MIRA INFORM REPORT

Report Date :

29.11.2012

IDENTIFICATION DETAILS

Name :	STYROLUTION ABS (INDIA) LIMITED (w.e.f. 20.06.2012)
Formerly Known As :	INEOS ABS (INDIA) LIMITED (w.e.f. 17.06.2008) LANXESS ABS LIMITED
Registered Office :	6^thFloor, ABS Towers, Old Padra Road, Vadodara – 390007, Gujarat
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	07.12.1973
Com. Reg. No.:	04-002436
Capital Investment / Paid-up Capital :	Rs.175.856 Millions
CIN No.: [Company Identification No.]	L25200GJ1973PLC002436
TAN No.: [Tax Deduction & Collection Account No.]	BRDB00614F
PAN No.: [Permanent Account No.]	AAACB6164H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturer of chemicals and petrochemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 15000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company have good track. There appears slight dip in profitability. However, general financial position of the company appears to be good. Fundamental are healthy and strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	LONG TERM BANK FACILITIES : CARE AA+
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry very low credit risk.
Date	July 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	6^thFloor, ABS Towers, Old Padra Road, Vadodara-390007, Gujarat, India.
Tel. No.:	91-265-2355861/ 63/ 2355871/73
Fax No.:	91-265-2341012/ 2355860/ 2355950/ 2355960
Email:	secshare@ineosabsindia.co.in
Corporate Office :	8^thFloor, ABS Towers, Old Padra Road, Vadodara-390007, Gujarat, India.
Tel. No.:	91-265-2355861-2-3/ 2355871-2-3
Fax No.:	91-265-2355960
Factory 1 :	51. GIDC Industrial Estate, Nandesari-391340, District Baroda, Gujarat, India.
Tel. No.:	91-265-2840319/ 2840285/ 2840559/ 2841010
Fax No.:	91-265-2840827
Factory 2 :	Halol-Kalol Road, Katol-389330, Taluka Kalol, Distriact Panchmahal, Gujarat, India.
Tel. No.:	91-2676-235980/ 235891/ 235802/ 235803
Fax No.:	91-2676-235518
Branch Office :	Located At : · Mumbai · Bangalore · Ahmedabad · Delhi
R and D Centre and Moxi Plant :	Sankarda-Bhadarva Road, Post: Poicha-391350, Taluka Savil, District Baroda, Gujarat, India
Tel. No.:	91-2667-244350/ 244370/ 244380
Fax No.:	91-2667-244340

DIRECTORS

(AS ON 24.04.2012)

Name :	Hyung Tae Chang
Designation :	Director appointed in casual vacancy
Address :	99, Farrer Drive, #01-02 Sommer Ville park, Singapore – 259293
Date of Birth/Age :	23.01.1952
Date of Appointment :	01.03.2012
DIN No.:	02425162

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25202MH2004FTC149830	STYROLUTION INDIA PRIVATE LIMITED	Director	10/10/2002	10/10/2002	30/04/2012	Active	NO
2	L25200GJ1973PLC002436	STYROLUTION ABS (INDIA) LIMITED	Director appointed in casual vacancy	01/03/2012	01/03/2012	-	Active	NO

Name :	Mr. Rakesh Shivbhagwan Agrawal
Designation :	Managing director
Address :	61, Alkapuri Society Alkapuri, Vadodara – 390005, Gujarat, India
Date of Birth/Age :	08.06.1947
Qualification :	MS (Chemical) Stevens Institute of Technology, New Jersey, USA
Experience :	37 Years
Date of Appointment :	07.12.1973
DIN No.:	00057955

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L25200GJ1973PLC002436	STYROLUTION ABS (INDIA) LIMITED	Managing director	01/01/2012	07/12/1973	-	Active	NO
2	U65910GJ1989PTC012889	GEETGANGA INVESTMENT PRIVATE LIMITED	Director	18/10/1989	18/10/1989	-	Active	NO
3	L22219MH1991PLC059800	CONTROL PRINT LIMITED	Director	23/09/2011	26/03/1997	-	Active	NO
4	U67120MH1988PLC049858	ANKSHREE INVESTMENTS AND TRADING COMPANY LIMITED	Director	21/09/1998	21/09/1998	-	Active	NO
5	U80301GJ2000NPL039019	TAPOVAN EDUCATION INSTITUTE	Director	06/12/2000	06/12/2000	19/06/2007	Active	NO
6	U24231GJ1999PLC035615	SHIVA PHARMACHEM LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
7	U45200MH2008PTC187521	JASPUR PROPERTIES PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
8	L17110GJ1935PLC000494	SHRI DINESH MILLS LIMITED	Director	15/09/2011	10/02/2011	-	Active	NO
9	U70102MH2008PTC181148	MONET PROPERTIES PRIVATE LIMITED	Director	17/05/2011	17/05/2011	-	Active	NO

