MIRA INFORM REPORT

Report No. :	346320
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	FILATEX INDIA LIMITED (TR. CO. FROM DELHI)
Registered Office :	Survey No. 274, Demni Road, Dadar – 396191, Dadar and Nagar Haveli (U.T)
Mob. No.:	91-260-2668343
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	08.08.1990
Com. Reg. No.:	54-000091
Capital Investment / Paid-up Capital :	Rs. 320.000 Million
CIN No.: [Company Identification No.]	L17119DN1990PLC000091
IEC No.:	0591020700
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF0027B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Polyester Chips, Polyester/ Nylon/Polypropylene Multi & Mono Filament Yarn and Narrow fabrics.
No. of Employees :	1321 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 4866000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Filatex India Limited was promoted by the Bhageria Family in the year 1990. It is an established having a satisfactory track record. The rating derive strength from the experienced management, long track record and company improve profitability margins during FY-15 against losses from its previous year. The rating are constrained on moderate financial profile marked by its declining revenue and weak debt protection metrics. The ratings are further constrained by the foreign exchange fluctuation risk and susceptibility of profit margins to the raw material price fluctuations. However, trade relations are reported to be fair. Business is active. Payment terms are slow but correct. In view of long track record and experienced management, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Ravi Sairam
Designation :	Assistant General Manager
Contact No.:	91-260-2668343
Date :	20.10.2015

LOCATIONS

Registered Office/ Factory 1 :	Survey No. 274, Demni Road, Dadar – 396191, Dadar and Nagar Haveli (U.T), India
Tel. No.:	91-260-2668343/ 2668510
Fax No.:	91-260-2668344
E-Mail :	fildadra@filatex.com secretarial@filatex.com
Website :	http://www.filatex.com
Corporate Office :	43,Community Centre,New Friends Colony, New Delhi-110025, India
Tel. No.:	91-11-26312503/ 26848633/ 26848644
Fax No.:	91-11-26849915
Surat Office :	Bhageria House, Next to Jeevan Deep Building Complex, Ring Road, Surat-395002 Gujarat, India
Tel. No.:	91-261-4030000
Fax No.:	91-261-2310796
Factory 2 :	A-2 Extension, Phase-II, District Gautam Budh Nagar, Noida -201301, Uttar Pradesh, India
Tel. No.:	91-120-2562012/13
Fax No.:	91-120-2562012/13
Factory 3 :	Plot No. 2/6 A, Village Jolva, Dahej-2, Industrial Estate, GIDC Dahej Bharuch- 392130, Gujarat, India

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Madhu Sudhan Bhageria
Designation :	Vice Chairman and Managing Director
Qualification :	Gold medalist Commerce graduate from the reputed Shri Ram College of Commerce, University of Delhi
Experience :	26 years of rich experience in polyester industry
Name :	Mr. Purrshotta Bhaggeria
Designation :	Joint Managing Director
Qualification :	M.B.A., S.C. Johnson Graduates School of Management, Cornell University, USA-1985, Major Finance, Graduated with Distinction
Name :	Mr. Madhav Bhageria
Designation :	Joint Managing Director
Date of Birth/Age :	51 Years
Qualification :	Commerce Graduate from Hindu College, Delhi University, Delhi
DIN No. :	00021953
Name :	Mr. Ashok Chauhan
Designation :	Whole-time Director
Date of Birth/Age :	62 Years
Qualification :	B.E. (Mech) and Master Degree in Business Admistration
DIN No. :	00253409
Name :	Mr. B.B. Tandon
Designation :	Independent Director
Date of Birth/Age :	73 Years
Qualification :	M.A. 9PG in Economics) and LLB from the University of Delhi. CAIIB (Associate Certificate of the Indian Institute of Bankers)
DIN No. :	00740511
Name :	Mr. S.C. Parija
Designation :	Independent Director
Date of Birth/Age :	73 Years
Qualification :	Master degree in political science from Allahabad University and a MSc in Fiscal Studies from University of Bath (U.K)
Name :	Mr. S.P. Setia
Designation :	Independent Director
Date of Birth/Age :	72 Years
Qualification :	Textile Technologist year of graduation 1962
Name :	Mrs. Pallavi Joshi Bakhru
Designation :	Independent Director
Date of Birth/Age :	46 Years
Qualification :	Chartered Accountant

