MIRA INFORM REPORT

Report No. :	345767
Report Date :	20.10.2015

IDENTIFICATION DETAILS

Name :	JBF INDUSTRIES LIMITED
Registered Office :	Survey No.273, Village Athola, Silvassa – 396 230, Dadra and Nagar Haveli
Tel. No.:	91-22-22885959
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.07.1982
Com. Reg. No.:	54-000128
Capital Investment / Paid-up Capital :	Rs.804.100 million
CIN No.: [Company Identification No.]	L99999DN1982PLC000128
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ08465C
PAN No.: [Permanent Account No.]	AAACJ2575J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of manufacturing and selling of polyester chips, partially oriented yarn and polyester processed yarn products.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1982. It was founded by Mr. Bhagirath Arya as a Yarn Texturizing company, since then it has established and expanded capacities in the business of manufacturing and selling pf polyester chips, partially oriented yarn and polyester processed yarn products. The company has shown a significant growth in its profit during FY 2015 along with healthy financial risk profile and decent networth base. The rating continue to derive strength from the experience of the promoters in the Polyester industry, well established position in the industry. The ratings however continue to be constrained by risk of volatility in the prices of raw material and forex movements imparting volatility to the profitability and intense competition in the industry Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal 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	CARE
Rating	Long-Term Bank Facilities: A-
Rating Explanation	Adequate degree of safety and carry low credit risk
Date	September, 2015

Rating Agency Name	CARE
Rating	Short-Term Bank Facilities: A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	September, 2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DECLINED

Management non-cooperative (91-22-22885959)

LOCATIONS

Registered Office/ Factory 1 :	Survey No.273, Village Athola, Silvassa – 396 230, Dadra and Nagar Haveli, India
Tel. No.:	91-260-2642745/ 46/ 2643861/ 62/ 22-22885959
Fax No.:	91-260-2642297
E-Mail :	jbf@vsnl.com sec.shares@jbfmail.com pravin_prajapati@jbfmail.com amit_mallawat@jbfmail.com
Website :	http://www.jbfindia.com
Area :	44000 Sq. ft
Location :	Owned
Locality :	Commercial
Corporate Office :	8^th Floor, Express Towers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel No.:	91-22-22885959
Fax No.:	91-22-22886393
Email:	jbf@vsnl.com
Factory 2 :	156/2, Village Saily, Saily-Rakholi Road, Dadra and Nagar Haveli, Silvassa, Dadra and Nagar Haveli, India
Factory 3 :	Plot No.11 and 215 to 231, Sarigam GIDC Industrial Area, Taluka: Umbergaon, Sarigram, Vapi – 396 155, Gujarat, India

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Bhagirath C. Arya
Designation :	Chairman
Date of Birth/ Age :	64 Years
Qualification :	B.E. Electrical
Date of Appointment :	08.10.1983
Name :	Mr. Rakesh Gothi
Designation :	Managing Director and Chief Executive Officer
Date of Birth/ Age :	64 Years
Qualification :	B. Tech, MS, MBA
Date of Appointment :	01.01.1997
Name :	Ms. P. N. Thakore
Designation :	Director-Finance and Chief Financial Officer
Name :	Mr. N. K. Shah
Designation :	Director-Commercial
Name :	Mrs. Veena Arya
Designation :	Director
Date of Birth/ Age :	24.08.1951
Date of Appointment :	25.10.1989
Name :	Mr. Baldev Raj Gupta
Designation :	Director
Date of Birth/ Age :	15.02.1940
Date of Appointment :	10.04.2014
Name :	Mr. Prakash V. Mehta
Designation :	Director
Date of Birth/ Age :	12.02.1942
Date of Appointment :	10.04.2014
Name :	Mr. Sunil Diwakar
Designation :	Director
Name :	Mr. Ravishankar Shinde (LIC)
Designation :	Director (upto 13.7.2014)
Name :	Mr. Brij Mohan Bansal
Designation :	Director
Date of Birth/ Age :	04.01.1951
Date of Appointment :	27.05.2014
Name :	B. A. Prabhakar
Designation :	Director (w.e.f. 27.9.2014)

