MIRA INFORM REPORT

Report Date :

12.12.2012

IDENTIFICATION DETAILS

Name :	PRIYA LIMITED
Registered Office :	4^th Floor, Kimatrai Building, 77-79, Maharshi Karve Marg, Marine Lines (East), Mumbai - 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.08.1986
Com. Reg. No.:	11-040713
Capital Investment / Paid-up Capital :	Rs.30.023 Millions
CIN No.: [Company Identification No.]	L99999MH1986PLC040713
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15757A
PAN No.: [Permanent Account No.]	AAACP2210Q
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the Business of International Trade of Electronic Products and Export of Dyestuffs, Bulk Pharmaceuticals and Intermediates.
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION DENIED BY

Name :	Mr. Dhiraj Pawar
Designation :	Accountant
Contact No.:	91-22-42203100
Date :	11-12.2012

LOCATIONS

Registered Office/ Head Office :	4^th Floor, Kimatrai Building, 77-79, Maharshi Karve Marg, Marine Lines (East), Mumbai - 400002, Maharashtra, India
Tel. No.:	91-22-42203100
Fax No.:	91-22-42203197
E-Mail :	basavraj.loni@priyagroup.com gaurav.munoli@priyagroup.com priyabom@priyagroup.com
Website :	http://www.priyagroup.com
Branches :	Located at: New Delhi Bangalore Bhubaneshwar Chennai Kochi Kolkata Secunderabad

DIRECTORS

As on: 31.03.2012

Name :	Mr. A. K. Bhuwania
Designation :	Chairman
Date of Birth/Age :	30.08.1947
Qualification :	B.Sc in Math
Name :	Mr. R. K. Saraswat
Designation :	Director
Name :	Mr. M. K. Arora
Designation :	Director
Name :	Mr. Ashish Bhuwania
Designation :	Executive Director
Date of Birth/Age :	14.10.1971
Qualification :	Graduate in Management Science
Name :	Mr. Aditya Bhuwania
Designation :	Executive Director
Name :	Mr. Anuj Bhargava
Designation :	Director
Date of Birth/Age :	24.09.1962
Qualification :	CMC, CWA.
Name :	Mr. P. V. Hariharan
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Dhiraj Pawar
Designation :	Accountant
Name :	Mr. Gaurav Munoli
Designation :	Company Secretary
Name :	Mr. Rakesh Jain
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1959360	65.26
Bodies Corporate	275800	9.19
Sub Total	2235160	74.45
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2235160	74.45
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	100	0.00
Sub Total	100	0.00
(2) Non-Institutions
Bodies Corporate	45694	1.52
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	435832	14.52
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	133916	4.46
Any Others (Specify)	151598	5.05
Trusts	100	0.00
Non Resident Indians	25222	0.84
Clearing Members	1276	0.04
Overseas Corporate Bodies	125000	4.16
Sub Total	767040	25.55
Total Public shareholding (B)	767140	25.55
Total (A)+(B)	3002300	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3002300	100.00

Shareholding belonging to the category "Promoter and Promoter Group"

		Details of Shares held
Sl.No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Arun Kumar Bhuwania	546210	18.19
2	Priya International Limited	275800	9.19
3	Ashish Bhuwania	210200	7.00
4	Arun Kumar Bhuwania	200500	6.68
5	Saroj Bhuwania	541750	18.04
6	Aditya Bhuwania	140300	4.67
7	Shruti Bhuwania	107600	3.58
8	Arun Kumar Bhuwania	100000	3.33
9	Mini Bhuwania	38300	1.28
10	Govardhandas Bhuwania	70000	2.33
11	Arun Kumar Bhuwania	4500	0.15
	Total	2235160	74.45

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Daymount LImited	125000	4.16
2	Sangeetha S	31070	1.03
	Total	156070	5.20

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Business of International Trade of Electronic Products and Export of Dyestuffs, Bulk Pharmaceuticals and Intermediates.

