MIRA INFORM REPORT

Report Date :

18.04.2013

IDENTIFICATION DETAILS

Name :	FINOLEX INDUSTRIES LIMITED

Registered Office :	Gate No.399, Village Urse, Taluka Maval, District Pune – 410 506, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	28.03.1981

Com. Reg. No.:	024153

Capital Investment / Paid-up Capital :	Rs. 1240.868 Millions

CIN No.: [Company Identification No.]	L40108PN1981PLC024153

TAN No.: [Tax Deduction & Collection Account No.]	KLPF00119A

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

Line of Business :	Manufacturers of PVC Pipes

No. of Employees :	1063 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 26000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having a fine track record. The company is performing well. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for business dealings at usual trade terms and condition.

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

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	CRISIL
Rating	Long term Rating : A+
Rating Explanation	Adequate degree of safety and low credit risk
Date	06.02.2012

Rating Agency Name	CRISIL
Rating	Short term Rating : A1
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	06.02.2012

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/ Factory1 :	Gate No.399, Village Urse, Taluka Maval, District Pune – 410 506, Maharashtra, India
Tel. No.:	91-2114-237251
Fax No.:	91-2114-237252
E-Mail :	investors@finolexind.com aa@finolexind.com
Website :	www.finolex.com

Factory2 :	Pawas Road, Pawas, Ratnagiri 415612, Maharashtra, India
Tel. No.:	91-2352-238027 / 28 / 29 / 30 / 31
Fax No.:	91-2352-238033 / 238045
E-Mail :	jsa@rtg.finolexind.com

Factory3 :	D-1/10, MIDC, Chinchwad, Pune-411019, Maharashtra, India.
Tel. No.:	91-20-27443706
Fax No.:	Not Available

DIRECTORS

As on : 31.03.2012

Name :	Mr. P. P. Chhabria
Designation :	Non Executive Chairman

Name :	Mr. K. N. Atmaramani
Designation :	Independent Director

Name :	Mr. D. N. Damania
Designation :	Independent Director (Effective 29.07.2011)

Name :	Mr. S.N.Inamdar
Designation :	Independent Director

Name :	Dr. Sunil U. Pathak
Designation :	Independent Director

Name :	Mr. P.D. Karandikar
Designation :	Independent Director

Name :	Mr. Sanjay Asher
Designation :	Independent Director

Name :	Mr. K. P. Chhabria
Designation :	Executive Vice Chairman

Name :	Mr. Prakash P. Chhabria
Designation :	Managing Director

Name :	Mr. S.S. Dhanorkar
Designation :	Assistant Managing Director and Chiesf Operating Officer

Name :	Mr. P. Subrsamaniam
Designation :	Assistant Managing Director and Chiesf Operating Officer

Name :	Mr. S. S. Math
Designation :	Director (Operations) (Effective 04.02.2012)

KEY EXECUTIVES

Name :	Mr. Anil Atre
Designation :	Company Secretary

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	1,282,149	1.03
Bodies Corporate	63,725,448	51.35
Sub Total	65,007,597	52.39
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	65,007,597
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	22,849	0.02
Financial Institutions / Banks	38,102	0.03
Insurance Companies	85,081	0.07
Foreign Institutional Investors	5,528,739	4.46
Sub Total	5,674,771	4.57
(2) Non-Institutions
Bodies Corporate	6,637,163	5.35
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	15,459,336	12.46
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	28,680,209	23.11
Any Others (Specify)
Clearing Members	847,550	0.68
NRIs/OCBs	1,297,570	1.05
Trusts	490,670	0.40
Limited Liability Partnership	515	0.00
Sub Total	53,413,013	43.04
Total Public shareholding (B)	59,087,784	47.61
Total (A)+(B)	124,095,381	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	124,095,381	100.00

Note :

For determining public shareholding for the purpose of clause 40A
For definations of promoter and promoter Group
Public shareholding

BUSINESS DETAILS

Line of Business :

Manufacturers of PVC Pipes

Products :

Item Code No. (ITC Code)	Product Description
39042110	S PVC Resin
39042210	E PVC Resin
39172390	PVC Pipes
39174000	PVC Fittings
Not Available	Power

Brand Names :

"Fine"
"Flexibles"
"O"

GENERAL INFORMATION

No. of Employees :

1063 (Approximately)

Bankers :

· Bank of India

· ICICI Bank Limited

· Bank of Baroda, India

· Citibank N.A.

