MIRA INFORM REPORT

Report No. :	342927
Report Date :	29.09.2015

IDENTIFICATION DETAILS

Name :	INDO RAMA SYNTHETICS (INDIA) LIMITED

Registered Office :	31-A, MIDC Industrial Area, Butibori, Nagpur – 441 122, Maharashtra
Tel. No.:	91-7104-663000

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	28.04.1986

Com. Reg. No.:	11-166615

Capital Investment / Paid-up Capital :	Rs.1518.222 Million

CIN No.: [Company Identification No.]	L17124MH1986PLC166615

TAN No.: [Tax Deduction & Collection Account No.]	BPLI00021A

PAN No.: [Permanent Account No.]	AAALI1530L

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

Line of Business :	Manufacturer of Polyester Filament Yarn (PFY), Polyester Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips and also engaged in power generation, which is used primarily for captive consumption

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 16000000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a well-established company engaged in manufacturing of ployesters. It is a part of Indo Rama Group having satisfactory. As per financial of the year 2015, company’s operational performance seems to be weak due to losses incurred from its business operations. However, rating takes into account of company’s sound financial risk profile backed by its good net worth base and low debt balance sheet profile of the company. Moreover, company derives strength from its long track record of business operations, established market position and its experienced promoters in polyster business. Trade relation are fair. Business is active. Payment terms are reported as slow but correct. In view of established track records and experienced promoters, the subject 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

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 (Suspended) = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March 2015

Rating Agency Name	CARE
Rating	Short-term Bank Facilities (Suspended) = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	March 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

Management non-cooperative (Tel No.: 91-7104-663000)

LOCATIONS

Registered Office/ Factory :	31-A, MIDC Industrial Area, Butibori, Nagpur – 441 122, Maharashtra, India
Tel. No.:	91-7104-663000-01
Fax No.:	91-7104-663200
E-Mail :	sanjayjain@indorama.ind.com naveenc.jain@indorama-ind.com jayant.sood@indorama-ind.com
Website :	http://www.indoramaindia.com

Corporate Office 1 :	20th Floor, DLF Square, DLF Phase II, NH 8, Gurgaon - 122 003, Haryana, India
Tel. No.:	91-124-4997000
Fax No.:	91-124-4997070
E-Mail :	ranvirk.vij@indorama-ind.com reshab.raizada@indorama-ind.com rajiv.dayal@indorama-ind.com corp@indorama-ind.com

Corporate Office 2 :	Dr. Gopaldas Bhawan, 28, Barakhamba Road, New Delhi – 110001, India

Marketing Offices 1 :	G/504, ICB FLORA, SG Highway, Gota, Ahmedabad - 382481, Gujarat, India

Marketing Offices 2 :	Shop No. G1, G2, Nakoda Textile Tower, Trilok Marg - Gandhinagar, Bhilwara-311001, Rajasthan, India
Tel. No.:	91-1482-248576
Fax No.:	91-1482-248733

Marketing Offices 3 :	Sarang, 1st Floor, 8/5, Race Course Road, Coimbatore - 641 018, Tamilnadu, India
Tel. No.:	91-422-2220456
Fax No.:	91-422-2220658

Marketing Offices 4 :	37/3, ‘G Tower’, Perundurai Road, Erode-638011, Tamilnadu, India
Tel. No.:	91-424-2240847

Marketing Offices 5 :	20th Floor, DLF Square, DLF Phase-II, NH-8, Gurgaon - 122 002, Haryana, India
Tel. No.:	91-124-4997000
Fax No.:	91-124-4997070

Marketing Offices 6 :	H.NO. 12-1-1314/A/5, Laxmi Nagar, North Lalaguda, Secunderabad - 500 017, Andhra Pradesh, India

Marketing Offices 7 :	7-C, Kiran Shankar Roy Road, Hastings Chambers, Ground Floor, Room No-GX, Kolkata - 700001, West Bengal, India

Marketing Offices 8 :	B-XIX-122/2, 4th Floor, Golden Plaza, The Mall Road, Ludhiana - 141 001, Punjab, India
Tel. No.:	91-161-2442752 / 5045068

Marketing Offices 9 :	No. 102 / G-1, Kameshwara Apartment, Sathya Sai Nagar Main Road, Madurai - 625003, Tamilnadu, India
Tel. No.:	91-452-2694804

Marketing Offices 10 :	The Metropolitan, 6^th Floor, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India
Tel. No.:	91-22-26571234
Fax No.:	91-22-26571222