Name :	Mr. Sharad Madhav Kulkarni
Designation :	Director
Address :	161-A, Twin Towers, Veer Savarkar Marg, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	09.01.1939
Qualification :	Bachelor in Engineering
Date of Appointment :	08.02.2005
DIN No.:	00003640

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1984PTC033786	RAYCHEM-RPG PRIVATE LIMITED	Director	07/02/1989	07/02/1989	-	Active	NO
2	U74130MH1996PLC102719	GLOBAL PROCUREMENT CONSULTANTS LIMITED	Director	20/09/1996	20/09/1996	29/06/2010	Active	NO
3	U74140MH1988PLC046122	R P G ENTERPRISES LIMITED	Director	25/07/2001	25/07/2001	-	Active	NO
4	L45200MH1926PLC001228	HINDUSTAN CONSTRUCTION COMPANY LIMITED	Director	10/08/2001	10/08/2001	-	Active	NO
5	U63040MH1999PTC120013	TRAVELVOYAGES (INDIA) PRIVATE LIMITED	Director	28/01/2002	28/01/2002	09/06/2010	Active	NO
6	U99999MH1995PTC095333	PRO CAPITAL ADVISORS PRIVATE LIMITED	Director	11/12/2002	11/12/2002	21/11/2008	Active	NO
7	L25200GJ1973PLC002436	STYROLUTION ABS (INDIA) LIMITED	Director	08/02/2005	08/02/2005	-	Active	NO
8	U65991MH1994PTC078880	JM FINANCIAL TRUSTEE COMPANY PRIVATE LIMITED	Director	11/02/2005	11/02/2005	-	Active	NO
9	U70100MH2005PLC154004	HCC REAL ESTATE LIMITED	Director	29/09/2005	29/09/2005	-	Active	NO
10	L45200MH2005PLC152061	KEC INTERNATIONAL LIMITED	Director	12/01/2006	12/01/2006	-	Active	NO
11	L24210MH1958PLC011173	BAYER CROPSCIENCE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
12	L24110MH1998PLC115499	NAVIN FLUORINE INTERNATIONAL LIMITED	Director	19/10/2006	19/10/2006	-	Active	NO
13	L74100MH1993PLC075361	CAMLIN FINE SCIENCES LIMITED	Director	27/11/2006	27/11/2006	-	Active	NO
14	U55101MH2000PLC187834	LAVASA CORPORATION LIMITED	Director	08/06/2009	24/03/2009	-	Active	NO

Name :	Mr. Jal Ratanshaw Patel
Designation :	Director
Address :	3, Green Park, Tandalja Road, Vadodara – 390020, Gujarat, India
Date of Birth/Age :	17.09.1937
Qualification :	CA, CS
Date of Appointment :	29.12.2005
DIN No.:	00065021

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209GJ2001PTC039259	CORONET PRODUCTS PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Amalgamated	NO
2	L23203GJ1980PLC003623	GUJARAT GAS COMPANY LIMITED	Director	01/03/2001	01/03/2001	-	Active	NO
3	L72900GJ1980PLC003643	MIPCO SEAMLESS RINGS GUJARAT LIMITED	Director	26/05/2004	26/05/2004	03/02/2011	Active	NO
4	L29130MH1961PLC012028	ABC BEARINGS LIMITED	Director	26/05/2004	26/05/2004	-	Active	NO
5	L17110GJ1935PLC000494	SHRI DINESH MILLS LIMITED	Director	28/09/2004	28/09/2004	-	Active	NO
6	L25200GJ1973PLC002436	STYROLUTION ABS (INDIA) LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
7	U31200GJ1992PTC066725	PIONEER ELECMECH (INDIA) PRIVATE LIMITED	Director	06/08/2007	06/08/2007	17/08/2010	Active	NO
8	U74920GJ1972PTC006949	JEWEL CONSUMER CARE PRIVATE LIMITED	Whole-time director	09/04/2008	16/11/2007	-	Active	NO
9	L29199GJ1974PLC002574	EIMCO ELECON (INDIA ) LIMITED	Director	30/07/2009	29/01/2009	-	Active	NO
10	L34100GJ1985PLC007958	MUNJAL AUTO INDUSTRIES LIMITED	Director	29/08/2009	30/03/2009	-	Active	NO
11	L29259GJ1960PLC001082	ELECON ENGINEERING COMPANY LIMITED	Director appointed in casual vacancy	12/05/2012	12/05/2012	-	Active	NO