· Bank of Maharashtra

· The Bank of Nova Scotia (Scotia Bank),

· Corporation Bank

· The Royal Bank of Scotland N.V.

Facilities :

Rs in Millions

Secured Loan	31.03.2012	31.03.2011
Debentures
350 (500)9.50% Secured Redeemable Non-convertible debentures of Rs. 1000000 each.	350.000	500.000
1000 (1000) 12.25% Secured Redeemable Non-convertible debentures of Rs. 1000000 each.	1000.000	1000.000
From Banks:
Term loan from ICICI Bank Limited. was availed in F.Y.2007-08 and carries interest at the rate of 1.37438 % p.a.. The loan is repayable in 3 equal instalments beginning from F.Y.2011-12.1st Instalment of Term loan from Central Bank of India was availed in F.Y.2011-12 and carries interest at the rate of 11.75 % p.a..The loan is repayable in 3 equal annual instalments from the date of disbursement	348.520	257.293
Working Capital Borrowings from Banks	61.890	178.413
Total	1760.410	1935.706

Auditors :
Name :	B.K. Khare and Company Chartered Accountants

Solicitors and Advocates:	Crawford Bayley and Company, Mumbai, Maharashtra, India

Related parties:	Finolex Cables Limited, India Finolex Plasson Industries Limited, India Finprop Advisory Services Limited, India Pawas Port Limited, India Orbit Electricals Private Limited, India Kaya Software Private Limited, India

CAPITAL STRUCTURE

As on : 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

150000000	Equity Shares	Rs.10/- each	Rs. 1500.000 Millions
	Unclassified Shares		Rs. 850.000 Millions
	Total		Rs. 2350.000 Millions

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount

124095381	Equity Shares	Rs.10/- each	Rs. 1240.954 Millions
	Less : Amount in Arrears, other than from Directors		Rs. 0.086 Millions
	Total		Rs. 1240.868 Millions

Reconciliation of the Shares Outstanding :

Equity Shares	No. of Shares	Amount
At the beginning of the period	124060235	1240.602
Add: Allotted during the period pursuant to section 81(1A) of the Companies Act,1956.	35146	0.352
Outstanding at the end of the period	124095381	1240.954

Terms/ Rights attached to equity shares:

The Company has only class of equity shares having a par value of Rs. 10 per share. Each holder of the equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31, 2012, the amount of per share dividend recognised as distributed to equity shareholders was Rs.3 (March 31, 2011 Rs.3 ).

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

Shares held by holding/ultimate holding company and/or their subsidiaries/associates:

The Company does not have any holding or ultimate holding company

As at 31.03.2012

Details of shareholders holding more than 5% shares in the company:	No. of Shares	% of Holding
Equity shares of Rs. 10 each fully paid Finolex Cables Limited	40192597	32.39
Orbit Electricals Private Limited	23318901	18.79
TOTAL	63511498	51.18

Note: Shareholding of Orbit Electricals Private Limited has increased from 3.45% to 18.79% due to amalgamation of certain companies holding shares in the Company vide order of the Honourable High Court of Judicature, Bombay dated 29th July 2011. The amalgamat-ing companies individually were holding shares less than 5% each.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1240.868	1240.448	1240.110
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5380.224	4962.698	4636.726
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6621.092	6203.146	5876.836
LOAN FUNDS
1] Secured Loans		1760.410	1935.706	2054.194
2] Unsecured Loans		8364.031	5410.097	6280.876
TOTAL BORROWING		10124.441	7345.803	8335.070
DEFERRED TAX LIABILITIES		898.555	800.698	734.540

TOTAL		17644.088	14349.647	14946.446

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		7840.146	7924.757	8356.357
Capital work-in-progress		853.589	721.694	663.794

INVESTMENT		4932.085	2079.878	3263.807
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3263.208	4013.140	3397.492
	Sundry Debtors	422.605	1234.362	362.146
	Cash & Bank Balances	290.759	268.561	827.433
	Other Current Assets	518.928	632.614	0.000
	Loans & Advances	2712.141	2221.533	1956.335
Total Current Assets		7207.641	8370.210	6543.406
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1297.481	2408.611	1767.942
	Other Current Liabilities	1411.272	1841.317	1619.841
	Provisions	480.620	496.964	493.135
Total Current Liabilities		3189.373	4746.892	3880.918
Net Current Assets		4018.268	3623.318	2662.488

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		17644.088	14349.647	14946.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	20997.752	19777.262	14743.799
		Other Income	304.600	293.599	0.000
		TOTAL (A)	21302.352	20070.861	14743.799