KEY EXECUTIVES

Name :	Mr. Ujjwala G. Apte
Designation :	Company Secretary

SHAREHOLDING PATTERN

AS ON 30.06.2015

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	35326617	53.94
Sub Total	35326617	53.94
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	35326617	53.94
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13949	0.02
Financial Institutions / Banks	51240	0.08
Insurance Companies	2620487	4.00
Foreign Institutional Investors	6594933	10.07
Sub Total	9280609	14.17
(2) Non-Institutions
Bodies Corporate	5449304	8.32
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	5794483	8.85
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	3491072	5.33
Any Others (Specify)	6155394	9.40
Clearing Members	588267	0.90
Non Resident Indians	883310	1.35
Trusts	54	0.00
Others	4683763	7.15
Sub Total	20890253	31.89
Total Public shareholding (B)	30170862	46.06
Total (A)+(B)	65497479	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	65497479	100.00

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

Sl.No.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)			Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Bhagirath Arya	2,77,31,175	42.34	3200000	11.54	4.89	42.34
2	Chinar Arya Mittal	18,00,000	2.75	0	0.00	0.00	2.75
3	Vaidic Resources Private Limited	39,06,304	5.96	0	0.00	0.00	5.96
4	Cheerag Bhagirath Arya	18,75,060	2.86	0	0.00	0.00	2.86
5	Veena B Arya	14,078	0.02	0	0.00	0.00	0.02
	Total	3,53,26,617	53.94	3200000	9.06	4.89	53.94
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Cresta Fund Limited	3900000	5.95	5.95
2	Copthall Mauritius Investment Limited	3225000	4.92	4.92
3	Life Insurance Corporation of India	2620487	4.00	4.00
4	Sunidhi Capital Private Limited	1682904	2.57	2.57
5	National Westminister Bank PLC as Trustee of the Jupiter India Fund	1596574	2.44	2.44
6	Aadi Financial Advisor LLP	981562	1.50	1.50
7	Vallabh Roopchand Bhansali	871400	1.33	1.33
8	Lata Bhansali	673232	1.03	1.03
	Total	15551159	23.74	23.74

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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Cresta Fund Ltd	3900000	5.95	5.95
	Total	3900000	5.95	5.95

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and selling of polyester chips, partially oriented yarn and polyester processed yarn products.

Products :

Product Description	ITC Code
POY	54024200
Polyester Chips	39076090
Polyester Fully Drawn Yarn	54024300

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
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 the management

Bankers :

· Bank of India, Nariman Point Large Corporate Branch, 92/93, Free Press House, Free Press Journal Marg, Mumbai – 400 021, Maharashtra, India

· State Bank of India, Bank Street, Mumbai – 400 023, Maharashtra, India

· Andhra Bank

· Standard Chartered Bank

· IDBI Bank Limited

· Indian Overseas Bank

· ICICI Bank Limited

· DBS Bank Limited

· Axis Bank Limited

Banker Name	Bank of Baroda
Branch Address	10/12, Bombay Samachar Marg, Fort, P.O. Box – 347, Mumbai – 400 023, 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 :

(Rs. In Million)

SECURED LOAN	AS ON 31.03.2015	AS ON 31.03.2014
LONG TERM BORROWINGS
Term Loans
From Banks	2450.900	3744.000
From Financial Institution	1102.900	256.700
From Corporate Body	1075.000	450.000
External Commercial Borrowings	2914.200	1361.200
Vehicle Loans	00.500	01.500
SHORT TERM BORROWING	7543.5	5813.4
Working Capital Loans
From Banks	2832.700	2337.600
Buyer's Credit	3234.200	1954.100
Total	13610.400	10105.100

Note:

LONG TERM BORROWINGS:

Term loans referred to in (a) above and current maturities of long term borrowings

(i) Rs.941.900 Million (Previous Year Rs.3643.900 Million) carrying interest at the rate of 11.00% to 13.00 % and are secured by way of first mortgage and charge on pari passu basis on all the immovable and movable properties, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat and are further secured by Second charge on current assets of the Company, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat. Rs.1300.000 Million s (Previous year Nil Million) carrying interest at the rate of 12.00% to 13.00 % and to be secured by way of first mortgage and charge on pari passu basis on all the immovable and movable properties, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat and are further to be secured by Second charge on current assets of the Company, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat.

