MIRA INFORM REPORT

Report Date :

18.07.2012

IDENTIFICATION DETAILS

Name :	SINTEX INDUSTRIES LIMITED (w.e.f July 1995)

Formerly Known As :	THE BHARAT VIJAY MILLS LIMITED

Registered Office :	Kalol-382721, Gujarat.

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	01.06.1931

Com. Reg. No.:	04-000454

Capital Investment / Paid-up Capital :	Rs.271.100 millions

CIN No.: [Company Identification No.]	L17110GJ1931PLC000454

TAN No.: [Tax Deduction & Collection Account No.]	AHMS00244G

PAN No.: [Permanent Account No.]	AADCS0858E

Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.

Line of Business :	Providing Plastics and Niche Textile-Related Products.

No. of Employees :	3485 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 86800000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exists

Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Fundamentals are strong and healthy. 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/ Head Office :	Kalol-382721, Gujarat, India
Tel. No.:	91-2764-223731 (6 Lines) / 220246 / 220793 / 253000 / 253500 / 224301 / 2 / 3 / 4 / 5
Fax No.:	91-2764 -220436 / 222868 / 253100 / 253800 / 220385
E-Mail :	bvm@sintex.co.in plastic@sintex.co.in hiteshmehta@sintex.co.in
Website :	http://www.sintex-plastics.com

Manufacturing facility :	· Kalol Near. Seven Garnala, Kalol - 382 721, (N.G.), District - Gandhinagar, Gujarat State, India. · Bangalore 61-C, Bommasandra Industrial Estate, Hosur Road, Bommasandra - 562 158, Karnataka State, India. · Kolkata Plot No. 40/41, Uluberia Growth Center, Near - Birsipur Railway Station, District - Howrah, West Bengal State, India. · Daman Plot No. 34, 39 / 40, Survey No. 168, Dabhel Industrial Company Society Limited. Dabhel, Daman (Union Territory), India. · Baddi Pillanvali Road, Near Raja Forging Gears Limited, District: Solan, Himachal Pradesh, India. · Nagpur Plot No : B/124 Batti-Bori, MIDC, Batti-Bori, Dist Nagpur, Maharashtra, India. · Salem 131, Sandhiyur Attayampatti, Behind S.V.T. School, Via-Mallur, Trichy Main Road, Salem - 636 203, Tamilnadu, India · Bhachau Plot No. 1211/1, 1223/24/31, Bhachau Gandhidham Highway, District – Kutch, Bhachau - 370140, Gujarat, India

Branch Office :	Located at: · Ahmedabad · Chandigarh · Kolkata · New Delhi · Secunderabad · Bangalore · Chennai · Lucknow · Pune · Trivandrum · Bhopal · Jaipur · Mumbai · Ranchi

DIRECTORS

As on 31.03.2011

Name :	Mr. Dinesh B. Patel
Designation :	Chairman

Name :	Mr. Arun P. Patel
Designation :	Vice chairman

Name :	Mr. Ramnikbhai Ambani
Designation :	Director

Name :	Mr. Ashwin Lalbhai Shah
Designation :	Director

Name :	Mr. Rooshikumar Pandya
Designation :	Director

Name :	Mrs. Indira J Parikh
Designation :	Director

Name :	Dr. Rajesh B. Parikh
Designation :	Director

Name :	Dr. Lavkumar Kantilal
Designation :	Director

Name :	Mr. Rahul A. Patel
Designation :	Managing Director

Name :	Mr. Amit D. Patel
Designation :	Managing Director

Name :	Mr. S.B. Dangayach
Designation :	Managing Director

KEY EXECUTIVES

Name :	Mr. L.M. Rathod
Designation :	Group Chief Financial Officer and Company Secretary

Name :	Mr. Sunilkumar Kanojia
Designation :	Group President (Corporate)

Name :	Mr. Sanjib Roy
Designation :	President - Marketing (Plastic Division)

Name :	Mr. Rajan Gulabani
Designation :	Vice President - Marketing (Plastic Division)

Name :	Mr. S.M. Anerao
Designation :	Vice President - Marketing (Plastic Division)

Name :	Mr. D. G. Mistry
Designation :	Vice President – Tech. (Plastic Division)

Name :	Mr. A.C. Saxena
Designation :	Vice President - Marketing (Plastic Division)

Name :	Mr. Shashidhar B.C
Designation :	President - Marketing. (Textile Division)

Name :	Mr. Ashoke Maitra
Designation :	President Opr. (Textile Division)

Name :	Mr. R.A. Sharma
Designation :	President - Proc. (Textile Division)

Name :	Mr. Siddhartha Jha
Designation :	Vice President – Tech. (Textile Division)

Name :	Mr. Rajiv Naidu
Designation :	Head – IR and PR

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2869980	1.05
Bodies Corporate	96739085	35.44
Sub Total	99608765	36.49
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	99608765	36.49
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13704582	5.02
Financial Institutions / Banks	8548373	3.13
Foreign Institutional Investors	80152616	29.36
Sub Total	99608765	36.49
(2) Non-Institutions
Bodies Corporate	29921222	10.96
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	31553756	11.56
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1946800	0.71
Any Others (Specify)	7554752	2.77
Non Resident Indians	1778495	0.65
Trusts	3830298	1.40
Clearing Members	1945959	0.71
Sub Total	70976530	26.00
Total Public shareholding (B)	173382	63.51
Total (A)+(B)	272990866	100.00

(C) shares held by custodians and against which Depository Receipts have been issued	--	--
(1) Promoter and Promoter Group	--	--
(2) Public	--	--
Total (A)+(B)+(C)	272990866	100.00

BUSINESS DETAILS

Line of Business :

Providing Plastics and Niche Textile-Related Products.