Less	EXPENSES
		Cost of materials consumed	14968.773	12704.599	0.000
		Manufacturing Expenses	0.000	0.000	10107.502
		Purchases of stock in trade	446.379	575.323	0.000
		Salaries, Wages, Bonus etc	0.000	0.000	413.784
		Changes in inventories of finished goods	84.747	319.191	0.000
		Administrative Expenses	0.000	0.000	1785.325
		Employees benefits expenses	564.078	505.335	0.000
		Other expenses	2766.219	3475.968	0.000
		TOTAL (B)	18830.196	17580.416	11921.326

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2472.156	2490.445	2822.473

Less	FINANCIAL EXPENSES (D)		749.607	596.628	466.066

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1722.549	1893.817	2356.407

Less/ Add	DEPRECIATION/ AMORTISATION (F)		755.128	744.291	616.741

	PROFIT BEFORE TAX (E-F) (G)		967.421	1149.526	1739.666

Less	TAX (I)		215.908	387.816	416.428

	PROFIT AFTER TAX (G-I) (J)		751.513	761.710	1323.238

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		819.254	842.944	355.106

Less	APPROPRIATIONS
		General Reserve	200.000	200.000	200.000
		Debenture Redemption Reserve	0.000	150.000	200.000
		Contingency Reserve	121.500	0.000	0.000
		Proposed Dividend	373.268	372.100	372.100
		Tax on Dividend	60.394	63.300	63.300
	BALANCE CARRIED TO THE B/S		815.605	819.254	842.944

	IMPORTS
		Raw Materials	12169.562	12449.719	8720.965
		Stores & Spares	26.879	13.266	48.952
		Capital Goods	88.054	50.647	19.165
	TOTAL IMPORTS		12284.495	12513.632	8789.082

	Earnings Per Share (Rs.)		6.06	6.14	10.67

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2012	30.09.2012	30.12.2012
Net Sales	5198.500	3809.300	6144.500
Total Expenditure	5060.400	3170.600	5571.900
PBIDT (Excl OI)	138.200	638.700	572.600
Other Income	21.200	156.800	113.100
Operating Profit	159.400	795.500	685.700
Interest	160.600	142.500	129.600
Exceptional Items	0.000	0.000	0.000
PBDT	(1.200)	653.000	556.000
Depreciation	140.700	137.100	134.800
Profit Before Tax	(141.900)	515.900	421.300
Tax	(4.500)	116.700	115.200
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(137.400)	399.200	306.100
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	(137.400)	399.200	306.100

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.57	3.85	8.97

Net Profit Margin (PBT/Sales)	(%)	4.54	5.72	11.80

Return on Total Assets (PBT/Total Assets}	(%)	4.23	7.09	11.67

Return on Investment (ROI) (PBT/Networth)		0.15	0.18	0.29

Debt Equity Ratio (Total Debt /Networth)		1.53	1.18	1.42

Current Ratio (Current Asset/Current Liability)		2.25	1.76	1.68

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	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	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-------------------
22]	Litigations that the firm / promoter involved in	-------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-------------------
26]	Buyer visit details	-------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN :

Rs. in Millions

Particulars	31.03.2012	31.03.2011
Sales Tax deferral loan
Deferred Sales tax loan is interest free and repayable in 10 yearly instalments of various amounts starting from March 2020.	197.087	197.087
Inter Corporate Deposits	0	160.200
Acceptances from Banks	8166.944	5052.810
Total	8364.031	5410.097

INTRODUCTION :

The year has seen modest growth in production and sales of the Company’s products.

FINANCIAL REVIEW :

Despite increase in raw material prices including that of coal and the finance cost, the Company could maintain the net profit at almost the same level as in the previous year.

INDIAN ECONOMY AND EFFECT ON THE COMPANY :

The global economic environment which has been tumultuous throughout last year turned sharply adverse towards end of 2011 owing to political and economic uncertainties in the Euro zone. With international rating agencies raising doubts about the outlook on the US economy, the possibility of a global recession became more pronounced.

Comparatively the Indian economy has shown a growth of around 6.9 % in 2011-12 as compared to 8.4 % in the previous year. Agricultural growth remains a priority for the Indian Government in order to achieve “inclusive growth”. Though the share of agriculture in India’s GDP is slowly declining, the importance of the sector to the economy continues to be very high because of its share in employment and its impact on the macro economic environment. The policy makers are still concerned that even today the agricultural growth is affected by the vagaries of nature. The Union Budget for 2012-13 has sharply increased allocation for agriculture and irrigation. The target for agricultural credit has been raised by `10000.000 Millions to `5750.000 Millions in 2012-13. Irrigation and Water Resource Finance Company is being operationalized to mobilize large resources to fund irrigation projects.

