MIRA INFORM REPORT

Report No. :	500592
Report Date :	29.03.2018

IDENTIFICATION DETAILS

Name :	APCOTEX INDUSTRIES LIMITED
Registered Office :	Plot No.3/1, M I D C Industrial Area, Taloja, Raigad - 410208, Maharashtra
Tel. No.:	91-22-27403500
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	12.03.1986
Com. Reg. No.:	11-039199
Capital Investment / Paid-up Capital :	INR 103.390 Million
CIN No.: [Company Identification No.]	L99999MH1986PLC039199
TIN No.:	27290000128
IEC No.: [Import-Export Code No.]	0391159411
TAN No.: [Tax Deduction & Collection Account No.]	PNEA11171G
GSTN : [Goods & Service Tax Registration No.]	27AAACA3427G1Z1
PAN No.: [Permanent Account No.]	AAACA3427G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture of other products or preparations of kind used in the textile, paper, leather and like industries. The company manufactures and markets a range of Emulsion Polymers - Synthetic Latexes, Synthetic Rubber and Nitirle Rubber. (Registered activity)
No. of Employees :	419 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 5900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject was incorporated in the year 1986 and it is engaged in manufacturing and marketing of two main product segments viz. Synthetic rubber and synthetic latexes. Synthetic rubber finds application in footwear, automotive components, v-belts, conveyor belts and hoses, while the synthetic latexes are used in the industries like textiles, paper and paperboard coating and construction. As per the quarterly results of December 2017, the company has earned sales turnover of INR 1378.949 million and has gained a fair net profit margin of 9.64%. As per the financial record of 2017, the company has achieved a decent growth in its revenue as compared to the previous year and has reported net profit margin of 4.91%. The strong financial position of the company is marked by healthy net worth base along with low debt balance sheet profile and satisfactory liquidity position. Rating take into account the strong promoter background with long standing experience of more than three decades in the industry, dominant market position of the company in the Synthetic Rubber and Synthetic Rubber Latex segment in the domestic market, its reputed clientele and sizable market share in most of the industries to which it caters. However, rating strength is partially offset by vulnerability of company’s margins to adverse volatility in raw material prices with limited bargaining power with supplier along with small size of the industry leads to stiff competition amongst existing players thereby restricting pricing flexibility. The company has its share price trading at around INR 491.65 on BSE as on March 26, 2018 as against the Face Value (FV) of INR 5. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions. NOTE: The Scheme of Amalgamation of wholly owned subsidiary viz. Apcotex Solutions India Private Limited with the Company was approved by the Honorable High Court, judicature at Bombay on 27th October 2016 and was made effective from 1st December 2016 with appointed date as 31st March 2016, by filing the High Court order with Ministry of Corporate Affairs (MCA). The Board of Directors of the Company on 31st March 2017 has approved the Scheme of Amalgamation of Saldhar Investment and Trading Company Private Limited, the holding company of Apcotex Industries Limited (holding 51.10% paid-up share capital) with the Company from 31st March 2017. The Company is in process of making an application to Stock exchanges for their consent, before filing petition before National Company Law Tribunal (NCLT), Mumbai Bench.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Loans = AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	18.04.2017

Rating Agency Name	ICRA
Rating	Short Term Loans = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	18.04.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 28.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-22-27403500

Tel. No.: 91-22-27403591 – Continuously ringing

LOCATIONS

Registered Office/ Factory 1 :	Plot No.3/1, M I D C Industrial Area, Taloja, Raigad - 410208, Maharashtra, India
Tel. No.:	91-22-27403500
Fax No.:	91-22-27412052
E-Mail :	redressal@apcotex.com avkumashi@apcotex.com
Website :	http://www.apcotex.com
Corporate Office :	NK Mehta International House, 178 Backbay Reclamation, Babubhai M Chinnai Marg, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22838302 / 04
Fax No.:	91-22-22838291
E-Mail :	info@apcotex.com
Factory 2:	Village – Dungri, Tal- Valia, Ankleshwar - 393135. District- Bharuch, Gujarat, India