Name :	Mr. Ravindra Krishna Kulkarni
Designation :	Director
Address :	2, Samruddhi, Plot No.19, TPS VI, Relief Road, Santacruze (West), Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	23.05.1945
Qualification :	LLM
Date of Appointment :	13.03.2008
DIN No.:	00059367

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24222PN1956PLC134746	ELANTAS BECK INDIA LIMITED	Director	27/09/1990	27/09/1990	-	Active	NO
2	U74140MH1992PLC066606	MAHINDRA AND MAHINDRA CONTECH LIMITED	Director	22/02/1993	22/02/1993	01/02/2010	Active	NO
3	L29150MH1946PLC004877	CAPRIHANS (INDIA) LIMITED	Director	07/08/1997	07/08/1997	28/09/2010	Active	NO
4	L65990MH1945PLC004558	MAHINDRA AND MAHINDRA LIMITED	Director	21/08/1997	21/08/1997	-	Active	NO
5	U24131KL2004PTC017048	K.A.PREVULCANISED LATEX PRIVATE LIMITED	Alternate director	26/04/2004	26/04/2004	30/06/2009	Active	NO
6	L92140MH1999PLC120516	ENTERTAINMENT NETWORK (INDIA) LIMITED	Director	03/09/2007	19/01/2007	-	Active	NO
7	U17120PN1975PLC139150	ASSOCIATED POLYMERS LIMITED	Director	10/03/2007	10/03/2007	26/09/2008	Active	NO
8	L25200GJ1973PLC002436	STYROLUTION ABS (INDIA) LIMITED	Director	20/04/2009	13/03/2008	-	Active	NO
9	U92190MH2007PLC175549	ALTERNATE BRAND SOLUTIONS (INDIA) LIMITED	Director	22/08/2008	14/05/2008	-	Active	NO
10	L64200MH1986PLC041370	TECH MAHINDRA LIMITED	Director	23/07/2009	30/03/2009	-	Active	NO
11	U91990MH1981NPL023742	LANDMARK EDUCATION INDIA	Director	10/07/2009	10/07/2009	-	Active	NO
12	U74140MH1993PTC071100	EDELMAN INDIA PRIVATE LIMITED	Director	19/02/2010	19/02/2010	26/11/2010	Active	NO
13	U72200PN2004PTC019520	VENTURBAY CONSULTANTS PRIVATE LIMITED	Director	19/07/2010	29/04/2010	03/02/2012	Active	NO
14	U35203PN1999PTC020817	LAVGAN DOCKYARD PRIVATE LIMITED	Director	08/07/2011	26/07/2010	-	Active	NO
15	L63090GA1963PLC000002	CHOWGULE STEAMSHIPS LIMITED	Director	06/07/2012	19/10/2011	-	Active	NO
16	U74140WB1970PLC097052	KHAITAN CONSULTANTS LIMITED	Director	06/09/2012	02/05/2012	-	Active	NO
17	L72200AP1987PLC007564	SATYAM COMPUTER SERVICES LTD	Director	07/09/2012	18/07/2012	-	Active	NO
18	AAA-0866	KHAITAN AND CO LLP	Designated Partner	04/03/2010	04/03/2010	-	Active	NO

Name :	Myung Suk Chi
Designation :	Director appointed in casual vacancy
Address :	1, Raemian Hyers Apartment, 107-903 91 Geumsan – Ro, Gunpo – SI, Gyeonggi DO, Korea
Date of Birth/Age :	10.01.1957
Date of Appointment :	01.03.2012
DIN No.:	05225708

KEY EXECUTIVES

Name :	Mr. Suryakant Madhusudan Vaishnav
Designation :	Company Secretary and Vice President (Legal)
Address :	A-1, Omkar Nagar, Near Tagor Nagar, Behind Suryakiran Building, Old Padra Road, Vadodara – 390005, Gujarat, India
Date of Birth/Age :	21.04.1952
Date of Appointment :	28.10.1994
PAN No.:	AATPV8431D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2012)