(ii) Rs.562.500 Million (Previous year Rs.750.000 Million) carrying interest at the rate of 11.45 % and is secured by way of second pari passu charge on the immovable properties, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and the movable properties except current assets, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat Rs.500.000 Million (Previous year Rs.500.000 Million) carrying interest at the rate of 12.50% and is secured by way of first mortgage and charge on pari passu basis on all the immovable and movable properties except current assets, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat.

(iii) Rs.1700.000 Million (Previous Year Nil) carrying interest at the rate of 14.60 % and are secured by way of First pari passu charge on all the immovable properties, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and movable properties except current assets, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujrat.

(iv) Rs.450.000 Million (Previous Year Rs.500.000 Million) carrying interest at the rate of 13.25 % and are secured by way of First pari passu charge on all the

Immovable and movable properties except current assets, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat.

External Commercial Borrowings referred to in (b) above and current maturities of long term borrowings

Rs.3786.900 Million (Previous Year Rs.2079.200 Million) carrying interest at the rate of LIBOR plus 2.5 percentage to 5 percentage and are secured by way of first mortgage and charge on pari passu basis on all the immovable and movable properties except current assets, present and future, situated at Silvassa, Dadra And Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat.

Vehicle loans referred to in (c) above and current maturities of long term borrowings :

Rs.01.500 Million (Previous Year Rs.03.800 Million) carrying interest at the rate of 8.18-8.88 % and have been secured by specific charge on the vehicles covered under the said loans.

Terms of Repayment

i) Secured Term Loans from Banks

Loan of Rs.218.800 Million is repayable in 7 equal quarterly installments of 3.13 Crores starting from June, 2016 and ending on December, 2017, loan of Rs.243.900 Million is repayable in 10 equal quarterly installments of Rs.24.400 Million starting from June, 2016 and ending on September, 2018, Loan of 40.00 Crores is repayable in 16 equal quarterly installments of Rs.25.000 Million starting from April, 2016 and ending on January, 2020, Loan of Rs.375.000 Million is repayable in 8 equal quarterly installments of Rs.46.900 Million starting on April 2016 and ending on January 2018,Loan of Rs.468.800 Million is repayable in 15 equal quarterly installments of Rs.31.300 Million starting on June 2016 and ending on December, 2019,Loan of Rs.300.000 Million is repayable in 16 equal quarterly installments of Rs.18.800 Million starting on May, 2016 and ending on February, 2020 .Loan of Rs.444.400 Million is repayable in 16 equal quarterly installments of Rs.27.800 Million starting on April, 2016 and ending on January, 2020.

ii) Secured Term Loans from Financial Institution

Loan of 10.29 Crores is repayable in 5 equal quarterly installments of 2.06 Crores starting from April, 2016 and ending on April, 2017, Loan of

100.00 Crores is repayable in 12 equal quarterly installments of 8.33 Crores starting from September, 2016 and ending on June, 2019.

iii) Secured Term Loans from Corporate Body

Loan of 37.50 Crores is repayable in 8 installment first 4 installments of 4.38 Crores starting from June, 2016 and ending on March, 2017 and final

4 installments of 5.00 Crores starting from June, 2017 and ending on March, 2018 and loan of 70.00 Crores is repayable 13 equal installments of

5.38 Crores starting from July, 2016 and ending on July, 2019,

iv) Secured External Commercial Borrowings

Loan of Rs.124.700 Million is repayable in 2 equal quarterly installments of 6.23 Crores (USD 10,00,000) starting from May, 2016 and ending on August, 2016, loan of 54.54 Crores is repayable in 7 equal quarterly installments of Rs.77.900 Million (USD 12,50,000) starting from June, 2016 and ending on December, 2017 and loan of Rs.2244.100 Million is repayable in 12 six monthly first 4 installments of Rs.124.700 Million (USD 2000000) starting from September, 2016 and ending March, 2018, next 4 installment of Rs.187.000 Million (USD 3000000) starting from September, 2018 and ending March, 2020, and next 4 installment of Rs.249.300 Million (USD 4000000) starting from September, 2020 and ending March, 2022.

v) Secured Vehicle Loans

Loan of Rs.00.500 Million is repayable in financial year 2016-17.

vi) Unsecured Term Loans From a Banks

Loan of Rs.661.900 Million is repayable in 5 equal half yearly installments of Rs.110.400 Million starting from April, 2016 and ending on April, 2018 and one half yearly installment of Rs.109.800 Million in October, 2018 and Loan of Rs.44.800 Million is repayable in 5 quarterly installments of Rs.08.400 Million, Rs.08.900 Million, Rs.09.100 Million and Rs.09.800 Million respectively starting from June, 2016 and ending on June, 2017 and the same carries interest at the rate 11.70%. 4.6 Term loans from banks [including current maturities of long term borrowings of Rs.439.600 Million) aggregating to Rs.1945.300 Million s (Previous year Rs.1103.500 Million) is guaranteed by one of the Directors of the company in his personal capacity.