All the above factors bode well for Company’s business.

INDUSTRY OUTLOOK :

PVC Resin Business

The domestic demand for PVC Resin grew by 3% during the year under review. The demand-supply gap continues to be filled in by imports. The total imports were around 800,000 MTs during the year under review. It is expected that this trend will continue over the years to come.

PVC Pipes Business

The demand for PVC Pipes continued to show strong growth during the year. PVC Pipes are mainly used in rural areas for Agriculture and Irrigation sectors. The pan India network of dealers has enabled the company to reach even the remotest villages of India. The brand equity of the Company along with high quality of plumbing and sanitation pipes has posted growth in this sector.

The Company has increased its annual production capacity at the existing locations by debottlenecking to the extent of additional 20,000 MTs. The new Pipes Plant in the state of Gujarat of 50,000 MTs p.a., capacity is under construction and is expected to be operational during 2012-13.

FINANCE :

The interest and finance charges for the year were Rs.749.607 Millions as against Rs.596.628 Millions for the previous year.

CONTINGENT LIABILITIES AND COMMITMENTS:

Guarantees given by the Company’s Bankers on behalf of the Company towards performance and other matters: Rs. 142.144 Millions (Rs. 156.507 Millions).

Claims against the Company not acknowledged as debt :

A. Liabilities in respect of income tax matters for which the Company has succeeded in appeal but Income Tax Department has gone in further appeal and exclusive of the effect of similar matters in respect of pending assessments, Rs. 17.938 Millions (Rs. 3.037 Millions).

B. Liabilities in respect of income tax matters for which the Company has gone in further appeal and exclusive of the effect of similar matters in respect of pending assessments, Rs. 41.222 Millions (Rs. 8.877 millions).

C. Excise/Customs/Service Tax in respect of which either show cause notice is received or the Company/Department is in appeal, Rs. 267.487 Milions (Rs. 243.529 Millions).

D. Amounts claimed by banks in respect of derivative transactions which are under dispute not acknowledged as debt, Rs. 2225.430 Millions (Rs. 2397.754 Millions).

In view of counter claims of the Company against the Banks, the facts and circumstances of the case and uncertainty of period for which the litigations will continue, a reliable estimate of the obligation, if any, cannot be made. It is unlikely that there will be a material liability on the Company on this account in near future. Therefore, in view of what is stated above no provision is required To be made out of the current year’s profit. The Company has been legally advised in respect of this issue confirming the aforesaid action.

E. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance payments), Rs. 331.709 Millions (Rs. 142.459 Millions)

PRESS RELEASE :

02.04.2013

Finolex to cut debt aggressively; sees FY14 margins at 11%

Finolex Industries new plant at Masar is expected to increase the company’s production capacity by 25 percent. Speaking to CNBC-TV18 chairman Prakash Chhabria said Finolex's margins may boost to 11 percent in FY14.

Meanwhile, the debt on company's book stood at Rs 8990.000 Millions in FY12 and the company is now looking to reduce debt and interest costs aggressively.

"In the last quarter, we managed to reduce interest cost by about 30 percent, and we plan to do the same in FY14," he added.

Fixed Assets:

· Land (freehold and leasehold)