Particulars	No. of Shares	Percentage of shareholding
(A) Shareholding of Promoter and Promoter Group
(1) Indian	--	--
(2) Foreign
Bodies Corporate	15356780	87.33
Sub Total	15356780	87.33
Total shareholding of Promoter and Promoter Group (A)	15356780	87.33
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	19931	0.11
Financial Institutions / Banks	5900	0.03
Foreign Institutional Investors	115969	0.66
Any Others (Specify)	4890	0.03
Trusts	4890	0.03
Sub Total	146690	0.83
(2) Non-Institutions
Bodies Corporate	364007	2.07
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1464013	8.33
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	198654	1.13
Any Others (Specify)	55481	0.32
Clearing Members	12300	0.07
Non Resident Indians	43181	0.25
Sub Total	2082155	11.84
Total Public shareholding (B)	2228845	12.67
Total (A)+(B)	17585625	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	17585625	0.00

Equity Share Break up (Percentage of Total Equity)

As on 24.04.2012

Category	Percentage
Nationalized / other banks	0.04
Mutual Fund	0.11
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	88.20
Bodies corporate	2.10
Others	9.55
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of chemicals and petrochemicals.

Products :

Item Code No. (ITC Code)	Product Description
390330	Acrylonitrile Butadiene-Styrene (ABS) Copolymer
390320	Styrene-Acrylonitrile (San) Copolymer
390230	Sheets of Polymer of Styrene

Ø Absolac –(ABS)

Ø Absolan – (SAN)

PRODUCTION STATUS AS ON 31.12.2011

Particulars	Unit	Installed Capacity (on Triple shift working P.A)	Actual Production
ABS Resins	MT	80,000	56726
SAN Resins	MT	60,000	50263

NOTES:

Production includes quantity used for captive consumption.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· State Bank of India · ICICI Bank, 163, backbay Reclamation, Mumbai – 400020, Maharashtra, India · Standard Chartered Bank · ABN Amro Bank

Banking Relations :	--
Statutory Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252 Veer Sarvarkar Marg, Shivaji Park, Dadar (West), Mumbai - 400028, Maharashtra, India
PAN No.:	AAEFP3641G
Holding Company :	INEOS ABS (Jersey) Limited, Channel Islands
Associates/Subsidiaries :	Ø Ineos ABS (USA) Corporation, Ohio (USA) Ø Ineos ABS (Spain) S.L., Barcelona, Spain Ø Shiva Pharmachem Private Limited, Vadodara (India) Ø Ineos USA LLC, Texas (USA) Ø INEOS ABS (Deutschland) Gmbh, Germany

CAPITAL STRUCTURE

(AS ON 31.12.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Share	Rs.10/- Each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17585625	Equity Share	Rs.10/- Each	Rs.175.856 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		175.856	175.856	175.856
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3624.898	3166.717	2548.443
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3800.754	3342.573	2724.299
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		181.437	213.472	234.912
TOTAL		3982.191	3556.045	2959.211
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1292.217	1361.841	1419.748
Capital work-in-progress		160.011	118.046	112.097
INVESTMENT		1013.718	926.470	712.849
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	946.899	710.533	574.900
	Sundry Debtors	1238.912	1093.992	854.280
	Cash & Bank Balances	633.138	596.706	372.951
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	656.359	409.175	188.550
Total Current Assets		3475.308	2810.406	1990.681
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	416.680	501.561	524.637
	Other Current Liabilities	1318.479	982.481	545.799
	Provisions	223.904	176.676	205.728
Total Current Liabilities		1959.063	1660.718	1276.164
Net Current Assets		1516.245	1149.688	714.517
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3982.191	3556.045	2959.211

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011
	SALES
		Income	8254.635
		Other Income	112.703
		TOTAL	8367.338
Less	EXPENSES
		Consumption materials changes inventories	6197.646
		Manufacturing service costs	683.127
		Employee related expenses	257.506
		Administrative selling other expenses	314.829
		TOTAL	7453.108
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		914.230
Less/ Add	DEPRECIATION/ AMORTISATION		139.401
	PROFIT BEFORE TAX		774.829
Less	TAX		235.165
	PROFIT AFTER TAX		539.664
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2090.558
Less	APPROPRIATIONS
		Proposed Dividend	70.343
		Tax on Proposed Dividend	11.140
		Transferred to General Reserve	55.000
	BALANCE CARRIED TO THE B/S		2493.739
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	22.570
	TOTAL EARNINGS		22.570
	IMPORTS
		Raw Materials	4900.428
		Stores & Spares	2.426
		Capital Goods	4.193
		Traded Goods
	TOTAL IMPORTS
	Earnings Per Share (Rs.)		30.69

