MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	Jindal Poly Films Limited	Principal Name 1	Mr. Rashid Jilani
Status	Good	Principal Name 2	Mr. Jogesh Bansal
		Registration #	20-3979
Street Address	19^th K M, Hapur - Bulandshahr Road, P.O. Gulaothi, Bulandshahr – 245 408, Uttar Pradesh, India
Established Date	09.09.1974	SIC Code	--
Telephone#	91-122-2312088 / 2311087	Business Style 1	Manufacturing
Fax #	91-122-2312244	Business Style 2	--
Homepage	http://www.jindalpolyester.com http://www.jindalpoly.com	Product Name 1	Polyester Resin
# of employees	1000 (Approximately)	Product Name 2	Polyester Filament Yarn
Paid up capital	Rs.460,422,760/-	Product Name 3	Polyester Chips
Shareholders	Shareholding of Promoter and Promoter Group- 67.37%, Public Shareholding- 32.63%	Banking	Punjab National Bank
Public Limited Corp.	Yes	Business Period	37 years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	A (65)
Related Company
Relation	Country	Company Name	CEO
Subsidiaries	--	Jindal Solar Rajasthan Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	4,552,277,000	Current Liabilities	2,268,568,000
Inventories	2,613,501,000	Long-term Liabilities	4,767,305,000
Fixed Assets	12,173,646,000	Other Liabilities	2,083,607,000
Deferred Assets	0,000	Total Liabilities	9,119,480,000
Invest& other Assets	6,265,192,000	Retained Earnings	16,024,713,000
		Net Worth	16,485,136,000
Total Assets	25,604,616,000	Total Liab. & Equity	25,604,616,000
Total Assets (Previous Year)	19,237,602,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	26,989,290,000	Net Profit	5,926,558,000
Sales(Previous yr)	15,909,949,000	Net Profit(Prev.yr)	2,083,836,000

MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	JINDAL POLY FILMS LIMITED (w.e.f. March, 2005)

Formerly Known As :	JINDAL POLYESTER LIMITED

Registered Office :	19^th K M, Hapur - Bulandshahr Road, P.O. Gulaothi, Bulandshahr – 245 408, Uttar Pradesh

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	09.09.1974

Com. Reg. No.:	20-3979

Capital Investment / Paid-up Capital :	Rs.460.423 Millions

CIN No.: [Company Identification No.]	L17111UP1974PLC003979

TAN No.: [Tax Deduction & Collection Account No.]	MRTJ00149C

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

Line of Business :	Manufacturing of Polyester Resin, Polyester Filament Yarn, Polyester Chips and Biaxially Oriented Polyester Film.

No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 66000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a reputed Jindal group company. Financials position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office/ Factory 1 :	19^th K M, Hapur - Bulandshahr Road, P.O. Gulaothi, Bulandshahr – 245 408, Uttar Pradesh, India
Tel. No.:	91-122-2312088 / 2311087 91-5732-229143 / 229105
Fax No.:	91-122-2312244
E-Mail :	info@jindalpolyester.com secretarial_polyester@jindalgroup.com
Website :	http://www.jindalpolyester.com http://www.jindalpoly.com

Head/ Corporate Office :	Plot No 12, Sector B-1, Local Shopping Complex, Vasant Kunj, New Delhi - 110 070, India
Tel No.:	91-11-26139256-65
Fax No.:	91-11-26125739
E-Mail:	jindalpolyester@jindalgroup.com

	Others Also Located at: · Mumbai · Surat · Kolkata · USA

Factory 2:	28^th K.M. Stone, Nashik-Igatpuri Road, NH – 3, Village Mundhegaon, Taluka Igatpuri District, Nashik - 422 403, Maharashtra, India
Tel. No.:	91-2553-285402 / 285405
Fax No.:	91-2553-285403

Factory 3 :	160/1/7, Amboli Road, Village Kala, Khanvel, Silvassa ( UT of D and N ), India
Tel. No.:	91-2638-247264 / 358

Export Sales Office :	BOPP and PET Films
Tel. No.:	91-11-26121798
Fax No.:	91-11-26125739
E-Mail :	jindal_export@jindalgroup.com

Domestic Sales Office :	PET Films
Tel. No.:	91-11-26125723
Fax No.:	91-11-26125739
E-Mail :	pet_mkt@jindalgroup.com

