MIRA INFORM REPORT

Report Date :

13.02.2012

IDENTIFICATION DETAILS

Name :	SHAILY ENGINEERING PLASTICS LIMITED [w.e.f. 28.02.2007]
Formerly Known As :	ANMOL TRADING COMPANY LIMITED
Registered Office :	Survey No. 364/366, At Post Rania, Taluka Savli, District Baroda-391780, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.04.1980
Com. Reg. No.:	04-065554
Capital Investment / Paid-up Capital :	Rs.73.184 Millions
CIN No.: [Company Identification No.]	L51900GJ1980PLC065554
TAN No.: [Tax Deduction & Collection Account No.]	BRDS01847G
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchange
Line of Business :	Manufacturer of Plastic Molded Parts.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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.

INFORMATION PARTED BY

Name :	Mr. Rahul
Designation :	Accounts Department
Contact No.:	91-2667-244361
Date :	11.02.2011

LOCATIONS

Registered Office / Factory 1 :	Survey No. 364/366, At Post Rania, Taluka Savli, District Baroda-391780, Gujarat
Tel. No.:	91-2667-244307 / 244361 / 244348
Fax No.:	91-2667-244372
E-Mail :	investors@shally.com accounts@shaily.com secretarial@shaily.com jayeshshah16@indiatimes.com
Website :	http://www.shaily.com
Area :	2226 Sq. Mtrs
Location :	Leased
Correspondence Office :	8, J. P. Nagar, Opposite GEB Colony, Old Padra Road, Baroda – 390015, Gujarat, India
Tel. No.:	91-265-2330674 / 2332723/ 2332706
Fax No.:	91-265-2332723
E-Mail :	mail@shaily.com investors@shally.com secretarial@shaily.com sales@shaily.com
Factory 2 :	Plot No. 706, 707, 708 GIDC, Halol-389350, District Panchmahals, Gujarat, India
Tel. No.:	91-2676-221569 / 222913 / 14
Fax No.:	91-2676-220183
E-Mail :	halol@shaily.com halol.plant@shaily.com
Area :	20001 Sq. Mtrs
Location :	Leased
Overseas Office :	Industrial Design Consultancy, The Portland Business Centre Manor House Lane, Datchet, Slough Berkshire SL3 9EG UK
Tel. No.:	44 (0) 1753-547610
Fax No.:	44 (0) 1753-549224
E-Mail :	brian.gough@idc.uk.com
Website :	http://www.idc.uk.com
Branches :	Located At : · Gujarat · Mumbai · USA · UK

DIRECTORS

As on 31.03.2011

Name :

Mr. Hasmukh Santilal Shah

Designation :

Chairman

Address :

15, Dhanushya Society, Sama Road, Vadodara – 390008, Gujarat, India

Date of Birth/Age :

01.10.1934

Date of Appointment :

07.12.2002

DIN No. :

00152195

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L99999GJ1975PLC002859	ATUL LIMITED	Director	02-11-92	02-11-92	-	Active	NO
2	L23200MH1989PLC054633	SUPREME PETROCHEM LIMITED	Director	17-10-94	17-10-94	-	Active	NO
3	L23203GJ1980PLC003623	GUJARAT GAS COMPANY LIMITED	Director	13-01-99	13-01-99	-	Active	NO
4	U24220GJ1991PLC016598	MICRO INKS LIMITED	Director	27-06-00	27-06-00	-	Active	NO
5	L24230GJ1993PLC019050	SUN PHARMACEUTICAL INDUSTRIES LIMITED	Director	23-03-01	23-03-01	-	Active	NO
6	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Director	07-12-02	07-12-02	-	Active	NO
7	L24110GJ1970PLC001735	DEEPAK NITRITE LIMITED	Director	21-10-03	21-10-03	-	Active	NO
8	L92114DL1976PLC008355	COSMO FILMS LIMITED	Director	08-01-04	08-01-04	12-04-10	Active	NO
9	U24230GJ2005PLC045447	DINESH REMEDIES LIMITED	Additional director	21-07-05	21-07-05	19-06-10	Active	NO
10	U29119GJ1989PTC012028	FLEXICAN BELLOWS AND HOSES PRIVATE LIMITED	Director	27-10-08	27-10-08	-	Active	NO
11	U34100GJ1978PLC003127	MAHINDRA GUJARAT TRACTOR LIMITED	Director	22-07-09	15-12-08	22-04-10	Active	NO