KEY EXECUTIVES

Name :	Mr. Raman Kumar Jha
Designation :	Company Secretary
Name :	Mr. Ravi Sairam
Designation :	Assistant General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	14700279	45.94
Bodies Corporate	5325216	16.64
Sub Total	20025495	62.58
(2) Foreign
Total Shareholding of Promoter and Promoter Group (A)	20025495	62.58
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13400	0.04
Financial Institutions / Banks	100	0.00
Foreign Institutional Investors	2302500	7.20
Sub Total	2316000	7.24
(2) Non-Institutions
Bodies Corporate	4304698	13.45
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1724324	5.39
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2966349	9.27
Any Others (Specify)	663134	2.07
Trusts	81055	0.25
Non Resident Indians	43388	0.14
Clearing Members	36240	0.11
Hindu Undivided Families	502451	1.57
Sub Total	9658505	30.18
Total Public Shareholding (B)	11974505	37.42
Total (A)+(B)	32000000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	32000000	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Polyester Chips, Polyester/ Nylon/Polypropylene Multi & Mono Filament Yarn and Narrow fabrics.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

1321 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Union Bank of India

· Punjab National Bank

· Oriental Bank of Commerce

· State Bank of India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
From Banks
Term Loans
Rupee loans	1148.383	1576.408
Foreign currency loans	718.231	0.000
Vehicle Loans	7.742	8.042
Less : Current maturity	420.089	61.694
Buyers credit for capital goods	0.000	630.058
From a non-banking financial situation
Term Loan	6.755	21.454
Less : Current maturity	6.755	14.699
SHORT TERM BORROWINGS
From Banks
Working Capital
Rupee loans	450.080	361.395
Foreign currency loans	301.836	0.000
Buyer's credit for raw material	803.394	933.018
Bills discounting	21.003	12.848
Total	3030.580	346.683

Banking Relations :	--
Auditors :
Name :	Amod Agrawal and Associates Chartered Accountants
Address :	D-58, East of Kailash, New Delhi – 110025, India
Tel. No. :	91-11-26287884
Fax No. :	91-11-26472939
E-Mail :	info@amodagrawalassociates.com
Memberships :	--
Collaborators :	--
Enterprises owned or significantly influenced by key managerial personnel :	· Nouvelle Securities Private Limited · SMC Yarns Private Limited · Vrinda Farms Private Limited · Dahej Energy Private Limited · Hill Estate Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
4,00,00,000	Equity Shares	Rs. 10/- each	Rs. 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,20,00,000	Equity Shares	Rs. 10/- each	Rs. 320.000 Million

a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period Equity shares

Particulars	31.03.2015
	No of Shares	In Million
At the beginning of the year	28,240,000	282.400
Add : Shares issued during the year	3,760,000	37.600
Outstanding at the end of the year	32,000,000	320.000

b. Terms / rights attached to equity shares

1. The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian rupees.

2. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c. Issue of convertiable warrants and conversion into equity shares

1. During the previous year the company had alloted 8,000,000 convertible warrants on preferential basis to the promoters and others to be converted at the option of warrant holders in one or moretranches, within 18 months from the date of allotment (i.e September 20, 2013) of warrants into equivalent number of fully paid equity shares of the company of the face value of Rs. 10/- per share at an exercise price of Rs. 25/- per share (including premium of Rs. 15/- per share).

2. The company during the previous year on exercise of option by the warrant holders had converted 4,240,000 convertible warrants into equivalent number of equity share and received Rs. 23.500 Million as application money being 25% of the issue price from remaining 3,760,000 warrant holders. During the current year it has further received Rs. 70.500 Million towards balance amount of 75% of the issue price from the holders of 3,760,000 warrants for which the warrant holders exercised the option to convert them into equity shares. The company issued 3,760,000 equity shares of Rs. 10/- per share at a premium of Rs. 15 per share on preferential basis upon conversion on August 04, 2014. The proceeds of the same have been utilised for the intended purpose of meeting part project cost including over run.

