the Ministry of Textiles, the domestic textile and apparel industry in India is estimated to reach US$ 141 bn by 2021 from US$ 58 bn in 2011. Apparel exports from India is expected to increase to US$ 82 bn by 2021 from US$ 31 bn in 2011. Total cloth production in India is expected to grow to 112 bn square meters by FY17 from 62 bn square meters in FY11. (Textile Sector Analysis report, Source: Equity master)

INDIAN POLYESTER MARKET

In 2013, polyester demand grew at 7.5% as against 6% in 2012. In India, they can see clearly there is a paradigm shift which is rising population, surging per capita income, growing disposable income, an expanding middle class, continuing urbanization, lower per capita consumption of man-made fiber especially, polyester which is 2.6 Kg in India against 6 Kg in the world, surging per capita income. This indicates untapped potential for the polyester manufacturers providing scope to grow positively in the coming times. All these factors will complement demand surge of polyester in India as future belongs to polyester.

Moreover, the Textile Ministry is also working towards implementing policies to boost the overall sector. Greater emphasis is being given to modernize the industry by Textile Up-gradation Fund (TUF), which is bringing industrial competitiveness.

The MMF industry has been huge capacity addition across the value chain in the last few years envisaging higher demand. Polyester capacity increase by 12% in 2013 -14 largely due to addition in POY and FDY.

RAW MATERIAL SCENARIO:

In Polyester Industry, the main raw materials are PTA (Purified Terephthalic Acid) and MEG (Mono Ethylene Glycol). These are derivate of petrochemical which are directly proportional to fluctuation of Crude Oil prices. PX prices were USD 1472 in April, 2013 crossed to USD 1500 by August, 2013 and started gradually to down to USD 1200 by the end of the year.

PTA prices were almost steady in the 1st quarter - opening at USD 1,043 and closing at USD 1,055, and in the 2nd quarter it opened at USD 1,070 and peaked in August at USD 1,098. PTA prices in third and fourth quarters tapered to USD 900 per ton as par xylene prices also softened during the period. This resulted in better margins of PTA in the second half of the year. PTA is expected to ease out due to the scheduled start of one of the PTA plants in India later this year. Even in China, some of the new capacities have already started so, PTA availability is likely to improve by 2014-15. Presently, the Government of India has imposed antidumping duty on import of PTA.

MEG prices fell in 1st quarter itself. It opened at USD 1,000 and closed at USD 947 at 1st quarter end, but picked up stream from July to Aug-13 when it reached the highest to the level of USD 1098, but subsequently it got affected due to over capacities and lower demand both in India as well as China. The prices of MEG in 2nd quarter went down from USD 1,064 to USD 992 and in last quarter from USD 971 to 887.

ABOUT THE COMPANY:

The Company is having an integrated manufacturing facility for manufacturing POY and FDY directly from MEG and PTA, Twisting and Texturizing. Value addition and operating margin in Polyester FDY and POY is higher than Pet Chips. The Company’s manufacturing unit have a locational advantages being situated in the Surat area. Its location gives its proximity to both raw material suppliers as well as end users. The production capacity of the Plant is as under;

Over the years, they have developed capabilities to customize and improve their product designs by absorbing, adapting and improving the acquired technology from both national and international suppliers. In each and every operation they innovate, learn, adapt and deliver quality products with enhanced values to their customers.

RESULTS REVIEW:

Turnover: The Company has achieved a turnover of Rs. 11079.962 Millions in the year 2013-14 as against Rs. 11593.378 Millions during the previous year. Fall in sales was noted being less dispatch of materials corresponding to last year.

Other Operating Income: Other operating income consists of Export Incentives, Vat refund etc. Other Income for the year 2013-14 amounted to Rs. 30.188 Millions as against Rs. 26.512 Millions during the previous year due to increase in Export Incentives received during the year.

Other Income: Other income consisting receipt of Dividend, Discounts and Interest on Fixed Deposit and Profit/ (Loss) from Forex Transactions. Other income for the year 2013-14 is amounting of Rs. (160.712 Millions) against Rs. (113.036 Millions) in the previous year. Losses from foreign transactions was incurred amounting to Rs. 247.216 Millions due to sharp depreciation in the value of rupees against dollars.

Consumption of Raw Material: Consumption of raw material decreased from Rs. 7198.919 Millions to Rs. 5556.731 Millions due to decrease in production corresponding to last year.

Employee Cost: Employees cost were increased from Rs. 106.954 Millions to Rs. 115.478 Millions. This increase is mainly due to higher increments given to employees and further recruitment of employees in POY and FDY spinning division.

Interest Cost: Interest cost were increased from Rs. 217.188 Millions to Rs. 305.090 Millions due to increase in working capital.

Depreciation: Depreciation was increased by Rs. 46.300 Millions due to addition in Fixed Assets i.e. commissioning of 66 Kv Power sub-station, Waste Recycling Plant, Installation of Electric chillers etc.

EBIDTA: The Company’s EBIDTA stood at Rs. 8170.69 Millions against Rs. 7067.39 Millions in previous year reflecting an increase of 15.61% over previous year.

PAT: The profit after tax (PAT) were decreased from Rs. 191.593 Millions to Rs.176.154 Millions, mainly due to forex losses incurred due to sharp depreciation in the value of rupees against dollars.

CONTINGENT LIABILITIES

· Letter of credit outstanding is (48.30 Millions US$) as on 31.03.2014.