Products :

Product Description	Item Code
Fabrics	5208.59
Yarn	5509.59
Thermoplastic Powder Moulding and Extruded Thermoplast Products	3925.90

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Plastic Unit
Thermoplatic Powder Moulding	Kgs in cr.	NA	4.99	2.74
Extruded Thermo-Plastic Sections	Kgs in cr.	NA	3.88	1.01
Prefabricated Structures / BT Shelters (Qty. in Actual Nos.)	Kgs in cr.	NA	60000.00	55485
SMC / Pultrusion and Articles made thereof, Thermoforming and Blow Moulding / Injection Moulding	Kgs in cr.	NA	1.66	0.63

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Textile Unit
Looms	Nos.	NA	377	2.76

GENERAL INFORMATION

No. of Employees :

3485 (Approximately)

Bankers :

· State Bank of India

· Bank of Baroda

· Industrial Development Bank of India Limited

· Dena Bank

Facilities :

SECURED LOAN	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Debentures	6000.000	2500.000
From Banks
Cash Credit Accounts In Rupees	4699.100	3925.900
Term Loans
In Rupees	3214.400	4097.000
From Financial Institutions
Term Loans
In Rs.	0.000	64.300
In Foreign Currency		--
Total	13913.500	10587.200
Note: 1. 2,500 (Previous year 2,500) - 11.5% Secured Redeemable Non Convertible debentures of `10,00,000/- each, issued to Life Insurance Corporation of India are redeemable at par in three equal annual installments starting from February 18, 2016. The Debentures are secured by first mortgage charge on all the movable and immovable assets, both present and future, of the Company on rank pari passu basis. 2. 3,500 (previous year NIL) - 9.00% Secured Redeemable Non Convertible Debentures of `10,00,000/- each, issued to Life Insurance Corporation of India are redeemable at par, in two tranches-1,500 Debentures (Rs.1500.000 millions) on June 1, 2015 and 2000 Debentures (Rs.2000.000 millions) on June 24, 2015. The Debentures are secured by way of first mortgage charge on all the movable and immovable assets, both present and future, of the Company on rank pari passu basis. 3. Secured by first charge on the stocks and book debts and by a second charge over the immovable and other movable properties of the Company, both present and future. 4. Secured by equitable mortgage charge /hypothecation on all the immovable and movable properties of the Company, both present and future, except on specified current assets and book debts on which prior charge created in favour of the Banks for working capital facilities. 5. Out of above loans, amount payable within 12 months is Rs.801.200 millions (previous year Rs.946.000 millions)
UNSECURED LOAN	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Zero Coupon Foreign Currency Convertible Bonds	10046.300	10156.500
From Banks	1000.000	1000.000
Total	11046.300	11156.500


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Ahmadabad, Gujarat , India

Associates Companies:	BVM Finance Private Limited

Subsidiaries (Control exists):	Zeppelin Mobile Systems India Limited Sintex Holdings B.V Bright Auto Plast Private Limited Sintex Infra Project Limited Sintex Oil and Gas Private Limited Sintex Holdings USA, Inc. Sintex France SAS Sintex Industries UK Limited Sintex Austria B.V Amarange Inc. Wasaukee Composites Inc. Wasaukee Composites Inc. Owosso, Inc. WCI Wind Turbine Components, LLC. Nief Plastic Holdings SAS Nief Plastic SAS NP Hungaria kft NP Nord SAS NP Slovakia SRO NP Sevoie SAS NP Tunisia SARL NP Vosges SAS Segaplast SAS Segaplast Maroc SA Siroco SAS Thermodole SAS AlP SAS Cuba City Real Estate LLC Owosso Real Estate LLC SIMOP SAS SICMO SAS Siroco SAS Thermodole SAS AIP SAS Cuba City Real Estate LLC Owosso Real Estate LLC SIMOP SAS SICMO SAS SCI NP IMMO Nief Global Limited Wausaukee Global Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.1/- each	Rs.500.000 millions
1500000	Preference Shares	Rs.100/- each	Rs.150.000 millions
	Total		Rs.650.000 millions

Issued Capital :

No. of Shares	Type	Value	Amount
273022666	Equity Shares	Rs.1/- each	Rs.273.000 millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
272990866	Equity Shares	Rs.1/- each	Rs.273.000 millions
	Less : Amount recoverable from ESOP Trust		Rs.1.900 millions
	Total		Rs.271.100 millions

NOTE:

i) During the year, each equity share of Rs.2 each has been sub-divided into Two Equity Shares of Rs.1 each, hence all related reference for the prior periods have been restated for the sake of comparability.

ii) During the year, 77,000 equity shares have been allotted to the employees on exercise of options granted to them under the Sintex Industries Limited Employees' Stock Option Scheme, 2006.

iii) 2,50,000 equity shares were issued as fully paid-up pursuant to contract without payment being received in cash.

iv) 1,49,11,300 equity shares were allotted as fully paid-up Bonus Shares by capitalising General Reserve, Securities Premium Reserve and Capital

Reserve.

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		271.100	271.000	271.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21453.100	18550.200	16006.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21724.200	18821.200	16277.300
LOAN FUNDS
1] Secured Loans		13913.500	10587.200	7919.900
2] Unsecured Loans		11046.300	11156.500	11463.700
TOTAL BORROWING		24959.800	21743.700	19383.600
DEFERRED TAX LIABILITIES		1928.300	1521.500	1306.900

TOTAL		48612.300	42086.400	36967.800

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		17885.500	13365.900	12212.900
Capital work-in-progress		1210.600	1367.500	1973.800

INVESTMENT		11236.400	8079.400	6378.900
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1746.900	1687.000	1811.500
	Sundry Debtors	8381.200	6770.600	4958.000
	Cash & Bank Balances	9004.400	8150.400	10994.700
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5238.900	7892.600	4447.300
Total Current Assets		24371.400	24500.600	22211.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2521.000	1845.800	2306.300
	Other Current Liabilities	595.200	440.500	591.600
	Provisions	2975.400	2940.700	2913.100
Total Current Liabilities		6091.600	5227.000	5811.000
Net Current Assets		18279.800	19273.600	16400.500