d. Details of shareholders holding more than 5% shares in the company

Particulars	31.03.2015
Madhu Sudhan Bhageria 3,708,360 (previous year 2,462,500) equity shares of Rs.10/- each fully paid	11.59%
Azimuth Investments Limited 3,125,000 (previous year 3,125,000) equity shares of Rs.10/- each fully paid	9.77%
Nouvelle Securities (P) Limited 1,989,016 (previous year 1,989,016) equity shares of Rs.10/- each fully paid	6.22%
Purrshottam Bhaggeria 4,193,359 (Previous Year 2,080,000) equity shares of Rs. 10/- each fully paid	13.10%
Madhav Bhageria 4,230,960 (Previous Year 1,925,100) equity shares of Rs. 10/- each fully paid	13.22%

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	320.000	282.400	240.000
(b) Reserves & Surplus	1383.291	1238.303	1255.639
(c) Money received against share warrants	0.000	23.500	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1703.291	1544.203	1495.639
(3) Non-Current Liabilities
(a) Long-term borrowings	2191.267	2832.069	1838.048
(b) Deferred tax liabilities (Net)	166.888	122.671	160.130
(c) Other long term liabilities	33.109	1.951	1.869
(d) long-term provisions	36.940	27.082	26.293
Total Non-current Liabilities (3)	2428.204	2983.773	2026.340
(4) Current Liabilities
(a) Short term borrowings	1576.313	1307.261	1757.575
(b) Trade payables	836.556	1451.839	1410.411
(c) Other current liabilities	612.737	474.984	744.996
(d) Short-term provisions	7.662	6.265	11.271
Total Current Liabilities (4)	3033.268	3240.349	3924.253
TOTAL	7164.763	7768.325	7446.232
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3882.069	3986.096	3986.448
(ii) Intangible Assets	0.785	1.913	2.574
(iii) Capital work-in-progress	23.558	5.943	38.487
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.003	0.003	0.003
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	179.252	41.486	41.242
(e) Other Non-current assets	8.362	31.320	16.247
Total Non-Current Assets	4094.029	4066.761	4085.001
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1185.174	667.599	904.058
(c) Trade receivables	1490.966	2143.710	1375.417
(d) Cash and cash equivalents	154.366	321.654	703.887
(e) Short-term loans and advances	122.097	259.212	208.531
(f) Other current assets	118.131	309.389	169.338
Total Current Assets	3070.734	3701.564	3361.231
TOTAL	7164.763	7768.325	7446.232

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	15727.623	17693.966	12317.996
		Other Income	96.970	122.531	25.806
		TOTAL (A)	15824.593	17816.497	12343.802
Less	EXPENSES
		Cost of Materials Consumed	10935.567	13475.671	10395.447
		Purchases of Stock-in-Trade	2638.734	2104.194	662.749
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(74.272)	158.938	(196.586)
		Employees benefits expense	353.916	317.451	264.360
		Other expenses	1084.989	1215.601	742.347
		TOTAL (B)	14938.934	17271.855	11868.317
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		885.659	544.642	475.485
Less	FINANCIAL EXPENSES (D)		535.964	400.302	225.681
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		349.695	144.340	249.804
Less/ Add	DEPRECIATION/ AMORTISATION (F)		205.748	259.304	211.109
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		143.947	(114.964)	38.695
Less	TAX (H)		47.975	(34.027)	15.138
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		95.972	(80.937)	23.557
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	588.415	591.227	164.241
	IMPORTS
		Raw Materials	5704.603	7007.251	3825.670
		Capital Goods	0.000	12.490	8.549
		Consumable/Spares	19.382	13.408	11.248
	TOTAL IMPORTS		5723.985	7033.149	3845.467
	Earnings/ (Loss) Per Share (Rs.)		3.12	(3.30)	0.98

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt
From Banks
Term Loans
Rupee loans	308.139	56.150	280.992
Foreign currency loans	108.762	0.000	140.000
Vehicle Loans	3.188	5.544	5.099
From a Non-banking Financial Institution
Rupee loans	6.755	14.699	12.789
Total	426.844	76.393	438.880
Cash Generated from Operations	210.373	(344.242)	(0.559)
Net Cash Flow from used in Operations	174.403	(358.943)	(3.060)

QUARTERLY RESULTS

PARTICULARS	30.06.2015
Type	1^st Quarter
Net Sales	2973.100
Total Expenditure	2761.100
PBIDT (Excl OI)	212.000
Other Income	22.200
Operating Profit	234.200
Interest	130.600
Exceptional Items	0.000
PBDT	103.600
Depreciation	51.700
Profit Before Tax	51.900
Tax	20.500
Provisions and contingencies	0.000
Profit After Tax	31.400
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	31.400