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009
	SALES
		Income	7423.679	5591.307
		Other Income	54.823	44.473
		TOTAL	7478.502	5635.780
Less	EXPENSES
		Cost of Material Consumed	5236.707	3488.135
		Cost of Traded Goods Sold	0.000	2.711
		Personnel Cost	226.815	200.987
		Manufacturing and Other Expenses	503.632	522.456
		Selling and Distribution Expenses	366.143	416.595
		Increase/ Decrease in Stocks	(21.434)	110.752
		TOTAL	6311.863	4741.636
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1166.639	894.144
Less/ Add	DEPRECIATION/ AMORTISATION		139.779	144.853
	PROFIT BEFORE TAX		1026.860	749.291
Less	TAX		326.560	259.390
	PROFIT AFTER TAX		700.300	489.901
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1544.784	1175.897
Less	APPROPRIATIONS
		Proposed Dividend	70.343	61.550
		Tax on Proposed Dividend	11.683	10.464
		Transferred to General Reserve	72.500	49.000
	BALANCE CARRIED TO THE B/S		2090.558	1544.784
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	1.521	0.872
	TOTAL EARNINGS		1.521	0.872
	IMPORTS
		Raw Materials	4106.573	3044.573
		Stores & Spares	2.678	1.233
		Capital Goods	2.415	3.971
		Traded Goods	0.000	2.708
	TOTAL IMPORTS		4111.666	3052.485
	Earnings Per Share (Rs.)		39.82	27.86

QUARTERLY RESULTS

PARTICULARS	31.03.2012	30.06.2012	30.09.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	2358.150	2359.910	2628.030
Total Expenditure	2129.970	2213.140	2293.870
PBIDT (Excl OI)	228.180	146.770	334.160
Other Income	42.320	26.550	27.000
Operating Profit	270.500	173.310	361.160
Interest	0.000	0.000	0.000
Exceptional Items	0.000	0.000	0.000
PBDT	270.500	173.310	361.160
Depreciation	32.740	32.910	32.840
Profit Before Tax	237.760	140.400	328.320
Tax	77.000	40.500	106.500
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	160.760	99.900	221.820
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	160.760	99.900	221.820

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	6.45	9.36	8.69
Net Profit Margin (PBT/Sales)	(%)	9.39	13.83	13.40
Return on Total Assets (PBT/Total Assets}	(%)	16.25	24.61	21.97
Return on Investment (ROI) (PBT/Networth)		0.20	0.31	0.28
Debt Equity Ratio (Total Liability/Networth)		0.52	0.50	0.47
Current Ratio (Current Asset/Current Liability)		1.77	1.69	1.56

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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 involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS

During the year, the net sales amounted to Rs. 9099.800 Millions (Prev. year Rs. 8161.000 Millions The Operating profit of the Company after accounting relevant expenses amounts to Rs. 914.200 Millions Reflecting a decrease by 21.63 % (Prev year Rs. 1166.600 Millions ) and the net profit has decreased to Rs. 539.700 Millions (Prev. year Rs.700.300 Millions).

The earning per share has decreased to Rs. 30.69 from Rs. 39.82 last year.

During the year, Company has not increased share capital which remains unchanged at Rs 175.800 Millions

The Board of Directors is pleased to record Companys debt free status, for the ninth year in succession.

The Company has fared very credibly during the year inspite of tremendous volatility in raw material prices. While Acrylonitrile moved between 2800 USD to 1800 USD, Butadiene moved between USD 4200 and USD 1700 Styrene though was relatively stable and moved between USD 1500 to USD 1300 USD. Such kind of volatility has created a huge pressure on the pricing and margins specially in the last quarter of the year where in addition there was a sudden change/s in the raw material/s prices and sudden depreciation of INR by almost 20%.

With increased capacity in the current year, the company expects to actively participate in the market and improve market share. With the technology available from Styrolution companies the company will be able to cater to the customers needs in a better manner.

During the year the company increased the capacity and further steps have been taken to increase the ABS capacity to 110 KT which will be implemented by 2014. As a first step the SAN capacity is being increased to 100 KTA and this capacity will be available in 2013.

The company continues to maintain its leadership position in the market.