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Rashid Jilani
Designation :	Non-Executive Independent Director
Date of Birth :	08.10.1941
Qualification :	M.Com., C.A. I. I.B.
Date of Appointment :	29.09.2007

Name :	Mr. Jogesh Bansal
Designation :	Non-Executive Independent Director
Date of Birth :	03.04.1952
Qualification :	B.Com.
Date of Appointment :	20.09.2008
Expertise in specific functional area :	Industry
Other Directorship :	· International Technotex Private Limited · South West Probuild Private Limited

Name :	Mr. R K Pandey
Designation :	Non-Executive Independent Director
Date of Birth :	20-01-1940
Qualification :	M.Com, LLB, FCS
Date of Appointment :	30-09-2009
Expertise in specific functional area :	Corporate Matters
Other Directorship :	· PTC Industries Limited · Precise Laboratories Private Limited · British Health Care Private Limited · Welcure Drugs and Pharmaceutical Limited · Shree Rajasthan Synthex Limited · Hanug Toys and Industries Limited · Amar Ujala Publications Limited · Kamdhenu Ispat Limited · Mefcom Capital Market Limited · Morgan Venture Limited · Richo India Limited · Sanghi Industries Limited · Ventura Strategic Mgt. Solution Private Limited · Kanpur Fertilizer and Cement Limited · Jaypee Uttarbharat Vikas Private Limited

Name :	Mr. Vinod Kumar Gupta
Designation :	Non-Executive Independent Director
Date of Birth :	07-07-1964
Qualification :	B. Com, FCA, FCS
Date of Appointment :	30-09-2009
Expertise in specific functional area :	Accounts, Finance, Taxation and Corporate Laws
Other Directorship :	· Soyuz Trading Company Limited · Jindal Medows Limited · Consolidated Buildwell Limited · Agil Properties Limited · Hindustan Powergen Limited · Jindal Poly Films Investment Limited · Jindal Metal and Mining Limited · Haldia Synthetic Rubber Limited · Jindal Poly Finance Limited · Cliff Propbuild Limited · Jindal India Thermal Power Limited

Name :	Mr. Sameer Banerjee
Designation :	Whole Time Director (Marketing)
Date of Birth :	10.07.1951
Qualification :	B.Sc, M.B.A.
Date of Appointment :	25.08.2008

Name :	Mr. Rathi Binod Pal
Designation :	Whole Time Director
Date of Birth :	18.03.1969
Qualification :	B.Com, C.A. (Inter)
Date of Appointment :	17.12.2009

Name :	Mr. Umesh Chand Jain
Designation :	Director

Name :	Mr. Suresh Chander Sharma
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Ajit Mishra
Designation :	Company Secretary
Qualification :	B.Com, LLB, ACS

Name :	Mr. Sumant Singhal
Designation :	Chief Executive Officer, Whole Time Director

Name :	Mr. Sanjay Mittal
Designation :	Vice President - Accounts and Taxation

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2011

Category of Shareholders	No. of Shares	Percentage of Holding

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2,893,200	6.28
Bodies Corporate	28,125,452	61.09
Sub Total	31,018,652	67.37

(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	31,018,652	67.37

(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	995,816	2.16
Foreign Institutional Investors	2,255,460	4.90
Sub Total	3,251,276	7.06

(2) Non-Institutions
Bodies Corporate	4,820,187	10.47

Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	4,642,526	10.08
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	314,684	0.68

Any Others (Specify)	1,994,951	4.33
Non Resident Indians	1,895,467	4.12
Trusts	908	-
Clearing Members	98,576	0.21
Sub Total	11,772,348	25.57

Total Public shareholding (B)	15,023,624	32.63

Total (A)+(B)	46,042,276	100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-

Total (A)+(B)+(C)	46,042,276	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Polyester Resin, Polyester Filament Yarn, Polyester Chips and Biaxially Oriented Polyester Film.

Products :

· Pet Films

· BOPP Films

· Metalized Films

· Poly Chips

Item Code No. (ITC Code)	Product Description
390700.00	Polyester Chips
392069.00	Biaxially Oriented Polyester Film
392099.00	Biaxially Oriented Polypropylene Film

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Unit	*Licensed Capacity	*Installed Capacity	Actual Production

Polyester Filament Yarn	MT	54000	54000	----
Polymer Chips	MT	191000	180800	109827.798
Biaxially Oriented Polyester/ Polypropylene Film	MT	296000	296000	225470.385

*As certified by the management but not verified by the Auditors, being the technical matter.