MISCELLANEOUS EXPENSES		0.000	0.000	1.700

TOTAL		48612.300	42086.400	36967.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	26159.700	20105.500	18834.100
		Other Income	600.1000	969.100	947.300
		TOTAL (A)	26759.800	21074.600	19781.400

Less	EXPENSES
		Raw materials consumed	16576.900	12728.900	11592.200
		Employees emoluments	931.500	852.400	775.200
		Manufacturing and other expenses	2650.200	2585.300	2932.900
		Increase or decrease in finished and process stocks	53.600	139.700	(199.200)
		TOTAL (B)	20212.200	16306.300	4661.100

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6547.600	4768.300	4680.300

Less	FINANCIAL EXPENSES (D)		868.200	513.200	639.700

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5679.400	4255.100	4040.600

Less/ Add	DEPRECIATION/ AMORTISATION (F)		892.500	840.300	624.000

	PROFIT BEFORE TAX (E-F) (G)		4786.900	3414.800	3416.600

Less	TAX (H)		1211.300	677.800	749.500

	PROFIT AFTER TAX (G-H) (I)		3575.600	2737.000	2667.100

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8886.000	6741.700	4561.600

Less	APPROPRIATIONS
		Proposed Dividend-Equity Shares	177.400	163.800	150.200
		Tax on Dividend	28.400	26.700	25.100
		General Reserve	402.000	303.500	300.000
		Debenture Redemption Reserve	285.800	102.200	11.700
	BALANCE CARRIED TO THE B/S		11570.000	8886.000	6741.700

	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Direct Export		385.600	403.400	333.000
	TOTAL EARNINGS		385.600	403.400	333.000

	IMPORTS
		Raw Materials	219.400	747.900	115.100
		Stores & Spares	64.000	24.100	111.400
		Capital Goods	103.500	30.700	9.900
	TOTAL IMPORTS		386.900	802.700	236.400

	Earnings Per Share (Rs.)
	Basic		13.19	10.10	9.84
	Diluted		13.19	10.10	9.84

QUARTERLY RESULTS

Rs. In Millions

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	5562.910	6243.390	6836.980	7038.890
Total Expenditure	4273.410	4799.260	5625.070	5766.920
PBIDT (Excl OI)	1289.500	1444.130	1211.910	1271.970
Other Income	179.700	94.700	166.480	118.350
Operating Profit	1469.200	1538.830	1378.390	1390.320
Interest	273.760	354.730	319.060	157.370
Exceptional Items	0.000	(596.090)	135.360	4.280
PBDT	1195.440	588.010	1194.690	1237.230
Depreciation	273.240	277.770	279.060	150.400
Profit Before Tax	922.200	310.240	915.630	1086.830
Tax	230.890	175.880	237.45	293.730
Profit After Tax	691.310	134.360	678.180	793.100
Net Profit	691.30	134.360	678.180	793.100

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	13.36	13.48	12.72

Net Profit Margin (PBT/Sales)	(%)	18.30	18.14	16.94

Return on Total Assets (PBT/Total Assets}	(%)	13.32	9.92	9.12

Return on Investment (ROI) (PBT/Networth)		0.22	0.21	0.19

Debt Equity Ratio (Total Liability/Networth)		1.43	1.55	1.42

Current Ratio (Current Asset/Current Liability)		4.00	3.82	3.81

LOCAL AGENCY FURTHER INFORMATION

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	Yes
9) Name of person contacted	No
10) Designation of contact person	No
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	Yes
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

LITIGATION DETAILS

TAX APPEAL No. 1450 of 2006 To TAX APPEAL No. 1454 of 2006

Status : PENDING ( Converted from : ST/3240/2006 ) CCIN No : 001092200601450

Last Listing Date: 16/07/2007

Coram

· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA

· HONOURABLE MR.JUSTICE AKIL KURESHI

S.NO. Name of the Petitioner Advocate On Record

1.1.0 COMMISSIONER OF INCOME TAX MRS MAUNA M BHATT for Petitioner(s)-1

Name of the Respondant Advocate On Record

SINTEX INDUSTRIES LIMITED Mr. Manish J Shah for Respondents(s)-1

Presented On : 30/10/2006 Registered On : 30/10/2006

Bench Category : DIVISION BENCH District : AHMEDABAD

Case Originated From : THROUGH ADVOCATE Listed : 1 times

StageName : FOR FINAL HEARING - TAX MATTERS

Act : INCOME-TAX ACT, 1961

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

30/10/2006

MEMO OF APPEAL/PETITION/SUIT

MR MANISH R BHATT ADVOCATE
for PETITIONER(s) 1

20/11/2006

CERTIFIED COPY

MR MANISH R BHATT ADVOCATE
for PETITIONER(s) 1

Court Proceedings

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

16/07/2007

FOR FINAL HEARING - TAX MATTERS

RULE/ADMIT

· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA

· HONOURABLE MR.JUSTICE AKIL KURESHI

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgment

TAX APPEAL/1450/2006

· HONOURABLE MR.JUSTICE AKIL KURESHI

· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA

16/07/2007

Certified Copy

S. No.

Applicant Name

Application Type

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

MR MANISH R BHATT

ORDINARY

17/07/2007

O/37864/2007

16/07/2007

23/07/2007

25/07/2007

Delivered

FINANCIAL PERFORMANCE:

The Company reported another strong performance this year as it extended its presence into value-added business verticals and strengthened its market position in existing businesses - delivering superior value to its stakeholders.

Gross turnover grew 29% from Rs.21035.600 millions in 2009-10 to Rs.27187.400 millions in 2010-11, due to a significant increase in existing business volumes. While all business segments contributed to the Company’s growth, the key growth drivers were monolithic construction and civil infrastructure.

