MIRA INFORM REPORT

Report No. :	310619
Report Date :	10.03.2015

IDENTIFICATION DETAILS

Name :	SATYAM FIBRES (INDIA) PRIVATE LIMITED

Registered Office :	97, Maker Chambers, III Nariman Point, Mumbai – 400021, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	12.08.1986

Com. Reg. No.:	11-040613

Capital Investment / Paid-up Capital :	Rs.1.500 Million

CIN No.: [Company Identification No.]	U17120MH1986PTC040613

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 Fibers.

No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The company has taken huge external borrowings which may act as a threat to its liquidity. Further, liquidity of the company is weak. However, trade relations are reported to be fair. Business is active. Payment terms are slow but correct. The subject can be considered for business dealings with some caution.

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

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

EXTERNAL AGENCY RATING

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. Manoj
Designation :	Account Executive
Contact No.:	91-22-40274027
Date :	03.03.2015

LOCATIONS

Registered Office :	97, Maker Chambers, III Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-40274027
Fax No.:	91-22-40274037
E-Mail :	petro@spanfibres.com
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Satyanarain Agarwal

Designation :

Director

Date of Appointment :

12.08.1986

DIN No.:

00896325

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70102MH1984PTC034376	Seamax Realty Private Limited	Director	23/10/1984	23/10/1984	-	Active	NO
2	U17120MH1986PTC040613	SATYAM FIBRES(INDIA)PRIVATE LIMITED	Director	12/08/1986	12/08/1986	-	Active	NO
3	U51491MH2001PTC132377	SPAN FIBRE (INDIA) PRIVATE LIMITED	Director	18/06/2001	18/06/2001	-	Active	NO
4	U23200MH2004PTC147069	PARRK PETROCHEM PRIVATE LIMITED	Director	21/06/2004	21/06/2004	21/01/2009	Active	NO

Name :

Mr.Vinod Mandavia

Designation :

Director

Date of Appointment :

12.08.1986

DIN No.:

00832167

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70102MH1984PTC034376	Seamax Realty Private Limited	Director	23/10/1984	23/10/1984	-	Active	NO
2	U17120MH1986PTC040613	SATYAM FIBRES(INDIA)PVT LTD	Director	12/08/1986	12/08/1986	-	Active	NO
3	U67120MH1988PTC046198	SPECTRUM CAPITAL PRIVATE LIMITED	Director	12/02/1988	12/02/1988	03/08/2008	Active	NO
4	U51491MH2001PTC132377	SPAN FIBRE (INDIA) PRIVATE LIMITED	Director	18/06/2001	18/06/2001	-	Active	NO
5	U99999MH2005PTC157055	V K MERCHANTS PRIVATE LIMITED	Director	26/10/2005	26/10/2005	-	Active	NO
6	U52100MH2008PTC186584	MANAS RETAIL PRIVATE LIMITED	Director	09/09/2008	09/09/2008	-	Active	NO
7	U45400MH2012PTC233338	GLOBAL LANDMARK PRIVATE LIMITED	Director	13/07/2012	13/07/2012	-	Active	NO

Name :

Mr.Kantilal Mandavia

Designation :

Director

Date of Appointment :

12.08.1986

DIN No.:

00832122

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70102MH1984PTC034376	Seamax Realty Private Limited	Director	23/10/1984	23/10/1984	-	Active	NO
2	U17120MH1986PTC040613	SATYAM FIBRES(INDIA) PRIVATE LIMITED	Director	12/08/1986	12/08/1986	-	Active	NO
3	U51491MH2001PTC132377	SPAN FIBRE (INDIA) PRIVATE LIMITED	Director	18/06/2001	18/06/2001	-	Active	NO
4	U99999MH2005PTC157055	V K MERCHANTS PRIVATE LIMITED	Director	26/10/2005	26/10/2005	-	Active	NO
5	U45400MH2012PTC233338	GLOBAL LANDMARK PRIVATE LIMITED	Director	30/09/2014	25/02/2014	-	Active	NO

Name :

Mr. Chandratan Satyanarain Agarwal

Designation :

Director

Date of Appointment :

12.08.1986

DIN No.:

01394983

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17120MH1986PTC040613	SATYAM FIBRES(INDIA) PRIVATE LIMITED	Director	12/08/1986	12/08/1986	-	Active	NO
2	U67120MH1988PTC046198	SPECTRUM CAPITAL PRIVATE LIMITED	Director	12/02/1988	12/02/1988	03/08/2008	Active	NO
3	U51491MH2001PTC132377	SPAN FIBRE (INDIA) PRIVATE LIMITED	Director	18/06/2001	18/06/2001	-	Active	NO
4	U70109DL2006PTC152306	C S Buildwell Private Limited	Director	22/08/2006	22/08/2006	23/12/2013	Active	NO
5	U17126DL2006PLC152697	MOHAN FABTEX LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj
Designation :	Account Executive

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Satyanarain Agarwal	1310
Satyanarain Agarwal HUF	100
Chandratn Agarwal	650
Prakashnarain Agarwal	1030
Pinky Agarwal	50
Ajit Agarwal	50
Vishal Agarwal	50
Prakashnarain Agarwal HUF	200
Kailashnarain Agarwal HUF	585
Jankidevi Agarwal	325
Sheeladevi Agarwal	200
Anju Agarwal	50
Priti Agarwal	1200
Harsh Agarwal	1000
Yash Agarwal	500
Chandratn Agarwal HUF	200
Kantilal Mandavia	1110
Kantilal Mandavia HUF	400
Vinod Mandavia	1200
Vanita Mandavia	480
Deepak Mandavia	400
Binita Mandavia	910
Hitesh Mandavia	1000
Amar Mandavia	1000
Sonia Mandavia	1000
Total	15000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Fibers.

Products :	Fibers

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash, L/C and Credit

Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS = Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Reliance Industries Limited, Mumbai, Maharashtra, India
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 :

Wholesalers
Retailers
Manufacturer

Reference :	Raymond Limited, Thane, Maharashtra, India
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 :

5 (Approximately)

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	Nariman Point, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loans and advances from banks
Indian Overseas Bank O/D	30.164	7.749
Standard Chartered Bank O/D	31.726	22.589
ICICI Bank O/D	0.000	19.307
Total	61.890	49.645


Auditors :
Name :	K C Todarwal and Company Chartered Accountants
Address :	615, Makers Chamber V, 221, Nariman Point, Mumbai – 400021, Maharashtra, India
PAN No.:	AABPT1549A

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

15000	Equity Shares	Rs.100/- each	Rs.1.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

15000	Equity Shares	Rs.100/- each	Rs.1.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	1.500	1.500	1.500
(b) Reserves & Surplus	13.425	11.728	10.599
(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)	14.925	13.228	12.099

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	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)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	62.939	67.628	89.229
(b) Trade payables	38.349	35.376	7.843
(c) Other current liabilities	0.605	0.574	1.924
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	101.893	103.578	98.996

TOTAL	116.818	116.806	111.095

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.782	1.635	1.663
(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	21.224	19.621	18.559
(c) Deferred tax assets (net)	0.092	0.086	0.102
(d) Long-term Loan and Advances	3.573	2.422	3.892
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	27.671	23.764	24.216

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	46.352	14.743	67.548
(d) Cash and cash equivalents	0.077	0.059	0.098
(e) Short-term loans and advances	42.718	78.240	19.193
(f) Other current assets	0.000	0.000	0.040
Total Current Assets	89.147	93.042	86.879

TOTAL	116.818	116.806	111.095

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012

PROFIT/ (LOSS) FOR THE YEAR	1.695	1.129	0.946

Expected Sales (2014-2015) : Rs.11000.000 Million

The above information has been parted by Mr. Manoj (Account Executive).

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012

Debt Equity Ratio (Total Debts/Networth)	7.37	5.11	4.22

Current Ratio (Current Asset/Current Liability)	0.88	0.90	0.87

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.500	1.500	1.500
Reserves & Surplus	10.599	11.728	13.425
Net worth	12.099	13.228	14.925

long-term borrowings	0.000	0.000	0.000
Short term borrowings	89.229	67.628	62.939
Total borrowings	89.229	67.628	62.939
Debt/Equity ratio	7.375	5.112	4.217

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loans and advances from related parties	1.049	14.383
Loans and advances from related parties	0.000	3.600
Total	1.049	17.983

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.61
UK Pound	1	Rs.94.39
Euro	1	Rs.67.96

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	SUM

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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

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