Name :

Mr. Mahendra B. Sanghvi

Designation :

Managing Director

Address :

8, J P Nagar, Old Padra Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

22.02.1948

Qualification :

B.Sc. (Chemical), B.S. Chemical Engineering

Date of Appointment :

09.03.1995

DIN No. :

00084162

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U93000MH1984PTC032632	IQMS ERP INDIA PRIVATE LIMITED	Director	09-03-95	09-03-95	Strike off	NO
2	U17100MH1982PTC027168	STALLION TEXTILES PRIVATE LIMITED	Director	09-03-95	09-03-95	Strike off	NO
3	U17100MH1982PTC027169	SUNIDO TEXTILES PRIVATE LIMITED	Director	09-03-95	09-03-95	Strike off	NO
4	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Managing director	09-03-95	09-03-95	Active	NO
5	U31102GJ1999PTC036606	PANAX APPLIANCES PRIVATE LIMITED	Director	25-09-99	25-09-99	Active	NO
6	U74140GJ2000PTC038989	SHAILY IDC (INDIA) PRIVATE LIMITED	Director	28-11-00	28-11-00	Active	NO
7	L34100GJ1985PLC007958	MUNJAL AUTO INDUSTRIES LIMITED	Director	30-08-01	30-08-01	Active	NO
8	L29199GJ1981PLC028741	INTEGRA ENGINEERING INDIA LIMITED	Director	18-04-11	03-01-11	Active	NO

Name :

Mrs. Tilottama Mahendra Sanghvi

Designation :

Whole Time Director

Address :

8, J P Nagar, Old Padra Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

28.10.1948

Date of Appointment :

09.03.1995

DIN No. :

00190481

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U93000MH1984PTC032632	IQMS ERP INDIA PRIVATE LIMITED	Director	09-03-95	09-03-95	Strike off	NO
2	U17100MH1982PTC027168	STALLION TEXTILES PRIVATE LIMITED	Director	09-03-95	09-03-95	Strike off	NO
3	U17100MH1982PTC027169	SUNIDO TEXTILES PRIVATE LIMITED	Director	09-03-95	09-03-95	Strike off	NO
4	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Whole-time director	01-06-11	09-03-95	Active	NO
5	U74140GJ2000PTC038989	SHAILY IDC (INDIA) PRIVATE LIMITED	Director	11-02-01	11-02-01	Active	NO

Name :

Mr. Laxman Bhogilal Sanghvi

Designation :

Executive Director

Address :

8, Rokadnath Society, B/H Arundeep Complex, Gotri Road, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

02.07.1956

Qualification :

Chartered Accountant, Law Graduate

Date of Appointment :

09.03.1995

DIN No. :

00022977

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U93000MH1984PTC032632	IQMS ERP INDIA PRIVATE LIMITED	Director	09-03-95	09-03-95	Strike off	NO
2	U17100MH1982PTC027168	STALLION TEXTILES PRIVATE LIMITED	Director	09-03-95	09-03-95	Strike off	NO
3	U17100MH1982PTC027169	SUNIDO TEXTILES PRIVATE LIMITED	Director	09-03-95	09-03-95	Strike off	NO
4	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Whole-time director	01-04-07	09-03-95	Active	NO
5	U31102GJ1999PTC036606	PANAX APPLIANCES PRIVATE LIMITED	Director	21-09-99	21-09-99	Active	NO
6	U74140GJ2000PTC038989	SHAILY IDC (INDIA) PRIVATE LIMITED	Director	28-11-00	28-11-00	Active	NO
7	U15400GJ2009PTC058902	RADHE NATURALS AND SPICES PRIVATE LIMITED	Director	15-12-09	15-12-09	Under Process of Striking off	NO

Name :

Mr. Jayesh Mohanlal Shah

Designation :