Marketing Offices 11 :	L-572, Behind Ram Sharnam, Model Town, Panipat - 132 103, Haryana, India

Marketing Offices 12 :	A/9, 1st Floor, Gurukrupa Business Centre, Opposite Kotak Mahindra Bank, Vapi Main Road, Amli, Silvassa - 396230, UT of Dadra and Nagar Haveli, India
Tel. No.:	91-260-2643416/17, 2644519

Marketing Offices 13 :	202, Trividh Chambers, Opposite Fire Brigade Station, Ring Road, Surat - 395 002, Gujarat, India
Tel. No.:	91-261-2339368 / 2350701 / 2350687

Marketing Offices 14 :	4/5, Alagappa Complex, 1st Floor, Opposite Tamilnadu Theatres, Palladam Road, Tirupur - 641 604, Tamilnadu, India
Tel. No.:	91-421-2217994

DIRECTORS

As on 30.06.2015

Name :	Mr. Mohan Lal Lohia
Designation :	Chairman Emeritus
Address :	R-69, Greater Kailash-I, New Delhi - 110048, India
Date of Appointment :	28.04.1986
DIN No.:	00918397

Name :	Mr. Om Prakash Lohia
Designation :	Chairman and Managing Director
Address :	R-69, Greater Kailash-I, New Delhi - 110048, India
Date of Appointment :	28.04.1986
DIN No.:	00206807


Name :	Mr. Vishal Lohia
Designation :	Whole-time Director
Address :	R-69, Greater Kailash-I, New Delhi - 110048, India
Date of Appointment :	16.04.2002
DIN No.:	00206458

Name :	Mr. Anant Kishore
Designation :	Whole-time Director and CEO
Address :	7A, SDF Greenview Apartments, Sector - 15A, Noida - 201301, Uttar Pradesh, India
Date of Appointment :	08.08.2013
DIN No.:	05262142

Name :	Mr. Ashok Kumar Ladha
Designation :	Non-executive Independent Director
Address :	W-51, Greater Kailash, Part-II, New Delhi - 110048, India
Date of Appointment :	14.06.1995
DIN No.:	00089360

Name :	Mr. Arvind Pandalai
Designation :	Non-executive Independent Director
Address :	D-255 Ground Floor, Defence Colony, New Delhi - 110024, India
Date of Appointment :	20.07.2009
DIN No.:	00352809

Experience :	Mr. Suman Jyoti Khaitan
Date of Appointment :	Non-executive Independent Director
PAN No.:	W-13, Greater Kailash, Part-Ii, New Delhi - 110048, India
Voter ID No.:	30.01.2013
DIN No.:	00023370

KEY EXECUTIVES

Name :	Mr. Sanjeev Kumar Aggarwal
Designation :	Chief Executive Officer
Address :	A-043, Ridgewood Estate, DLF City Phase - IV, Gurgaon - 122002, Haryana, India
Date of Appointment :	11.11.2014
PAN No.:	AACPA0772H

Name :	Mr. Anant Kishore
Designation :	Chief Executive Officer
Address :	7A, SDF Greenview Apartments, Sector - 15A,, Noida - 201301, Uttar Pradesh, India
Date of Appointment :	01.04.2014
PAN No.:	AACPA5468J

Name :	Mr. Jayant Sood
Designation :	Company Secretary
Address :	WW 93 SF, Malibu Town,, Gurgaon - 122101, Haryana, India
Date of Appointment :	25.09.2010
PAN No.:	AICPS9602C

CORPORATE EXECUTIVES

Name :	Anant Kishore
Designation :	Whole-time Directors and Chief Executive Officer

Name :	Sanjay Aggarwal
Designation :	President and Chief Financial Officer

Name :	Mukul Dixit
Designation :	President and Chief Financial Officer

Name :	Jayant K Sood
Designation :	Head Corporate and Company Secretary

Name :	Arvind Gupta
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	53288568	37.65
Bodies Corporate	4329204	3.06
Sub Total	57617772	40.71
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	961724	0.68
Bodies Corporate	43288057	30.59
Sub Total	44249781	31.26
Total shareholding of Promoter and Promoter Group (A)	101867553	71.98
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10556	0.01
Financial Institutions / Banks	2252106	1.59
Insurance Companies	4006850	2.83
Foreign Institutional Investors	14044664	9.92
Sub Total	20314176	14.35
(2) Non-Institutions
Bodies Corporate	4544144	3.21
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7330222	5.18
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	7475587	5.28
Sub Total	19349953	13.67
Total Public shareholding (B)	39664129	28.02
Total (A)+(B)	141531682	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	10290560	0.00
Sub Total	10290560	0.00
Total (A)+(B)+(C)	151822242	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Polyester Filament Yarn (PFY), Polyester Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips and also engaged in power generation, which is used primarily for captive consumption

