MIRA INFORM REPORT

Report No. :	341674
Report Date :	22.09.2015

IDENTIFICATION DETAILS

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

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

Registered Office :	504, Trividh Chambers, Opposite Fire Station, Ring Road, Surat – 395002, Gujarat
Tel. No.:	91-261-2328902

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	01.08.1988

Com. Reg. No.:	04-011049

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

CIN No.: [Company Identification No.]	L45200GJ1988PLC011049

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	AAECS2256B

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

Line of Business :	Manufacturer and exporter of poly propylene (Crimped and FDY) yarn, polyester yarn and polyester chips.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate

Payment Behaviour :	Slow and delayed

Litigation :	Exist

Comments :	Subject was incorporated in the year 1988 and it is a manufacturer and exporter of poly propylene (Crimped and FDY) yarn, polyester yarn and polyester chips. For the financial year ended 2015, the company reported moderate operational performance and it sales has declined by 14.63% as compared to that of previous year. Rating also takes into consideration company’s moderate financial risk profile marked by moderate gearing and debt protection metrics of the company. As report from, indirect sources the company management is charged under allegation of creating artificial market and price manipulation through self-trades and synchronized transactions in scrip of the subject company. Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business dealing with great caution.

NOTES:

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

EXTERNAL AGENCY RATING

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

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

Reason for suspension: Absence of requisite information.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED BY

Name :	Mr. Sumeet Shankarlal Somani
Designation :	Chief Financial Officer
Contact No.:	91-261-2328902
Date :	18.09.2015

LOCATIONS

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

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

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

DIRECTORS

AS ON 31.03.2015

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

Name :	Mr. Sumeet Kumar Somani
Designation :	Executive Director and Chief Financial Officer

Name :	Mr. Bhagchand Chordia
Designation :	Non-Executive Director

Name :	Mr. Dinesh Sharan Khare
Designation :	Non-Executive Director

Name :	Mr. Devi Prasad Saboo
Designation :	Non-Executive Director

Name :	Mr. Atma Ram Sarda
Designation :	Non-Executive Director

Name :	Mr. Ganga Devi Somani
Designation :	Non-Executive Director

KEY EXECUTIVES

Name :	Mr. Anil Kumar Jain
Designation :	Company Secretary

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

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	9530027	16.42
Any Others (Specify)	17700703	30.50
Others	17700703	30.50
Sub Total	27230730	46.92
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	27230730	46.92
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	450	0.00
Sub Total	450	0.00
(2) Non-Institutions
Bodies Corporate	10875672	18.74
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	10646505	18.34
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	3985954	6.87
Any Others (Specify)	5300427	9.13
Clearing Members	207703	0.36
Non Resident Indians	158559	0.27
Others	4934165	8.50
Sub Total	30808558	53.08
Total Public shareholding (B)	30809008	53.08
Total (A)+(B)	58039738	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	58039738	0.00

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

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

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Category of Shareholder	No. of Shares	Percentage of Holding
Dhanvirdhi Financial Consultans Private Limited	2530443	4.36
Raghuvir Texturizers Private Limited	2130467	3.67
Arihant Capital Mkt Limited	1782359	3.07
Bajranglal Sitaram Somani	1351087	2.33
Shardadevi Somani	1221000	2.10
Urmiladevi Somani	940000	1.62
Religare Finvest Limited	811000	1.40
Total	10766356	18.55

BUSINESS DETAILS

Line of Business :

Manufacturer and exporter of poly propylene (Crimped and FDY) yarn, polyester yarn and polyester chips.

Products :

Products Description

Item Code No.

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

54023900

Menthol Product

33012590

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 Baroda

· Bank of India

· IDBI Bank Limited

· Union Bank of India

· Canara Bank

· State Bank of India

· Central Bank of India

· Dena Bank

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Term Loans
From Banks	1260.265	2030.045
From Others	10.769	11.613
Buyers credit on capital goods	244.884	235.587
Loans and Advances from Companies	213.151	259.162

Short Term Borrowings
Cash Credit Facilities	1010.605	899.566
Buyers Credit	714.053	818.436
Inland LC (Union Bank)	42.775	39.883
Term Loans (Due within 12 months)	618.987	446.991
Inland LC (Canara Bank)	33.214	0.000
Inland LC (Dena Bank)	57.256	0.000
Inland LC (Central Bank)	69.244	0.000
Inland LC (IDBI)	142.295	12.244