Director

Address :

45, Kailash Sadan, B/H Aurora Cinema Kings Circle, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

16.09.1956

Date of Appointment :

07.12.2002

DIN No. :

00577030

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31102GJ1999PTC036606	PANAX APPLIANCES PRIVATE LIMITED	Director	18-12-99	18-12-99	Active	NO
2	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Director	07-12-02	07-12-02	Active	NO

Name :

Mr. Sarup Harbans Lal Chowdhary

Designation :

Director

Address :

2B, Shree Vijaya Bhavan, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

03.09.1945

Date of Appointment :

27.04.2006

DIN No. :

00004439

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51399MH2000PLC217929	INTERNET EXCHANGENEXTCOM LIMITED	Director	25-04-00	25-04-00	23-05-08	Active	NO
2	U24294MH2000PLC127026	INTERNET PETROCHEM NEXT COM LIMITED	Director	06-06-00	06-06-00	-	Active	NO
3	U72900MH2000PLC148953	INFERENCE SYSTEMS LIMITED	Director	19-03-01	19-03-01	01-04-09	Strike off	NO
4	U72900MH2001PLC131744	INTERNET PAPERNEXT COM INDIA LIMITED	Director	24-04-01	24-04-01	-	Strike off	NO
5	U72900MH2000PLC128101	RELIANCE WEBSTORE LIMITED	Director	23-07-05	23-07-05	-	Active	NO
6	U74899DL1995PTC067585	NETCOM INDIA PRIVATE LIMITED	Director	01-11-05	01-11-05	-	Strike off	NO
7	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Director	29-05-06	29-05-06	-	Active	NO
8	U80301MH2009PTC192687	NIS SPARTA EDUCATION AND LEARNING TECHNOLOGIES PRIVATE LIMITED	Director	30-09-10	09-09-09	-	Active	NO
9	U74899MH1992PLC168789	NIS SPARTA LIMITED	Director	30-09-10	15-06-10	-	Active	NO

Name :

Mr. Aravinda Sundara Anandkumar

Designation :

Director

Address :

502, Glen Eagle Tata Colony, Parel Tank Road, Parel Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

10.07.1947

Date of Appointment :

07.12.2002

DIN No. :

00058292

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72900MH2001PTC130307	VALUE VISION CONSULTANTS PRIVATE LIMITED	Managing director	16-02-06	04-01-01	Active	YES
2	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Director	07-12-02	07-12-02	Active	NO
3	U29309AP1988PLC008715	SUJANA CAPITAL SERVICES LIMITED	Director	30-09-06	27-02-06	Dormant	NO
4	L40109AP2006PLC049743	SUJANA TOWERS LIMITED	Director	04-10-07	28-04-07	Active	NO
5	U74140MH2008PTC180414	RECON ADVISORY PRIVATE LIMITED	Director	25-03-08	25-03-08	Active	YES
6	U74140MH2008PTC188817	V V CAPITAL ADVISORS PRIVATE LIMITED	Director	11-12-08	11-12-08	Active	YES
7	U67190MH2009PTC196777	V V EXPRESS BUSINESS SERVICES PRIVATE LIMITED	Director	30-10-09	30-10-09	Active	NO
8	U74140MH2010PTC205286	CHAKEE CAPITAL MANAGEMENT PRIVATE LIMITED	Director	06-07-10	06-07-10	Active	NO
9	U74140MH2010PTC205435	ASAK CAPITAL MANAGEMENT PRIVATE LIMITED	Director	13-07-10	13-07-10	Active	NO

Name :

Mr. Michael Baden Alfred Walter Woodhall

Designation :

Director

Address :

Whitsun Lea, Coombe Road, Shaldon Teignmouth TQ14OEX, Devon

Date of Birth/Age :

09.12.1936

Date of Appointment :

30.07.2008

DIN No. :

02260305

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Director	19-09-08	30-07-08	Active	NO

Name :

Mr. William Sean Sovak

Designation :

Director

Address :

1500 Hudson ST, GF, Hohoken, US

Date of Birth/Age :

08.06.1972

Date of Appointment :