The EBIDTA grew 37% from Rs.4768.300 millions in 2009-10 to Rs.6547.600 millions in 2010-11, facilitated by growing sales volumes, increased project delivery and a thrust on value-added business segments.

The Company registered a 31% growth in profit after tax to Rs.3575.600 millions in 2010-11 against Rs.2737.000 millions in 2009-10. Cash plough back into the business grew 33% from Rs.4255.100 millions in 2009-10 to Rs.5679.300 millions in 2010-11 – providing an adequate cushion for funding initiatives to capitalised on emerging growth opportunities. The earning per share stood at Rs.13.19 (basic) and Rs.13.19 (diluted) in 2010-11.

Business review and divisional performance

The Company registered an overall improved performance in 2010-11, where all business verticals and sub-segments grew at arobust pace. A detailed discussion of the Company’s operations is given elsewhere in this annual report under ‘Management discussion and analysis report.’

A) Plastics division

Plastics division, the critical growth driver of the Company grew at 31% from Rs.16669.300 millions in 2009-10 to Rs.2184.300 millions in 2010-11, strengthening its significance for the Company - it accounted for 83.35% of the Company’s revenues in 2010-11 against 82.91% in 2009-10. It also vindicated the Company’s philosophy of creating products and solutions around areas that impact the essentials for the common man, and those that are high on the government’s priority list.

The monolithic construction segment reported a massive increase for the third successive year, emerging as the flagship business vertical in the plastics division. Other significant contributors included prefabs, water storage solutions and custom moulded products (including SMC products). The Company also introduced novel products and solutions which strengthened the ‘Sintex’ brand recall and grew market share in key business verticals. In 2010-11, the Company established a strong presence in creating water distribution and sewerage collection infrastructure.

Monolithic construction: This business registered a stellar performance – larger order execution and increased business volumes, enlarging the already huge order book. The Company also extended its presence in a larger number of states for providing low-cost housing solution through this technology – opening huge opportunity windows over the coming years. More importantly, the Company received large business from other segments, namely the security forces and police departments.

Prefabs: The Company grew this business vertical by tapping into opportunity pockets from the health and education segments which are high on government priority, for which sizeable funds were allocated. The Company’s products received numerous approvals from different states in 2010-11, expanding business opportunities in coming years. The Company also created prefab structures for the defence forces across diverse geographies.

Building products: The Company focused its energies on strengthening its presence in plastic doors – aggressive marketing through unique schemes and promotional programmes with satisfying results. The Company also launched sandwich panels specially designed for roofing application, interior partitions, and high-altitude structures which were well received. The Company marketed sizeable volumes of sandwich panels to successfully set-up warehouses across diverse Indian terrains – showcasing product suitability for cold chain applications, high on government priority.

Water and liquid storage: Water tanks, the Company’s flagship brand, maintained its growth and expanded its presence across geographies with greater reach in rural and semi-urban markets, maintaining a dominant position. The Company introduced a number of new sub-brands, segregating the water tank market into smaller segments – enabling it to cater to a wider customer range and facilitate increased penetration. The Company re-launched its underground tank range which was successfully installed in a number of locations.

Sub-ground structures: The Company made significant progress in this business vertical which comprised manhole structures, covers and packaged water treatment solutions – these products received approvals from a number of state government authorities and private clients, generating sizeable revenue for the Company in 2010-11. This segment is expected to register a robust growth over the coming years largely due to the increased government thrust on pollution management, consequent to growing urbanisation.

Custom moulded products: This business segment registered a significant growth largely due to product customisation to suit niche applications. Besides, the Company successfully developed numerous products for diverse sectors, catering to both global and domestic customers. Some products were under advanced stages of approval which should open new growth opportunities.

In the energy segment, the Company built upon its long and healthy business relationship with the electrical sector for marketing its enclosures with a special focus on distribution and feeder-pillar boxes to capitalise on opportunities emerging from the modernisation of the T and D segment of the energy value chain.

The Company received business from leading OEM namely, John Deere, M and M, Cummins and BEL among others, for specialised and customised products. Besides, a number of products were also approved by leading Indian and multinational brands, which is expected to yield sizeable revenues over the coming years.

B) Textiles division

The textile division grew by a significant 27% on the back of robust demand from international clients. The domestic business also registered a sizeable increase in business volumes. The Company strengthened its position in women’s wear and home furnishing segments through a wider product basket, generating increased business volumes. During the year, the Company added a number of renowned fashion labels to its client list, opening new opportunity windows. The Company created a robust retail network for marketing ready-to-stitch fabric, primarily catering to rural and semi-urban markets. The Company is working towards strengthening its infrastructure through sophisticated equipment which will improve product quality and machine productivity to capitalise on growing opportunities.

Subsidiaries

During the year, M/s. Bright Auto Plast Private Limited, a wholly-owned subsidiary was converted into a Public Limited Company with a new name - M/s. Bright Auto Plast Limited, and Sintex Oil and Gas Limited ceased to be the Company’s subsidiary.

Performance of subsidiaries

The subsidiaries registered a robust performance – revenue and profit after tax grew 46% and 85% respectively. More importantly, their contribution to the consolidated revenue increased from Rs.12710.900 millions in 2009-10 to Rs.18591.800 millions in 2010-11; the contribution to the bottomline strengthened from 4.3% in 2009-10 to 5.5% in 2010-11.

1) Zep Infratech Limited (Formerly known as Zeppelin Mobile Systems India Ltd.)

The Company shifted its focus from being just a telecom infra Company to a holistic infrastructure Company, due to a melt down in the telecom sector. The Company plans to leverage its existing capability and competence to take advantage of the huge potential in the infrastructure sector.

The new business focus areas would be – infrastructure/civil projects, telecom products and services, prefabs made of PUF panels, PEB structures and cold chain management.

Cold chain management will be a huge opportunity for the Company, as it is becoming a matter of national interest with almost 42% of agricultural production in India being perishable items. The government also laid thrust on developing new cold chains by providing full exemption on excise duties.