Products :	Polyester Filament Yarn (PFY) Polyester Staple Fibre (PSF) Draw Texturised Yarn (DTY) and Chips

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :
Remark:	Not Divulged

No. of Employees :

Information declined by the management

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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

Term loan from Banks

Rupee loans

717.800

918.200

Foreign currency loans

359.200

810.200

Short-term borrowings

Loans repayable on demand from Banks

Cash credit and working capital facilities

2049.400

2458.500

Total

3126.400

4186.900

Note

LONG TERM BORROWING

NATURE OF SECURITY	TERMS OF REPAYMENT
a) Rupee term loans from banks:
amounting to Rs. 80.000 Million (previous year Rs. 146.700 Million) are secured by first specific charge over the specific assets to be purchased under the loan agreement.	Repayable in 18 equal quarterly installments of Rs. 13.300 Million each commencing from June 2012, along with interest at bank rate plus 1% plus 0.50%.
amounting to Rs. 208.200 Million (previous year Rs. 250.000 Million) are secured collaterally by exclusive charge on the captive power plant at Butibori, Maharashtra.	Repayable in 18 equal quarterly installments of Rs. 13.900 Million each commencing from the end of third quarter from the date of first disbursement i.e. 30 September 2014 along with interest at 3.25% over base rate.
amounting to Rs. 656.300 Million (previous year Rs. 723.100 Million) are secured primarily by first pari-passu charge on the current assets and collaterally by first pari-passu charge on the fixed assets of the Company. Further, the same is secured by the personal guarantee of promoters, i.e., Mr. Om Prakash Lohia and Mr. Vishal Lohia.	Repayable in 8 equal quarterly installments of Rs. 31.200 Million each commencing after 6 months from the date of first disbursement i.e 30 September 2014 and 10 equal quarterly installments of Rs. 50.000 Million there after, along with interest at 3% over base rate.
aggregating to Rs. 12.300 Million (previous year Rs. 01.200 Million) are secured by hypothecation of specific vehicles	(a) Rs. Nil (previous year 00.200 Million) repayable in 36 monthly installments commencing from August 2011. (b) Rs. 00.500 Million (previous year Rs. 01.000 Million) repayable in 36 monthly installments commencing from January 2013. (c) Rs. 09.100 Million (previous year Rs. Nil) repayable in 36 monthly instalments commencing from September 2014. (d) Rs. 01.400 Million (previous year Rs. Nil) repayable in 36 monthly instalments commencing from June 2014. (e) Rs. 00.800 Million (Previous year Rs. Nil) repayable in 36 monthly instalments commencing from May 2014. (f) Rs. 00.500 Million (previous year Rs. Nil) repayable in 36 monthly instalments commencing from June 2014. The outstanding amount of long term borrowings taken for vehicles is Rs. 12.300 Million (previous year Rs. 01.200 Million) out of which current maturity payable next year amounts to Rs. 05.100 Million (previous year Rs. 00.700 Million).

SHOR TERM BORROWING

Nature of security

Cash credit and other working capital facilities from banks are secured by way of hypothecation of stocks of raw materials, work-in progress, finished goods, stores and spares, packing material, goods at port/in transit/under shipment, outstanding money, book debts, receivables and other current assets of the Company, both present and future. These are further secured by a second charge on all the immovable properties of the Company, both present and future.

Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	Gurgaon, Haryana, India

Memberships :	Not Available

Collaborators :	Not Available

Wholly owned subsidiaries :	Indo Rama Renewables Limited (‘IRRL’) Indo Rama Renewables Porbandar Limited Indo Rama Renewables Ramgarh Limited Indo Rama Renewables Jath Limited

Enterprises over which key management personnel or their relatives have significant influence :	Indorama Petrochem Limited, Thailand T P T Petrochemicals Public Co. Limited, Thailand PT. Indorama Petrochemicals, Indonesia P.T. Indo Rama Synthetics TBK, Jakarta

Enterprises having significant influence :	Brookgrange Investments Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

185000000	Equity Shares	Rs.10/- each	Rs.1850.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

151822242	Equity Shares	Rs.10/- each	Rs.1518.200 Million

Foot notes :

1. During the current year and in the previous year, there have been no movements in the number of outstanding equity\ shares.