06.07.2007

DIN No. :

01161892

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1976PTC008436	FAB INDIA OVERSEAS PRIVATE LIMITED	Director	09-02-06	09-02-06	Active	NO
2	U01541KA2004PTC034294	UNIBIC BISCUITS INDIA PRIVATE LIMITED	Director	17-09-07	09-04-07	Active	NO
3	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Nominee director	06-07-07	06-07-07	Active	NO
4	U15532KL1998PLC012576	IMPERIAL SPIRITS LIMITED	Director	28-07-07	28-07-07	Active	NO
5	L29309PN1991PLC063045	INNOVENTIVE INDUSTRIES LIMITED	Nominee director	06-09-10	04-08-10	Active	NO
6	U74140MH2006PTC160158	LIGHTHOUSE ADVISORS (INDIA) PRIVATE LIMITED	Additional director	08-03-11	08-03-11	Active	NO
7	U74140MH1996PTC100860	CONCEPT HOSPITALITY PRIVATE LIMITED	Director	30-09-11	31-03-11	Active	NO
8	U74990MH2008PTC189076	EVERGREEN HOSPITALITY PRIVATE LIMITED	Director	30-09-11	31-03-11	Active	NO

Name :

Mr. Sachin Nandlal Bhartiya

Designation :

Additional Director w.e.f 01.11.2009

Address :

Flat No. 602, Corner Stone Building Filmcity Road, Goregaon East, Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

01.03.1978

Date of Appointment :

01.11.2009

DIN No. :

02122147

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01541KA2004PTC034294	UNIBIC BISCUITS INDIA PRIVATE LIMITED	Alternate director	01-04-08	01-04-08	Active	NO
2	U93090MH2006PTC165680	RADIANT HOSPITALITY SERVICES PRAVATE LIMITED	Nominee director	30-01-09	30-01-09	Active	NO
3	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Nominee director	28-09-10	01-11-09	Active	NO
4	U74140MH2006PTC160158	LIGHTHOUSE ADVISORS (INDIA) PRIVATE LIMITED	Additional director	03-11-09	03-11-09	Active	NO
5	L24219DL1985PLC020126	DHANUKA AGRITECH LIMITED	Director	29-07-11	13-09-10	Active	NO
6	U99999MH1981PTC025958	BOMBAY CENTRAL HOLDINGS AND TRADING COMPANY PRIVATE LIMITED	Director	16-09-10	16-09-10	Active	NO
7	U67190MH2011PTC212008	OREO CAPITAL ADVISORS PRIVATE LIMITED	Director	08-01-11	08-01-11	Active	NO

Name :

Mr. Bharat Bhogilal Sanghvi

Designation :

Director

Address :

45, Winter Mute Bvide, Scarborough, Ontario M1w3M7, Canada

Date of Birth/Age :

08.10.1951

Date of Appointment :

07.12.2002

DIN No. :

00642427

KEY EXECUTIVES

Name :	Ms. Kruti Parekh
Designation :	Assistant Company Secretary
Address :	1287, Akashganga Society, B/H Akashwani, Makarpura Road, Vadodara – 390009, Gujarat, India
Date of Birth/Age :	09.03.1987
Date of Appointment :	19.07.2010
Pan No. :	BHZPP1200J
Audit Committee :	Mr. A.S Anandkumar Mr. Sarup Chowdhary Mr. William Sean Sovak Mr. Hasmukh Shah
Name:	Samdani Associates
Designation :	Company Secretaries

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4,273,880	58.40
Sub Total	4,273,880	58.40
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	39,250	0.54
Sub Total	39,250	0.54
Total shareholding of Promoter and Promoter Group (A)	4,313,130	58.94
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	191	-
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	69,209	0.95
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1,189,480	16.25
Any Others (Specify)	1,746,420	23.86
Foreign Corporate Bodies	1,746,420	23.86
Sub Total	3,005,300	41.06
Total Public shareholding (B)	3,005,300	41.06
Total (A)+(B)	7,318,430	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)	7,318,430	-

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Molded Parts.