2) Bright AutoPlast Limited

The Company performed exceptionally well – higher volumes, new businesses, new customers and new capacities – resulted in a 44% topline growth and an improvement in margins in 2010-11 over the previous year.

Their business with Schneider performed extremely well. This resulted in other electric companies showing serious intent in partnering with them – primarily customers of Nief who also have manufacturing bases in India. In the automotive segment, volumes from existing clients increased and new customers opened multiple growth opportunities.

They created a new unit – Chennai 3 – dedicated to electrical customers which commenced operations in April 2011. This allowed them to grow their client base in this vertical. Additionally, they strategised in setting up greenfield facilities proximate to automotive hubs to capitalise on the huge demand from the automotive segment. They are also looking to enter the commercial vehicle segment – multiplying their growth opportunities.

3) Wausaukee Composites Inc.

The Company bought out their partner’s stake in Wausaukee, making it a 100% subsidiary of Sintex. This was necessary for their accelerated growth in the US. What they also need to remind shareholders is that for Wausaukee, there were issues related to the wind energy business, but otherwise Wausaukee doubled in size, post their acquisition. The returns were also significant.

In 2010-11, they started prototyping products for a number of new customers, volumes are expected to flow in the current year. The Company is also focused on expanding its manufacturing footprint in the US through inorganic initiatives, as they realise that the custom moulding business is region and customer-centric – you need to be at the right place with the right client.

4) Nief Plastics SAS

Nief performed very well this year with a topline growth of 23-25% and margin growth from 11 to 13%.

At Nief, contributions from the automotive segment that was 65% at the time of acquisition was 45% last year and this year it is 40%. This year 40% of Nief’s business was from auto, 30% from electrical, 20% from aerospace and medical and 10% from others.

Nief’s acquisition of Simop (moulding unit) and Sicmo (moulds and tools making unit) gave the Company access to three new customers – plastic products for doormatix, personal care products and modem making companies.

Nief also expanded operations in East Europe (Hungary and Slovakia) and North Africa (Tunisia and Morocco) to take advantage of low production costs, leading to its overall optimisation.

In 2010-11, the Company also introduced a new process called ‘machining of plastics’ (machines cut plastics in requiredshape), for manufacturing medical equipment.

5) Sintex Infra Projects Limited

The Company enabled Sintex to establish a strong foothold in the Infrastructure space. The Company successfully delivered various infrastructure projects in the field of construction of airports, road and land development, construction of industrial plants, developing commercial and residential complexes, among others. With good management skills and demonstrated execution capabilities, the Company has a healthy order book.

In 2010-11, the Company acquired 30% ownership of Durha Constructions Private Limited (DCPL) at an investment of Rs.422.100 millions DCPL is engaged in the civil and mechanical construction in diverse infrastructure sectors including power, petrochemicals, cement from medium to large projects for private and public sectors clients – key projects include Delhi International Airport, Hyderabad International Airport, Indraprastha Power Station, among others. It has an impressive client base comprising large corporates, namely, BHEL and L and T.

MANAGEMENT’S DISCUSSION AND ANALYSIS

Indian economy

India’s GDP grew at a healthy 8.5 % in 2010-11 against 8.0% in 2009-10. This growth was largely due to a significant growth in the agriculture sector at 5.4% (0.4% in 2009-10); the services and industrial sectors maintained their previous year growth momentum. The accelerated growth in the industrial sector in the first half of 2010-11 at 10.2% was hit by instability in the capital goods segment in the second half of 2010-11.

The confidence in the Indian growth story was witnessed in the record FII inflows in the economy and the revival in domestic investor confidence which helped the Indian stock market regain pre-crisis record levels. Net capital inflows increased US$ 13.7 billion to reach touch US$ 36.7 billion as on March 31, 2010; foreign exchange reserves grew US$ 20 billion to cross the US$ 300 billion threshold – at about US$ 305.49 billion.

Trade deficit expanded from US$ 120.5 billion in 2009-10 to US$ 132 billion as imports outpaced exports in absolute numbers. What is heartening is that export growth at 31.6% in 2010-11 surpassed growth in imports at 22.6% – highlighting the growing acceptance of the ‘Made in India’ tag. If a similar trend continues over the coming years, they can expect the trade deficit to decline.

Even as the macroeconomic numbers displayed a strong performance, they were marked by significant volatility evident not only in the numbers but also in the sentiments primarily driven by the global clues and policy responses to cater to inflation.

The headline inflation witnessed a relentless rise during the first half of 2010 and remained in double digits for almost five months of 2010. The uneven monsoon during 2009, domestic supply side constraints coupled with the rising international prices of food grains pushed the prices of primary food articles, which eventually drove inflation in the manufacturing goods and service sectors.

Indian plastic industry

In the last two decades, the plastics industry in India has grown significantly to meet the ever-increasing demand from various user sectors. The Indian plastic industry maintained a healthy growth rate of 15% with a turnover of about Rs.250000.000 millions capital investment of about Rs.350000.000 millions and production (inclusive of all types of processed plastics) of 8 million tonnes. India has about 22,000 plastic processing units with a total production of nearly 3.7 million tonnes and a consumption of 3.4 million tonnes. It currently exports US$ 5.3 billion of finished plastic goods, which reflects a 15 per cent growth over last year. As a result, India’s per capita consumption of plastics increased from 6 kgs in 2009 to 8 kgs in 2010 – significantly lower than the global average of 27 kgs – highlighting a huge growth opportunity over the coming years.

Advantages of plastics

· Chemically inert

· Safe in contact with food and medicine

· Attractive and colourful

· Low maintenance

· Light weight

· High strength to weight ratio

· Non corrosive

· Durable

· Cheap

· Flexible

· Good thermal insulator

· Can be given any shape or size

Outlook

The Indian plastics industry is expected grow to Rs.1332450.000 millions by 2015, positioning India as the third-largest plastics consumer up from the eighth position currently. The per capita plastics consumption at 8 kgs is expected to reach 20-25 kgs over the same period.