2. The Company has only one class of equity shares, having a par value of Rs. 10 per share. Each shareholder is eligible toone vote per share held, except for shares held against Global Depository Receipts (GDR). The dividend proposed, if any, by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. The repayment of equity share capital in the event of liquidation and buy back of shares are possible subject to prevalent regulations. In the event of liquidation, normally the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

3. Shares in the Company held by each shareholder holding more than 5% shares (also refer to note 4 below) are as under:-

Name of the Shareholder	No. of Shares	Percentage of shares held
Brookgrange Investments Limited	43,288,057	28.51
Mr. O. P. Lohia (Chairman and Managing Director)	35378350	23.30
Mrs. Urmila Lohia	15,855,314	10.44
Mavi Investments Limited	12,652,175	8.33
	107173896	70.58

4. Above equity shares of Rs. 10 each include 10,290,560 equity shares (representing 6.78% of total number of shares), outstanding against 1,286,320 Global Depository Receipts (GDR), each GDR comprising 8 underlying fully paid up equity shares of Rs. 10 each [previous year 10,291,360 equity shares (representing 6.78% of total number of shares), outstanding against 1,286,420 GDRs]. Since, the same are held by depository, details of individual beneficiaries is not available with the Company.

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	1518.200	1518.200	1518.200
(b) Reserves & Surplus	4020.900	4418.900	4566.300
(c) Money received against share warrants	0.000	0.000	203.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5539.100	5937.100	6287.500

(3) Non-Current Liabilities
(a) long-term borrowings	1077.000	1728.400	1475.700
(b) Deferred tax liabilities (Net)	1729.600	1860.300	2070.900
(c) Other long term liabilities	6.400	8.300	8.400
(d) long-term provisions	199.000	181.400	149.300
Total Non-current Liabilities (3)	3012.000	3778.400	3704.300

(4) Current Liabilities
(a) Short term borrowings	2049.400	2458.500	3427.200
(b) Trade payables	5428.500	5306.500	5360.300
(c) Other current liabilities	1240.100	1481.400	1341.200
(d) Short-term provisions	211.300	204.300	278.500
Total Current Liabilities (4)	8929.300	9450.700	10407.200

TOTAL	17480.400	19166.200	20399.000

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9385.600	10592.900	11720.800
(ii) Intangible Assets	0.500	4.300	9.400
(iii) Capital work-in-progress	32.200	1.700	26.500
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	398.500	369.900	369.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1232.300	1198.200	805.100
(e) Other Non-current assets	80.500	76.100	196.100
Total Non-Current Assets	11129.600	12243.100	13127.800

(2) Current assets
(a) Current investments	42.800	41.900	103.000
(b) Inventories	2734.800	2936.100	3036.000
(c) Trade receivables	1150.000	1117.900	875.300
(d) Cash and cash equivalents	556.800	429.400	369.400
(e) Short-term loans and advances	696.000	807.800	1399.600
(f) Other current assets	1170.400	1590.000	1487.900
Total Current Assets	6350.800	6923.100	7271.200

TOTAL	17480.400	19166.200	20399.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	27613.800	26374.500	29101.300
	Other Income	98.100	2356.800	2407.800
	TOTAL (A)	27711.900	28731.300	31509.100

Less	EXPENSES
	Cost of Materials Consumed	21928.400	21250.700	24266.200
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(398.400)	905.700	84.600
	Employees benefits expense	920.900	844.100	812.400
	Exceptional items	57.300	995.100	392.600
	Other expenses	3938.500	3284.900	3516.800
	TOTAL (B)	26446.700	27280.500	29077.200

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1265.200	1450.800	2431.900

Less	FINANCIAL EXPENSES (D)	433.800	352.300	445.100

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	831.400	1098.500	1986.800

Less/ Add	DEPRECIATION/ AMORTISATION (F)	1171.600	1351.200	1579.900

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(340.200)	(252.700)	406.900

Less	TAX (H)	(124.900)	(170.900)	(5.700)

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(215.300)	(81.800)	412.600

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	1822.500	2081.900	1846.900

Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	0.000
	Proposed Dividend on Equity Shares	151.800	151.800	151.800
	Corporate Tax on Proposed Dividend	30.900	25.800	25.800
	Total (M)	182.700	177.600	177.600

	Balance Carried to the B/S (J+K+L-M)	1424.500	1822.500	2081.900

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5967.200	6856.200	7498.600
	Dividend	5.200	28.800	104.600
	Sales of current investments (Gross Consideration)	9.200	2418.600	2080.700
	TOTAL EARNINGS	5981.600	9303.600	9683.900