Statutory Auditors :
Name :	Chaturvedi and Shah Chartered Accountant
Internal Auditors :
Name :	Bhuwania and Agarwal Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies:	JBF Global Private Limited. JBF RAK LLC. JBF Petrochemicals Limited JBF Bahrain SPC JBF Global Europe BVBA JBF Bio Glicols Industia Quimica Limited JBF Trade Invest Private Limited (w.e.f 9th Jan’2015)
Enterprises over which the Key Managerial personnel and their relatives have significant influence:	Arya Industries Vaidic Resources Private Limited.

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Million
12500000	Cumulative Redeemable Preference shares	Rs.100/- each	Rs.1250.000 Million
	Total		Rs.2250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
65497479	Equity Shares	Rs.10/- each	Rs.655.000 Million
75709	Cumulative Redeemable Preference shares	Rs.100/- each	Rs.7.600 Million
1415000	Cumulative Redeemable Preference shares	Rs.100/- each	Rs.141.500 Million
	Total		Rs. 804.100 Million

Terms/rights attached to Equity Shares

The holders of equity shares of 10 each are entitled to one vote per share. The equity shareholders are entitled to dividend only if dividend in a particular financial year is recommended by the Board of Directors and approved by the member at the annual general meeting of the year. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive out of the remaining assets of the company, after distribution of Preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders.

Terms/rights attached to Cumulative Redeemable Preference Shares (CRPS)

The holder of Preference Share of the Company have a right to vote at a General Meeting of the Company only in accordance with limitations and provisions laid down in Section 47 (2) of the Companies Act, 2013. The Preference Shares shall carry dividend at the rate of 2.5 % and 20.00% per annum payable annually. The preference shareholders will be entitled to receive out of the remaining assets of the company after distribution to lenders. 75,709 2.5% CRPS are redeemable at par as: 36,509 shares on 30.09.2020, 17,837 shares on 30.09.2019 and 21,363 shares on 30.09.2018. 14, 15,000 20% CRPS are redeemable at a premium of 700 per share as: 3, 15,000 shares on 30.09.2020, 7, 70,000 shares on 30.09.2019 and 3, 30,000 shares on 30.09.2018.

Reconciliation of number of Equity Shares outstanding at the beginning and at the end of year:

Particulars	31.03.2015
	Number	Rs. in Million
Shares outstanding at the beginning of the year	65324847	653.200
Add: Shares Issued on exercise of option by ESOS holders during the year	172632	01.800
Less:- Shares bought back and extinguished during the year	--	--
Shares outstanding at the end of the year	65497479	655.000

Reconciliation of number of 2.5% Cumulative Redeemable Preference Shares outstanding at the beginning and at the end of year:

Particulars	31.03.2015
	Number	Rs. in Million
Shares outstanding at the beginning of the year	75709	7.600
Add: Shares Issued On conversion of debt to a lender	--	--
Less:- Shares redeemed during the year	--	--
Shares outstanding at the end of the year	75709	7.600

Reconciliation of number of 20 % Cumulative Redeemable Preference Shares outstanding at the beginning and at the end of year:

Particulars	31.03.2015
	Number	Rs. in Million
Shares outstanding at the beginning of the year	--	--
Add: Shares Issued during the year	1415000	141.500
Shares outstanding at the end of the year	1415000	141.500

Options outstanding Nil (Previous year 174,306) Equity shares to ESOS holders as on 31st March, 2015

The details of shareholder holding more than 5% shares:

Name of Equity Shareholders	31.03.2014
	No. of Shares	Percentage
Bhagirath Arya	27731175	42.34%
Vaidic Resources Private Limited	3906304	5.96%
Chinar Arya	*	*
Cresta Fund Limited	3900000	5.95%
Copthall Mauritius Investment Limited	3545000	5.41%

* Below 5%, hence not disclosed.