DIRECTORS

As on 31.03.2017

Name :	Mr. Yashodhan Bhargao Gadgil
Designation :	Whole-time Director
Address :	104 Sonakshi, Plot No. R- 16 Sudarshan Nagar, Dombivli East – 421203, Maharashtra, India
Date of Birth / Age :	57 years
Qualification :	Bachelor of Chemical Engineering
Experience :	36 Years
Date of Appointment :	06.02.2016
DIN No.:	07353169
Name :	Mr. Amit Champaklal Choksey
Designation :	Director
Address :	Geetanjali Co-Operative Housing Society Limited, 9,N Gamadia Road, Off Pedder Road, Mumbai- 400026, Maharashtra, India
Date of Birth/Age :	14.10.1954
Qualification :	Bachelor Of Commerce
Date of Appointment :	21.11.1997
DIN No.:	00001470
Name :	Mr. Manubhai Gokalbhai Patel
Designation :	Director
Address :	13, Sahyog, Sardar Patel Nagar, Behind Navrang, Pura Telephone Exchange, Ellisbridge, Ahmedabad- 380006, Gujarat, India
Date of Appointment :	31.09.1992
DIN No.:	00001662
Name :	Mr. Atul Champaklal Choksey
Designation :	Chairman
Address :	Geetanjali, 9 N Gamadia Road, Off Peddar Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	23.01.1991
DIN No.:	00002102
Name :	Mr. Abhiraj Atul Choksey
Designation :	Managing Director
Address :	Geetanjali, 9 N Gamadia Road, Off Pedder Road, Mumbai - 400026, Maharashtra, India
Date of Birth / Age :	39 years
Qualification :	Bachelor of Science in Economics from Wharton Business School and Bachelor of Science in Engineering from the Engineering School, both of University of Pennsylvania in U.S.A
Experience :	16 years
Date of Appointment :	26.11.2002
DIN No.:	00002120
Name :	Mr. Shailesh Shankarlal Vaidya
Designation :	Director
Address :	801, Sumer Heights,, K.M. Munshi Marg, Chowpatty, Mumbai - 400007, Maharashtra, India
Date of Appointment :	21.01.2012
DIN No.:	00002273
Name :	Dr. Swaminathan Sivram
Designation :	Director
Address :	Apartment No. 10 , Gulmohar Glory-5, Gulmohar Park ITI Road Aundh, Pune- 411007, Maharashtra, India
Date of Appointment :	27.03.1996
DIN No.:	00009900
Name :	Mr. Kamlesh Shivji Vikamsey
Designation :	Director
Address :	194, Kalpataru Habitat, Tower- A, Dr .S.S Rao Road ,Parel, Mumbai - 400012, Maharashtra, India
Date of Appointment :	25.01.2013
DIN No.:	00059620
Name :	Mr. Girish Champaklal Choksey
Designation :	Director
Address :	Geetanjali, 9 Gamadia Cross Road, Gamdevi, Mumbai - 400026, Maharashtra, India
Date of Appointment :	25.11.1992
DIN No.:	00246196
Name :	Mrs. Priyamvada Ashesh Bhumkar (w.e.f. 31.10.2014)
Designation :	Director
Address :	Vasant Vihar Complex, Row House, 33/34,, Pokhran Road No.2, Majiwade, Thane - West, Mumbai - 400601, Maharashtra, India
Date of Birth/Age :	02.07.1962
Qualification :	Graduation In Chemicals, MBA From Mumbai University,
Date of Appointment :	31.10.2014
DIN No.:	00726138

KEY EXECUTIVES

Name :	Mr. Anand Venkatesh Kumashi
Designation :	Secretary
Address :	C-01, Guruchintan Apartment, Near Adarsh Vidya Mandir, Kulgaon, Badlapur- 421503, Maharashtra, India
Date of Appointment :	01.09.1998
PAN No.:	AAGPK5070J
Name :	Mr. Rohit Ravindra Mahakal
Designation :	Chief Finance Officer
Address :	Plot No. 5, Road No. 1, Sector-01, New Panvel, Navi Mumbai – 410206, Maharashtra, India
Date of Appointment :	01.04.2015
PAN No.:	AMJPM7320C
Audit Committee :	Manubhai G. Patel – Chairman Girish C. Choksey – Member Kamlesh S. Vikamsey – Member Priyamvada Bhumkar - Member
Nomination and Remuneration Committee:	Manubhai G. Patel - Chairman Dr. S. Sivaram- Member Atul C. Choksey- Member Kamlesh S. Vikamsey (w.e.f. 20.03.2015)- Member
Stakeholder Relationship Committee:	Manubhai G. Patel - Member Girish C. Choksey - Member
Corporate Social Responsibility Committee:	Atul C. Choksey - Member Shailesh S. Vaidya - Member Abhiraj A. Choksey - Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on December 2017