	IMPORTS
	Raw Materials	13312.900	16254.800	14991.600
	Packaging material	2.600	0.000	1.500
	Stores and parts	39.800	90.600	61.500
	Capital Goods	22.300	5.200	36.600
	TOTAL IMPORTS	13377.600	16350.600	15091.200

	Earnings / (Loss) Per Share (Rs.)	(1.42)	(0.54)	2.7

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	599.000	923.300	757.500
Cash generated from operations	1824.500	(897.600)	(208.600)
Net cash flow from operating activity	1819.400	(925.500)	(272.200)

QUARTERLY RESULTS

Particulars	June 2015
Audited / Unaudited	Unaudited
Net Sales	6424.800
Total Expenditure	6099.300
PBIDT (Excl OI)	325.500
Other Income	15.200
Operating Profit	340.700
Interest	105.800
Exceptional Items	32.700
PBDT	267.600
Depreciation	202.700
Profit Before Tax	64.900
Tax	15.800
Provisions and contingencies	NA
Profit After Tax	49.100
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	49.100

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(0.78)	(0.31)	1.42

Operating Profit Margin (PBIDT/Sales)	(%)	4.58	5.50	8.36

Return on Total Assets (PBT/Total Assets}	(%)	(2.00)	(1.34)	2.03

Return on Investment (ROI) (PBT/Networth)		(0.06)	(0.04)	0.06

Debt Equity Ratio (Total Debt /Networth)		0.67	0.86	0.90

Current Ratio (Current Asset/Current Liability)		0.71	0.73	0.70

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs.27.65/-

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	1518.200	1518.200	1518.200
Reserves & Surplus	4566.300	4418.900	4020.900
Money received against share warrants	203.000	0.000	0.000
Net worth	6287.500	5937.100	5539.100

long-term borrowings	1475.700	1728.400	1077.000
Short term borrowings	3427.200	2458.500	2049.400
Current Maturities of Long-Term Debts	757.500	923.300	599.000
Total borrowings	5660.400	5110.200	3725.400
Debt/Equity ratio	0.900	0.861	0.673

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	29101.300	26374.500	27613.800
		(9.370)	4.699

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	29101.300	26374.500	27613.800
Profit / (Loss)	412.600	(81.800)	(215.300)
	1.42%	(0.31%)	(0.78%)

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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10578665	06/07/2015	300,000,000.00	Oriental Bank of Commerce	Large Corporate Branch, GF &FF, Harsha Bhawan, Connaught Place, New Delhi, Delhi - 11001, INDIA	C58278003
2	10577112	08/06/2015	700,000,000.00	State Bank of India	5, Sai Complex, Bharat Nagar, Amravati Road, Post Box No. 401, Nagpur, Maharashtra - 440033, INDIA	C57559858
3	10468964	03/01/2014	250,000,000.00	State Bank of Travancore	Commercial Branch , Travancore Palace, K.G Marg, New Delhi, Delhi - 110001, INDIA	B93028843
4	10341105	20/01/2012	240,000,000.00	ORIENTAL BANK OF COMMERCE	E-Block, Harsha Bhawan,, Connaught Place,, New Delhi, Delhi - 110001, INDIA	B34538363
5	10062641	23/07/2015 *	750,000,000.00	State Bank Of Travancore	Commercial Branch,, Travancore House, K.G Marg, NEW DELHI, Delhi - 110001, INDIA	C60664026
6	90210703	19/12/2006 *	952,496,718.75	IKB DEUTSCHE INDUSTRIEBANK AG	Wilhelm-Botzkes-Str.1, 40474 Dusseldorf., Federal Republic of Germany, Dusseldorf, - 40474, GERMANY	-
7	80016712	19/12/2006 *	222,343,000.00	IKB DEUTSCHE INDUSTRIEBANK AG	Wilhelm-Botzkes-Str.1, 40474 Dusseldorf., Federal Republic of Germany, Dusseldorf, - 40474, GERMANY	-
8	80016714	19/12/2006 *	1,742,755,000.00	IKB DEUTSCHE INDUSTRIEBANK AG	Wilhelm-Botzkes-Str.1, 40474 Dusseldorf., Federal Republic of Germany, Dusseldorf, - 40474, GERMANY	-
9	90209638	30/07/2012 *	750,000,000.00	PUNJAB NATIONAL BANK	15-17, Large Corporate Branch, Tolstoy House, New Delhi, Delhi - 110066, INDIA	B56385412
10	80016709	30/07/2012 *	1,900,000,000.00	Oriental Bank of Commerce	85-A, Rishyamook Building, Panchkuian Road, New Delhi, Delhi - 110001, INDIA	B56643711

MANAGEMENT DISCUSSION AND ANALYSIS

Indian textile industry

The Indian textile industry may touch USD 500 billion by 2025. The 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 2025. 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, as per the study of Wazir Advisors.

