MIRA INFORM REPORT

Report No. :	339909
Report Date :	23.09.2015

IDENTIFICATION DETAILS

Name :	SINTEX INFRA PROJECTS LIMITED
Registered Office :	7th Floor, Abhijit Building - I, Mithakhali Six Roads, Ellisbridge, Ahmedabad – 380006, Gujarat
Tel. No.:	91-79-26420683/ 26420045
Country :	India
Financials (as on) :	31.03.2015 (Provisional)
Date of Incorporation :	25.11.2009
Com. Reg. No.:	04-058702
Capital Investment / Paid-up Capital :	Rs. 20.000 Million
CIN No.: [Company Identification No.]	U45201GJ2009PLC058702
IEC No.:	0813009146
TAN No.: [Tax Deduction & Collection Account No.]	AHMS18274E
PAN No.: [Permanent Account No.]	AANCS6027R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Exporter of Prefabricated Material and also Construction Activities.
No. of Employees :	13 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “Sintex Industries Limited”. It is an established company incorporated in the year 2009 having satisfactory track record. Subject is engaged in the execution of infrastructure projects such as affordable housing with monolithic construction, various center and state sponsored infrastructure projects and power projects. The company has shown significant growth in its turnover but has reported dip in its net profitability during FY 2014. However, the company has able to maintain a satisfactory profitability at 2.5% approx. Networth position of the company is strong. Overall financial position of the company is sound and healthy. The ratings also takes into consideration rich experience of its promoters and strong parentage support received to the company. Moreover, the rating strength of the company is partially offset by relatively short operational track record and highly competitive infrastructure industry. Trade relations are reported as fair. Business is active. Payments are reported as slow. In view of the aforesaid, the company can be considered normal 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

Rating Agency Name	CARE
Rating	Long term Bank facilities = A
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	April 06, 2015

Rating Agency Name	CARE
Rating	Short term Bank facilities = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	April 06, 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 PARTED BY

Name :	Mr. Miral Shah
Designation :	Accounts Manager
Contact No.:	91-79-26420683
Date :	22.09.2015

LOCATIONS

Registered Office :	7th Floor, Abhijit Building - I, Mithakhali Six Roads, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26420683/ 26420045
Fax No.:	91-79-26403446
E-Mail :	hiteshmehta@sintex.co.in ramesh.sankhla@sintex.co.in
Website :	http://www.sintex.in
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rahul Arunprasad Patel

Designation :

Director

Address :

112, Sunrise Park, Opposite Drive-in Cinema, Thaltej Road, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

04.10.1959

Qualification :

B. Com, MBA (USA)

Experience :

32 Years

Date of Appointment :

25.11.2009

PAN No.:

ABGPP6268C

DIN No.:

00171198

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L51909GJ1984PLC007374	SOM SHIVA (IMPEX) LIMITED	Director	21-02-1986	21-02-1986	01-02-2009	Active	NO
2	U24299GJ1958PTC000910	MAS CHEMICALS INDUSTRIES PRIVATE LIMITED	Director	03-03-1992	03-03-1992	27-03-2014	Active	NO
3	L17110GJ1931PLC000454	SINTEX INDUSTRIES LIMITED	Managing director	05-08-2014	21-10-1993	-	Active	NO
4	U45201GJ1994PTC023361	AKSHAR ESTATES PRIVATE LIMITED	Director	20-10-1994	20-10-1994	05-03-2014	Active	NO
5	U65910GJ1994PTC023647	SAMURAI HOLDINGS PRIVATE LIMITED	Director	23-11-1994	23-11-1994	02-03-2009	Active	NO
6	U65910GJ1995PTC028055	OPEL SECURITIES PRIVATE LIMITED	Director	08-11-1995	08-11-1995	05-03-2014	Active	NO
7	U17115GJ2001PLC039370	SIXVENTS POWER & ENGINEERING LIMITED	Director	30-03-2001	30-03-2001	25-03-2009	Active	NO
8	U25199GJ2007PLC051364	SINTEX-BAPL LIMITED	Director	23-07-2007	23-07-2007	-	Active	NO
9	U70101GJ2008PTC053084	ARRIS ESTATES PRIVATE LIMITED	Director	28-02-2008	28-02-2008	30-03-2009	Active	NO
10	U45201GJ2008PTC053103	BILLET ESTATES PRIVATE LIMITED	Director	29-02-2008	29-02-2008	30-03-2009	Active	NO
11	U23300GJ2008PLC052581	SINTEX OIL AND GAS LIMITED	Director	29-09-2009	29-09-2009	30-03-2011	Active	NO
12	U45201GJ2009PLC058702	SINTEX INFRA PROJECTS LIMITED	Director	25-11-2009	25-11-2009	-	Active	NO
13	U17122GJ2007PTC049823	SAUMYA TEXTILES PRIVATE LIMITED	Director	27-04-2010	27-04-2010	13-02-2012	Active	NO
14	U45203GJ2013PLC077457	SINTEX INTEGRATED TEXTILE PARK LIMITED	Director	11-11-2013	11-11-2013	10-12-2013	Active	NO