Film Production Includes 159,954 Mt. under the Mega Project Scheme.

GENERAL INFORMATION

No. of Employees :

1000 (Approximately)

Bankers :

· Punjab National Bank

· State Bank of India

· State Bank of Patiala

· Axis Bank Limited

· Hongkong and Shanghai Banking Corporation Limited

· The Bank of Nova Scotia

· DBS Bank Limited

· Cooperative Centrale Raiffeisen-Boerenleen Bank B.A., Singapore

· AKA, Ausfuhrkredit-Gesellschaft mbH, Frankfurt, Germany

· Commerzbank, Aktiengesellschaft Frankfurt, Germany

· Standard Chartered Bank

Facilities :

Secured Loans	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in Millions)
Term Loans From Banks
Foreign Currency Loans	3661.377	3406.734

Working Capital Loans From Banks (Includes bill discounting of Rs.466.934 millions, Previous year Rs. Nil)	1036.632	847.201

Total	4698.009	4253.935

NOTES

· Term loans from banks are secured by first pari-pasu equitable mortgage of immovable properties of the company situated at Gulaothi (U.P.) and Nasik (Maharashtra) and hypothecation of all movable assets (save and except book debts) subject to prior charge of the banks for working capital requirements.

· Working Capital Loans from banks are secured by way of hypothecation of all stocks of raw materials, semi finished goods, finished goods, goods in transit, stores and spares and book debts of the company. These are further secured by way of second pari-pasu charge on immovable properties of the company situated at Gulaothi (U.P.) and Nasik (Maharashtra).

· Foreign currency term loans from AKA Ausfuhrkredit-Gesellschaft mbh Germany and Commerzbank Germany are guaranteed by HERMES Kreditversicherungs-Aktiengesellschaft Germany.

Unsecured Loans	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in Millions)

Working Capital Loans from Banks	69.296	504.302

Total	69.296	504.302

Banking Relations :

Satisfactory

Auditors :

Name :

Kanodia Sanyal and Associates

Chartered Accountants

Companies/Individuals/

Associates :

· Agile Properties Limited

· Bajaloni Group Limited

· Conslidated Finvest and Holdings Limited

· Consolidated Buildwell Limited

· Consolidated Photo and Finvest Limited

· Consolidated Realtors Limited

· Jesmine Investment Limited

· Jindal Imaging Limited

· Jindal India Limited

· Jindal Meadows Limited

· Jindal Photo Investments Limited

· Jindal Photo Limited

· Jindal Realtors Limited

· Jindal India Thermal Power Limited

· Jumbo Finance Limited

· Jupax Barter Private Limited

· Pasion Tea Private Limited

· Rishi Trading Company Limited

· Soyuz Trading Company Limited

· Vigile Farms Limited

· Jindal India Finvest and Holdings Limited

· Mandakini Coalmines Limited

· Jindal India Powertech Limited

· Jindal India Powerventures Limited

· Jindal Buildmart Limited

· Jindal Realmart Private Limited

· Hindustan Powergen Limited

· Jindal Minerais and Metais (Mozambique) Lda

· Consolidated Green Finvest Private Limited

Subsidiaries :

· Hindustan Thermal Power Generation Limited

· Jindal France SAS

· Rexor SAS

· Jindal Solar Rajasthan Limited

· Jindal Solar Powertech Limited

· Jindal Poly Films Investment Limited (w.e.f. 03.11.2010)

· Jindal Metal and Mining Limited (w.e.f. 16.11.2010)

· Haldia Synthetic Rubber Limited (w.e.f. 21.02.2011)

· Jindal Resources (Mozambique) Lda (w.e.f. 05.10.2010)

· Trans Indian Mining Lda (w.e.f. 17.03.2011)

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

105000000	Equity Shares	Rs.10/- each	Rs.1050.000 Millions
100000000	Preference Shares	Rs.10/- each	Rs.1000.000 Millions

	Total		Rs.2050.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

46042276	Equity Shares	Rs.10/- each	Rs.460.423 Millions

Notes on Share Capital:-

1. 30000 Equity Shares were allotted as fully paid up pursuant to a contract without payment being received in cash in 1974.