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
(A) Promoter & Promoter Group	12010408	57.92
(B) Public	8727576	42.08
Grand Total	20737984	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	765354	3.69
Abhiraj Atul Choksey	109888	0.53
Rita Ashok Parekh	106380	0.51
Parul Atul Choksey	72770	0.35
Atul Champaklal Choksey	71398	0.34
Amit Champaklal Choksey	68910	0.33
Namrata Amit Choksey	57076	0.28
Ankita Amit Choksey	54088	0.26
Priti Amit Choksey	47134	0.23
Amit Champaklal Choksey HUF	41140	0.20
Biyash Abhiraj Choksey	36000	0.17
Devanshi Anant Veer Jalan	21353	0.10
Girish Champaklal Choksey	17800	0.09
Abhiraj Atul Choksey HUF	14217	0.07
Ankur Girish Choksey	13600	0.07
Prashant Girish Choksey	13200	0.06
Sunita Girish Choksey	9200	0.04
Devaki Ashok Parekh	6400	0.03
Janaki Ashok Parekh	4800	0.02
Any Other (specify)	11245054	54.22
Saldhar Investments And Trading Company Private Limited	10724300	51.71
Abhiraj Trading And Investment Private Limited	116468	0.56
Apco Enterprises Limited	112352	0.54
Bhuvantray Investments And Trading Company Private Limited	99784	0.48
Aquamarine Trading & Investments Private Limited	98800	0.48
Gauriputra Investments And Trading Company Private Limited	52400	0.25
Hmp Minerals Private Limited	19324	0.09
Forest Hills Trading And Investment Private Limited	8600	0.04
Haridwar Trading And Investments Private Limited	8600	0.04
Colortek India Limited	4150	0.02
Choksey Chemicals Private Limited	276	0.00
Sub Total A1	12010408	57.92
A2) Foreign		0.00
A=A1+A2	12010408	57.92

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Mutual Funds/	2678	0.01
Alternate Investment Funds	36910	0.18
Foreign Portfolio Investors	608	0.00
Financial Institutions/ Banks	51266	0.25
Any Other (specify)	1092	0.01
Foreign Bank	892	0.00
UTI	200	0.00
Sub Total B1	92554	0.45
B2) Central Government/ State Government(s)/ President of India	0	0.00
Central Government/ State Government(s)/ President of India	18182	0.09
Sub Total B2	18182	0.09
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	6170772	29.76
Individual share capital in excess of INR 0.200 Million	1063521	5.13
Vijay Kishanlal Kedia	231814	1.12
Any Other (specify)	1382547	6.67
Trusts	3732	0.02
HUF	198713	0.96
NRI – Non- Repat	161497	0.78
NRI – Repat	189912	0.92
Clearing Members	12201	0.06
Bodies Corporate	816492	3.94
Sub Total B3	8616840	41.55
B=B1+B2+B3	8727576	42.08

BUSINESS DETAILS

Line of Business :

• Manufacture of other products or preparations of kind used in the textile, paper, leather and like industries.

• The company manufactures and markets a range of Emulsion Polymers - Synthetic Latexes, Synthetic Rubber and Nitirle Rubber.

(Registered activity)

Products :

Item Code No.	Product Description
20132	Manufacture of synthetic rubber
20297	Manufacture of other products or preparations of kind used in the textile, paper, leather and like industries.

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

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

No. of Employees :

419 (Approximately)

Bankers :

• State Bank of India
• Standard Chartered Bank
• Citi Bank

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Loan repayable on demand from banks - Cash Credit	222.440	170.509
Total	222.440	170.509

NOTE:

Loan from a bank secured by hypothecation of stock, book debts on parri passu basis and exclusive charge on land and building and second parri passu charge on plant and machinery. The Cash Credit carrys interest rate in range of 9.00% p.a. to 11.00% p.a.

Default in terms of repayment of principal and interest – NIL.

Balance as at 31st Mar 16 includes INR 1.725 Million on account of merger of Apcotex Solutions India Private Limited with Apcotex Industries Limited.