Name :

Mr. Amit Dineshchandra Patel

Designation :

Director

Address :

Vrindavan, Near Manali Apartment, B/H Apang Manv Mandal Workshop, Dr. V.S. Road, Vastrapur, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

29.01.1966

Qualification :

B. Com MT (USA)

Experience :

25 Years

Date of Appointment :

25.11.2009

PAN No.:

ABGPP6259B

DIN No.:

00171035

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65910GJ1983PTC006081	DENIS TRADES AND INVESTMENTS PRIVATE LIMITED	Director	07-12-1988	07-12-1988	-	Active	NO
2	L17110GJ1931PLC000454	SINTEX INDUSTRIES LIMITED	Managing director	05-08-2014	21-10-1993	-	Active	NO
3	U65990MH1993PTC074666	KOLON INVESTMENTS PRIVATE LIMITED	Director	22-10-1993	22-10-1993	-	Active	NO
4	U65910GJ1995PTC028055	OPEL SECURITIES PRIVATE LIMITED	Director	13-03-1997	13-03-1997	03-02-2011	Active	NO
5	U17115GJ2001PLC039370	SIXVENTS POWER & ENGINEERING LIMITED	Director	30-03-2001	30-03-2001	25-03-2009	Active	NO
6	U74899GJ1994PLC050189	ZEP INFRATECH LIMITED	Director	04-05-2006	04-05-2006	26-03-2014	Active	NO
7	U01122GJ2007PTC050881	BRAHMA FARMS & CULTIVATORS PRIVATE LIMITED	Director	21-05-2007	21-05-2007	26-08-2011	Active	NO
8	U25199GJ2007PLC051364	SINTEX-BAPL LIMITED	Director	23-07-2007	23-07-2007	-	Active	NO
9	U01403GJ2007PTC052432	ALOKIK AGRI FARMS PRIVATE LIMITED	Director	26-12-2007	26-12-2007	13-02-2012	Active	NO
10	U45201GJ2008PTC053606	ATIRE LAND DEVELOPERS PRIVATE LIMITED	Director	16-04-2008	16-04-2008	26-08-2011	Active	NO
11	U45201GJ2008PTC053601	ATIK LAND DEVELOPERS PRIVATE LIMITED	Director	16-04-2008	16-04-2008	13-02-2012	Active	NO
12	U23300GJ2008PLC052581	SINTEX OIL AND GAS LIMITED	Director	29-09-2009	29-09-2009	-	Active	NO
13	U45201GJ2009PLC058702	SINTEX INFRA PROJECTS LIMITED	Director	25-11-2009	25-11-2009	-	Active	NO
14	U45201GJ2010PTC060326	PATEL DWELLERS PRIVATE LIMITED	Director	20-04-2010	20-04-2010	-	Active	NO
15	U17122GJ2007PTC049823	SAUMYA TEXTILES PRIVATE LIMITED	Director	27-04-2010	27-04-2010	13-02-2012	Active	NO
16	U45203GJ2013PLC077457	SINTEX INTEGRATED TEXTILE PARK LIMITED	Director	11-11-2013	11-11-2013	10-12-2013	Active	NO

Name :

Mr. Satyanarayan Banwarilal Dangayach

Designation :

Director

Address :

Bunglow No. 3, Ashwamegh-7, Near Hasubhai Park, Satellite Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

21.08.1952

Qualification :

B. Sc., PGDBA (IIMA)

Experience :

42 Years

Date of Appointment :

25.11.2009

PAN No.:

AAQPD7228M

DIN No.:

01572754

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L17110GJ1931PLC000454	SINTEX INDUSTRIES LIMITED	Managing director	07-06-2015	21-10-1933	-	Active	NO
2	U29259GJ1992PLC017353	HEALWELL INTERNATIONAL LIMITED	Director	24-03-1992	24-03-1992	-	Active	NO
3	U24222GJ2008PTC055007	NARITA TRADE LINKS PRIVATE LIMITED	Director	10-09-2008	10-09-2008	-	Active	NO
4	U45201GJ2009PLC058702	SINTEX INFRA PROJECTS LIMITED	Director	25-11-2009	25-11-2009	-	Active	NO
5	U17115GJ2001PLC039370	SIXVENTS POWER & ENGINEERING LIMITED	Additional director	23-05-2011	23-05-2011	02-12-2011	Active	NO
6	U40100MH2005PTC155522	SHIRPUR POWER PRIVATE LIMITED	Additional director	24-05-2011	24-05-2011	30-09-2011	Active	NO
7	U74899GJ1994PLC050189	ZEP INFRATECH LIMITED	Additional director	02-04-2012	02-04-2012	26-03-2014	Active	NO
8	U27209DL1986PTC023662	ZILLION INFRAPROJECTS PRIVATE LIMITED	Director	14-04-2012	14-04-2012	-	Active	NO
9	U65923GJ1990PLC013966	GVFL LIMITED	Director	17-09-2014	13-09-2013	-	Active	NO
10	U45203GJ2013PLC077457	SINTEX INTEGRATED TEXTILE PARK LIMITED	Director	11-11-2013	11-11-2013	10-12-2013	Active	NO
11	U74140GJ2014PLC078943	GVFL ADVISORY SERVICES LIMITED	Director	28-02-2014	28-02-2014	-	Active	NO
12	L14100GJ1963SGC001206	GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED	Additional director	14-10-2014	14-10-2014	-	Active	NO
13	L99999GJ1985PLC007868	GUJARAT INDUSTRIES POWER COMPANY LIMITED	Additional director	31-03-2015	31-03-2015	-	Active	NO

Name :

Mr. Sanjib Sudhanashu Roy

Designation :

Director

Address :

24, Satyam Bungalows, Opposite Karnavati Club, Ramdevnagar, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

09.06.1959

Qualification :

B.E., MBA

Experience :

26 Years

Date of Appointment :

25.11.2009

DIN No.:

02817370

KEY EXECUTIVES

Name :	Mr. Miral Shah
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Sintex Industries Limited, India	1998800
Dinesh B. Patel joint with Sintex Industries Limited, India	200
Arun P. Patel joint with Sintex Industries Limited, India	200
Rahul A. Patel joint with Sintex Industries Limited, India	200
Amit D. Patel joint with Sintex Industries Limited, India	200
Satyanarayan Banwarilal Dangayach joint with Sintex Industries Limited, India	200
Laxmiraj M. Rathod joint with Sintex Industries Limited, India	200
Total	2000000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Prefabricated Material and also Construction Activities.

Products :

ITC Code No.	Product Descriptions
39232100	Domestic revenue contracts and other services

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Prefabricated Material

Countries :

African Countries

Imports :

--

Terms :

Selling :

L/C and Credit (30 Days)

Purchasing :

L/C and Credit (30 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

End Users

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

13 (Approximately)

Bankers :

Bank Name:	--
Branch:	--
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

· IDBI Bank Limited

Specialised Corporate Branch, IDBI Complex, Off C G Road, Near Lal Bungalow, Ahmedabad - 380006, Gujarat, India

Credit Limit = Fund based = Rs. 600.000 Million and Non-fund based = Rs. 2100.000 Million

· Bank of Baroda

M G Road, Kalol - 382721, Gujarat, India

Credit Limit = Fund based = Rs. 100.000 Million and Non-fund based = Rs. 2100.000 Million

Facilities :

SECURED LOANS	31.03.2015 (Provisional)	31.03.2014
LONG-TERM BORROWINGS
Term loans From banks	1385.417	1750.000
SHORT TERM BORROWINGS
Loans repayable on demand From banks	0.000	232.226
Total	1385.417	1982.226
LONG-TERM BORROWINGS (a). Term loan facilities from the Bank of Baroda are secured by first and exclusive charge on all the fixed assets of company both present and future till time bank is sole lender and 2nd pari-passu charge on all current assets of the company, both present and future. (b). Terms of repayments: Repayable in 24 Quarterly equal instalments, the first of which commenced on March-2015.