Styrolution

Consequent upon the formation of 50:50 Global joint venture between INEOS and BASF, bringing together key Styrenics business of the two joint venture partners worldwide effective October 1, 2011, M/s. Styrolution (Jersey) Limited (formerly known as INEOS ABS (Jersey) Limited), the acquirer, along with persons acting in concert has in terms of SEBI (SAST) Regulations 1997, made a public offer to the shareholders of the Company, vide Offer document dated January 5, 2012. The cash offer price is Rs. 6068.100 Millions (Rupees six hundred six and paise eighty one only) for one fully paid up equity share of Rs. 10 each to acquire maximum of 2,931,920 equity shares representing balance 16.67% of the capital of the Company.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars	31.12.2011 Rs. In Millions	31.12.2010 Rs. In Millions
Income Tax	25.759	12.718
Excise Duty	6.944	5.842
Sales Tax	7.262	5.739
Bank Guarantee	1.380	1.380
Claims against the Company not acknowledged as debts	7.683	7.683
Letter of Credit pending Shipment	222.749	0.000

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 30.09.2012

(Rs. In Millions)

Sr. No.	PARTICULARS	3 months ended	Preceding 3 months Ended	Year to date figures for Current Period ended
		30.09.2012	30.06 2012	30.09.2012
		(Unaudited)	(Unaudited)	(Unaudited)
1	Income from operations
	a) Net safes / income from operations (Net of excise duty)	2627.903	2358.150	7342.418
	b) Other operating income	0.126	0.764	3.671
	Total income from operations (net)	2628.029	2359.914	7346.089
2	Expenses
	a) Cost of materials consumed	1980.914	1856.999	5579.546
	b) Purchases of stock-in-trade	-		-
	c) Changes in inventories of finished goods and work-in-process	(72.117)	27.179	7.997
	d) Employee benefits expense	70.421	68.324	205.673
	e) Depreciation and amortisation expense	32.837	32.913	98.486
	f) Other expenses (Any item exceeding 10% of the total expenses relating to continuing operations to be shown separately).	314.652	260.643	843.771
	Total expenses	2326.707	2246.058	6735.473
3	Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2)	301.322	113.856	610.616
4	Other income	27.002	26.547	95.868
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items (3+4)	328.324	140.403	706.484
6	Finance costs	NIL	NIL	NIL
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5-6)	328.324	140.403	706.484
8	Exceptional items	NIL	NIL	NIL
9	Profit / (Loss) from ordinary activities before tax (7+8)	324.324	140.403	706.484
10	Tax expense (including Deferred Tax)	106.500	40.500	224.000
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	221.824	99.903	482.484
12	Extraordinary items	NIL	NIL	NIL
13	Net Profit / (Loss) for the period (11-12)	221.824	99.903	482.484
14	Paid-up equity share capital (Face value of (he share Rs.10)	175.856	175.856	175.856
15	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16	Earnings per share
	a) Basic and diluted EPS before extraordinary items for the period	12.61	5.68	27.44
	b) Basic and diluted EPS after extraordinary items for the period	12.61	5.68	27.44
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	- Number of shares	2,228,845	2,228,845	2,228,845
	- Percentage of shareholding	..12.67%	12,67%	12.67%
2	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of shares	NIL	NIL	NIL
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	NIL	NIL	NIL
	- Percentage of shares (as a % of the total share capital of the Company)	NIL	NIL	NIL
	b) Non-encumbered
	- Number of shares	15,356,780	15,366,780	15,356,780
	- Percentage of shares (as a % of the total shareholding of Promoter and Promoter group)	100.00%	100.00%	100.00%
	- Percentage of shares (as a % of the total share capital of the company)	87.33%	87.33%	87.33%

NOTES:

1. The Statutory Auditors of the Company have carried out a limited review of the results for the quarter ended September 30, 2012, The limited review report does not contain any modification or qualification.

2. The above results were reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on October 29, 2012.

3. The operations of the Company are in "Highly Specialised Engineering Thermoplastics" segment only.

4. The figures of the previous year/period have been regrouped /reclassified wherever necessary.

FIXED ASSETS:

Ø Freehold Land

Ø Leasehold Land

Ø Building

Ø Plant and Machinery

Ø Factory Equipment

Ø Furniture, Fixtures

Ø Office Equipments

Ø Vehicles

WEBSITE DETAILS:

Ø The Company was incorporated as ABS Plastics Limited in the year 1973.

Ø In 1992, the name was changed to ABS Industries Limited.

Ø In 1997, Bayer AG acquired a majority share of 51% in ABS Industries Limited. The company then became a part of the Bayer group and was rechristened as “Bayer ABS Limited”.