Products :

Item Code No.	Products Description
39269009	Injection Moulded Plastics Components

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Components and Articles of Plastics	Qty.	157924492
Moulds	Qty.	19

GENERAL INFORMATION

Suppliers :

• Reliance Industries

Customers:

Wholesalers and Retailers

• General Electrical Lighting
• General Electrical Appliance

No. of Employees :

800 (Approximately)

Bankers :

· State Bank of India – ISB Branch, Vadodara-390007, Gujarat, India

· State Bank of India – Lead Bank, MID Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara-390007, Gujarat, India

· Standard Chartered Bank

· Bank of Baroda

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
FROM BANKS
1) Term Loans:
in Rupee Currency	211.791	282.141
in Foreign Currency	22.352	33.596
2) Working Capital Loans	327.539	188.509
3) Hire Purchase Facilities	4.053	1.852
Total	565.735	506.098
Unsecured Loan
Fixed Deposit:
From Directors	6.640	6.640
From Others	8.765	4.995
Under sales tax deferment scheme	2.104	3.225
Total	17.509	14.860

NOTE:

· Term loans from banks are secured by a pari passu charge over entire fixed assets of the Company including mortgage over factory land, buildings and plants of the Company situated at

a) Plot # 706, 707 and 708 at GIDC, Halol.

b) Survey # 366,364/1, 364 /2, and 364/3 at Rania.

· These are further secured by personal guarantee of some of the directors of the company

· Working Capital Loans from banks are secured by hypothecation of all current assets of the Company, present and future, such as inventories, receivables, loans and advances, etc.

· Working capital loans are further secured by second pari passu charge over entire fixed assets of the company including factory land, building and plants of the company as stated above. These are further secured by personal guarantees of some of the directors of the company.

· Hire purchase facilities are secured by hypothecation of respective vehicles financed and are further secured by personal guarantees of some of he directors of the company.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	31, Nutan Bharat Society, Alkapuri, Vodadora – 390007, Gujarat, India
Tel. No.:	91-265-2333776
Fax No.:	91-265-2339729
Pan No. :	AADFD2337G
Internal Auditors :
Name :	Shah Jain and Hindocha Chartered Accountants
Relative of key management personnel and enterprises over which key management personnel and their relatives are able to exercise significant influence are as follow:	v Panax Appliances Private Limited v Shaily-IDC India Private Limited v SunidoTextilesLimited v StallionTextilesLimited v IQMS ERP (India) Private Limited v Innovative Polyplast Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs.160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7318430	Equity Shares	Rs.10/- each	Rs.73.184 Millions

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		73.184	73.184	73.184
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		196.877	158.706	137.542
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		270.061	231.890	210.726
LOAN FUNDS
1] Secured Loans		565.735	506.098	445.772
2] Unsecured Loans		17.509	14.860	23.729
TOTAL BORROWING		583.244	520.958	469.501
DEFERRED TAX LIABILITIES		0.000	1.326	0.000
TOTAL		853.305	754.174	680.227
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		396.416	459.603	448.018
Capital work-in-progress		0.000	0.000	24.024
INVESTMENT		8.042	8.042	18.235
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	121.630	100.860	68.049
	Sundry Debtors	372.844	243.946	157.163
	Cash & Bank Balances	53.793	30.807	18.409
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	113.245	90.751	62.979
Total Current Assets		661.512	466.364	306.600
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	182.554	161.601	109.974
	Other Current Liabilities	21.138	13.749	6.737
	Provisions	12.018	8.086	4.096
Total Current Liabilities		215.710	183.436	120.807
Net Current Assets		445.802	282.928	185.793
MISCELLANEOUS EXPENSES		3.045	3.601	4.157
TOTAL		853.305	754.174	680.227