Total	4417.498	4753.527

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

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

Collaborators :	Not Divulged

Membership :	Not Divulged

100% owned Subsidiary Company :	Sumeet Global Pte Limited

Other Related Party :	Somani Overseas Private Limited Sumeet Menthol Private Limited Betex India Limited Sitaram Prints Private Limited Sumeet Poly Power Limited Ekta Poly Fab Private Limited Dhanvirdi Financial Consultants Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

70000000	Equity Shares	Rs. 10/- each	Rs.700.000 Million
30000000	6% Non-Convertible Redeemable Preference shares	Rs. 10/- each	Rs.300.000 Million

	Total		Rs.1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

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

	Total		Rs.780.397 Million

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

Authorised Share Capital	31.03.2015
Previous Year	100000000
Increase by	-
Current Year	100000000

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

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

Name	No. of shares	% of Holding

Somani Overseas Private Limited	8641928	14.89
Sitaram Prints Private Limited	3584775	6.18
Shankarlal Sitaram Somani	3706183	6.39

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	780.397	780.397	682.897
(b) Reserves & Surplus	1613.151	1428.577	1257.423
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	87.000
Total Shareholders’ Funds (1) + (2)	2393.548	2208.974	2027.320

(3) Non-Current Liabilities
(a) long-term borrowings	1729.069	2536.407	2366.995
(b) Deferred tax liabilities (Net)	471.666	415.058	327.726
(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)	2200.735	2951.465	2694.721

(4) Current Liabilities
(a) Short term borrowings	2688.429	2217.120	1668.762
(b) Trade payables	1247.141	963.016	1241.245
(c) Other current liabilities	254.325	215.032	116.639
(d) Short-term provisions	63.515	66.008	68.225
Total Current Liabilities (4)	4253.410	3461.176	3094.871

TOTAL	8847.693	8621.615	7816.912

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4258.002	4008.795	3836.605
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	306.014	101.611
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	247.964	156.624	7.796
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.668	7.780	39.531
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4513.634	4479.213	3985.543

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1885.564	1935.357	1819.886
(c) Trade receivables	1280.906	1210.751	1159.448
(d) Cash and cash equivalents	306.931	227.269	239.444
(e) Short-term loans and advances	416.155	341.887	266.117
(f) Other current assets	444.503	427.138	346.474
Total Current Assets	4334.059	4142.402	3831.369

TOTAL	8847.693	8621.615	7816.912

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2015	31.03.2014	31.03.2013
	SALES
		Income		9311.727	11079.962	11593.378
		Other Income		9.438	(160.712)	(113.036)
		TOTAL (A)		9321.165	10919.250	11480.342

Less	EXPENSES
		Cost of Materials Consumed		7240.085	6523.147	8181.199
		Purchase of Stock-in-trade		1140.739	3381.562	2945.113
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(71.450)	10.528	(590.796)
		Employee Benefits Expenses		123.851	115.478	106.954
		Other Expenses		86.817	71.465	131.134
		TOTAL (B)		8520.042	10102.180	10773.604

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			801.123	817.070	706.738

Less	FINANCIAL EXPENSES (D)			353.599	305.091	217.187

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			447.524	511.979	489.551

Less	DEPRECIATION / AMORTISATION (F)			197.320	245.285	198.986

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			250.204	266.694	290.565

Less	TAX (H)			60.381	87.332	94.470

	PROFIT/(LOSS) AFTER TAX (G-H) (I)			189.823	179.362	196.095

Less	TAXATION FOR PREVIOUS YEAR			5.250	3.208	4.502

	PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS			187.573	176.154	191.593

	EARNINGS IN FOREIGN CURRENCY			1123.102	2849.480	1219.222

	IMPORTS
			Raw Materials	3248.385	4190.999	2862.880
			Stores & Spares	6.390	4.517	3.418
			Capital Goods	134.519	215.945	39.268
			Coal	39.219	38.023	92.205
	TOTAL IMPORTS			3428.513	4449.484	2997.771

	Earnings Per Share (Rs.)			3.18	3.04	3.29

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	963.843	281.883	653.428
Net cash flow from operating activities	627.665	15.662	446.813

