MIRA INFORM REPORT

Report No. :	300840
Report Date :	05.01.2015

IDENTIFICATION DETAILS

Name :	SHYAM POLYTEX PRIVATE LIMITED
Registered Office :	11-18, 4th Floor, Narayan Chamber, Ashram Road, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.12.1985
Com. Reg. No.:	04-008295
Capital Investment / Paid-up Capital :	Rs. 2.446 Millions
CIN No.: [Company Identification No.]	U25209GJ1985PTC008295
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of cotton and all types yarn.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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

Name :	Mr. Rajesh Jain
Designation :	Finance Head
Contact No.:	91-79-26578533
Date :	31.12.2014

LOCATIONS

Registered Office :	11-18, 4th Floor, Narayan Chamber, Ashram Road, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26578533/32911665
Fax No.:	91-79-26577062
E-Mail :	Shyamgroup11@gmail.com accounts@shyamgroup.net
Corporate Office:	502, Narayan Chambers, Ashram Road, Ahmedabad – 380009, Gujarat, India
Branch Office :	H No 859, First Floor, Gali No 5 Shakti Nagar, Bathinda, Punjab, India

DIRECTORS

As on 25.09.2014

Name :

Mr. Hanumanprasad Lalchand Gupta

Designation :

Director

Address :

902. Safal Param, B/H HDFC Bank Limited, Anandnagar Road, Prahladnagar, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

02.02.1945

Date of Appointment :

01.09.1990

DIN No.:

01480165

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209GJ1985PTC008295	SHYAM POLYTEX PRIVATE LIMITED	Director	01/09/1990	01/09/1990	-	Active	NO
2	U17119GJ1990PTC014445	SHYAM POLYSPIN PRIVATE LIMITED	Director	27/09/1990	27/09/1990	-	Active	NO
3	U45201GJ1992PLC017794	SHYAM COTSYN INDIA LIMITED	Managing director	10/06/1992	10/06/1992	04/08/2008	Active	NO

Name :

Mr. Vinay Hanumanprasad Gupta

Designation :

Director

Address :

902. Safal Param, B/H HDFC Bank Limited, Anandnagar Road, Prahladnagar, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

07.02.1975

Date of Appointment :

18.03.2002

DIN No.:

01383400

Name :

Ms. Anita Navin Gupta

Designation :

Director

Address :

9-10, Sterling Park Society Partment, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Birth/Age :

15.04.1975

Date of Appointment :

18.03.2002

DIN No.:

01480194

Name :

Mr. Santosh Vinod Gupta

Designation :

Director

Address :

9-10, Sterling Park Society Partment, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Birth/Age :

24.06.1973

Date of Appointment :

18.03.2002

DIN No.:

01874482

KEY EXECUTIVES

Name :	Mr. Rajesh Jain
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

Names of Shareholders	No. of Shares
Hanumanprasad Lalchand Gupta	24000
Pramod Hanumanprasad Gupta	20000
Vinod Hanumanprasad Gupta	34000
Pramod Hanumanprasad Gupta (Partner of Shyam Textiles)	8000
Hanumanprasad Lalchand Gupta (Partner of Vinay Corporation)	21000
Navin Hanumanprasad Gupta (Partner of Priyanka Sales Corporation)	10000
Vinay Hanumanprasad Gupta (Partner of Shyam Syntex)	10500
Shyam Polyspin Private Limited, India	15000
Hanumanprasad Lalchand Gupta (Executor Late Private Gupta Estate)	29800
Santosh Vinod Gupta	1000
Navin Hanumanprasad Gupta	21000
Vinay Hanumanprasad Gupta	10000
Anita Navin Gupta	1000
Deepika Pramod Gupta	21000
Kiran Vinay Gupta	1000
Priyanka Pramod Gupta	17300
Total	244600

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	6.00
Directors or relatives of Directors	94.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of cotton and all types yarn.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

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 :

Not Divulged

Bankers :

· Punjab National Bank Relief Road, Ahmedabad - 380001, Gujarat, India

· Bank of India, Ghandhi Road Branch, Khadia Char Rasta, Ahmedabad - 380001, Gujarat, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Secured Loans From Punjab National Bank (Secured Against Hypothecation Of Book-Debts And Equitably Mortgage On. Res. Bungalow Of One Of The Director and His Relatives)	20.351	23.915
Punjab National Bank A/C Bills Payable (Secured By Margin Money As Well As Da/ Dp Bills With Take To Goods)	0.000	8.938
Total	20.351	32.853