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1266.605	947.823	633.713
		Other Income	10.601	8.732	8.145
		TOTAL (A)	1277.206	956.555	641.858
Less	EXPENSES
		Raw Material Consumed	763.376	553.600	360.046
		Manufacturing and Other Expenses	239.821	186.934	153.709
		Remuneration and Benefits to Employees	115.857	95.993	74.390
		Increase / Decrease in Stock in Finished Goods and Work in Progress	4.304	(9.218)	11.454
		TOTAL (B)	1123.358	827.309	599.599
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		153.848	129.246	42.259
Less	FINANCIAL EXPENSES (D)		70.067	57.419	40.542
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		83.781	71.827	1.717
Less/ Add	DEPRECIATION/ AMORTISATION (F)		46.936	49.294	37.821
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		36.845	22.533	(36.104)
Less	TAX (H)		(1.326)	1.369	(12.194)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		38.171	21.164	(23.910)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.514	25.350	40.787
	REVERSAL OF APPROPRIATION OF PROPOSED DIVIDENDS OF PREVIOUS YEAR		0.000	0.000	8.473
	BALANCE CARRIED TO THE B/S		84.685	46.514	25.350
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	979.216	691.693	141.347
		Export Sales Compensation	0.000	0.000	5.681
	TOTAL EARNINGS		979.216	691.693	147.028
	IMPORTS
		For Purchase of Plant, Machinery and Moulds	4.070	32.692	105.825
		For Purchase of Raw Materials	163.014	121.638	78.145
	TOTAL IMPORTS		167.084	154.330	183.970
	Earnings / (Loss) Per Share (Rs.)		3.81	1.48	(5.54)

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	357.950	353.120	377.140
Total Expenditure	314.450	309.640	323.200
PBIDT (Excl OI)	43.500	43.480	53.940
Other Income	3.300	2.600	1.520
Operating Profit	46.800	46.080	55.460
Interest	19.320	19.070	16.680
PBDT	27.480	27.010	38.780
Depreciation	12.050	12.320	14.780
Profit Before Tax	15.430	14.690	24.000
Tax	(0.130)	0.00	0.070
Profit After Tax	15.560	14.690	23.930
Net Profit	15.560	14.690	23.930

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.99	2.21	(3.72)
Net Profit Margin (PBT/Sales)	(%)	2.91	2.37	(5.70)
Return on Total Assets (PBT/Total Assets}	(%)	3.48	2.43	(4.78)
Return on Investment (ROI) (PBT/Networth)		0.14	0.10	(0.17)
Debt Equity Ratio (Total Liability/Networth)		2.95	3.04	2.80
Current Ratio (Current Asset/Current Liability)		3.07	2.54	2.54

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CREDITORS

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	182.554	161.601	109.974

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	--
Estimation for coming financial year	No
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	No
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC11	--
Major shareholder , if available	--

BUSINESS PERFORMANCE:

The Company’s performance during the year review has improved substantially with the net income crossing Rs. 1000.000 Millions for the first time. Net income has increased by @ 32% from Rs.962.772 Millions. PAT increased by @ 80% % from Rs.21.164 Millions to Rs.38.171 Millions.

Export has been a major factor in the Company’s growth with exports increase from Rs.691.693 Millions to Rs. 979.216 Millions (Growth of 41.57%).

MANAGEMENT DISCUSSION AND ANALYSIS

Subject has expanded its manufacturing facilities to meet with its domestic and overseas customers demand. Subject has separate 100% EOU Plant and has been exporting 70% of its total sales over the last two years. Company has seen remarkable progress during the year. The Company's sales turnover has been increased by 33.63% the export has been raised by 41.57%. It would be the endeavour of Subject to stick to its quality standard as the prime mover and shaker of growth. The Company has received '100% Quality Achievement Award' from its one of the overseas customers MWV for the supply of Shellpak since January 2009. Subject is under obligation to create more efficiency and quality in products for customer satisfaction.

INDIAN PLASTIC SCENARIO

The Plastics Industry in India has made significant achievements ever since it made a modest but promising beginning by commencing production of injection moulded plastic components for various industries such as Pharma, Automobiles, Textile, Electrical appliances, kitchen ware items, etc. The potential Indian market has motivated Indian entrepreneurs to acquire technical expertise, achieve high quality standards and build capacities in various facets of the booming plastic industry. Phenomenal developments in the plastic machinery sector coupled with matching developments in the petrochemical sector, both of which support the plastic processing sector, have facilitated the plastic processors to build capacities to service both the domestic market and the markets in the overseas.