GENERAL INFORMATION

No. of Employees :

Information denied by the management

Bankers :

• Indian Bank
• Bank of India
• Union Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Other Loans and Advances From Banks
Working Capital Facilities From Company’s Bankers	201.307	218.396
Total	201.307	218.396
Notes: Secured against Hypothecation of Goods and Book Debts, Equitable mortgage on specific immovable properties of the company and related parties, Hypothecation of other Movable Assets of the company, personal guarantee of some directors of the company for the balance outstanding at the year end and Pledge of shares of the company by the Promoters.
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Loans and Advance from Related Parties
Inter Corporate Deposits	26.873	39.546
Loans from Directors	0.546	0.652
Total	27.419	40.198

Banking Relations :	--
Auditors :
Name :	M. L. Bhuwania and Company Chartered Accountant
Address :	Mumbai, Maharashtra, India
Parties where control exists :	Priya International Limited Priya Chemicals Gaurav Electrochem Private Limited Brent Properties Investment Private Limited Chesire Properties Investment Private Limited Halifax Properties Investment Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions
1000000	Unclassified Shares	Rs.10/- each	Rs.10.000 Millions
	Total		Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3002300	Equity Shares	Rs.10/- each	Rs.30.023 Millions

Note

1. The reconcilation of the number of shares outstanding at the beginning and at the end of reporting period 31-03-2012:

Particulars	As at March 31, 2012
Number of shares at the beginning	3002300
Add: Shares issued during the year	-
Less : Shares Bought back (if any)	-
Number of shares at the end	3002300

2. Terms/rights attached to equity shares

(A) The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting

(B) The amount of per share dividend of Re. 1.00 (Previous Year Re. 1.00) has been proposed to be distributed to equity shareholders for the year ended 31.03.2012. The total amount of dividend shall be Rs.3.489 Millions (Including Dividend Distribution Tax Rs.0.487 Million).

(C) In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. The details of shareholders holding more than 5% shares in the company:

Name of the shareholders	No. of shares held	% held as at March 31, 2012
Arun Kumar Bhuwania	751210	25.02
Binay Kumar Bhuwania	-	-
Saroj Bhuwania	541750	18.04
Priya International Limited	275800	9.19
Ashish Bhuwania	210200	7.00

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.023	30.023	30.023
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		261.585	256.912	240.367
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		291.608	286.935	270.390
LOAN FUNDS
1] Secured Loans		201.307	218.396	189.826
2] Unsecured Loans		27.419	40.198	45.023
TOTAL BORROWING		228.726	258.594	234.849
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		520.334	545.529	505.239
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.214	25.889	26.201
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		36.049	36.049	36.175
DEFERREX TAX ASSETS		3.427	3.379	2.435
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.412	70.145	43.547
	Sundry Debtors	596.071	463.799	461.254
	Cash & Bank Balances	28.099	46.137	58.166
	Other Current Assets	3.068	11.738	18.642
	Loans & Advances	41.540	69.714	87.871
Total Current Assets		694.190	661.533	669.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	216.354	158.842	186.866
	Other Current Liabilities	12.799	12.851	19.015
	Provisions	8.393	9.628	23.171
Total Current Liabilities		237.546	181.321	229.052
Net Current Assets		456.644	480.212	440.428
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		520.334	545.529	505.239

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1924.660	2205.970	1921.592
		Other Income	15.775	22.081	14.947
		TOTAL (A)	1940.435	2228.051	1936.539
Less	EXPENSES
		Purchases of Stock - in - Trade	1760.484	2103.977
		Changes in inventories of Stock-in-Trade	42.171	(24.037)
		Employee benefit expenses	21.476	21.793
		Other Expenses	57.412	59.982
		TOTAL (B)	1881.543	2161.715	1878.443
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		58.892	66.336	58.096
Less	FINANCIAL EXPENSES (D)		38.881	34.075	37.045
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.011	32.261	21.051
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.428	2.559	2.307
	PROFIT BEFORE TAX (E-F) (G)		17.583	29.702	18.744
Less	TAX (H)		9.420	9.656	7.566
	PROFIT AFTER TAX (G-H) (I)		8.163	20.046	11.178
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.797	43.252	33.825
	APPROPRIATIONS
		Proposed Dividend	3.002	3.002	1.501
		Corporate Dividend Tax	0.487	0.499	0.249
	BALANCE CARRIED TO THE B/S		64.470	59.797	43.252
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	992.727	1135.361	1095.435
		Insurance	0.793	0.996	0.913
		Freight	36.219	51.003	14.661
		Interest Received on Trade Debtors	0.000	10.226	0.468
	TOTAL EARNINGS		1029.739	1197.586	1111.477
	IMPORTS
		Traded Goods	934.285	1098.890	1015.420
	TOTAL IMPORTS		934.285	1098.890	1015.420
	Earnings Per Share (Rs.)		2.72	6.68	3.72