Auditors :
Name :	Kalyaniwalla and Mistry LLP Chartered Accountants
Address :	Kalpataru Heritage, 127 Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-61587200 / 61586200
Fax No.:	91-22-22673964 / 61586275
Memberships :	Not Available
Collaborators :	Not Available
Enterprises directly control by the Company (Subsidiary Company) merge with the Company w.e.f. 31st March 2016:	Apcotex Solutions India Private Limited
Enterprises directly controlling the company( holding company w.e.f 23 Nov. 2016):	Saldhar Investments and Trading Company Private Limited
Enterprises over which the Company’s Directors Exercise significant influence:	Abhiraj Trading and Investments Private Limited Aeonian Investments Company Limited Amisha Buildcon Private Limited Apco Enterprises Limited Aquamarine Trading and Investments Private Limited Aquamarine Investment Managers LLP Balasesh Leafin Limited Bhuvantray Investments and Trading Co. Private Limited Choksey Structural Engineering Private Limited Choksey Chemical Private Limited Cons Holdings Limited Cybele Paradise Private Limited Forest Hills Trading and Investments Private Limited Gauriputra Investments and Trading Co. Private Limited Haridwar Trading and Investments Private Limited HMP Mineral Private Limited Joshimath Trading and Investments Private Limited Laxmanjhula Trading and Investments Private Limited Mazda Colours Limited Sammelan Investments and Trading Limited Shyamal Finvest (India) Limited Hindustan Mineral Products Co. Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
29940000	Equity Shares	INR 5/- each	INR 149.700 Million
500	Preference Shares	INR 100/- each	INR 0.050 Million
50000	Unclassified Shares	INR 5/- each	INR 0.250 Million
	Total		INR 150.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
20737984	Equity Shares (1,03,68,992 Equity Shares of INR 5/-) each fully paid. (Including INR 0.390 lacs towards 78,051 shares forfeited at INR 5/- each)	INR 5/- each	INR 104.080 Million

Note:

a) The Company had vide resolution passed through postal ballot on 12th September 2015, approved the issue of one bonus shares for every one equity share held in the company having face value of INR 5/- each fully paid to the shares holders existing on record date i.e 24th September 2015. The shares were alloted in board meeting held on 25th September 2015.

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

Equity Shares	As at 31st March 2017
	No. of Shares	INR In Million
At the beginning of the year	2,07,37,98	104.080
Add : Increase in the no. of shares on subdivision of each share of INR 10 each into 2 equity share of INR 5 each during the year	--	--
Outstanding at the end of the year	2,07,37,984	104.080

c) Details of Shareholders holding more than 5% equity shares in the company

Equity Shares of INR 10/- Each	As at 31st March 2017
	No. of Equity Shares	% Holding
Saldhar Investment and Trading Company Private Limited ( Holding Company wef 23rd November 2016	10598300	51.11
Trivikram Investment & Trading Company Limited	--	--
Dhumraketu Investment & Trading Company Private Limited	23888	0.12
Atul Champaklal Choksey	71398	0.34
Note: Dhumraketu Investment and Trading Co Private Limited is merged with Saldhar Investment and Trading Company Private Limited w.e.f 6th September 2016. Saldhar Investment and Trading Company Private Limited is in process of transferring 23,888 Equity Shares of Dhumraketu Investment and Trading Co Private Limited in its name.

d) Rights, Preferences and Restrictions attached to Equity Shares:

The Company has one class of share having a par value of INR 5 per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferencial amounts, in proportion to their shareholding.

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	104.080	104.080	52.235
(b) Reserves & Surplus	1958.988	1768.088	945.295
(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)	2063.068	1872.168	997.530
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	83.656
(b) Deferred tax liabilities (Net)	34.260	0.000	55.850
(c) Other long term liabilities	31.406	26.006	13.260
(d) long-term provisions	26.136	19.882	17.795
Total Non-current Liabilities (3)	91.802	45.888	170.561
(4) Current Liabilities
(a) Short term borrowings	222.440	170.509	143.924
(b) Trade payables	221.841	341.349	202.621
(c) Other current liabilities	220.436	306.293	198.589
(d) Short-term provisions	2.671	144.375	93.382
Total Current Liabilities (4)	667.388	962.526	638.516
TOTAL	2822.258	2880.582	1806.607
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	871.284	895.421	629.874
(ii) Intangible Assets	6.585	3.106	2.652
(iii) Capital work-in-progress	59.571	48.855	18.760
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	236.383	178.067	307.615
(c) Deferred tax assets (net)	0.000	67.296	0.000
(d) Long-term Loan and Advances	86.206	106.199	62.983
(e) Other Non-current assets	21.094	60.520	2.735
Total Non-Current Assets	1281.123	1359.464	1024.619
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	445.024	433.385	152.220
(c) Trade receivables	781.848	838.408	487.038
(d) Cash and cash equivalents	61.863	98.108	44.283
(e) Short-term loans and advances	191.252	74.058	55.782
(f) Other current assets	61.148	77.159	42.665
Total Current Assets	1541.135	1521.118	781.988
TOTAL	2822.258	2880.582	1806.607