· Excise duty of Rs. 0.352 Millions, was demanded by the department, which has been paid; but for which appeal has been filed and no conclusion for it is availed till date.

· SEBI has imposed penalty of Rs. 20.000 Millions U/S 15-I of Securities and Exchange Board of India Act, 1992 READ with rule 5 of SEBI (procedure for holding inquiry and imposing penalties by adjudicating officer) Rules 1995 vide Adjudication Order No. IVD/SIL/AO/DRK-CS/EAD-3/473- 486/16-29-14. The Company has filed petition before SA T against the said order

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10520712	26/08/2014	40,000,000.00	CANARA BANK	OVERSEAS BRANCH, RING ROAD, SURAT, GUJARAT - 395002, INDIA	C21258512
2	10454663	17/10/2013	610,000,000.00	BANK OF BARODA	UDHNA INDUSTRIAL ESTATE BRANCH,, UDHNA UDYOG NAGAR SAHAKARI SANGH, SURAT, GUJARAT - 394210, INDIA	B87387890
3	10304812	17/08/2011	682,393,363.00	KBC BANK DEUTSCHLAND AG	WACHTSTRASSE 16, BREMEN, - 28195, GERMANY	B19872555
4	10151765	08/04/2009	3,340,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A60385036
5	10150799	26/03/2009	5,728,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A59828921
6	10140453	22/12/2008	1,632,000,000.00	BANK OF BARODA	UDHNA INDUSTRIAL ESTATE BRANCH, UDHNA UDHYOG NAGAR SAHKARI SANGH, UDHNA,, SURAT, GUJARAT - 394210, INDIA	A53520201
7	90102753	25/08/2014 *	6,106,800,000.00	BANK OF BARODA AND 7 OTHERS	UDHNA INDUSTRIAL ESTATE BRANCH, UDHNA UDYOG NAGAR SAHAKARI SANGH, SURAT, GUJARAT - 394510, INDIA	C19586312
8	90100088	08/08/2005	416,000,000.00	BANK OF BARODA	UDHAN BRANCH, SURAT, GUJARAT, INDIA	-
9	90096902	09/09/2005 *	555,100,000.00	BANK OF BARODA	UDIMA BRANCH, SURAT, GUJARAT, INDIA	-
10	90099827	23/08/2014 *	6,106,800,000.00	BANK OF BARODA AND 7 OTHERS	UDHNA INDUSTRIAL ESTATE BRANCH, UDHNA UDYOG NAGAR SAHAKARI SANGH, SURAT, GUJARAT - 394510, INDIA	C19584259

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture, Fixture and Equipments

· Vehicle

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ON 31.12.2014

[RS. IN MILLIONS]

PARTICULARS	3 Months Ended		9 Months Ended
PARTICULARS	31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	2451.559	5339.995	7201.855
b) Other operating income	0.000	0.000	0.000
Total Income from Operations (net)	2451.559	2339.995	7201.822

2.Expenditure
a) Cost of material consumed	1698.079	1613.817	4965.236
b) Purchase of stock in-trade	131.824	155.709	540.683
c) Changes in Inventories of Finished Goods, Work-inprogre4ss and stock in Trade	21.238	(32.402	(17.684)
d) Employee benefits Expense	23.604	31.352	73.572
e) Depreciation and Amortization	62.485	60.003	185.000
f) Other Expenses	322.0165	257.055	962.004
Total expenses	2259.246	2185.534	6708.811

3. Profit from operations before other income, and financial costs and Exceptional Items
Profit/ (Loss) before Interest, Depreciation, Tax and Amortisation	192.313	154.461	493.044
4. Other income	0.084	0.100	1.921
5.Ecxhange Gain	0.000	0.000	0.000
6. Profit from ordinary activities before finance costs	192.397	154.561	494.965
7. Finance costs	95.556	96.802	257.025
8. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	96.841	57.759	237.025
9. Exceptional item	0.000	0.000	0.000
10. Profit from ordinary activities before tax Expense:	96.841	57.759	237.025
11.Tax expenses	17.250	17.300	59.250
12.Net Profit / (Loss) from ordinary activities after tax (9-10)	79.591	40.459	177.775
13.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
14.Net Profit / (Loss) for the period (11 -12)	79.591	40.459	177.775
15.Paid-up equity share capital (Nominal value Rs.10 per share)	580.397	580.397	580.397
16. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	0.000	0.000	0.000
17.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):	1.37	0.70	3.06
(a) Basic and diluted	1.37	0.70	3.06

A. PARTICULARS OF SHAREHOLDING
1. Public Shareholding
- Number of shares	7070000	7070000	7070000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	25.96	25.96	25.96
Percentage of shares (as a % of total share capital of the company)	12.018	12.18	12.18
2. Promoters and Promoters group Shareholding
a) Pledged /Encumbered
Number of shares	20160730	20160730	20160730
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	74.04	74.04	74.04
Percentage of shares (as a % of total share capital of the company)	34.74	34.74	34.74

	PARTICULARS	3 Months Ended 31.12.2014
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	2
	Disposed of during the quarter	2
	Remaining unresolved at the end of the quarter	Nil

CMT REPORT (Corruption, Money Laundering and 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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

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

INFORMATION DETAILS

Information Gathered by :	DPA

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	5
--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	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		43

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.

MIRA INFORM REPORT

Unit