Banking Relations :	--
Financial Institution :	· Aditya Birla Finance Limited Indian Rayon Compound, Veraval - 362266, Gujarat, India
Auditors :
Name :	R. Choudhary and Associates Chartered Accountants
Address :	A/202, Rajshree Avenue, Near Dinesh Hall, B/H Income Tax, Ashram Road, Ahmedabad – 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAHFR5496A
Memberships :	--
Collaborators :	--
Holding Company :	Sintex Industries Limited [L17110GJ1931PLC000454]
Associate Company :	Zillion Infrastructures Private Limited (Erstwhile Durha Constructions Private Limited) [U45200MH2006PTC165018]

CAPITAL STRUCTURE

AS ON 31.03.2015 (PROVISIONAL)

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015 (Provisional)	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000	20.000
(b) Reserves & Surplus	2575.017	2388.866	2212.755
(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)	2595.017	2408.866	2232.755
(3) Non-Current Liabilities
(a) Long-term borrowings	2939.393	4335.896	2644.648
(b) Deferred tax liabilities (Net)	199.698	113.278	33.394
(c) Other long term liabilities	2677.762	1773.727	1467.498
(d) long-term provisions	0.429	0.000	0.000
Total Non-current Liabilities (3)	5817.282	6222.901	4145.540
(4) Current Liabilities
(a) Short term borrowings	0.000	232.226	324.666
(b) Trade payables	2965.264	2199.313	1001.773
(c) Other current liabilities	316.083	94.849	29.200
(d) Short-term provisions	4.696	0.007	0.000
Total Current Liabilities (4)	3286.043	2526.395	1355.639
TOTAL	11698.342	11158.162	7733.934
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2837.450	2876.096	1374.156
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.150	0.000	1407.693
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	422.141	422.141	422.141
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3120.274	3501.378	2907.816
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6380.015	6799.615	6111.806
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	168.732	70.880	40.604
(c) Trade receivables	4125.982	3919.853	1493.183
(d) Cash and cash equivalents	127.065	367.814	64.560
(e) Short-term loans and advances	896.548	0.000	20.000
(f) Other current assets	0.000	0.000	3.781
Total Current Assets	5318.327	4358.547	1622.128
TOTAL	11698.342	11158.162	7733.934

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	7839.725	7025.025	3553.080
		Other Income	0.009	2.150	156.213
		TOTAL (A)	7839.734	7027.175	3709.293
Less	EXPENSES
		Cost of Materials Consumed	6990.026	6383.224	3296.021
		Employees benefits expense	11.582	19.311	10.847
		Other expenses	23.613	25.061	20.424
		TOTAL (B)	7025.221	6427.596	3327.292
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		814.513	599.579	382.001
Less	FINANCIAL EXPENSES (D)		391.260	258.920	33.468
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		423.253	340.659	348.533
Less/ Add	DEPRECIATION/ AMORTISATION (F)		138.786	73.864	1.947
	PROFIT BEFORE TAX (E-F) (G)		284.467	266.795	346.586
Less	TAX (H)		98.315	90.684	120.508
	PROFIT AFTER TAX (G-H) (I)		186.152	176.111	226.078
	Earnings Per Share (Rs.)
	Basic		93.08	88.06	223.62
	Diluted		93.08	88.06	113.04

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2015 (Provisional)	31.03.2014	31.03.2013
Current Maturities of Long term debt	291.667	0.000	NA
Cash generated from operations	1877.556	(817.988)	(3818.792)
Net Cash flow from / (used in) Operating activities	1779.240	(868.524)	(3901.592)

KEY RATIOS

PARTICULARS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.37	2.51	6.36
Operating Profit Margin (PBDIT/Sales)	(%)	10.39	8.53	10.75
Return on Total Assets (PBT/Total Assets}	(%)	2.52	2.49	5.87
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.16
Debt Equity Ratio (Total Liability/Networth)		1.25	1.90	1.33
Current Ratio (Current Asset/Current Liability)		1.62	1.73	1.20

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	20.000	20.000	20.000
Reserves & Surplus	2212.755	2388.866	2575.017
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2232.755	2408.866	2595.017
Long-term borrowings	2644.648	4335.896	2939.393
Short term borrowings	324.666	232.226	0.000
Total borrowings	2969.314	4568.122	3231.060
Debt/Equity ratio	1.330	1.896	1.245

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3553.080	7025.025	7839.725
		97.716	11.597

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3553.080	7025.025	7839.725
Profit	226.078	176.111	186.152
	6.36%	2.51%	2.37%

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	Yes
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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

(RS. IN MILLION)

PARTICULARS	31.03.2015 (Provisional)	31.03.2014
LONG-TERM BORROWINGS
Loans from related parties	1553.976	2585.896
Total	1553.976	2585.896

------------------------------------------------------------------------------------------------------------------------------

PROFILE OF SINTEX INFRA PROJECTS LIMITED

Sintex Industries Limited, holding company of Sintex Infra, is engaged in the numerous projects of monolithic construction and prefabricated structures under the various orders of State Governments and also private sectors across the country. Looking to the potential in infrastructure business and especially engineering, construction and contract business, the Company further would like to spread its foot prints in higher segment of infrastructure business. To fulfill its dream of being leading edge Engineering and Construction Company, Sintex Industries Limited has floated special purpose vehicle, Sintex Infra Projects Limited.