2. 10378400 Equity Shares were issued as Bonus Shares by Capitalisation of Reserves in 1995-96 and 2004-2005.

3. 23021138 Equity Shares were issued as Bonus Shares by way of utilisation of Capital Redemption Reserves during the current financial year 2010-11 in the ratio of 1:1.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		460.423	230.211	258.241
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16024.713	10462.146	9472.566
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16485.136	10692.357	9730.807
LOAN FUNDS
1] Secured Loans		4698.009	4253.935	4413.687
2] Unsecured Loans		69.296	504.302	372.113
TOTAL BORROWING		4767.305	4758.237	4785.800
DEFERRED TAX LIABILITIES		1784.736	1665.736	1374.715

TOTAL		23037.177	17116.330	15891.322

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		12173.646	12137.058	11003.993
Capital work-in-progress		538.645	680.987	537.819

INVESTMENT		5726.547	1756.333	1887.911
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2613.501	2007.792	1182.082
	Sundry Debtors	2375.476	611.119	514.996
	Cash & Bank Balances	229.167	899.224	1261.748
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1947.634	1145.089	972.117
Total Current Assets		7165.778	4663.224	3930.943
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	692.070	974.258	627.098
	Current Liabilities	1576.498	810.176	716.193
	Provisions	298.871	336.838	126.053
Total Current Liabilities		2567.439	2121.272	1469.344
Net Current Assets		4598.339	2541.952	2461.599

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		23037.177	17116.330	15891.322

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Net Sales	26989.290	15909.949	14208.919
		Other Income	675.151	461.867	307.839
		TOTAL (A)	27664.441	16371.816	14516.758

Less	EXPENSES
		Raw Material Consumed	14168.804	10303.558	8631.899
		Manufacturing Expenses	2967.820	2092.208	1594.823
		Excise on increase /(Decrease) in Stock	33.135	10.335	(8.720)
		Personnel Expenses	242.423	173.176	158.959
		Selling and Distribution Expenses	559.365	154.990	254.430
		Other Expenses	339.229	188.948	531.613
		Exceptional Items	(61.217)	(464.941)	623.783
		Accretion/(Decretion) in Stock	(377.418)	(186.834)	(38.933)
		TOTAL (B)	17872.141	12271.440	11747.854

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9792.300	4100.376	2768.904

Less	INTEREST AND FINANCIAL CHARGES (D)		271.266	280.949	196.500

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9521.034	3819.427	2572.404

Less/ Add	DEPRECIATION/ AMORTISATION (F)		871.076	804.370	688.247

	PROFIT BEFORE TAX (E-F) (G)		8649.958	3015.057	1884.157

Less	TAX (H)		2723.400	931.221	619.224

	PROFIT AFTER TAX (G-H) (I)		5926.558	2083.836	1264.933

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3336.080	2020.691	1313.931

Less	APPROPRIATIONS
		Equity Shares	115.106	230.212	49.723
		Transfer to General Reserve	5000.000	500.000	500.000
		Tax on Proposed Dividend	18.673	38.235	8.450
	BALANCE CARRIED TO THE B/S		4128.859	3336.080	2020.691

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7179.030	3081.640	3373.259
	TOTAL EARNINGS		7179.030	3081.640	3373.259

	IMPORTS
		Raw Materials	4462.422	3243.536	2137.006
		Stores & Spares	187.745	78.236	49.068
		Capital Goods	365.058	1389.571	2347.189
	TOTAL IMPORTS		5015.225	4711.343	4533.263

	Earnings Per Share (Rs.) Earning per Share (Basic) after exceptional Items Earning per Share (Diluted) after exceptional Items		128.72 128.72	42.72 42.72	45.15 45.15

QUARTERLY RESULTS

PARTICULARS			30.06.2011 1^st Quarter
Net Sales			6227.600
Total Expenditure			5285.500
PBIDT (Excl OI)			942.100
Other Income			146.600
Operating Profit			1088.700
Interest			67.800
Exceptional Items			(6.100)
PBDT			1014.800
Depreciation			226.700
Profit Before Tax			788.100
Tax			225.100
Provisions and contingencies			0.000
Profit After Tax			563.000
Extraordinary Items			0.000
Prior Period Expenses			0.000
Other Adjustments			0.000
Net Profit			563.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	21.42	12.73	8.71