Ø In early 2004, Bayer Group globally decided to restructure its business, The styrenic-based Polymer products became the part of a new group named LANXESS and Company's name changed to "LANXESS ABS Limited".

Ø In 2008, INEOS ABS (Jersey) Limited, UK, acquired major stake constituting 83.33 % of total paid up capital of the Company, thereby becoming the holding Company of LANXESS ABS Limited After following appropriate required procedure, the change of name was effected from. June 17,2008 to INEOS ABS (India) Limited.

PROFILE:

The Company was originally incorporated as ABS Plastics Limited in the year 1973 then changed its name to ABS Industries Limited. The erstwhile ABS Industries Limited now INEOS ABS (India) Limited (the ‘Company’) w.e.f. June 17, 2008, is a pioneer in developing the market for the versatile engineering thermoplastic material – Acrylonitrile Butadiene Styrene (ABS) in India, when it started its operation in 1978 by manufacturing and marketing ABS polymer under the brand name of ABSOLAC. Since then the company has been continuously growing through a planned process of aggressive market development and consolidation, technology updation and capacity build up.

The company also set up India’s first modern and dedicated Styrene Acrylonytrile (SAN) plant in 1993, with technical know-how from M/s JSR, Japan for manufacture of various grades of ABSOLAN – SAN.

In early 1997, Bayer Industries Private Limited, a 100% holding company of the German major, Bayer AG acquired a majority share of 51% in ABS Industries Limited. The company then became a part of the Bayer group and was rechristened as “Bayer ABS Limited”.

In early 2004, Bayer Group globally decided carving out of styrenic-based Polymer products, beside other business, into a new group LANXESS, the said business was then globally transferred to a 100% subsidiary of Bayer AG to a Company styled as LANXESS Deutschland GmbH. Once the business operations at Bayer ABS Limited were regrouped within the LANXESS group, LANXESS AG has become an ultimate holding Company under the spin off process.

LANXESS India Private Limited (which is 100% subsidiary of LANXESS AG Germany) acquired 89,63,564 equity shares of Rs.10/- each in Bayer ABS Limited (BABS) constituting 50.97% of the paid up share capital of Bayer ABS Limited from Bayer Industries Private Limited and became a holding Company of the Company.

Consequent to acquisition of 50.97 % share capital by LANXESS India Private Limited and the shareholders approval at the 32nd Annual General Meeting held on 28th April, 2005, the Office of Registrar of Companies (ROC) has approved the change of name of the Company from Bayer ABS Limited to LANXESS ABS Limited w.e.f. 29th April, 2005.

The Company is a public listed company and actively traded in National stock Exchange Limited (NSE) and Bombay Stock Exchange Limited (BSE).

The 3rd major global Chemical giant INEOS Group, approx. turnover of 45 $ Bn, entered into an agreement with LANXESS AG, Germany, to acquire world over the styrenic business (ABS) and in the process INEOS ABS (Jersey) Limited entered into an agreement with the promoters of the Company and LANXESS INDIA Private Limited to acquire major the stake in LANXESS ABS Limited INEOS Group made an offer to the general shareholders through open offer, to acquire major stake in LANXESS ABS Limited to an agreed price stated in the open offer.

Thus INEOS ABS (Jersey) Limited, then acquired major stake constituting 83.33 % of total paid up capital, which concluded on March 5, 2008. Thus, from 13th March, 2008, INEOS ABS (Jersey) Limited, part of chemical major global group 'INEOS', held 83.33% of paid up capital comprising 14,653,705 no. of Equity Shares of the Company, became the holding Company of LANXESS ABS Limited and controlled the management and affairs of the Company. The office of Registrar of Companies has then granted change of name w.e.f. June 17, 2008 to INEOS ABS (India) Limited.

The company has introduced tailor-made grades in ABS, to suit specific requirements of customers who are the leading manufacturers in the field of household, automotive, electronic and telecom sector.

Some of the prominent clients of the Company include Samsung, LG, Videocon, BPL, Ford, Hero Honda, Cello, Lexi and Bajaj. With an uptrend in consumer spending on automobiles, white goods and electronic products the demand for ABS resin is growing up significantly.

With a well defined accent on quality monitors on inputs, process controls, packaging and finished products, INEOS ABS (India) Limited offers its customers an extensive range of performance thermoplastics – from its indigenous production. The range of products and the variety of grades for a given product are developed and made, to meet almost all the requirements of many sectors of the industry demanding high performance and quality.