The plastic processing sector comprises of over 30,000 units involved in producing a variety of items through injection moulding, blow moulding, extrusion and calendaring. The capacities built in most segments of this industry coupled with inherent capabilities has made us capable of servicing the overseas markets.

OUTLOOK ON OPPORTUNITIES

Subject domestic as well as overseas business is developing very fast and we are getting more and more enquiring for their capability to manufacture parts for them due to its commitment of standard quality of goods to its present customers and therefore sustaining operations and growing in even tough time.

If production capacities are added now, companies will be ready when the good times roll in, which they are bound to. Continuous improvement in productivity should become a standard practice and these tough times should make companies learn to do this on a regular basis. This will have regular monetary benefits on a continuous basis, rather than thinking short or long term.

The Electronics, Automobile, Packaging, Healthcare, Consumer Durables and Telecommunication are fast growing sectors of Indian economy offering growth for plastic utilization; Subject also provides services for these sectors.

There is enormous scope for expansion and development in the Indian Plastics Industry. The processing industry in fact offers a huge potential for up gradation in terms of innovative technological advances.

TRADE REFERENCES

• General Electrical Appliance
• General Electrical Lighting
• Reliance Industries

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE, 2011

Rs. In Millions

PARTICULARS	QUARTER ENDED 30.06.2011
Gross Sales/Income from operations	362.419
Less: Excise duty and education cess on sales	4.470
Net Sales / Income from Operations	357.949
Expenditure
(a) (Increase)/decrease in Stock in Trade and work in progress	1.873
(b) Consumption of Raw Materials	243.960
(c) Employees Cost	30.131
(d) Depreciation	12.051
(e) Other Expenditure	38.486
Total Expenditure	326.501
Profit / (Loss) From Operations before other Income Interest & Exceptional Items	31.448
Other Income	3.298
Profit/(Loss) before Interest and Exceptional items	34.746
Interest	19.320
Profit / (Loss) after interest before Exceptional items	15.427
Exceptional Items	--
Profit / (Loss) From Ordinary activities before Tax	15.427
Tax expenses	(0.129)
Net Profit/(Loss) From Ordinary activities after Tax	15.555
Extraordinary Items	--
Net Profit/(Loss) for the period	15.555
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )	73.184
Reserves (Excluding Revaluation Reserves)	--
Earnings per share (EPS)
-Basic (not annualized)	1.41
-Diluted (not annualized)	1.41
Public Share Holding
- Number of Shares	3005300
- Percentage of shareholding	41.06
Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	596295
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	13.83
- Percentage of shares(as a % of the total share capital of the company)	8.15
b) Non-encumbered
- Number of Shares	3716835
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	86.17
- Percentage of Share (as a % of the total share capital of the company)	50.79

NOTES:

1. Provision for current and deferred tax liability has not been made and will be made if applicable at the end of the year.

2. Figures for previous year have been regrouped / rearranged wherever necessary.

3. Provision for foreign exchange impact on outstanding assets/liabilities has not been made and would be made at the end of the year.

4. As the company operates in a single primary business segment, disclosure requirement as per accounting standard 17(AS-17) on segmental reporting are not applicable.

5. The company had received nil complaints from shareholders during the quarter and complaints at the starting of the quarter are Nil.

6. The above results have been subjected to review by the audit committee and approved and taken on record by the board of directors at their meeting held on 6^th August, 2011. The statutory auditors have carried out limited review of the financial results.

7. The board of directors have declared an interim dividend @ 7% (on pro-rata basis) on its 1499820 7% cumulative convertible preferences shares of Rs.56 each which were converted on 5^th January 2009 into equity shares amounting to a total interim dividend payout of Rs.5.035 Millions (including dividend distribution tax)

FIXED ASSETS:

• Land/ Site Development (Freehold)
• Building
• Plant and Machinery
• Electrical Installation
• Tools and Equipments
• Furniture and fixtures
• Vehicles
• Office Equipments
• Computers Hardwares
• 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	Indian Rupees
US Dollar	1	Rs.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.