Name of Preference Shareholder of 2.5% CRPS	31.03.2015
	No. of Shares	Percentage
Bank of India	75709	100%

Name of Preference Shareholder of 20% CRPS	31.03.2015
	No. of Shares	Percentage
Bank of India	1415000	100%

Redemption premium on 20% CRPS will be paid out of the Securities Premium Account, hence no provision has been considered necessary. 2.7 75, 00,000 Equity share of 10 each were bought back and extinguished in the last five years.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	804.100	802.300	1829.800
(b) Reserves & Surplus	10218.400	9153.200	8817.900
(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)	11022.500	9955.500	10647.700
(3) Non-Current Liabilities
(a) long-term borrowings	8250.200	6696.100	7122.200
(b) Deferred tax liabilities (Net)	2242.000	1704.700	1561.900
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	124.300	235.600	161.300
Total Non-current Liabilities (3)	10616.500	8636.400	8845.400
(4) Current Liabilities
(a) Short term borrowings	7047.100	5341.300	6907.600
(b) Trade payables	3087.600	6149.200	5066.300
(c) Other current liabilities	3034.100	3223.000	2947.100
(d) Short-term provisions	608.500	510.900	454.400
Total Current Liabilities (4)	13777.300	15224.400	15375.400
TOTAL	35416.300	33816.300	34868.500
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16221.000	14844.100	14728.400
(ii) Intangible Assets	28.600	28.500	25.200
(iii) Capital work-in-progress	14.100	597.300	208.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4235.300	4237.600	4242.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1131.800	1045.900	926.200
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	21630.800	20753.400	20129.900
(2) Current assets
(a) Current investments	2.300	6.500	486.300
(b) Inventories	3352.900	4405.300	3962.400
(c) Trade receivables	5646.500	6120.100	5544.500
(d) Cash and cash equivalents	2147.300	425.000	1538.800
(e) Short-term loans and advances	2060.900	1591.000	2787.000
(f) Other current assets	575.600	515.000	419.600
Total Current Assets	13785.500	13062.900	14738.600
TOTAL	35416.300	33816.300	34868.500

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	41268.800	47847.100	45040.900
	Other Income	564.300	618.700	720.900
	TOTAL	41833.100	48465.800	45761.800
Less	EXPENSES
	Cost of Materials Consumed	31052.100	37985.700	35581.700
	Purchases of Stock-in-Trade	15.700	69.800	1.400
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	502.300	307.700	160.300
	Employees benefits expense	737.700	617.700	565.400
	Other expenses	4836.800	6023.900	6017.600
	Exceptional items	0.000	367.100	0.000
	TOTAL	37144.600	45371.900	42326.400
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	4688.500	3093.900	3435.400
Less	FINANCIAL EXPENSES	1715.500	1678.700	1557.900
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2973.000	1415.200	1877.500
Less/ Add	DEPRECIATION/ AMORTISATION	967.600	1122.200	1006.600
	PROFIT/ (LOSS) BEFORE TAX	2005.400	293.000	870.900
Less	TAX	611.000	143.100	356.100
	PROFIT/ (LOSS) AFTER TAX	1394.400	149.900	514.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	3838.000	3845.100	3501.300
Less	APPROPRIATIONS
	Transfer to General Reserve	137.500	11.500	52.000
	Transfer to Debenture redemption reserve	(45.200)	(31.700)	6.100
	Short/(Excess) Provision of Dividend in previous year	3.000	(7.300)	1.700
	Tax on Short/( Excess) Provision of Dividend	0.100	(1.200)	0.300
	Proposed Dividend on Preference Shares	28.500	28.100	22.200
	Proposed Dividend on Equity Shares	131.000	130.600	72.600
	Dividend Distribution Tax on Proposed Dividend	32.500	27.000	16.100
	Total	287.400	157.000	171.000
	Balance Carried to the B/S	4945.000	3838.000	3845.100
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	7819.200	8971.200	6293.400
	Net Gain on Currency & Interest rate Swap	0.000	67.300	0.000
	Interest			9.200
	TOTAL EARNINGS	7819.200	9038.500	6302.600
	IMPORTS
	Raw Materials	15609.000	15403.700	9077.100
	Capital Equipment	120.300	59.000	261.200
	Colours and Chemicals and Oil and Lubricants	32.600	35.400	68.800
	Stores and Spares and Consumables	9.100	21.800	13.300
	TOTAL IMPORTS	15771.000	15519.900	9420.400
	Earnings / (Loss) Per Share (Rs.)	20.78	1.70	6.76