Fuelled by the increasing worldwide demand for engineering thermoplastics, INEOS ABS (India) Limited, a public listed company in NSE and BSE has already commissioned its expansion of SAN capacity from 36,000 tpa to 65,000 tpa, which has helped increasing its capacity of ABS from 60,000 tpa to 1,00,000 tpa. This expansion to 100,000 tpa is being funded through internal accruals. The SAN polymer is being used for captive consumption for making ABS and is also being sold as merchant product.

According to Mr. Rakesh Agrawal, Managing Director of the Company “The future is in polymers. The investment in the state-of-the-art R and D facilities at Moxi is paying them rich dividends. With an uptrend in consumer spending on automobiles, white goods and electronic products the demand for ABS resin will go up significantly. They also see good scope for SAN resins.”

The Company enjoys a debt free situation today and is expected to perform well in forthcoming years. With its technological expertise and international collaboration with global leaders, the Company has always anticipated future demand and it has increased capacities steadily to meet these demands. The Company is watching eagerly the developments in China. To have quick responses to such developments the Company is also carrying out studies for a grass-root facility.

Infrastructure:

Nandesari Plant:

Nandesari Plant is located in GIDC Industrial Estate Nandesari. This plant manufactures ABSOLAC (Acrylonytrile Butadiene Styrene). The plant was started with an installed capacity of 2000 Tones/ annum in 1978. The Plant is now doing exceedingly well. This year the production of ABS has remained at the level of 50000 MT.

Katol Plant:

This fully automated plant produces the ABSOLAN Plastic Resin. The plant was started in 1993.

Wind Farm:

Wind farms have been an important source of energy generation which in turn has reduced the power consumption worth 8 mio Units.

PRESS RELEASE:

Global automotive companies rely on Luran® S SPF30 from Styrolution for exterior applications

Frankfurt, Germany – October 17, 2012

Styrolution, the world’s leading styrenics supplier today announced that automotive manufacturers and suppliers, such as Volkswagen (VW), Skoda and Magna, have selected Styrolution’s Luran® S SPF30 for various pre-colored applications for automotive exteriors. The product utilizes a new ultraviolet (UV) stabilization technology and provides major improvements in color fastness and surface quality for components such as the front grills on the new Golf 7, mirror triangles on the VW Up, and the front grills on the Skoda Yeti. The Skoda front grill will be on display at Styrolution’s booth at the international trade show Fakuma 2012, which takes place from October 16 to 20 in Friedrichshafen, Germany

Higher surface quality and color durability

Luran S SPF30 belongs to the Luran S product line and is part of Styrolution’s Specialties portfolio. Luran S grades are based upon acrylonitrile styrene acrylate (ASA) copolymers and offer a broad range of exceptional properties, including high thermal stability, good chemical resistance and excellent resistance to weathering, aging and yellowing. Luran S is therefore used in applications with exposure to extreme conditions. Typical applications in the automotive sector include exterior mirror housings, front grills and other exterior trims. One of the key benefits of Luran S SPF30 is that it retains gloss and color considerably longer than previous grades, ensuring significantly reduced graying and yellowing when exposed to light. For this reason, the purchasing department of VW recommends replacing LURAN S Q42 with Luran S SPF30 for use in exterior parts made from ASA, because it offers higher surface quality and color durability.

Helping customers succeed through joint innovation

Styrolution’s specialty product innovations for the automotive Industry are typically driven by new OEM requirements, which often lead to a customized solution developed in cooperation with customers. “Our main objective was to meet Automotive OEM expectations by providing higher quality in unpainted vehicle parts. With the introduction of Luran S SPF30 at VW in 2011, we became the first supplier in the market to achieve this,” says Pierre Juan, automotive sales director at Styrolution. “Now, several other automotive manufacturers from around the globe have also approved Luran S SPF30 for use in their cars, including Daimler, Opel and Peugeot (PSA). Styrolution is planning to use its manufacturing sites in every region to make this new material available on a global scale and is also planning to leverage this new UV stabilization technology breakthrough for other product types.”

Benefits of Luran S SPF30 are appealing to leading automotive part suppliers

The benefits of Styrolution’s product have also attracted leading automotive part suppliers, such as Magna. “We decided to use Luran S SPF30 because we wanted to be at the cutting edge of material performance and innovation. Since switching to the new product, we now benefit from increased performance and cost efficiency,” explains Zuzana Pajerová, material application engineer at Magna Czech Republic.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YESS
TOTAL		60

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.