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012
Type	1^st Quarter	2^nd Quarter
Net Sales	422.150	597.440
Total Expenditure	415.190	581.970
PBIDT (Excl OI)	6.960	15.470
Other Income	6.960	3.570
Operating Profit	13.920	19.040
Interest	10.280	8.500
Exceptional Items	0.000	0.000
PBDT	3.640	10.540
Depreciation	0.520	0.540
Profit Before Tax	3.120	9.990
Tax	0.920	3.180
Provisions and contingencies	0.000	0.000
Profit After Tax	2.210	6.800
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	2.210	6.800

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.42	0.90	0.58
Net Profit Margin (PBT/Sales)	(%)	0.91	1.35	0.98
Return on Total Assets (PBT/Total Assets}	(%)	2.45	4.32	2.69
Return on Investment (ROI) (PBT/Networth)		0.06	0.10	0.07
Debt Equity Ratio (Total Liability/Networth)		1.60	1.53	1.72
Current Ratio (Current Asset/Current Liability)		2.92	3.65	2.92

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Sundry Creditors For Goods	211.525	152.307
Sundry Creditors For Expenses	4.829	6.535
Total	216.354	158.842	186.866

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

During the year the aggregate turnover of the Company was Rs.1924.660 Millions as compared to Rs.2205.970 Millions in the previous year. The Company has earned profit after tax and exceptional item of Rs.8.163 Millions in 2011-2012 as compared to Rs.20.046 Millions in the previous year.

Due to recessionary trends which continued globally, the company’s turnover decreased to Rs.1924.660 Millions in comparison to performance of previous year. The aforesaid decrease in turnover was a result of economic slowdown globally and not restricted to USA and European countries.

The Company is focused to concentrate on the hardware business which has been major revenue earner, which mainly includes marketing of VXL thin clients and other computer peripherals such as Keyboard and Mouse. The financial year 2011-12 was a challenging year, as the company had to shrink its import activities in response to high volatility in foreign currency and devaluation of rupee. The chemical segment of the company has also witnessed fall in revenue, as a consequence of global economy being in throes of recession.

As regards to infrastructure, the Company’s head office and all the branches are adequately equipped to provide complete support to the customers. Internal control systems have been well established and cost consciousness in branch operations will lead to improved profitability in the long run.

The Directors are confident that the company will strive hard to improve the performance in the current year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMY AND INDUSTRY OVERVIEW

The year 2011-12 was marked by growing global uncertainties. Global recovery has stalled, growth prospects have dimmed and downside risks have escalated. Growth of Indian economy has slowed down and was recorded approximately near 6.9% in 2011-12 and is expected to be around 7% in the next fiscal year. This fiscal, IT Hardware companies were adversely affected due to devaluation of rupee against US dollar, depressed demand and supply chain disruption because of floods in Thailand. Despite several odds, production of computer hardware is estimated to increase by 10 per cent in 2011-12 to touch Rs.165000.000 Millions as against Rs.149700.00 Millions during 2010-11.

INDUSTRY STRUCTURE AND DEVELOPMENTS

Electronics Division:

The Information, Communication Technology and Electronics (ICTE) have been contributing significantly to the economic growth of the country. Electronics is increasingly finding applications in all sectors of the economy and thus is accepted as a key enabler in development. Government of India recognizes that the development of domestic capabilities in Electronics System Design and Manufacturing (ESDM) is crucial for both economic and strategic reasons. The vision is to create a globally competitive ESDM sector to meet the country’s needs and serve the international markets. It is with this vision that the Government has come out with the draft National Policy on Electronics, 2011.

The Electronics and IT-ITeS industry continued to exhibit remarkable resilience during the year 2011-12. The total production of Electronics and IT-ITeS Industry is estimated to grow by 19.2 per cent in 2011-12 as against 14.6 percent in 2010-11. This increase in growth is attributed mainly to the accelerated growth of software and services industry which is export driven and continues to dominate the electronics and IT industry.