Sintex Infra Projects Limited is a part of Sintex Group, which is one of the leading providers of plastics, and niche textile related products in India. With global footprints spanning 9 countries, Sintex has a strong presence in the European, American, African and Asian markets including countries like France, Germany and USA. Sintex manufactures a range of plastic products at its eight manufacturing facilities across India, which includes prefabricated structures, industrial custom molding products, monolithic construction, FRP products and water storage tanks in plastic division and niche structured yarn dyed fabrics. In addition, Sintex’s subsidiaries have 22 manufacturing locations. The Plastic Division’s manufacturing facilities are located in India at Kalol, Kolkata, Daman, Bangalore, Nagpur, Salem, Nalagarh and Bhachau. At its manufacturing facility at Kalol, Sintex has developed the capability to manufacture plastics using 12 different manufacturing processes which enables Sintex to produce the entire range of its plastics products in one location. It has also diversified in to sophisticated home furnishing and technical textile making it provider of total fabrics solution.

Sintex has been availing financial assistance from financial institutions and banks for the past various years and has an impeccable credit record of timely payment and no default. The Company’s Short Term Debt (STD) Programme including Commercial Paper programme of Rs.4000.000 million is rated as CAREA1+ (A One Plus) and additional rating for Commercial Paper Programme of Rs. 1000.000 million is rated as CARE A1+ by CARE, which is the highest rating in its class. The long-term facility has also been assigned as CARE AA (double A) rating. This rating is applicable to all facilities having tenure of more than one year.

Sintex Infra’s Short Term Debt Programme of Rs. 4200.000 Million is rated as CARE A1 (A one) by CARE and long-term facility of Rs. 2450.000 million has been assigned as CARE A rating.

Sintex Infra Projects Limited is presently successfully executing the projects in various states and in various verticals.

EPC CONTRACT WORTH RS 14950.000 MILLION FROM SHIRPUR POWER –

The company has been awarded the EPC Contract by SPPL on 30th September 2011 of Rs. 13000.000 Million increased to Rs. 14950.000 Million. The execution of the project is going on full swing. As an EPC Contractor for the project, they have awarded the all-major packages of the power plant like BTG, Civil, E-Bop and other mechanical packages to various parties.

They have awarded BTG to BHEL, which is the most experienced Indian company in the supplies of BTG and has wide power sector experience.

The Civil Contractor has been awarded to Simplex Infrastructure Limited, one of the leading infrastructure companies. They had completed BTG foundation and ESP Foundation work well in time. Further, Chimney work has also been going speedily. Major engineering activity will also be completed well in time.

The E-BOP package has been awarded to ABB Limited. This package has very high significance and it includes the work of the transmission line of 220KV from site to Amalner and approval of the same has already been obtained.

Sintex Infra has also ordered the whole Water Treatment Plant package; CW and ACW pump package and EOT cranes. For the rest of the Mechanical BOP packages, negotiations are going on and will be ordered soon to the renowned industrial players.

On financial parameters, they have received the advance of Rs. 1380.000 Million as an interest free secured advance of the project. They have supplied the major BTG, ESP material, DG Set, Weigh Bridge and other mechanical to the tune of more than Rs. 1000.000 Million to SPPL during the previous year.

The project is physically 90% completed.

UP JAL NIGAM WORK ORDER FOR LAYING OF TRUNK/LATERAL/BRANCH SEWERS AND SEWAGE PUMPING STATION AND ITS ALLIED WORKS –

SIPL has taken back to back contract from DCPL-AMRCL (JV) for laying of Sewerage pipe lines (355 Km) and pumping station in Gomati Nagar Lucknow and value of work was Rs. 174.50 Cr from the UP Jal Nigam Lucknow. Sintex Infra Projects has secured contract worth Rs. 1650.000 Million to execute the work contract of U.P. Jal Nigam. SIPL is executing this project successfully and getting the payments from UPJN smoothly. It is in advance stage of completion and expected to complete the same by May, 2015. 80% Revenue booked and received till the date out of the project.