Net Profit Margin (PBT/Sales)	(%)	32.05	18.95	13.26

Return on Total Assets (PBT/Total Assets}	(%)	44.73	17.95	12.62

Return on Investment (ROI) (PBT/Networth)		0.52	0.28	0.19

Debt Equity Ratio (Total Liability/Networth)		0.44	0.64	0.64

Current Ratio (Current Asset/Current Liability)		2.79	2.20	2.68

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE HIGHLIGHTS

· Gross Sales/Turnover increased to Rs.29067.800 millions in the financial year 2010-11, up 70.76% from Rs.17022.200 millions the year before.

· Exports turnover increased to Rs.7443.300 millions for the year 2010-2011 up 133.50% from Rs.3187.700 millions in the last year,

· The operating profit before exceptional item of the company was Rs.9731.100 millions as against Rs.3635.400 millions last year, giving a growth of 167.68%.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

Subject is a producer of high performance Polyester and BOPP films (plain and metallized) mainly used for the flexible packaging industry. The Company’s manufacturing facility at Nasik is the worlds single largest location factory for producing these plastic films. The company’s manufacturing units are amongst the most modern facilities available and is capable of producing high quality products.

INDUSTRY, STRUCTURE AND DEVLOPMENTS

Flexible Packaging Film

Flexible packaging typically includes materials such as plastic films, paper and aluminium foil. Over the years, BOPET Film and BOPP Film (forms of plastic-based flexible packaging film) have become the preferred choice for packaging consumer articles including food and clothing. Besides such films, Subject also offers a range of metallised and coated film products to its customers.

Subject is the producer of flexible packaging films in the country. The Company also maintains a strong presence as a key exporter to several countries. Flexible packaging film follows a business-to-business model, supplying base film to key converters/processors - who in turn sell the value added product to customers.

BOPET Film

BOPET Film is a versatile product broadly classified according to thickness of the film. Thick Films (50-350 microns in thickness) find application in photographic/X-ray, electronics, printing, textile, pre-press back up films for photo voltaic cells used for generating solar power and office supplies, motor insulations and document lamination. Thin Films (10-36 microns in thickness) are used in flexible packaging metallic yarn, cables, transformers, capacitors, audio/video tape, hot stamping foils, release films, decorative ribbons and labels.

Subject has a capacity to manufacture 1,27,000 TPA of BOPET Film, in the Current financial year 2011-12

BOPP Film

Better moisture retention properties render BOPP Film more suitable for food products like snack foods, biscuits, pasta, dried foods and meat. Further, BOPP Film also finds application in wrapping cigarette cartons, ready-made garment bags, adhesive tapes and print lamination.

The market for BOPP Film in India, unlike the rest of the world is underdeveloped, due to existence of popular low quality, cheap alternative in the form of TQPP (Tubular Quenched Polypropylene Film) which is being replaced by BOPP. Growing preference for premium and sophisticated packaging however is driving growth in India with increased availability of BOPP, TQPP is being fast replaced by BOPP.

The Company has presently five lines in operation for BOPP Film at Nashik, Maharashtra with a combined capacity of 1,80,000 tpa

Metallised Films

Vacuum deposition of Aluminium on BOPET and BOPP films increases the barrier properties of such films. Besides flexible packaging metallised BOPET films is used for metallic yarn. Metallised BOPP is widely used for gift wrapping. In the last few years metallised polyester film has found application in sequins for the textile industry for sarees and dress material for women’s wear.

Coated Films

PVDC coated BOPP and BOPET films are used in the flexible packaging industry. Subject is the only company in India to offer this product. The Company has a capacity of 4500 tpa to manufacture PVDC, Acrylic and LTS coated films. During the current fi nancial year, The Company has started silicon coating on BOPET films.

Polyester Chips

Subject has the in-house ability to manufacture polyester (BOPET) chips as per the product requirement, for its BOPET Film business. The Company has installed capacity of 1,11,600 tpa at Nashik, Maharashtra to produce BOPET chips which is being enhanced to 1,76,400 tpa in the current financial year 2011-12

Polyester Yarn

The Company has a Partially Oriented Yarn (POY) facility at Gulaothi, Uttar Pradesh. This business has witnessed continued weakness in margins and the operations have been temporarily closed down.