Chemical Division:

Chemical Industry is an important constituent of the Indian economy. Its size is estimated at around US$ 35 billion approx., which is equivalent to about 3% of India’s GDP. The total investment in Indian Chemical Sector is approx. US$ 60 billion and total employment generated is about 1 million. The Indian Chemical sector accounts for 13-14% of total exports and 8-9% of total imports of the country. In terms of volume, it is 12th largest in the world and 3rd largest in Asia. Currently, per capita consumption of products of chemical industry in India is about 1/10th of the world average.

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE

Electronics Division:

The performance of the company was relatively less satisfactory during the year in comparison to last year turnover. The segment result, before adjustment for unallocated expenses (net) and provisions for taxation, marginally decreased to Rs.74.886 Millions as compared to Rs.78.973 Millions in the previous year.

Chemical Division:

Inspite of decrease in turnover in comparison to last year’s turnover the company has managed to escalate the margin for the period. With Asia’s growing contribution to the global chemical industry, India emerges as one of the focus destinations for chemical companies worldwide.

FUTURE OUTLOOK

Electronics Division:

As per the Report issued by Department of Information Technology, the demand for electronics hardware in the country is projected to increase upto US$ 400 billion by 2020. The concept of Thin Client computing is in vogue due to several advantages which interalia include significant decrease in IT cost of the Organisation. They have set up a strong technical support team to provide total network solutions which in the long run will enhance competitiveness and enable us to maintain profitability.

Chemical Division:

Dye has an inherent element of value addition to a wide variety of products like textiles, leather, paper, food products, cosmetics, plastics, paints, inks and high-tech applications like optical data storage (CDs, DVDs), solar cells, medical diagnostics (CT Scan, angiography), security inks, lasers, photo dynamics etc. The textile industry accounts for the largest consumption of dyestuffs at nearly 70 percent. From being importers and distributors in the 1950s, it has now emerged as a very strong industry and a major foreign exchange earner. Europe and USA, the two major economies for dyestuff are riding high on debt and fiscal unease. The chemical industry experts have also indicated that 2012 will be a litmus test for growth and sustainability.

CONTIGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Disputed Rent Liability	12.460	12.460
Disputed Income Tax Liability	1.471	11.145
Disputed Sales Tax Liability	8.227	8.375

FIXED ASSETS:

Tangibles Assets

• Office Premises
• Laboratory Equipment
• Office Equipment
• Furniture and Fixture
• Computer
• Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2012

(Rs. In Millions)

Sr. No.	Particulars	Quarter ended		Six months ended
		30.09.2012	30.06.2012	30.09.2012
		Unaudited	Unaudited	Unaudited
1	Income from operations
	a) Net Sales / Income from Operations	597.434	421.949	1019.383
	b) Other Operating Income	0.004	0.201	0.205
	Total income from operations (Net)	597.438	422.150	1019.588
2	Expenses
	a) Cost of materials consumed	0.000	0.000	0.000
	b) Purchase of stock-in-trade	555.905	387.445	943.350
	c) Changes in inventories of stock-in-trade	0.010	8.994	9.004
	d) Employees benefits expenses	4.973	5.931	10.904
	e) Depreciation and amortisation expense	0.544	0.516	1.060
	f) Other Expenses	21.084	12.816	33.900
	Total expenses	582.517	415.702	998.219
3	Profit / (Loss) from Operations before Other Income, finance costs and exceptional Items (1-2)	14.922	6.447	21.369
4	Other Income	3.567	6.958	10.525
5	Profit / (Loss) from ordinary activities before finance costs and Exceptional Items (3+4)	18.489	13.405	31.894
6	Finance costs	8.504	10.280	18.784
7	Profit / (Loss) from ordinary activites after finance costs but before Exceptional Items (5-6)	9.985	3.125	13.110
8	Exceptional Items	0.000	0.000	0.000
9	Profit / (Loss) from ordinary activities before tax (7+8)	9.985	3.125	13.110
10	Tax Expense	3.182	0.919	4.101
11	Net Profit / (Loss) from ordinary activites after tax (9-10)	6.803	2.206	9.009
12	Extraordinary item (net of tax expense Rs. NIL)	0.000	0.000	0.000
13	Net Profit / (Loss) for the period (11-12)	6.803	2.206	9.009
14	Net Profit / (Loss) after taxes
15	Paid-up Equity Share Capital (Face Value of f 10/- each)	30.023	30.023	30.023
16	Reserves excluding Revaluation Reserves as per Balance Sheet
17	i) Earnings Per Share (Before Extraordinary items)
	a) Basic	2.27	0.73	3.00
	b) Diluted	2.27	0.73	3.00
17	ii) Earnings Per Share (After Extraordinary items)
	a) Basic	2.27	0.73	3.00
	b) Diluted	2.27	0.73	3.00
A	Particulars of shareholding
1	Public Shareholding
	- Number of Shares	767140	767140	767140
	- Percentage of Shareholding	25.55	25.55	25.55
2	Promoters and Promoter Group Shareholding a) Pledged / Encumbered
	- Number of shares	200500	200500	200500
	- Percentage of shares (as a % of the total shareholding of
	promoter and promoter group)	8.97%	8.97%	8.97%
	- Percentage of shares (as a % of the total share capital of the company)	6.68%	6.68%	6.68%
	b) Non - Encumbered
	- Number of shares	2034660	2034660	2034660
	- Percentage of shares (as a % of the total shareholding of
	promoter and promoter group)	91.03%	91.03%	91.03%
	- Percentage of shares (as a % of the total share capital of the company)	67.77%	67.77%	67.77%