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.61	(0.46)	0.19
Operating Profit Margin (PBDIT/Sales)	(%)	5.63	3.08	3.86
Return on Total Assets (PBT/Total Assets}	(%)	2.02	(1.48)	0.52
Return on Investment (ROI) (PBT/Networth)		0.08	(0.07)	0.03
Debt Equity Ratio (Total Debt/Networth)		2.46	2.73	2.70
Current Ratio (Current Asset/Current Liability)		1.01	1.14	0.86

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.58.10/-

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	240.000	282.400	320.000
Reserves & Surplus	1255.639	1238.303	1383.291
Money received against share warrants	0.000	23.500	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1495.639	1544.203	1703.291
Long-term borrowings	1838.048	2832.069	2191.267
Short term borrowings	1757.575	1307.261	1576.313
CURRENT MATURITIES OF LONG-TERM DEBTS	438.880	76.393	426.844
Total borrowings	4034.503	4215.723	4194.424
Debt/Equity ratio	2.698	2.730	2.463

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	12317.996	17693.966	15727.623
		43.643	(11.113)

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	12317.996	17693.966	15727.623
Profit	23.557	(80.937)	95.972
	0.19%	(0.46%)	0.61%

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	Yes
8	Designation of contact person	Yes
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	Yes
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10595895	20/08/2015	900,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	C66717109
2	10562117	20/03/2015	800,000.00	UNION BANK OF INDIA	C R PARK BRANCH, NEW DELHI - 110019, INDIA	C50352483
3	10387600	28/09/2012	40,000,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B62385992
4	10307527	30/08/2011	1,812,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021,MAHARASHTRA, INDIA	B21113154
5	10308943	27/08/2011	224,400,000.00	STATE BANK OF INDIA	MID CORPORATE BRANCH, TRADE HOUSE, RING ROAD, SURAT - 395002, GUJARAT, INDIA	B22010979
6	10269163	22/12/2010	25,000,000.00	ORIENTAL BANK OF COMMERCE	IFB, H-15, CONNAUGHT PLACE, NEW DELHI -  110001, INDIA	B05870894
7	90100921	04/08/2006 *	35,000,000.00	ORIENTAL BANK OF COMMERCE	INDUSTRIAL FINANCE BRANCH, H-15 CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	-
8	90098727	23/03/2005 *	245,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, DEFENCE COLONY, NEW DELHI - 110024, INDIA	-
9	80012456	05/11/2014 *	6,514,100,000.00	UNION BANK OF INDIA	M-11, IST FLOOR, MIDDLE CIRCLE, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	C33006347

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
From body corporates	737.000	672.500
Total	737.000	672.500

NATURE OF OPERATION

The company is a manufacturer of Polyester Chips, Polyester/ Nylon/Polypropylene Multi & Mono Filament Yarn and Narrow fabrics.

OPERATIONS

During the year, the Company achieved turnover of Rs. 15727.600 Million as compared to Rs. 17694.000 Million in the previous year resulting in decrease of 11%. Decrease in turnover is due to decline in finished goods prices consequent upon decrease in price of raw material and deep fall in crude prices. During the year, the company has earned net profit of Rs. 96.000 Million as compared to net loss of Rs. 80.900 Million in the previous year.

No material changes and commitments have occurred after the close of the year till the date of this report, which affect the financial position of the company.

In respect of fir at company’s POY manufacturing unit at Dadra in November, 2012, the claim under fire police has been received during FY 2013-2014 and claim under loss of profit policy amounting to Rs. 53.659 Million is still under consideration of insurer.

TEXTILE INDUSTRY OUTLOOK

INDIAN TEXTILE INDUSTRY

Indian Textile industry may touch USD 500 billion by 2025. Domestic market is projected to go up from USD 68 billion in 2013 to USD 315 billion in 2025, and the export market is projected to grow from USD 40 billion to USD 185 billion in 2015. The segments contributing in the growth is likely to be from technical textiles and apparels. India has a potential to double its market share in global trade from 5% to 10% by 2025.