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	3886.686	2670.027	3533.686
	Other Operating Revenue	14.755	13.485	17.123
	Other Income	82.507	73.525	55.754
	TOTAL	3983.948	2757.037	3606.563
Less	EXPENSES
	Cost of Materials Consumed	2626.493	1777.680	2488.094
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	65.712	(22.415)	13.945
	Employees benefits expense	293.452	152.163	141.026
	Other expenses	626.487	401.688	493.016
	TOTAL	3612.144	2309.116	3136.081
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	371.804	447.921	470.482
Less	FINANCIAL EXPENSES	28.631	24.201	32.426
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	343.173	423.720	438.056
Less/ Add	DEPRECIATION/ AMORTISATION	121.002	89.444	89.771
	PROFIT/ (LOSS) BEFORE TAX	222.171	334.276	348.285
Less	TAX	31.272	87.565	101.479
	PROFIT/ (LOSS) AFTER TAX	190.899	246.711	246.806
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	447.474	393.083	313.636
Less	APPROPRIATIONS
	Transfer to General Reserve	40.000	80.000	80.000
	Proposed Dividend	0.000	93.322	72.583
	Dividend Distribution Tax	0.000	18.998	14.776
	Total (M)	40.000	192.320	167.359
	Balance Carried to the B/S	598.373	447.474	393.083
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	399.726	340.091	656.637
	TOTAL EARNINGS	399.726	340.091	656.637
	IMPORTS
	Raw Materials	887.132	340.592	469.067
	Components and Stores parts	8.342	0.164	0.693
	TOTAL IMPORTS	895.474	340.756	469.760
	Earnings / (Loss) Per Share (INR)	9.21	11.90	11.90

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.000	83.656	83.343
Cash generated from operations	295.821	(573.916)	417.855
Net cash flow from operating activity	226.611	(644.210)	320.040

QUARTERLY RESULTS

Particulars	30.06.2017	30.09.2017	31.12.2017
Audited / Unaudited	Unaudited	Unaudited	Unaudited
	1^ST Quarter	2^nd Quarter	3rd Quarter
Net Sales	1321.410	1289.890	1378.950
Total Expenditure	1235.710	1138.760	1205.480
PBIDT (Excl OI)	85.700	151.130	173.470
Other Income	22.190	16.310	46.590
Operating Profit	107.890	167.440	220.060
Interest	5.080	4.590	4.060
Exceptional Items	NA	NA	NA
PBDT	102.810	162.850	216.000
Depreciation	31.180	31.190	30.330
Profit Before Tax	71.630	131.660	185.670
Tax	19.270	46.820	52.730
Provisions and contingencies	NA	NA	NA
Profit After Tax	52.350	84.840	132.940
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	52.350	84.840	132.940

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	73.42	114.61	50.31
Account Receivables Turnover (Income / Sundry Debtors)	4.97	3.18	7.26
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	30.83	70.09	29.72
Inventory Turnover (Operating Income / Inventories)	0.84	1.03	3.09
Asset Turnover (Operating Income / Net Fixed Assets)	0.40	0.47	0.72

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.24	0.36	0.45
Debt Equity Ratio (Total Liability / Networth)	0.11	0.14	0.31
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.32	0.51	0.64
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.45	0.51	0.65
Interest Coverage Ratio (PBIT / Financial Charges)	12.99	18.51	14.51

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	4.91	9.24	6.98
Return on Total Assets ((PAT / Total Assets) * 100)	%	6.76	8.56	13.66
Return on Investment (ROI) ((PAT / Networth) * 100)	%	9.25	13.18	24.74

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.31	1.58	1.22
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.64	1.13	0.99
G-Score Ratio Financial (Networth / Total Assets)	0.73	0.65	0.55
G-Score Ratio Debt (Debts / Equity Capital)	2.14	2.44	5.95
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.31	1.58	1.22

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

STOCK PRICES

Face Value	INR 5.00/-
Market Value	INR 491.65/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	52.235	104.080	104.080
Reserves & Surplus	945.295	1768.088	1958.988
Net worth	997.530	1872.168	2063.068
Long Term borrowings	83.656	0.000	0.000
Short Term borrowings	143.924	170.509	222.440
Current Maturities of Long term debt	83.343	83.656	0.000
Total borrowings	310.923	254.165	222.440
Debt/Equity ratio	0.312	0.136	0.108

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	3533.686	2670.027	3886.686
		(24.441)	45.567

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	3533.686	2670.027	3886.686
Profit	246.806	246.711	190.899
	6.98%	9.24%	4.91%

LEGAL CASES

LITIGATION DETAILS
Bench:- Bombay
Lodging No:-	OLRL/305/2016	Failing Date:-	24.08.2016	Reg. No.:-	OLR/305/2016	Reg. Date:-	24.08.2016
Main Matter
Petitioner:-	THE OFFICIAL LIQUIDATOR HIGH COURT		Respondent:-	APCOTEX INDUSTRIES LIMITED
Petn.Adv:-	THE OFFICIAL LIQUIDATOR (00)		Resp.Adv.:	-- (00)
District:-	MUMBAI
Bench:-	SINGLE		Category:	MISC. APPLICATION
Status:-	Pre-Admission		Stage:-	OLR FOR APPOINTMENT FOR C.A.
Last Date:-	22.09.2016
Last Coram:-	HON’BLE SHRI JUSTICE A.K. MENON
Act:-	Companies Act and Rules 1956 Companies Act and Rules 1956