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Aircraft

Statement of Unaudited financial results for the Quarter and

Nine Months Ended on 31st December, 2012

Sr. No	Particulars	Standalone
		Unaudited	Unaudited	Unaudited
		Quarter Ended		Year to date
		31.12.2012	30.09.2012	31.12.2012
1	Income from operations
	(a) Net Sales/Income from Operations (Net of excise duty)	6133.124	3807.800	15132.838
	(b) Other Operating Income	11.350	1.499	19.474
	Total income from operations (net) (a) + (b)	6144.474	3809.299	15152.312
2	Expenses (a) Cost of materials consumed	5043.478	2872.094	10719.801
	(b) Purchases of stock-in-trade	0.868	4.726	6.374
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(704.234)	(538.884)	(561.676)
	(d) Employee benefits expense	167.560	183.432	509.032
	(e) Depreciation and amortisation expense	134.781	137.114	412.548
	(f) Power and Fuel	219.904	204.759	649.683
	(g) Other expenditure	844.332	444.511	2479.699
	Total expenses	5706.689	3307.752	14215.461
3	Profit / (Loss) from operations before other income, finance costs and exceptional items(1-2)	437.785	501.547	936.851
4	Other Income	113.103	156.813	291.136
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items(3 + 4)	550.888	658.360	1227.987
6	Finance costs	129.630	142.472	432.714
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional items(S - 6)	421.258	515.888	795.273
8	Exceptional items	-	-	-
9	Profit / (Loss) from ordinary activities before tax (7 + 8)	421.258	515.888	795.273
10	Tax Expense	115.168	116.703	227.368
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	306.090	399.185	567.905
12	Extraordinary Items (net of tax expense)	-	-	-
13	Net Profit / (Loss) for the period (11 -12)	306.090	399.185	567.905
14	Share of profit / (loss) of associates	-	-	-
15	Minority interest	-	-	-
16	Net Profit / (Loss) after taxes, minority interest and share of profit of associates (13 + 14 + 15)	306.090	399.185	567.905
17	Paid-up equity share capital (Nominal value Rs. 10 per share)	1240.954	1240.954	1240.954
18	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	^_	_
19(i)	Earnings per share (before extraordinary items)
	(of Rs. 10/- each) (not annualised):
*	(a) Basic (b) Diluted	2.47	3.22	4.58

Sr. No	Particulars	Quarter Ended		Year to date ended
		31.12.2012	30.09.2012	31.12.2012
A 1	PARTICULARS OF SHAREHOLDING
	Public shareholding - Number of shares	59087784	59087784	59087784
	- Percentage of shareholding	47.61	47.61	47.61
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	65007597	65007597	65007597
	- 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)	52.39	52.39	52.39

Particulars	Quarter ended 31.12.2012
B INVESTOR COMPLAINTS (Nos)
Pending at the beginning of the quarter	2
Received during the quarter	4
Disposed of during the quarter	6
Remaining unresolved at the end of the quarter	0

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Sr. No	Particulars	Unaudited	Unaudited	Unaudited
		Quarter Ended		Year to date
		31.12.2012	30.09.2012	31.12.2012
1.	SEGMENT REVENUE Net Sale /Income from each segment:
	PVC	44059.71	27794.83	110817.46
	PVC Pipes & Fittings	35578.81	29446.60	96368.92
	Power	6163.72	5140.00	15249.07

	Total	85802.24	62381.43	222435.45
	Less: Inter segment Revenue	24357.50	24288.44	70912.33

2 a b c	Net Sales / Income from Operations SEGMENT RESULTS	61444.74	38092.99	151523.12
	Profit / (Loss) before tax and interest
	from each segment:
	PVC	6584.24	5040.40	17372.42
	PVC Pipes & Fittings	1229.58	797.21	4016.18
	Power	2089.67	588.06	3150.28
	Total	9903.49	6425.67	24538.88
	Less:
I	Interest	1296.30	1424.72	4327.14
II	Other un-allocable expenditure	5201.02	1396.93	14824.48
	Add:
	Other un-allocable income	806.41	1554.86	2565.47
	Total Profit / (Loss) Before Tax	4212.58	5158.88	7952.73

3 a b c d	CAPITAL EMPLOYED
	Segment Assets - Segment Liabilities :
	PVC	69940.16	61292.53	69940.16
	PVC Pipes & Fittings	21020.08	26948.25	21020.08
	Power	36676.22	34854.88	36676.22
	Other than segments	61946.35	64933.25	61946.35
	Total	189582.81	188028.91	189582.81

Notes :

· Other Expenses includes foreign exchange loss and settlement of claim against derivate Rs. 367.161 Millions and Rs. 1138.663 Millions for the quarter and nine months ended 31^st dec, 2012

· The promoters of the Company have not pledged any of the shares held by them in the Company.

· Previous periods figure have been regrouped wherever necessary to conform to the current periods classification.

· The "Limited Review" of the financial results of the Company for the nine months ended 31 st December, 2012 has been completed by the statutory auditors

· The above results have been reviewed by audit committee and approved by the Board at its meeting held on 19th January, 2013.

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 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. 53.94
UK Pound	1	Rs. 82.76
Euro	1	Rs. 71.04

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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

3263.208

422.605

290.759

518.928

2712.141

7207.641

1297.481

1411.272

480.620

3189.373

4018.268

3.57

4.54

4.23

0.15

1.53

2.25

Unit