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	1951.300	2084.300	1612.200
Cash generated from operations	3105.600	4012.500	3839.600
Net cash from operating activities	2871.600	3843.100	3588.600

QUARTERLY RESULTS

Particulars	30.06.2015 (Unaudited)
	1^st Quarter
Net Sales	8990.20
Total Expenditure	8127.40
PBIDT (Excl OI)	862.80
Other Income	147.70
Operating Profit	1010.50
Interest	448.80
Exceptional Items	NA
PBDT	561.70
Depreciation	251.10
Profit Before Tax	310.60
Tax	109.20
Provisions and contingencies	NA
Profit After Tax	201.40
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	201.40

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	3.38	0.31	1.14
Operating Profit Margin (PBIDT/Sales)	(%)	11.36	6.47	7.63
Return on Total Assets (PBT/Total Assets}	(%)	6.43	1.01	2.86
Return on Investment (ROI) (PBT/Networth)		0.18	0.03	0.08
Debt Equity Ratio (Total Debt /Networth)		1.56	1.42	1.47
Current Ratio (Current Asset/Current Liability)		1.00	0.86	0.96

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.232.00/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1829.800	802.300	804.100
Reserves & Surplus	8817.900	9153.200	10218.400
Net worth	10647.700	9955.500	11022.500
long-term borrowings	7122.200	6696.100	8250.200
Short term borrowings	6907.600	5341.300	7047.100
Current maturities of long-term debts	1612.200	2084.300	1951.300
Total borrowings	15642.000	14121.700	17248.600
Debt/Equity ratio	1.469	1.418	1.565

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	45040.900	47847.100	41268.800
		6.230	(13.749)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	45040.900	47847.100	41268.800
Profit	514.800	149.900	1394.400
	1.14%	0.31%	3.38%

LOCAL AGENCY FURTHER INFORMATION

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

PERFORMANCE OF THE COMPANY:

Profit before tax of the Company increased from R.293.000 Million in 2013-14 to Rs.2005.400 Million in 2014-15 reflecting an increase of 584%. Profit after tax of the Company increased from Rs.1500.200 Million in 2013 14 to Rs.1394.400 Million in 2014-15 reflecting an increase of 828%. Though production of Polyester Chips decreased from 483647 MT in 2013-14 to 466178 MT in 2014-15, production of POY andYarn increased from 266082 MT in 2013-14 to 273932 MT in 2014-15.

Yarn capacity increased from 60000 MT P.A to 90,000 MT P.A In accordance with the general circular issued by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, Statement of Profit and Loss and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. In accordance with the Accounting Standard AS-21, the audited Consolidated Financial Statements including the Financial Information of Subsidiary Companies are provided in the Annual Report.

The annual accounts of the Subsidiary Companies will be kept open for inspection at the Registered and Corporate Office of the Company and that of the respective Subsidiary Companies. JBF Global Europe BVBA (Belgium) and JBF Bahrain SPC (Bahrain), subsidiaries of the Company have started their production and are contributing to the Company. PTA project of the Company at Mangalore SEZ is at advanced stage of completion and the plant would be operational by end of the financial year.

Economic Scenario

According to the World Economic Outlook of April 2015, Global growth in 2014 was estimated at 3.4 percent, same as in 2013. However this growth was uneven. Advanced economies showed higher growth compared to previous year whereas the emerging market and developing economies recorded slow down relative to last year. Advanced economies grew at 1.8 percent in 2014 as against 1.4 percent in 2013 whereas growth in emerging market and developing economies was 4.6 percent in 2014 compared to 5 percent in 2013.