The Company and its performance

Sintex occupies a unique position in the Indian plastics processing sector – a concept creator. The Company offers a wide range of plastic products including storage solutions, prefabricated and monolithic structures, custom moulded products for both consumer and industrial segments and interior products. It was also presented with the prestigious Dun and Bradstreet Award, following several decades of pioneering efforts.

The plastics business registered a robust growth in 2010-11 from Rs.29380.100 millions in 2009-10 to Rs.40396.100 millions in 2010-11. This growth was largely due to a superior performance by the monolithic construction division, the prefab and the custom moulding segments – the major contributors to the division’s growth. Though the contribution of the plastics business in the consolidated revenue remained stable at 90%, the EBIDTA from the plastics business grew 37% from Rs. 5570.000 millions in 2009-10 to Rs.7645.400 millions in 2010-11 – with its increased contribution to the consolidated EBIDTA to 19.38% in 2010-11.

Strategic developments, 2010-11

· Acquired 30% of Durha Constructions Pvt. Ltd. which will strengthen its execution capabilities for its low cost housing segment and establish a presence in other infrastructure verticals.

· Acquired the remaining 17% stake in Wausaukee Composites Inc. to make it a 100% subsidiary of Sintex, enabling the Company to take aggressive steps for expanding business operations to capitalise on opportunities.

· Created a new business vertical in the infrastructure for undertaking large water distribution and liquid waste

· management projects

· Renamed Zeppelin Mobile Systems India Limited to Zep Infratech Limited to positioning it as an infrastructure player and provider of related services.

· Initiated capital-intensive projects – setting up new manufacturing facilities on a pan-India basis to strengthen product availability, market share and profitability.

Developments in plastic business

The MCC and custom moulding segment continues to be the major growth driver for the Company. In 2010-11, the Company’s plastics business recorded a growth of 30%, contributing 84% to the gross turnover as compared with 83% in 2009-10.

A. Building materials division

As the name suggests, this segment comprises the monolithic construction and prefab segments and other products related to housing including its flagship water tanks. The monolithic construction is the critical business segment in this division contributing to the lion’s share of revenue and profits.

Monolithic concrete constructions

The team delivered a number of projects in 2010-11, the prestigious among them being the government-funded Delhi low-cost housing project. More importantly, the Company made in-roads into new geographies namely Pune, Pondicherry, parts of Rajasthan and Uttar Pradesh in 2010-11. It received a large low-cost housing project near Lucknow. The Company is also moving up the value chain in a number of ways:

· Undertaking housing projects for middle-income group (MIG), high-income group (HIG)

· Increasing its exposure to housing projects from housing boards, defence, police and the private sector

· Increasing its business volume by undertaking G+7 housing projects as against G+4 projects built earlier –

· highlighting its strengthening execution capabilities

The Company’s acquisition of Durha Constructions Private Limited will significantly strengthen its realty development capabilities and will allow the Company to establish a meaningful presence in other infrastructural projects. What is heartening is that despite delivering a larger number of projects, the Company’s order book swelled between the end of 2010-11 and the end of 2009-10 – reflecting the increasing acceptance of this pioneering technology by a larger section of decision makers.

The Company working to emerge as a real estate developer, constructing houses on its own land in Rajasthan – a first-time initiative for the Company - enabling it to chart new business models, leveraging the enactment of the new housing policy in the state. Additionally, it is also in the process of exploring different business models such as foraying into joint development agreements.

Prefabricated structures

The Company’s prefab business is approved in 17 states --active business in 15 states. Despite a slowdown in BT shelters for the second successive year, the Company’s prefab business generated sizeable business.

Increased cost of traditional construction due to a steep increase in the price of steel, cement, labour enabled the

Company to demonstrate the economic benefits along with the technical superiority of prefab construction.

The Company aggressively and successfully marketed its products for developing health and education infrastructure, in rural and hilly reach areas where conventional construction is not possible. The Company established its presence in the North-East by creating educational and health infrastructure. Prefabs were also used as check posts and shelters in diverse geographies. The Company is also developing a new business segment which will accelerate prefab business growth, which should see the light of day in the current year.

Water tanks

Water tanks are the flagship products of the Company, making the Sintex brand synonymous with water storage in Indian households. The Company is the market leader in this product category. To strengthen its market share in this vertical, the Company undertook the following initiatives:

· Created seven tank variants differently branded for household water storage to cater to the entire spectrum of probable customers – ensuring that it has a water tank for every aspiration.

· Aggressively pursued marketing of niche value-added products namely large-sized underground tanks, extralarge surface and loft tanks for industrial applications and to government agencies.

· Initiated the expansion project at Namakkal (South India), Boti Bori (West) and Nalagarh (North), to increase saleable

· volumes and reduce operational and logistics costs.

· Introduced cutting-edge blow moulding and roto moulding technologies, resulting in high productivity and optimised production costs.

Interiors

This vertical comprised factory-made doors windows and large panels to replace laminates and plywood. The Company worked to strengthen its presence in these product categories through the various measures:

· Introduced multiple door variants -- new surface finishes and designs -- to meet diverse customer requirements

· Initiated a new customer category – marketed the factorymade doors to government agencies and used in government-initiated slum rehabilitation projects

· Introduced various designs and finishes in the plastic sections to generate increased volumes; expanded the distribution network to reach out to remote demand pockets, initiated carpenters training programmes to explain the benefits of using large boards, as a valueproposition against laminates and plywood

· Leveraged business relations with high-end realty developers for growing volumes for its factory-made windows

Sub-ground structures

Sub-ground structures generally comprise pollution management products and include manholes along with covers, septic tanks and packaged waste water treatment systems.