Auditors :
Name :	M P Sutaria and Company Chartered Accountants
Address :	303, Harikrupa Tower,B/H Gujarat College, Ellisbridge, Ahmedabad – 380006, Gujarat, India
PAN No.:	ACVPS6981R
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
244600	Equity Shares	Rs.10/- each	Rs. 2.446 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	2.446	2.446	2.446
(b) Reserves & Surplus	21.834	18.282	15.136
(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)	24.280	20.728	17.582
(3) Non-Current Liabilities
(a) long-term borrowings	18.761	12.488	4.467
(b) Deferred tax liabilities (Net)	0.118	0.130	0.123
(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)	18.879	12.618	4.590
(4) Current Liabilities
(a) Short term borrowings	20.351	32.854	24.208
(b) Trade payables	39.513	9.794	11.671
(c) Other current liabilities	0.871	0.428	0.197
(d) Short-term provisions	2.914	2.232	0.904
Total Current Liabilities (4)	63.649	45.308	36.980
TOTAL	106.808	78.654	59.152
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.253	3.647	3.069
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.333	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.433	0.433
(d) Long-term Loan and Advances	0.031	0.905	0.006
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3.617	4.985	3.508
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	100.456	71.434	54.141
(d) Cash and cash equivalents	0.110	0.072	0.096
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	2.625	2.163	1.407
Total Current Assets	103.191	73.669	55.644
TOTAL	106.808	78.654	59.152

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales Turnover
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		6.391	5.710	4.625
Less	FINANCIAL EXPENSES		(0.570)	(0.080)	1.275
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.961	5.790	3.350
Less/ Add	DEPRECIATION/ AMORTISATION		0.507	0.406	0.433
	PROFIT/ (LOSS) BEFORE TAX		6.454	5.384	2.917
Less	TAX		2.043	1.669	0.905
	PROFIT/ (LOSS) AFTER TAX		4.411	3.715	2.012
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.603	9.456	7.444
Less	APPROPRIATIONS
		Proposed Final Dividend	0.734	0.489	0.000
		Distribution Tax on Proposed Dividend	0.125	0.079	0.000
		Total	0.859	0.568	0.000
	BALANCE CARRIED TO THE B/S		16.155	12.603	9.456
	Earnings Per Share (Rs.)		18.03	15.19	8.23

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.67	0.61	0.43
Operating Profit Margin (PBDIT / Sales)	(%)	0.97	0.94	0.99
Return on Total Assets (PBT/Total Assets}	(%)	6.06	6.88	4.97
Return on Investment (ROI) (PBT/Networth)		0.27	0.26	0.17
Debt Equity Ratio (Total Debt /Networth)		1.61	2.19	1.63
Current Ratio (Current Asset/Current Liability)		1.62	1.63	1.50

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	2.446	2.446	2.446
Reserves & Surplus	15.136	18.282	21.834
Net worth	17.582	20.728	24.280
long-term borrowings	4.467	12.488	18.761
Short term borrowings	24.208	32.854	20.351
Total borrowings	28.675	45.342	39.112
Debt/Equity ratio	1.631	2.187	1.611

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)
Sales Turnover	468.956	610.512	658.484
		30.185	7.858

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 Turnover	468.956	610.512	658.484
Profit	2.012	3.715	4.411
	0.43%	0.61%	0.67%

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	No
8]	No. of employees	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	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

NOTE: Registered office of the company has been shifted from 502 Narayan Chambersasram Road, Ahmedabad – 380009, Gujarat, India to the present address w.e.f. 24.12.2008

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans From Directors and Share Holders
Mr. H.P.Gupta	5.030	1.250
Mr. Pramod H Gupta	0.450	1.950
Mr. Vinay H Gupta	0.013	2.764
Mrs. Anita N Gupta	3.706	2.705
Mrs. Kiran V Gupta	3.650	3.400
Mrs. Santosh V Gupta	2.912	0.419
Mrs. Deepika P Gupta	3.000	0.000
Total	18.761	12.488

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10106718	23/01/2012 *	40,000,000.00	Punjab National Bank	Relief Road, Ahmedabad - 380001, Gujarat - 380001, INDIA	B31740269
2	10084401	17/01/2012 *	40,000,000.00	Punjab National Bank	Relief Road, Ahmedabad - 380001, Gujarat, INDIA	B31740541

* Date of charge modification

PROFORMANCE REVIEW:

During the year, the company has achieved a record turnover of is Rs.658.484 Millions as against Rs.610.512 Millions for the previous financial year showing an increase of 7.86 %. The Company has earned profit before financial expenses and depreciation of Rs.63.91 lacs as against Rs.5.710 Millions in the previous year. After providing for financial expense and deprecation Company has earned Profit before tax is Rs.6.454 Millions as against previous year of Rs.5.384 Millions. The profit after Tax comes to Rs.4.411 Millions as against Rs.3.715 Millions in the previous year showing an increase of 18.73% over the previous year.

FIXED ASSETS

· Office Building

· Furniture and Fixture

· Vehicles

· Office Equipments

· Computers

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.63.28
UK Pound	1	Rs.98.38
Euro	1	Rs.76.30

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.