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	2.01	1.59	1.65

Operating Profit Margin (PBDIT/Sales)	(%)	8.60	7.37	6.10

Return on Total Assets (PBT/Total Assets)	(%)	2.91	3.27	3.77

Return on Investment (ROI) (PBT/Networth)		0.10	0.12	0.14

Debt Equity Ratio (Total Debt /Networth)		1.85	2.15	1.99

Current Ratio (Current Asset/Current Liability)		1.02	1.20	1.24

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.9.95/-

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	682.897	780.397	780.397
Reserves & Surplus	1257.423	1428.577	1613.151
Share Application money pending allotment	87.000	0.000	0.000
Net worth	2027.320	2208.974	2393.548

long-term borrowings	2366.995	2536.407	1729.069
Short term borrowings	1668.762	2217.120	2688.429
Total borrowings	4035.757	4753.527	4417.498
Debt/Equity ratio	1.991	2.152	1.846

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	11593.378	11079.962	9311.727
		(4.429)	(15.959)

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	11593.378	11079.962	9311.727
Profit	191.593	176.154	187.573
	1.65%	1.59%	2.01%

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS

The company has posted a satisfactory performance for the year. The company has produced 86068.41 Tons of Pet Chips / Polyester / Polypropylene Multifilament Yarn and dispatched 83034.86 Tons of Pet

Chips / Polyester / P. P. / Poly yarns.

The year 2014-15 remained one of the challenging year as the polyester industry faced several challenges. Firstly, crude prices saw a sharp decline during the year, which triggered reduction in prices for Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG) (key raw materials for polyester manufacturing). Secondly, the government levied Anti-Dumping Duty on PTA imports, which resulted in an increase in raw material cost.

Subject focused on widening product basket by adding value added products, expanding market reach, cost optimization, and elevating people potential. As a result, your company has creating a dynamic business model.

EXPAINSION AND MODERNISATION

During the year subject has successfully commissioned 4 (Four) new Texturising machines as forward integration with total capacity of 20 Tons per day to produce DTY yarns of varied deniers and filaments and also in the process of setting up another 4 (four) new machines.

NEWPROJECT

In the Current financial year, subject has modified 4 (four) position of its existing FDY Line for Manufacturing Colour FDY Yarns. Colour FDY Yarns will be further processed on 30 Nos. of TFO Machineries which is going to be installed for plying and twisting the yarns. Twisted & Heat set Yarns will finally be used in manufacturing carpets.

The company is also exploring enhancing the capacity of manufacturing recycled chips from Waste Recycling Plant by importing some more machinery of new technologies.

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

CIVIL APPLICATION (FOR DIRECTION) No. 8564 of 2015

In SPECIAL CIVIL APPLICATION / 9679 / 2015 ( PENDING )

Status : PENDING

( Converted from : C/CAST/8598/2015 )

CCIN No : 001003201508564

Next Listing Date:

14/10/2015

Coram

· HONOURABLE MR.JUSTICE R.M.CHHAYA

S.NO.	Name of the Petitioner	Advocate On Record
1 2 3 4	GUJARAT ENERGY TRANSMISSION COMPANY LTD STATE LOAD DISPATCH CENTRE DAKSHIN GUJARAT VIJ COMPANY LTD MADHYA GUJARAT VIJ COMPANY LTD	MR PREMAL R JOSHI for: Applicant(s) 1 - 4

S.NO.	Name of the Respondant	Advocate On Record
1 2 3 4 5 6 7 8 9 10 11	GUJARAT ELECTRICITY REGULATORY COMMISSION SUMEET INDUSTRIES LIMITED FILATEX INDIA LIMITED VIDEOCON INDUSTRIES LIMITED SHUBHLAKSHMI POLYESTERS LIMITED MOHIT INDUSTRIES LIMITED DEVIKA FIBERS PRIVATE LIMITED N J TEXTILE INDUSTRIES PVT LIMITED COLOURTEX INDUSTRIES LIMITED GOKULANAND PETROFIBERS GOKULANAND TEXTURISERS PVT LTD more	MR ANAL S SHAH for :Respondent(s) 1 R N PUROHIT for :Respondent(s) 15 MR ASHISHKUMAR A JHA for :Respondent(s) 6 - 8


Presented On	: 29/07/2015	Registered On	: 04/08/2015
Bench Category	: -	District	: VADODARA
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 2 times
StageName	: ADMISSION - CA

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	29/07/2015	APPEARANCE NOTE	MR PREMAL R JOSHI ADVOCATE for PETITIONER(s) 1	0	MR PREMAL R JOSHI(1327) for P:1 - 4
2	29/07/2015	MEMO OF PETITION/APPEAL/SUIT	MR PREMAL R JOSHI ADVOCATE for PETITIONER(s) 1	20	MR PREMAL R JOSHI(1327), for P:1 - 4
3	03/08/2015	ADVANCE COPY OF PETITION	MR ANAL S SHAH ADVOCATE for RESPONDENT(s) 1	0	MR ANAL S SHAH(3988) for R:1
4	03/08/2015	ADVANCE COPY OF PETITION	R N PUROHIT ADVOCATE for RESPONDENT(s) 15	0	R N PUROHIT(7408) for R:15
5	16/09/2015	APPEARANCE NOTE	MR ASHISHKUMAR A JHA ADVOCATE for RESPONDENT(s) 6	0	MR ASHISHKUMAR A JHA(5591) for R:6 - 8