SEGMENT PERFORMANCE

Flexible Packaging Film

The flexible packaging business continues to expand in 2010-11 with segmental revenues of Rs.29067.800 millions (Rs.17022.200 millions last year). In value terms, the sales grew by 70.76 %.

OUTLOOK

Flexible Packaging Film

India is the growth in the global flexible packaging films, growing at above 18% per annum over the last few years. This growth is powered by increased penetration of packaged food and personal products in to the semi urban and rural segment. In tier 2 and tier 3 cities, the average pack sizes are usually smaller than the pack sizes in tier 1 cities. This results in increased use of flexible packaging consumption in the FMCG industry. As the Government is increasing its spending in the rural economy, increased demand for FMCG products is experienced in the hinter lands of India. The growth is likely to intensify in the next 2 – 3 years.

Growth in the flexible packaging industry is also aided by increase in the export of packaging material to high cost countries in Europe and the U.S.A.

BOPET Films

Over the last ten years, the dominance of the four leading producers – TORAY, DUPONT-TEIJIN, MITSUBISHI and SKC has been challenged by a new emerging breed of producers in India and China. These companies including subject have identified an opportunity to gain market position through investment in low cost and highly efficient modern thin film extrusion plants and in doing so, have found their way in to the exclusive club of large producers. In the next 3 years, subject is poised to be amongst the top 3 Polyester film producers in the world.

BOPP Films

The BOPP film market in India is increasing owing to increased consumption in food packaging and large growth in textile packaging. Almost two thirds of the world’s production of BOPP is consumed in food packaging. In India the consumption for food packaging is only one third of production. This gap is rapidly being bridged as the customers are increasing displaying a strong preference for hygienically packed food products.

Combined with a robust growth in ready to wear apparels, the Indian BOPP film industry is expected to grow at over 15% per annum over the next 3 years.

FINANCIAL PERFORMANCE

Subject reported a 70.76% increase in gross revenues from Rs.17022.200 millions to Rs.29067.800 millions driven exclusively by its flexible packaging films business. Other income during the period was at Rs.681.400 millions.

Sales in the domestic market improved 56.31% to Rs.21624.500 millions. The Company continues to develop the BOPP Film market. Exports during FY2011 were at Rs.7443.300 millions as against exports of Rs.3187.700 millions in last year.

The Profit After Tax stood at Rs.5926.600 millions (last year Rs.2083.800 millions) giving an EPS of Rs.128.72 (last year was 42.72 after giving effect on bonus shares)

CONTINGENT LIABILITIES

Particulars	As on 31.03.2011 Rs.in Millions

Bank Guarantees	128.898
Outstanding Letters of Credit (Including Capital Goods)	1290.308
Claims against Company, not acknowledged as debts	16.401
Uncalled liability of partly paid shares	1308.000
Demands raised by authorities against which, Company has filed appeals: -
i) Income Tax	58.129
ii) Excise Duties	--
iii) Sales Tax	22.493
iv) Custom Duties	61.366

UNAUDITED FINANCIAL (PROVISIONAL) RESULTS FOR THE QUARTER ENDED ON 30^TH JUNE, 2011

(RS. IN MILLIONS)

Particulars		Quarter Ended on 30.06.2011 (Unaudited)

1. Gross Sales
- Domestic		4918.100
- Exports		1782.500
Total Sales		6700.600

Less : Excise Duty		473.000

a) Net Sales		6227.600

b) Other Operating Income		--
Total Income (a+b)		6227.600

2. Total Expenditure
a. (Increase) / Decrease in stock in trade		379.900
b. Consumption of Raw Materials		4003.100
c. Employees Cost		53.500
d. Power & Fuel		507.700
e. Depreciation		226.700
f. Other Expenditure		341.300
g. Total		5512.200

3. Profit from Operations before other income, Interest and Exceptional items (1 - 2)		715.400
4. Other Income		146.600
5. Profit before Interest and Exceptional items (3+4)		862.000
6. Interest		67.800
7. Profit after Interest but before Exceptional items (5-6)		794.200
8. Exceptional items		(6.100)
9. Profit/Loss from ordinary activities before tax (7+8)		788.100
10. Tax Expense
- Provision - Income Tax		205.200
- Deferred Tax		19.900
Total Tax Expense		225.100
11. Net Profit from ordinary activities after tax (9-10)		563.000
12. Extraordinary items (Net of Tax Expense)		--
13. Net Profit for the period (11-12)		563.000