LOCAL AGENCY FURTHER INFORMATION

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

CORPORATE INFORMATION NOTE ON BUSINESS ACTIVITY

Subject is one of the leading producers of Synthetic Lattices (VP Latex, Acrylic Latex, Nitrile Latex) and Synthetic

Rubber (HSR, POLYBLEND, NBR, PNBR, SBR) in India. The Company has one of the broadest ranges of products based on STYRENE – BUTADIENE CHEMISTRY available in the market today. Company’s product range is used, among other applications, for TYRE CORD DIPPING, PAPER/PAPER BOARD COATING, CONCRETE MODIFICATION/WATER PROOFING, PAINT EMULSIONS, TEXTILE FINISHING etc. The various grades of Synthetic Rubber find application in products such as Footwear, Automotive components, V-belts, Conveyor belts and hoses.

MANAGEMENT DISCUSSION AND ANALYSIS

CURRENT SCENARIO

The Company is one of the leading producers of emulsion polymer products namely, Synthetic Latexes (Vinyl Pyridine Latex, Carboxylated Styrene Butadiene Latex, Styrene Acrylic Latex, Nitrile Latex, etc.) and Synthetic Rubber (High Styrene Rubber, Nitrile Butadiene Rubber, NBR Powder, and Nitrile Polyblends) in India. The Company has one of the broadest ranges of products in the industrial segments and caters to a wide range of industries. The Company’s Synthetic Latex products are used, among other applications, for tyre cord dipping, paper and paperboard coating, carpet backing, concrete modification/water proofing, non-wovens, textile finishing, paints, etc. Various grades of Synthetic Rubber find application in products such as footwear, automotive components, rice rolls, moulded items, v-belts, conveyor belts, hoses, etc.

The Company’s major raw materials are petrochemical products and its business could be vulnerable to high volatility in the prices of crude oil and its downstream products.

Over the years, a number of steps have been taken by the management to improve the operational efficiency of the Company in different functions like marketing, human resource development, production process, utilities etc.

The Company’s plant at Taloja is recipient of Total Productive Maintenance (TPM) Excellence in Consistent TPM Commitment Award - Category A by the Japan Institute of Plant Maintenance (JIPM). TPM has helped the company significantly in improving efficiencies in the plant and in operations and rationalizing costs. The Taloja plant has successfully completed re-certification of the integrated ISO 9001, ISO 14001 and OHSAS 18001. It has also successfully completed recertification by Indian Chemical Council (ICC) to use the “Responsible Care” logo.

The above initiatives are also being implemented at the recently acquired plant at Valia, Ankleshwar, Gujarat.

OPERATIONS DURING THE FINANCIAL YEAR 2016-17.

After amalgamation of wholly owned subsidiary viz. Apcotex Solutions India Private Limited, which was made effective from 1st December 2016, the Company achieved Gross Value Sales of INR 4316.343 Million during the financial year, compared to INR 2977.238 Million in the preceding year on standalone basis. The company exported its products worth INR 401.400 Million during the financial year. The sales of Synthetic Latex products were lower during the financial year due to strike of unionized workmen at Taloja plant for almost 2 months and intermittent stoppages of production at one of their major customer’s plant.

There was a continuous thrust from the management to develop a strong research and development and technical service team to develop new products for export markets, explore new applications and understand better the changing customer needs.

Profits before tax were lower by 33% to INR 222.171 Million as compared to INR 334.275 Million during the previous year due to strike at Taloja Plant and intermittent stoppages of production at one of their major customer’s plant. Due to the recently acquired company, there were some one time post-acquisition and merger expenses which also put some pressure on the bottom line. The Company was also successful in turning around a loss-making asset in a very short period of time. In spite of the challenging year, EBITDA decreased by only 17% from INR 447.920 Million in the previous year to INR 371.804 Million during the financial year 2016-17.

Profit after tax stood at INR 190.900 Million as compared to INR 246.710 Million in the previous year.

The Balance Sheet of the Company is also quite healthy with zero debt, reasonable working capital cycle and cash/liquid Investments valued at about INR 350.000 Million based on NAV as on 31st March, 2017. The Directors consider Company’s performance as satisfactory.