Fibre industry scenario

Global fibre industry

The year 2014 is estimated to see a growth of 4.7% from 85 million tonnes to 89 million tonnes in cotton and manmade fibres. The manmade fibre is estimated to grow from 60 million tonnes to 63 million tonnes, a growth of 4.9%. The manmade fibre current share is around 68% in 2014, up from 54% in 2000. The polyester fibre is estimated to grow by 3.7% from 43.7 million tonnes to 45.3 million tonnes as per the data from PCI.

Cotton

Cotton fibre’s global production is estimated at 26.3 million tonnes in 2014-15, whereas consumption is at 91% of the production, at 24.1 million tonnes. The production remained flat as per the latest estimates of ICAC, but consumption is estimated to be up by 2% from 2013-14.

Manmade fibre

Manmade fibre accounts for 71% of the total global fibre production, as per the estimates of The Fibre Year, ICAC and PCI. Indian fibre industry India’s fibre production for the year 2014-15 is estimated at 11.0 million tonnes. The production of cotton fibre is down by 2% to 6.63 million tonnes. As per CAB estimates, 2014-15 is likely to produce 390 lakh bales, against 398 lakh bales crop in 2013-14. The polyester fibre production is up by 7.0%, from 3.60 million tonnes in 2013-14 to 3.85 million in 2014-15. The production of viscose and acrylic fibre is likely to remain flat.

On the demand side, the demand of all fibre up from 8.5 million tonnes in 2013-14 to estimated 9.2 million tonnes, registering a growth of 8.2%. The cotton fibre estimated up by 5.0% (305 lakh bales in 2014-15, against 291 lakh bales in 2013-14). The polyester fibres up from 3.2 million tonne to estimated 3.6 million tonnes in 2014-15. Polyester fibre continues to lead the growth in domestic market. India continued to be dominated by cotton and polyester, both accounting 95% of the domestic demand.

OPERATIONAL AND FINANCIAL REVIEW

During 2014-15, they achieved Rs. 27089.000 Million turnover (Rs. 25926.300 Million in 2013-14), on account of focused marketing efforts and better outreach to customers nationally and internationally. Their operational EBIDTA stood at Rs. 1224.400 Million against Rs. 89.100 Million in 2013-14 and a net loss of Rs. 215.300 Million against Rs. 81.800 Million in 2013-14. Their earnings per share stood at Rs. (14.200 Million) and book value per share at Rs. 364.800 Million as on 31 March 2015.

The year 2014-15, was one of the most challenging years in the recent past as the polyester industry saw several challenges. First, 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) prices. This resulted in significant inventory losses. Second, the government levied Anti-Dumping Duty on PTA imports, which resulted in an increase in raw material cost. Third, demand for polyester was subdued in the global markets.

In the adverse environment the Company remained resilient. The Company focused on widening product basket, expanding market reach, cost optimisation, growing portfolio of specialty products and elevating people potential. As a result, the company has creating a more robust business model.

The demand for man-made fibres is showing signs of improvement and they are hopeful that the demand for polyester will see revival. Polyester demand will be driven by its growing relevance in daily life across home textiles, apparel, automotive, furnishing fabrics, technical textile and non-woven segments.

Moving ahead, with rising demand in the domestic and international markets, they are hopeful that they will be able to enhance their production capacity and grow business volumes and value-added products.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Excise / customs / service tax matters in dispute/ under appeal	628.300	631.900
Income tax matters in dispute/ under appeal	118.800	155.200
Sales tax/ VAT matters in dispute/ under appeal	110.400	64.600
Claims by ex-employees, vendors, customers and civil cases	8.400	7.100

FIXED ASSETS

Land:

- freehold

- leasehold

Buildings
Leasehold improvements
Plant and equipment
Furniture and fixtures
Vehicles
Office equipments

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.66.09
UK Pound	1	Rs.100.88
Euro	1	Rs.73.95

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	HNA

Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--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		43

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

INDEX OF CHARGES

Unit