Linked Matters

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	SPECIAL CIVIL APPLICATION/7117/2014	PENDING	-	- · HONOURABLE MR.JUSTICE R.M.CHHAYA
2	SPECIAL CIVIL APPLICATION/9678/2015	PENDING	-	- · HONOURABLE MR.JUSTICE R.M.CHHAYA
3	SPECIAL CIVIL APPLICATION/9679/2015	PENDING	-	- · HONOURABLE MR.JUSTICE R.M.CHHAYA

Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	10/08/2015	18	30	FOR REGULAR ADMISSION	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
2	24/08/2015	11	138	ADMISSION - CA	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA · HONOURABLE MR.JUSTICE N.V.ANJARIA
3	15/09/2015	11	130	URGENT ADMISSION - CA	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
4	14/10/2015	11	-	URGENT ADMISSION - CA		· HONOURABLE MR.JUSTICE R.M.CHHAYA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	CIVIL APPLICATION/8564/2015	· HONOURABLE MR.JUSTICE N.V.ANJARIA	10/08/2015	N	ORDER	-	Y	Download
2	CIVIL APPLICATION/8564/2015	· HONOURABLE MR.JUSTICE R.M.CHHAYA	24/08/2015	N	ORDER	-	Y	Download

CHARGES:

ENTITY

PERSON

COMPETENT AUTHORITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

SUMEET FINVET LTD.

RBI

DID NOT COMPLY WITH THE PROVISIONS OF RBI ACT, 1934

REJECTION OF APPLICATION FOR CERTIFICATE OF REGISTRATION AS NBFC

31-JUL-2004

NOT APPEARING IN THE LIST DATED 31/10/2007

SUMEET INDUSTRIES LTD.

(Old Name : SUMEET SYNTHETICS LTD.)

(PAN:AAECS2583B)

SEBI

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SELF TRADES AND SYNCHRONIZD TRANSACTIONS IN SCRIP OF SUMEET INDUSTRIES LTD.

INDULGED IN FUNDING OF ITS OWN SHARES IN SCRIP OF SUMEET INDUSTRIES LTD.

INDULGED IN ISSUANCE OF VARIOUS FALSE CORPORATE ANNOUNCEMENTS RELATED TO PREFERENTIAL ALLOTMENT OF SHARES, JOINT VENTURE WITH VISHWAS INFRASTRUCTURE LTD. AND AMALGAMATION OF ITS GROUP COMPANIES ETC IN MATTER OF SUMEET INDUSTRIES LTD.

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 21-MAY-2014 TO 20-MAY-2016

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 21-MAY-2014 TO 20-MAY-2016

21-MAY-2014

SUMEET INDUSTRIES LTD.

(Old Name : SUMEET SYNTHETICS LTD.)

(PAN:AAECS2583B)

MAHESH KUMAR SOMANI

(PAN:ABNPS7084A)

SUMEET KUMAR SOMANI

(PAN:ANPPS3016A)

SEBI

INDULGED IN ISSUANCE OF VARIOUS FALSE CORPORATE ANNOUNCEMENTS RELATED TO PREFERENTIAL ALLOTMENT OF SHARES, JOINT VENTURE WITH VISHWAS INFRASTRUCTURE LTD. AND AMALGAMATION OF ITS GROUP COMPANIES ETC IN MATTER OF SUMEET INDUSTRIES LTD.

UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2015

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	2225.663
b) Other operating income	--
Total income from Operations(net)	2225.663
2.Expenditure
a) Cost of material consumed	1933.202
b) Purchases of stock in trade	101.038
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(51.215)
d) Employees benefit expenses	19.233
e) Depreciation and amortization expenses	49.515
f) Other expenditure	19.100
Total expenses	2070.873
3. Profit from operations before other income and financial costs	154.790
4. Other income	(5.839)
5. Profit from ordinary activities before finance costs	148.951
6. Finance costs	88.256
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	60.695
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	60.695
10.Tax expenses	18.209
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	42.486
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	42.486
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	580.397
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 and diluted	0.73
ii) Earnings per share (after extraordinary items)
(a) Basic and diluted	0.73


A. Particulars of shareholding
1. Public Shareholding
- Number of shares	30809008
- Percentage of shareholding	53.08
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	7070000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	25.96
Percentage of shares (as a % of total share capital of the company)	12.18

b) Non Encumbered
Number of shares	20160730
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	74.04
Percentage of shares (as a % of total share capital of the company)	34.74


B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	5
Disposed of during the quarter	5
Remaining unreserved at the end of the quarter	0

NOTES:

1. The above unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 13th August, 2015.

2. As per Accounting Standard 17, the requirement of Segment reporting is not applicable to the Company both in respect of Geographical Segment and Product Segment.

3. Figures of previous year and previous quarter have been re-grouped wherever necessary.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10576839	30/06/2015	60,000,000.00	BANK OF BARODA	UDHNA INDUSTRIAL ESTATE BRANCH,, UDHNA UDYOG NAGAR SAHAKARI SANGH, SURAT, GUJARAT - 394210, INDIA	C57411795
2	10520712	20/05/2015 *	81,200,000.00	CANARA BANK	OVERSEAS BRANCH, RING ROAD, SURAT, GUJARAT - 395002, INDIA	C54389416
3	10454663	17/10/2013	610,000,000.00	BANK OF BARODA	UDHNA INDUSTRIAL ESTATE BRANCH,, UDHNA UDYOG NAGAR SAHAKARI SANGH, SURAT, GUJARAT - 394210, INDIA	B87387890
4	10304812	17/08/2011	682,393,363.00	KBC BANK DEUTSCHLAND AG	WACHTSTRASSE 16, BREMEN, - 28195, GERMANY	B19872555
5	10151765	08/04/2009	3,340,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A60385036
6	10150799	26/03/2009	5,728,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A59828921
7	10140453	22/12/2008	1,632,000,000.00	BANK OF BARODA	UDHNA INDUSTRIAL ESTATE BRANCH, UDHNA UDHYOG NAGAR SAHKARI SANGH, UDHNA,, SURAT, GUJARAT - 394210, INDIA	A53520201
8	90102753	25/08/2014 *	6,106,800,000.00	BANK OF BARODA AND 7 OTHERS	UDHNA INDUSTRIAL ESTATE BRANCH, UDHNA UDYOG NAGAR SAHAKARI SANGH, SURAT, GUJARAT - 394510, INDIA	C19586312
9	90100088	08/08/2005	416,000,000.00	BANK OF BARODA	UDHAN BRANCH, SURAT, GUJARAT, INDIA	-
10	90096902	09/09/2005 *	555,100,000.00	BANK OF BARODA	UDIMA BRANCH, SURAT, GUJARAT, INDIA	-
11	90099827	23/08/2014 *	6,106,800,000.00	BANK OF BARODA AND 7 OTHERS	UDHNA INDUSTRIAL ESTATE BRANCH, UDHNA UDYOG NAGAR SAHAKARI SANGH, SURAT, GUJARAT - 394510, INDIA	C19584259
12	90099734	06/11/2003	35,000,000.00	BANK OF BARODA	UDIMA BRANCH, SURAT, GUJARAT, INDIA	-
13	90099492	21/03/2002	10,000,000.00	BANK OF BARODA	UDHAN IND. ESTATE BRANCH, SURAT, GUJARAT, INDIA	-
14	90096475	09/09/2005 *	309,037,000.00	BANK OF BARODA	UDIMA BRANCH, SURAT, GUJARAT, INDIA	-
15	90102630	30/07/1997	309,037,000.00	BANK OF BARODA	UDHAN BRANCH, SURAT, GUJARAT, INDIA	-
16	90098618	13/06/1997	97,500,000.00	BANK OF BARODA	CENTRAL RAOD NO. 10 UDHNA, UDHYOGNAGAR SAHKARI SANGH, SURAT, GUJARAT, INDIA	-
17	90098533	26/12/1996	37,500,000.00	BANK OF BARODA	UDHAN IND. ESTATE BRANCH, SURAT, GUJARAT - 394210, INDIA	-
18	90098183	21/03/2002 *	47,500,000.00	BANK OF BARODA	UDHAN IND. ESTATE BRANCH, SURAT, GUJARAT, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture, Fixture and Equipments

· Vehicle

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.75
UK Pound	1	Rs.102.17
Euro	1	Rs.74.38

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KAR

Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

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

TOTAL		28

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.