14. Paid up Equity Share Capital ( Face Value Rs. 10/- each)		460.400
15. Reserves excluding revaluation reserves		--

16. Basic/Diluted EPS (Not annualised/Rs.)
Including Exceptional Items		12.23
Excluding Exceptional Items		12.36

17. Public Shareholding
No. of Equity Shares		15023624
% of Share holding		32.63%

18. Promoters and Promoter Group Shareholding
a) Pledged / Encumbered
- Number of Equity shares		Nil
- %of shares (of the total shareholding of promoter and promoter group)		NA
- Percentage of shares (of the total share capital of the company)		NA

b) Non - encumbered
- Number of Equity shares		31018652
- %of shares (of the total shareholding of promoter and promoter group)		100%
- Percentage of shares (of the total share capital of the company)		67.37%

NOTES:

1. The above results are stand alone and reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors held on 12^th August, 2011, and limited review of the same has been carried out by the statutory auditors of the company.

2. The Company has only one reportable business segment, namely, Flexible Packaging Films.

3. During the quarter one wholly subsidiary company Jindal Poly Finance Limited was incorporated.

4. The Company has issued and allotted 2,30,21,138 equity shares on 26th October, 2010 as bonus shares by capitalizing reserves. Consequently the comparative EPS figures in all the period have been recalculated giving effect of the Bonus shares, as required by Accounting Standard (AS) 20.

5. Exceptional items represent profit/loss due to exchange difference provided on outstanding long term foreign currency loan.

6. Status of investor complaints: a) Pending as on 1st April, 2011-Nil, b) Received during the quarter-18, c) Disposed off during the quarter-18, d) Pending as on Jun 30, 2011-Nil.

FIXED ASSETS

· Land (Freehold)

· Factory Buildings

· Other Buildings

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Computers

· Vehicles

WEB DETAILS

BUSINESS DESCRIPTION

Subject is an India-based company. The Company is engaged in the business of manufacturing and sales of various types of films of various dimensions and grades. Subject is a producer of flexible packaging films. The Company operates a single location facility for flexible packaging films at Nashik, Maharashtra. Subject is engaged in the manufacturing of Polyester Film, Polypropylene film, Steel pipes and Photographic products. The Company has five lines in operation for biaxially oriented polypropylene (BOPP) Film at Nashik, Maharashtra, with a combined capacity of 1,80,000 tons per annum (tpa). The Company has a total metallising capacity of 32,400 tpa. The Company has a capacity of 4500 tpa to manufacture poly-vinylidene dichloride (PVDC), Acrylic and LTS coated films. business. The Company has installed capacity of 1,11,600 tpa at Nashik, Maharashtra to produce biaxially oriented polyethylene terephthalate (BOPET) chips. For the Fiscal year ended 31 March 2010, Subject's revenues increased 11% to RS17.56B. Net income increased 94% to RS2.05M. Revenues reflect an increase in income from PET/OPP Film Division and higher other income. Net income also reflects a decrease in personnel expenses, lower selling and Distribution expenses and a decrease in other expenses. Subject is a producer of flexible packaging films.

BOARD OF DIRECTORS

Mr. Samir Banerjee - Whole Time Director - Marketing, Director

Shri. Samir Banerjee is Whole Time Director - Marketing, Director of subject. He holds B.Sc. and MBA and has 35 years of experience in domestic and International Marketing. He has also been a Director of Hindustan Thermal Power Generation Limited, Jindal Solar Rajasthan Limited and Jindal Solar Powertech Limited.

Mr. Jogesh Bansal - Non-Executive Independent Director

Mr. Jogesh Bansal is Non-Executive Independent Director of subject. He holds B.Com. He serves as Director of International Technotex Private Limited and South West Probuild Private Limited.

Mr. Vinod Kumar Gupta - Non-Executive Independent Director

Mr. Vinod Kumar Gupta is Non-Executive Independent Director of subject. He has more than 18 years experience in Accounts, Finance and Taxation. He holds B.Com, FCA, FCS. His other Directorships include Soyuz Trading Company Limited, Jindal Realtor Limited, Jindal Meadows Limited, Consolidated Buildwell Limited, Agil Properties Limited, Hindustan Powergen Limited, Jindal India Thermal Power Limited.