Manholes: The Company’s manholes structures and covers found increasing acceptance among government authorities - Goa, Gujarat, Maharashtra and Uttar Pradesh approved of this product in 2010-11. As a result, sales volumes increased significantly during 2010-11. The Company also successfully marketed its product to the private sector road and highway builders – an opportunity which is expected to drive volumes over the coming years. Product approvals from corporates are expected in the current year.

Septic tanks: Growing liquid pollution generation due to urbanisation, and industrialisation and the inadequate and out-dated pollution management infrastructure of the Government, has created a huge demand for storage solution for liquid waste. The Company’s septic tanks gained wide acceptance from government agencies due to its noncorrosive nature and its underground application, resulting in space saving. In 2010-11, this product received an approval from a number of government agencies.

Packaged waste water treatment solution: As an extension of its septic tanks, the Company introduced unique decentralised packaged waste water treatment solutions for diverse applications in rural, semi-urban and urban locations. These units are space, energy and cost-efficient, treated water from these units can be used for agriculture, horticulture or gardening applications.

They were successfully marketed in Kerala, Karnataka, Gujarat and outskirts of Delhi. Interestingly, the treated water from these systems can be used for all purposes other than human consumption – which could go a long way in reducing fresh water consumption. This product vertical is expected to emerge as a business over the coming years, considering the government’s thrust on water conservation, recycling and waste management.

Environment products

This business segment provides products for solid waste management to the municipal authorities of various cities and towns. The products include storage boxes of various sizes for diverse applications, push carts, dumpers and containers. The Company successfully received sizeable orders from the Kolkata and other neighbouring municipalities, Chennai and Madurai municipalities.

B. Custom moulding division

As the name suggests, this business division works closely with its customers to customize unique solutions. While the product development cycle is long, the revenue visibility is longer and profitability significantly higher than most product verticals in the building products segment.

Industrial containers, pallets and FRP tanks

Industrial containers: Increased industrial activity increased the demand for industrial containers significantly, growing business volumes for the Company. To accelerate its growth, the Company implemented the following measures:

· Created a strong team with field and channel partners for aggressive marketing

• Customised containers for usage in the textile, pharmaceutical and chemical sectors

Pallets: Increased production volumes in all industries, improved material handling systems by most corporates, greater application reliance on the hub-and-spoke distribution model for a pan-India presence and larger warehousing needs is growing the need for pallets on a pan-India basis. To capitalize on this opportunity, the Company strategised and implemented the following:

· Successfully expanded its opportunity canvas by marketing pallets to the automotive, engineering, warehousing and power sectors among others.

· Created diverse product variants specialised for diverse sectoral applications – for example heavy duty pallets for heavy engineering segment, food and fisheries segment etc.

· Secured approvals from CWC and FCI, major pallet buyers in India. FRP tanks: To grow its sales volumes, the Company intelligently marketed these products to non-oil dispensing Company – generating improved volumes. Additionally, IOC approval for the Company’s FRP tanks was extended to its fuel dispensing stations across India (earlier restricted to the coastal area dispensing stations only). The Company launched underground chemical tanks factories – saving precious land. The double-walled underground tanks come with a state-ofthe- art alarm system which prevents disaster in case of leakage.

SMC products

Sintex manufactures tamper proof SMC meter boxes, enclosures for meters, polymeric insulators and cross arms for power transmission grids which forms an important part of the domestic custom moulding business.

Sintex expanded its reach on a pan-Indian scale and executed contracts for various power sector utilities in Tamil Nadu, Andhra Pradesh, Chhattisgarh, Delhi, Rajasthan and Madhya Pradesh.

Its products received acceptance in Gujarat, Maharashtra, UP and Karnataka.

Sintex leveraged its existing customer base consisting of both state electricity boards and private power-generating companies to tap new opportunities in the transmission and distribution of electricity.

Insulated boxes, intermediate bulk containers

The Company altered its marketing strategy to promote insulates boxes as part of cold chain solution – a new

government thrust area – especially in rural location which do not have access to electricity. The insulated business with large corporates namely Coke, Pepsi and ice-cream manufacturers sustained its pace.

Custom moulding for OEMs

The Company developed a number of products to its custom moulded basket for large and globally respected corporates. During the year, the Company analysed its processing capabilities to identify new opportunities which

could be tapped. In doing so, the Company developed custom moulded products for cooling towers, stand-by batteries, electrical and switch gear application, packaging, auto components, generator sets, among others. Key developments in 2010-11 in the OEM business include:

· Generated sizeable business volumes from BEL for customised containers; commenced business volumes with Rafael, an Israeli Company for customised missile carrier boxes

· Developed a box for packaging enclosure for batteries for Nokia, the global telecom giant which was approved Developed customised enclosures for large corporate brands namely LandT and Crompton Greaves which is at various stages of approval

· Developed a packaging tray for alloy wheel hub for the automotive sector which is expected to deliver sizeable

· volumes going forward

· Developed a battery container for Tudor, a large brand in the battery space

· Grew business volumes with the automotive sector namely Holland and M and M for fuel tanks and Asian Motor Works for mud guards

· Scaled business volumes with Schneider (through its 100% subsidiary Bright Auto), also commenced business volumes with a second client of Nief (another 100% Sintex subsidiary) in India through Bright Auto

· Received new business from brand enhancing clients namely Gammon, Tata BP Solar, among others.

· Entered into tie-ups with Daichi (products to cater to Genera Motors), Hi Mac (products for car interiors) and Faurecia (interior and exterior car products).

Indian Textile industry

The Indian textile and clothing market is currently pegged at US$ 55 billion. It accounts for 14% of the total industrial production in India and accounts for 4% of the country’s GDP. The textile sector in India recorded a growth of 7.5% in 2010-11 with about 17% of the country’s export earnings. The cumulative exports

figure from April-January 2010-11 reached Rs.397870.000 millions

The sector attracted a cumulative FDI investment of US$ 861.26 million between April 2000 and August 2010. In the recent budget, the government earmarked Rs.30000.000 millions for the Technology Upgradation Fund scheme (TUFs). The reduction of customs duty from 7.5% to 5% on certain textile intermediates will provide assistance to textile companies.