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015

PART I

(Rs. in Million)

	Particulars	Unaudited 30.06.2015
1.	Income from operations
	a) Net sales/income from operations (net of excise duty)	2967.600
	b) Other operating income	5.500
	Total Income from Operations (net)	2973.100
2.	Expenses
	a) Cost of Materials Consumed	2366.700
	b) Purchase of traded goods	173.700
	c) Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(113.200)
	d) Employee benefits expense	87.800
	e) Depreciation and amortisation expense	51.700
	f) Other expenses	246.100
	Total Expenses	2812.800
3.	Profit/(Loss) from Operations before other income, finance costs and exceptional Items (1-2)	160.300
4.	Other Income	22.2000
5.	Profit/(Loss) from ordinary activities before finance costs and exceptional Items (3+4)	182.500
6.	Finance costs	130.600
7.	Profit/(Loss) from ordinary activities after finance costs but before exceptional Items (5-6)	51.900
8.	Exceptional Items	0.000
9.	Profit/(Loss) from ordinary activities before tax (7-8)	51.900
10.	Tax expense	20.500
11.	Profit/(Loss) from ordinary activities after tax (9-10)	31.400
12.	Extraordinary items (net of tax expenses)	0.000
13.	Net Profit/ (Loss) for the period (11-12)	31.400
14.	Paid-up Eq. Share Capital (Face Value Rs.10/- each)	3200
15.	Reserves excluding Revaluation Reserve	--
16.	Earnings Per Share (EPS) in rupees (not annualised)
17.	a) Basic	0.98
	b) Diluted	0.98
PART II SELECT INFORMATION FOR THE QUARTER ENDED 30.06.2015
A.	PARTICULARS OF SHAREHOLDING (the details related only to share of the company)	30.06.2015
1.	Public Shareholding
	- Number of Shares	11974505
	- Percentage of Shareholding	37.42
2.	Promoter and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	8972679
	-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	44.81
	-Percentage of Shares (as a % of the total share capital of the Company)	28.04
	b) Non-Encumbered
	- Number of Shares	11052816
	-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	55.19
	-Percentage of Shares (as a % of the total share capital of the Company)	34.54
	Particulars	30.06.2015 (3 Month ended)
B.	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	NIL
	Received during the quarter	NIL
	Disposed of during the quarter	NIL
	Remaining unresolved at the end of the quarter	NIL
NOTE: 1. The above results were reviewed by the Audit Committee and thereafter approved by the Board of Directors at their meeting held on August 13, 2015. 2. The Company has only single reportable business segment of manufacture of Synthetic Yam & Textiles in terms of the requirement of Accounting Standard 17. 3. Consequent to the auditors qualification relating to treatment of foreign exchange difference for acquisition of capital assets during earlier years, the company has received letter dated 26th December, 2014 from National Stock Exchange (NSE) advising the company to restate its Financial Statements for the financial year 2012-13. The company has taken up the matter with National Stock Exchange (NSE)/Securities and Exchange Board of India (SEBI) to explain and substantiate that the accounting treatment given by the company is justified. Considering the company's request SEBI has informed the company for providing an opportunity of being heard and make submissions/ representations before Qualified Audit Review Committee (QARC). Accordingly, the Company has made representation as well as submitted the written Statement before QARC which is under consideration of SEBI. The effect, if any, with respect to restatement of financial statement for FY 2012-13 will be accounted for on receipt of final decision in the matter. 4. *The figures for quarter ended March 31, 2015 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto nine months of the relevant financial year. 5. Figures of the previous periods/year have been regrouped/rearranged wherever considered necessary, in order to make them comparable.

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
Letters of Credits	40.777	277.995
Unexpired Bank Guarantees	120.551	64.540
Excise / Custom duty (Mainly relating to reversal of cenvat credit of NCCD & valuation of texturised yarns)	124.419	1404.67
Sales Tax demand	0.080	0.080
Income Tax demand on account of :
Penalty for the period AY 2001-02 to 2005-06	3.337	3.337
Additions for AY 2008-09		0.220
Claims against the company not acknowledged as debts	81.560	25.195
Amount of duty saved on import of plant & machinery under EPCG scheme – corresponding export obligation pending Rs. 100.578 Million, previous year Rs. 1349.721 Million.	17.959	166.658

FIXED ASSETS:

Tangible Assets

· Land

· Plant & Machinery

· Furniture & Fittings

· Vehicles

· Office Equipment’s

· Computer

Intangible Assets

· Software’s

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.64.96
UK Pound	1	Rs.99.55
Euro	1	Rs.71.64

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.