DEVELOPMENT OF BORDER CHECK POSTS IN MADHYA PRADESH –

Initially they have bagged the Two check posts consisting of road, building, from IL&FS. Order size is around Rs. 500.000 to 600.000 Million.

Further prospects – IL & FS has recently bagged some of the big infrastructure development projects, and invited us to take part in execution.

They have handed over both check post on March-2015.

AFFORDABLE HOUSING PROJECT FOR AWASVIKAS LIMITED, JAIPUR –

SIPL has bagged the contract for construction of affordable housing project of 432 nos of flats (EWS, LIG and MIG-A ) from the Govt. of Rajasthan on the 50% land under PPP Model-2 and value of work was Rs. 140.000 Million. Balance 50% of land is available with SINTEX GROUP and can develop its own housing project of 300 Nos. of Flats value will be approx. Rs. 600.000 Million. Company has successfully completed the project on time and hand over the possession of the same.

Further prospects – They have submitted their technical BID for construction of affordable houses under monolithic Technology and have been approved by the Government of Rajasthan. They are expecting that they can get the housing project value of Rs.1000.000 Million at any time.

Other than above, SIPL has also executed as sub contractor various projects relating to monolithic/traditional construction of affordable low cost housing projects in Jaipur, Kota, Ajmer among others. SIPL has also done various miscellaneous civil works like Earth work for Development of agriculture land including clearance, excavation, leveling and filing of agriculture land at earmarked site etc.

EPC CONTRACT WORTH RS 14070.000 MILLION FROM SINTEX INDUSTRIES LIMITED –

The company has been awarded the EPC Contract by SIL on 30th March 2014 of Rs. 14070.000 Million. The execution of the project is going on full swing. As an EPC Contractor for the project, they have awarded the all-major packages of the plant like Civil, E-Bop and other mechanical packages to various parties.

The Civil Contractor has been awarded to Simplex Infrastructure Limited, one of the leading infrastructure companies.

The project is physically 55%-60% completed.

Presently company is enjoying fund based and non-fund based working capital limits as under:

(RS IN MILLION)

Facility	IDBI	BOB	HDFC	Total
Fund Based	600.000	100.000	0.000	700.000
Non Fund Based L/C /BG/ L/C capex/BC	2100.000	2100.000	1000.000	5200.000
Term Loan	0.000	1750.000	0.000	1750.000
Total	2700.000	3950.000	1000.000	7650.000

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INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10572237	10/04/2015	1,000,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND, VERAVAL, GUJARAT - 362266, INDIA	C54926894
2	10458892	17/10/2013	4,900,000,000.00	IDBI BANK LIMITED ON ITS OWN BEHALF AND ON BEHALF  OF BANK OF BARODA	SPECIALISED CORPORATE BRANCH, IDBI COMPLEX, OFF  C G ROAD, NEAR LAL BUNGALOW, AHMEDABAD, GUJARAT - 380006, INDIA	B89026462
3	10427504	17/10/2013 *	1,750,000,000.00	BANK OF BARODA	M G ROAD, KALOL, KALOL, GUJARAT - 382721, INDIA	--

* Date of charge modification

CORPORATE INFORMATION (AS ON 31.03.2015)

Sintex Infra Projects Limited is a public company domiciled in India and incorporated in 2009 under the provisions of the Companies Act, 1956. It is headquartered in Ahmedabad in Gujarat. The Company is Infrastructure Company and is one of the leading providers of infra project services and turnkey projects in India.

PERFORMANCE OVERVIEW (AS ON 31.03.2014)

The Company is presently successfully executing the projects in four states viz. Rajasthan, Maharashtra, Madhya Pradesh and Uttar Pradesh of various nature. The company has hand over the Jaipur (Rajasthan) affordable housing project.

At Madhya Pradesh, Company has completed the 75% of the MP Check post project. The Company is also successfully executing Sewerage Pipe Line Project in Lucknow (Uttar Pradesh). The Company is also Executing 300MW Thermal Power Project on EPC basis in the State of Maharashtra.

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Provisional)	31.03.2014
Bank Guarantee and Letter of Credit facilities provided by Banks	NA	19.250

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Vehicles

· Computer 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. 65.63
UK Pound	1	Rs. 101.73
Euro	1	Rs. 73.26

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.