US continued to grow stronger than previously expected. Consumption in US has benefitted from job creation, income growth, lower oil and commodity prices. Unemployment rate declined to 5.5 percent in February 2015, more than 1 percent below its level one year back. Euro Area, although still muted, showed small uptick in the fourth quarter and first quarter of 2015. Euro Area grew by 0.9 percent in 2014 relative to -0.5 percent in 2013

Among the emerging and developing Asia, China continued to slow down where growth was estimated at 7.4 percent in 2014 compared to 7.8 percent in 2013 due to decline in investment growth reflecting correction in real estate sector. On the other hand India recorded higher growth in 2014 at 7.2 percent compared to 6.9 percent in 2013 Global growth is projected to increase slightly from 3.4 percent in 2014 to 3.5 percent in 2015. Again this increase will be driven by rebound in advanced economies with US playing a major role. Growth in emerging markets is projected to decline further. Lower energy prices, low inflation and improving housing market are expected to sustain strong US economic growth. On the other hand sharp downward revision to growth for oil exporters, slowdown in China and continued weakening of Latin America due to decline in commodity prices are the contributing factors for lower projected growth in emerging markets in 2015.

Year 2014 was marked by a dramatic sharp decline in global oil prices, severity reminiscent of 2008 crisis. Oil prices have declined by about 45 percent. Several factors have contributed to such decline. Weaker demand in some major economies, increase in supply, largely contributed by US and reluctance of OPEC to reduce oil production in the face of increasing global oil supply played a role in sharp decline of oil price. The decline in oil prices will have varied impact. Decline in oil prices is expected to boost global output reflecting in particular higher demand in oil importers. However extent of such increase in global output will depend on how soon and to what extent such decline in international oil price is reflected in the domestic oil price to boost consumer demand. Decline in oil price is also expected to lower inflation thus putting several central banks in a position to lower interest which in turn will also boost economic activity. However some of the oil exporters will face fiscal challenges from lower oil revenue.

Other commodities have also corrected, although not to the extent of correction in oil prices. This is also expected to boost demand, lower inflation and expand economic activity.

Future Prospects

It is to be recognized that the textile industry in India contributes about 14% to Industrial production, 6% to GDP, and 17% by way of exports earnings and employs 35 Million workforce. As per the vision documents of the government, domestic production should grow by about 5 times and

Exports by about 7 times by 2025. Such targets set up a pattern for high growth within the industry and industry can take lead under the drive of “Make in India” campaign.

For various reasons the man made fire industry in India has been stifled with high excise as compared to the competing fibers. The world average continues to be 60% for non-cotton items and 40% for cotton items. However, in India it is the other way – 40% for non-cotton items and 60% for cotton items. In order that their industry be given due recognition and importance, several representation have been made to the Government for reducing the excise duty structure and providing other stimulus, in order that the industries in India can compete well both at the national front as well as the export front. The industry is optimistic that the government will give due relief in taxation to the needs of the industry and will provide adequate stimulus to achieve the ambitious target set for the year 2025. Several representations have also been made that the industry should move towards fiber neutral excise duty regime, more or less on same lines with competing countries in so far as excise is concerned.

The local industries are also striving to come up with strategic developments and technological improvements throughout the polyester chain, either by introduction of world scale plants with latest technologies as well as coming up with diversified and specialized products. Various applications can be evolved for industrial usage and nontraditional usage such as sportswear and specialized wear usages. Lot of developments have also taken place for development of specialty fibers for example colored yarn, diversified cross sectional yarn, high dye affinity yarn etc. All these improvements would lead to high growth and profitability within the industry.

UNSECURED LOAN

(Rs. In Million)

Particulars	AS ON 31.03.2015	AS ON 31.03.2014
LONG TERM BORROWING
Term Loans
From Banks	706.700	882.700
SHORT TERM BORROWING
Working Capital Loans
From Banks	249.300	508.600
Supplier's Credit (backed by letter of Credit)	442.900	541.000
From Body Corporate	288.000	0.000
Total	1686.900	1932.300
Notes: LONG TERM BORROWINGS: Unsecured Term loans referred to in (d) above and current maturities of long term borrowings Rs.882.700 Million (Previous Year Rs.1103.500 Million) carrying interest at the rate of 3.50% and is secured by pledge of fixed deposits with banks of Rs.72.400 Million (Previous Year Rs.67.000 Million).