During April 2010 and February 2011, manufacture of cotton textiles grew 10.3% in 2010-11 as compared with a 5.2% growth in 2009-10.

Overall, the production of textile fabrics increased by 1.9 per cent during April-October 2010- 11. This is a moderate performance when compared with the robust increase of 8.8 per cent during 2009-10. The decline in textile fabrics/cloth during the current financial year, was on account of comparatively lower growth rates in the production of mill, power loom and hosiery segments.

India’s cotton scenario

India is the second-largest producer and consumer of cotton in the world after China. It accounts for about 22% or 5.6 billion kg of the total world cotton production in 2010-11. The yield for cottons in India increased from a mere 300 kg/hectare in 2003 to 500kg/hectare currently. In India, cotton accounts for nearly 60% of the total fibre consumption. (Source: Confederation of the Indian Textile Industry, CITI)

Outlook

The global per capita fibre consumption is expected to grow steadily in the long-term up to 11 -12 kg per capita by 2025, which means additional fibre consumption of about 20 million tons will be required. It is expected that the global textiles and apparels industry would grow at a CAGR of 6.3% in the next 8-10 years to reach US$ 1 trillion by 2020.

The Indian textile and clothing market is expected to touch a US$ 100 billion mark by 2015 from its current size at US$ 55 billion. The textile and apparel exports market in India is expected nd US$ 21 billion respectively by 2015. The domestic textile and apparel demand is expected to register a CAGR of 10% to each US$ 57 billion.

The 2010-11 union budget is sensitive to the needs of textile industry and will continue to provide the textile industry with a conducive policy environment to facilitate its growth, augment R and D efforts, and encourage innovation with a view to enhance productivity. The budget focuses on upgradation of technology, manufacturing processes and the development of human resources for this industry.

According to Mr. T. Kannan, the Chairman, CII National Committee on Textiles, increasing labour and wage costs is expected to dull China’s competitive edge in the global textile trade. China currently accounts for 25% of the global textile industry and a drop of even 2-3% in its demand will provide a huge opportunity for India.

The Company and its performance

Sintex is a leading manufacturer of value-added textiles, marketing its products under the ‘BVM brand’. The Company manufactures yarn-dyed structured fabrics for men’s high-end structured shirting fabrics, yarn-dyed corduroy and ultima cotton yarn-based corduroy. It also develops fabrics for ladies wear.

The textiles business registered a robust growth in 2010-11 from Rs. 3436.300 millions in 2009-10 to Rs.4355.300 millions in 2010-11. This growth was largely due to strong demand from the domestic and international markets, consequent to the revival in advanced economies. Despite the significant business growth, its contribution to the consolidated revenue declined marginal. The entry into textile retail through its ready-to-stitch products contributed significantly to business revenue. EBIDTA from the textiles business grew 49% from Rs.688.700 millions in 2009-10 to Rs.1026.900 millions in 2010-11.

Sintex’s developments, 2010-11

• Outsourced grey fabric for further processing in-house to suit client requirements to meet the growing demand

• Created a pan-India retail chain for its ready-to-stitch products.

• Modernised the manufacturing facility with sophisticated equipment for superior quality and higher productivity

Developments in the textile business

• Increased focus on yarn dyed products, added new finishes like teflone finish, stain guard, dura white, stay black, brushing finish, peaching finish, airo soft finish and nono care finish to its fabric for discerning clients Strengthened its presence in the furnishing business

• Added new clients to the existing customer base – domestic clients added include Soham Fashions, Mangla Apparels, Tex Fab, Saajan Textile and international clients include Tropical Garments, Ringhart, Mayoral, Esprit and Textil Renaue.

• Initiated sales of women’s shirting fabric to Esprit for the first time – strengthening the business vertical Future strategy

• Establish a retail presence in Tier-II and III cities for its readyto- stitch products.

• Capacity expansion and identification of new buying houses to increase revenues.

• Increase sales volumes of women wear fabrics

• Advertising and branding exercise to spread awareness of the BVM products in the domestic markets

• Establish relations with additional buying houses for strengthening its international business.

As Per Websites Details:

ACHIEVEMENTS:

1975 Moulded Polyethylene Industrial Containers and Tanks of sizes up to 10,000 liters

2001 Prefabs

1977 Material Handling Containers for Industries and Institutions

2002 Turnkey Blow Moulding & Profile Extrusion Plants

1978 Water Tank

2004 FRP Underground Storage Tanks

1985 Plastic Sections for Conversion into Partitions, False Ceilings, Wall Panellings, Cabins, Cabinets, Furniture etc.

2005 ISO 9001 Certification Monolithic Concrete Construction Technology

1988 Plastic Doors, Windows and Frames

2006 UL Listed for FRP Underground Petroleum Tanks

1989 Insulated Containers, Sandwich Panels, Agri Containers and Biogas Holders

2008 Sandwich Panels

1990 SMC and SMC Moulded Products, Pultruded Products, Resin Transfer Moulded (RTM) Products, Blow Moulded Products, Injection Moulded Products etc.

2010 Package Sewage Treatment Plants (PSTP) & Manholes

1995 Water Filters cum Purifiers

2011 Prefab Homes, Gloria Siding Panels

2000 Solar Water Heaters

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.55.15
UK Pound	1	Rs.86.30
Euro	1	Rs.67.88

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

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

1746.900

1687.000

8381.200

6770.600

9004.400

8150.400

0.000

0.000

5238.900

7892.600

24371.400

24500.600

2521.000

1845.800

595.200

440.500

2975.400

2940.700

6091.600

18279.800

19273.600

13.36

18.30

13.32

0.22

1.43

4.00

Unit