NEW LOGO

The Company is proud to inform that the management has adopted a new logo for the Company as a part of the ongoing evolution of business.

Over the last few years, the company has grown and changed dramatically and during FY 2015-16 the Company acquired Omnova Solutions India Private Limited, which immensely helped to expand the product basket. It was a perfect time to evaluate their company’s brand and logo to ensure it is in sync with who they are and where they are heading. After careful consideration, the Company chose a new logo the shape of which not onlyrepresents the letter “A” but also the upwardly mobile nature of the Company. At the same time, the curved stroke and colours used in gradient depict flexibility and adaptability which is essential for success. The colours green and blue symbolizes the importance of the eco-system and environment for their Company. They have also retained the same font and red colour of “apcotex” in the logo to ensure that they remember their roots and values.

MERGER

The Scheme of Amalgamation of wholly owned subsidiary viz. Apcotex Solutions India Private Limited with the Company was approved by the Honorable High Court, judicature at Bombay on 27th October 2016 and was made effective from 1st December 2016 with appointed date as 31st March 2016, by filing the High Court order with Ministry of Corporate Affairs (MCA).

The Board of Directors of the Company on 31st March 2017 has approved the Scheme of Amalgamation of Saldhar Investment and Trading Company Private Limited, the holding company of Apcotex Industries Limited (holding 51.10% paid-up share capital) with the Company from 31st March 2017. The Company is in process of making an application to Stock exchanges for their consent, before filing petition before National Company Law Tribunal (NCLT), Mumbai Bench

OUTLOOK

In light of the acquisition of Omnova Solutions India Private Limited in Financial Year (FY) 2015-16 and subsequent merger in 2016-17, the Company expects FY 2017-18 to be an exciting year in spite of a few challenges. The Company will explore introducing new products and focusing on exports as short term future growth drivers for the Company. In the medium to long term the Company is exploring adding new capacities for current products, new adjacent businesses as well as opportunities for inorganic growth.

With the Company’s continuous endeavour to enhance efficiencies at all levels and functions, the Directors view the prospects for the financial year 2017-18 with cautious optimism.

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G51257251	100117868	Citi Bank N.A.	06/04/2017	-	-	300000000.0	First International Financial Centre,9th FloorPlot No. C-54 & 55, BKC, Bandra (E)MumbaiMH400051IN
2	G36272516	90147088	State Bank of India	25/09/1996	19/01/2017	-	635400000.0	Commercial branch at N. G. N. Vaidya Marg,Horniman Circle, FortMumbaiMH400001IN
3	G54899489	10355785	Standard Chartered Bank	24/04/2012	24/08/2016	28/09/2017	100000000.0	Crescenzo, 3A/F, Plot no.C-38 & C-39G Block Bandra Kurla Complex, Bandra EastMumbaiMH400051IN
4	G41817032	100016381	Standard Chartered Bank	16/03/2016	-	19/04/2017	500000000.0	NARAIN MANZIL,23, BARAKHAMBA ROAD,NEW DELHIDL110001IN
5	G37326618	10474614	Standard Chartered Bank	23/12/2013	-	27/02/2017	310000000.0	Narain Manzil23, Barakhamba RoadDelhiDL110001IN
6	C03951324	10346396	Standard Chartered Bank	28/03/2012	-	06/05/2014	243600000.0	NARAIN MANZIL23, BARAKHAMBA ROADDELHIDL110001IN
7	B27772201	10240388	IDBI Bank Limited	16/08/2010	-	16/12/2011	46000000.0	IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^st DECEMBER 2017

		Particulars	quarter ended	quarter ended	Nine months ended
			31.12.2017	30.09.2017	31.12.2017
1		Income from Operations
		Sales/Income from Operations (Gross)	1378.949	1289.888	3990.248
		b) Other Operating Income	46.591	16.309	85.089
	Total Income from Operations (Net)		1425.540	1306.197	4075.337
2	Expenses
	a)	Cost of Materials consumed	937.357	848.818	2622.177
	b)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(9.347)	43.633	76.516
	c)	Employee benefit expenses	84.642	93.169	257.441
	d)	Finance Costs	4.061	4.585	13.724
	e)	Depreciation and amortization expense	30.332	31.187	92.696
	f)	Other expenses	192.830	153.145	623.833
	Total Expenses		1239.875	1174.537	3686.387
7	Profit before exceptional items and tax		185.665	131.660	388.950
8	Exceptional Items		--	--	--
9	Profit after exceptional items and tax		185.665	131.660	388.950
10	Tax Expense		52.726	46.820	118.818
11	Profit after Tax from Continuing Operations		132.939	84.840	270.132
	Profit for the period		132.939	84.840	270.132
	Other Comprehensive Income:
	Items that will not be reclassified to profit or loss in subsequent year
	Actual gains/losses on defined benefits plans		(0.388)	(3.087)	(1.163)
	Income tax relating to Other Comprehensive Income		0.134	0.134	0.402
	Other Comprehensive Income for the year, net of taxes		(0.254)	(0.253)	(0.761)
	Total Other Comprehensive Income for the period		132.685	84.587	269.371
14		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic & Diluted	6.41	4.09	13.03