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE, 2015

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	8979.200
b) Other operating income	11.000
Total income from Operations(net)	8990.200
2.Expenditure
a) Cost of material consumed	7924.600
b) Purchases of stock in trade	2.400
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1473.100)
d) Employees benefit expenses	203.200
e) Depreciation and amortization expenses	251.100
f) Other expenditure	1337.600
Total expenses	8245.800
3. Profit from operations before other income and financial costs	744.400
4. Other income	86.100
5. Profit from ordinary activities before finance costs	810.500
6. Finance costs	432.400
7.Exchange Difference and Derivative Loss	67.500
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	310.600
8. Exceptional item	--
9. Profit from ordinary activities before tax Expense:	310.600
10.Tax expenses	109.200
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	201.400
12.Extraordinary Items (net of tax expense)	--
13.Net Profit / (Loss) for the period (11 -12)	201.400
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	655.000
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	2.94
(b) Diluted	2.94

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	30170862
- Percentage of shareholding	46.06
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	3200000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	9.06
Percentage of shares (as a % of total share capital of the company)	4.89
b) Non Encumbered
Number of shares	32126617
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	90.94
	49.05
Percentage of shares (as a % of total share capital of the company)
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	1
Disposed of during the quarter	1
Remaining unreserved at the end of the quarter	Nil
Notes: 1. The Board of Directors approved the above mentioned financial results, duly reviewed by audit committee at its meeting held on August 11, 2015 and its release. 2. The financial results are in accordance with the recognition and measurement principles laid down in Accounting Standard (AS-25) "Interim Financial Reporting". 3. The Statutory auditors of the Company have carried out a Limited Review of the results for the quarter ended June 30, 2015 in accordance with clause 41 of the Listing Agreement. 4. Implementation of the 1.250 Million Tonnes per annum green field PTA project at Manglore, being executed through Step down subsidiary JBF Petrochemicals Ltd is proceeding satisfactorily. The project is expected to be completed by the end of current financial year. 5. The Board of Directors at their meeting held on July 31, 2015 has approved to raise USD 150 Million from KKR Jupiter Investors Pte. Ltd. by issue of 16,374,370 Equity shares of Rs. 10/- each of the Company at a premium of Rs. 290/- per share on preferential allotment basis aggregating to Rs. 4912.300 million and balance amount by way of allotment of 12,210,527 Compulsory Convertible Preference Shares of JBF Global Pte. Ltd. Singapore, a wholly owned subsidiary of the Company. The above transaction is subject to necessary regulatory approvals. 6. In the opinion of the management, the company is engaged only in the business of producing polyester based products. As such, there are no separate reportable segments. 7. The figures in respect of the results for preceding quarter ended March 31, 2015 are the balancing figures between audited figures in respect of the full financial year ended March 31, 2015 and published year to date figures upto the third quarter ended December 31, 2014, in the financial year ended March 31, 2015. 8. Figures in respect of the previous period / Year have been regrouped or rearranged or reclassified wherever necessary to make them comparable.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
(a) Demands not acknowledged as debt
i) Income Tax (Rs.86.000 million paid under protest. No cash outflow is expected)	177.900	86.000
ii) Excise Duty (Rs.11.100 million paid under protest. No cash outflow is expected)	17.600	17.600
iv) Others	0.900	0.900
(b) Guarantees issued by the Bankers (Bank guarantees are provided under contractual/legal obligation. No cash outflow is expected.)	1120.900	1902.500
(c) Corporate Guarantee and pledge of Equity shares of a subsidiary company to a bank against the credit facility to subsidiary Company. (No Cash outflow is expected) (To the extent of credit facility availed and outstanding as on 31^st March, 2014)	22908.300	12997.900
(d) Letter of Credit includes Rs.690.300 million (Previous year 112.76 Crores) extended for Subsidiary Company. (These are established in favour of vendors but cargo/material under the aforesaid Letter of Credit are yet to be received as on end of the year. Cash outflow is expected on the basis of payment terms as mentioned in Letter of Credit.)	3411.500	3956.700
(e) Export Bill Discounting (No Cash outflow is expected)	162.400	244.400

FIXED ASSETS

Tangible Assets

• Leasehold Land
• Freehold Land
• Buildings
• Plant and Machineries
• Furniture and Fixtures
• Office Equipment’s
• Vehicles
• Data processing Equipment

Intangible Assets

• Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.82
UK Pound	1	Rs.100.12
Euro	1	Rs.73.75

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAS
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.