Investor Complaints for Quarter Ended 30.09.2012

Pending at the beginning of the quarter	Received during the quarter	Disposed of during the quarter	Remaining unresolved at the end of the quarter
Nil	Nil	Nil	Nil

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF THE LISTING AGREEMENT

(Rs. In Millions)

Sr. No.	Particulars	Quarter ended		Six months ended
		30.09.2012	30.06.2012	30.09.2012
		Unaudited	Unaudited	Unaudited
1	Segment Revenue (Net Sales and Income)
	a) Electronics	591.529	417.529	1009.058
	b) Chemicals	5.904	4.420	10.324
	Net Sales / Income from Operations	597.434	421.949	1019.383
2	Segment Result (Profit (+) / Loss (-) Before Tax and Finance Cost )
	a) Electronics	24.392	19.050	43.442
	b) Chemicals	0.688	0.598	1.286
	Total	25.080	19.648	44.728
	Finance Cost	8.504	10.280	18.784
	Other Unallocable Expenditure net off Unallocable Income	6.591	6.243	12.834
	Total Profit (+) / Loss (-) before Tax and extra ordinary items	9.985	3.125	13.110
3	Capital Employed (Segment Assets Less Liabilities)
	a) Electronics	223.938	204.099	223.938
	b) Chemicals	(0.484)	(0.999)	(0.484)
	c) Unallocated Asset and Liabilities	77.163	90.715	77.163
	Total	300.618	293.815	300.618

STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

	Particulars	As at September 30, 2012
		Unaudited
A	EQUITY AND LIABILITIES
1	Shareholder's funds
	Share Capital	30.023
	Reserves and Surplus	270.595
	Sub- total - Shareholders funds	300.618
2	Non- Current Liabilities
	Other Long - term liabilities	4.640
	Long - term provisions	4.184
	Sub- total - Non- Current Liabilities	8.824
3	Current liabilities
	Short term borrowings	246.288
	Trade payables	264.093
	Other current liabilities	14.924
	Short - term provisions	0.753
	Sub- total - Current Liabilities	526.057
	TOTAL- EQUITY AND LIABILITIES	835.498
B	ASSETS
1	Non - Current Assets
	Fixed assets
	i) Tangible Assets	23.530
	ii) Intangible Assets	0.000
	iii) Capital work - in - progress	0.175
	iv) Intangible assets under development	0.000
	Non - Current Investment	36.049
	Deferred tax assets	3.303
	Long - term loans and advances	11.553
	Other non - current assets	0.000
	Sub- total - Non - Current Assets	74.610
2	Current Assets
	Inventories	16.409
	Trade receivables	683.606
	Cash & cash equivalents	37.587
	Short term - loans and advances	21.373
	Other current assets	1.913
	Sub- total - Current Assets	760.888
	TOTAL- ASSETS	835.498

Notes:-

1. The above unaudited results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 9th November, 2012.

2. The promoters have pledged 200500 equity shares of the company with Indian Bank as collateral Security against the credit facilities availed by the Company.

3. Previous periods figures have been regrouped / rearranged wherever necessary to make them comparable with those of the current period.

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.54.32
UK Pound	1	Rs.87.36
Euro	1	Rs.70.36

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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
TOTAL		45

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.