Mr. Rashid Jilani - Non-Executive Independent Director

Mr. Rashid Jilani, M.Com, C.A.I.I.B., is Non-Executive Independent Director of subject. He had been Chairman and Managing Director of Punjab National Bank for more than 10 years and has 37 years of Banking experience like Finance , working capital management, etc. Mr. Jilani had been member / chairman of various committees, working groups constituted by Reserve Bank of India. He has been two term chairman of the Indian Bank Association. Mr. Jilani has widely travelled and represented the country at various forums as IBA Chairman. During his tenure as CMD of Punjab National Bank, he has been on the Board of Exim Bank, SIDBI, IFCI etc.

Mr. Rathi Binod Pal - Whole-time Director

Mr. Rathi Binod Pal is the Whole-time Director of subject. He is B.Com, CA (inter) and is having more than 18 years of experience in the matters of Commercial, Management and Accounts, etc. He has also been a Director of Rishi Trading Company Limited, Consolidated Buildwell Limited, Vigil Farms Limited, Lucky Holding Private Limited, Sagar Fintrade Limited and Canton Traders Limited

Mr. R. K. Pandey - Non-Executive Independent Director

Shri. R. K. Pandey is Non-Executive Independent Director of subject. He has experience in Corporate matters. He holds M.Com, LLB, PCS. His other Directorships include PTC Industries Limited., Precise Laboratories Private Limited, British Health Care Private Limited, Welcure Drugs and Pharmaceutical Limited, Shree Rajasthan Synthex Limited, Hanug Toys and Industries Limited, Amar Ujala Publications Limited, Kamdhenu Ispat Limited, Mefcom Capital Market Limited, Morgan Venture Limited, Richo India Limited, Sanghi Industries Limited, Ventura Strategic Mgt. Solution Private Limited, Kanpur Fertilizer and Cement Limited, Jaypee Uttarbharat Vikas Private Limited

PRESS RELEASES

JINDAL POLY FILMS LIMITED ANNOUNCES BUY BACK OF EQUITY SHARES

November 02, 2011

Jindal Poly Films Limited announced that the Company has accorded to the Board to purchase or buy back such number of equity shares from its existing shareholders, other than those who are promoters, promoter group, persons who are in control of the Company in one or more tranches, from open market through the stock exchanges upto a maximum of 25% of the total paid up capital of the Company at a price not exceeding INR350 per equity share to be financed out of Company's free reserves and/or securities premium account such that aggregate consideration for the shares to be bought back does not exceed INR1400.000 Millions, being less than 10% of the paid up capital and free reserves of the Company as on March 31, 2011

UPDATES ON OUTCOME OF BOARD MEETING

India, November 02 - Jindal Poly Films Limited has submitted to BSE a copy of the resolution passed in the meeting of Board of Directors of the Company held on October 31, 2011.

JINDAL POLY FILMS LIMITED ANNOUNCES PASSING OF REVISED RESOLUTION FOR BUY BACK OF SHARES

October 31, 2011

Jindal Poly Films Limited announced that the Board of Directors of the Company at meeting held on October 31, 2011, has passed a revised resolution for buy back of upto 40,00,000 Equity shares of the Company at a price upto INR350.00 per equity share aggregating to INR1400.000 Millions (INR1.4 Billion).

JINDAL POLY FILMS PASSES RESOLUTION FOR BUYBACK OF EQUITY SHARES

India, October 31 -- Jindal Poly Films has informed that the board of directors of the company at its meeting held on October 31, 2011, has passed a revised resolution for buyback of up to 40,00,000 equity shares of the company at a price up to Rs.350.00 per equity share aggregating to Rs.1400.000 millions.

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 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.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

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

2613.501

2007.792

1182.082

2375.476

611.119

514.996

229.167

899.224

1261.748

0.000

0.000

0.000

1947.634

1145.089

972.117

7165.778

4663.224

692.070

974.258

627.098

1576.498

810.176

716.193

298.871

336.838

126.053

2567.439

2121.272

4598.339

2541.952

2461.599

21.42

12.73

32.05

18.95

44.73

17.95

12.62

0.52

0.28

0.19

0.44

0.64

0.64

2.79

2.20

2.68

Unit