NOTE:

1. The Company Ls engaged in the business of Synthetic Emulsion Polymers. As the Company has only one business segment, disclosure under Ind-AS 108, on Segment Reporting is not applicable.

2. Consequent to the introduction of Goods and Services Tax (GST} with (effect From 1st July 2017, Central Excise value added Tax have been Subsumed in GST. In accordance with Ind AS-18, on revenue and Schedule III of the Companies Act 2013 unlike excise duties levies like GST, VAT etc. are not part of Revenue. Accordingly the figures for period up to 30th (tine 2017 ate not strictly receivable to those thereafter. The following additional in forma lion is being provided to Facilitate such understanding.

3. The Financial results are in compliance With kid-AS subsequent to its adoption w.e.f is 1st April 2017 pursuant 10 MCA notification dated 16th February 2015 notifying the Companies (Indian Accounting Standard) Rules 2015. The comparative figures of previous period (quarter and nine months ended 31st December 2010) have been reclassified /regrouped/restored by the Management under IND AS to conform to the current period. The figures for the quarter and nine months ended 31st December 2016 have not been Subject to audit. The Management has exercised necessary due diligence to ensure that financial results provide a true and fair view of the Company's affairs.

4. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 9th February 2018 and have been subjected to a Limited Review by the Statutory Auditors of the Company.

5. Transition to IND-AS:

a. Revenue: Revenue from operations has been prepared in accordance with Ind-AS, Excise duty been included under other expenses.

b. Employee benefit Expenses: In accordance will Ind-AS 19, the company has recognised the actuarial Gains or Losses on Defined Benefit Plan in 'Other Comprehensive Income'.

C. Mark to Market in respect of Derivative Contracts: The Company has done a Mark to Market valuation of the derivative contracts as per Ind-AS 9 and the resultant gain / loss has been taken on Statement of Profit and Loss. Accordingly till foreign exchange variations on account of translation of short term foreign currency monetary liabilities have been charged to Statement of Profit and Loss.

6. Reconciliation of Net Profit on account of transition from previous GAAP to Ind-AS for the quarter and nine months ended 31st December 2016.

7. On 1st February- 2018, Hon'ble National Company Law Tribunal, Mumbai Bench ('NCLT) has sanctioned Die Scheme of Amalgamation between the Company and Saldhar Investments and Trading Company Private Limited. The Company will file a certified copy of order of NCLT, with Ministry of Corporate Affairs / Registrar of Companies on receipt of the same. The effect of the Scheme of Amalgamation Will be given after filing of certified copy of the order with Ministry of Corporate Affairs/Registrar of Companies.

8. Previous period figures have been regrouped wherever necessary.

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Income tax liability on account of disputed liability	92.197	79.606
Excise duty, Service Tax and Customs	26.305	16.868
Show Cause notices / Demands under MVAT disputed by the apcotex	--	--
Professional Tax	0.229	--
Open Letters of Credit	6.475	2.498
Bank Guarantees	56.586	36.086
Note: Income Tax liability of INR 65.610 Million (Previous Year INR 65.610 Million) is in respect of certain disallowances/ Transfer Pricing adjustments by Income Tax Authorities, and INR 23.037 Million (Previous Year INR 23.037 Million) is in respect of certain disallowances for R & D by Income Tax Authorities, both disputed by the Management. Customs authorities have raised vide notice dated 22-07-2005 a demand and penalty of INR 14.209 Million each for a dispute regarding high sea sales. The Company has paid the demand of INR 142.09 Million in the year 2011-12 and has claimed the same as deduction in the year financial year 2011-12. Balance penalty amount of INR 14.209 Million has been disclosed as contingent.

FIXED ASSETS

Tangible Assets:

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Equipment
• Scientific Research Equipments
• Furnitures and office equipments
• Vehicles
• Electric and Pipe Fittings
• Wind Turbine Generator

Intangible Assets:

• Goodwill
• Computer Softwares

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	INR
US Dollar	1	INR 64.79
UK Pound	1	INR 92.25
Euro	1	INR 80.76

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	NYT
Report Prepared by :	SUJ

SCORE FACTORS

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	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.