MIRA INFORM REPORT

Report Date :

28.08.2013

IDENTIFICATION DETAILS

Name :	IVP LIMITED
Registered Office :	Shashikant Narayan Redij Marg, Ghorupdeo, Cotton Green, Mumbai - 400 033, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.07.1929
Com. Reg. No.:	11-001503
Capital Investment / Paid-up Capital :	Rs. 103.263 Millions
CIN No.: [Company Identification No.]	L74999MH1929PLC001503
TAN No.: [Tax Deduction & Collection Account No.]	MUM104866B
PAN No.: [Permanent Account No.]	AAAC10992A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Foundry Chemicals, Castings, and Allied products.
No. of Employees :	About 500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears sharp dip in profit of the company in 2013. However, overall financial position of the company appears to be sound. Trade relations are fair. Business is active. Payment terms usually correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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/ Factory :	Shashikant Narayan Redij Marg, Ghorupdeo, Cotton Green, Mumbai - 400 033, Maharashtra, India
Tel No:	91-22-23723399 / 23719631 / 2 / 3 / 4/64652352-54
Fax No:	91-22-2373 9064/ 23723399/23719633
E-mail:	allana@vsnl.com siddique.lakdawala@ivpindia.com milkdawala@allana.com info@ivpindia.com ivpact@gmail.com
Website:	http://www.ivpindia.com
Corporate Office :	Sidhwa House, Third Floor, N.A Sawant Marg, Sasoon Dock, Colaba, Mumbai-400005, Maharashtra, India
Tel. No.:	91-22-65254222/ 65777256 / 22023200 / 22826100 / 22852800
Fax No.:	91-22-22821649/ 22875703
E-Mail :	info@ivpinida.com
Factory 1 :	Shashikant Narayan Redij Marg, Ghorupdeo, Cotton Green, Mumbai - 400 033, Maharashtra, India
Factory 2 :	Golmuri, Jamshedpur - 831 003, India
Factory 3 :	28-B, Kumbalagudu, 1st Phase, KIADB Industrial Area, Bangalore - 560 074, Karnataka, India
Factory 4 :	D-19/D-20, MIDC Area, Tarapur, Thane - 401 506, Maharashtra, India
Divisional sales offices :	· Ahmadabad · Bangalore · Mumbai · Calcutta · Chandigarh · Kochi · Coimbatore · Jamshedpur · Chennai · New Delhi · Secunderabad
Representative offices at :	· Asansol · Gurgaon · Hubli · Indore · Nagpur · Pune

DIRECTORS

As on 31.03.2013

Name :

Mr. Shiraz Abdul Razak Allana

Designation :

Chairman

Address :

Allana House, Allana Road, Colaba, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

11.07.1960

Date of Appointment :

18.06.2002

DIN No.:

00481054

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	U91990MH1991GAP059748	WORLD MEMON FOUNDATION (INDIA)	Director	14/02/2001	14/02/2001	-	Active	NO
2	U91110MH1990GAP059450	ALLANA FOUNDATION	Director	14/02/2001	14/02/2001	-	Active	NO
3	L74999MH1929PLC001503	IVP LIMITED	Director	18/06/2002	18/06/2002	-	Active	NO
4	U15140MH2005PTC154419	ALLANA ENTERPRISES PRIVATE LIMITED	Director	01/07/2005	01/07/2005	29/07/2009	Active	NO

Name :

Mr. D. D. Vyas (from 1.4.2013)

Designation :

Whole time Director and President

Name :

Mr. Sam Burjorji Jijina

Designation :

Whole time Director and Company Secretary

Address :

17, Ahura Apartment, Gunpowder Road, Mumbai – 400010, Maharashtra, India

Date of Birth/Age :

17.03.1950

Date of Appointment :

26.06.2001

DIN No.:

00260123

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	U74140MH1997PTC107149	SODEXO FACILITIES MANAGEMENT SERVICES INDIA PRIVATE LIMITED	Director	25/09/1998	25/09/1998	01/06/2008	Active	NO
2	U74899MH1996PTC192296	SODEXHO INDIA PRIVATE LIMITED	Director	25/09/1998	25/09/1998	01/06/2008	Active	NO
3	L74999MH1929PLC001503	IVP LIMITED	Director	26/06/2001	26/06/2001	-	Active	NO
4	U51900MH1937PTC013977	GENERAL FILM DISTRIBUTORS PRIVATE LIMITED	Director	29/09/2005	29/09/2005	02/12/2010	Active	NO
5	U74140MH2008FTC182494	SODEXO SVC INDIA PRIVATE LIMITED	Director	21/05/2008	21/05/2008	-	Active	NO

Name :

Mr. Gowrishankar Kuppuswamy Tirumangalam

Designation :

Whole time Director and Company Secretary

Address :

12 Caramel Apartment, 30 Nepeansea Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

16.03.1950

Date of Appointment :

29.05.2005

DIN No.:

00847357

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	U51990MH1973PLC016285	ALLANASONS LIMITED	Director	01/10/2002	01/10/2002	16/05/2011	Active	NO
2	U51900MH1984PLC033754	ALAGRO TRADING LIMITED	Director	31/01/2003	31/01/2003	-	Active	NO
3	L51900MH1981PLC025145	ALNA TRADING AND EXPORTS LIMITED	Director	31/01/2003	31/01/2003	-	Active	NO
4	U63020MH1973PLC016807	ALLANA COLD STORAGE LIMITED	Director	05/02/2003	05/02/2003	14/10/2011	Active	NO
5	U15100MH1992PLC068160	INDAGRO FOODS LIMITED	Director	05/02/2003	05/02/2003	04/04/2007	Active	NO
6	U15100MH1980PTC022602	ALLANA FELDA INDIA PRIVATE LIMITED	Director	20/03/2003	20/03/2003	-	Active	NO
7	U65990MH1979PTC021815	SIRS INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	20/03/2003	20/03/2003	-	Amalgamated	NO
8	U65990MH1984PTC032716	SOYACO INVESTMENTS AND TRADING PRIVATE LIMITED	Director	20/03/2003	20/03/2003	-	Amalgamated	NO
9	U15100MH1994PLC078520	ALLANA INDUSTRIES LIMITED	Director	20/03/2003	20/03/2003	-	Active	NO
10	U24120MH1985PTC036812	HORNBELL CHEMICALS AND PLASTICS PRIVATE LIMITED	Director	18/11/2003	18/11/2003	-	Active	NO
11	U63010MH1980PTC023083	PHOENICIA TRAVEL AND TRANSPORT PRIVATE LIMITED	Director	18/11/2003	18/11/2003	-	Active	NO
12	U63023MH1984PTC031916	KALWA COLD STORAGE PRIVATE LIMITED	Director	18/11/2003	18/11/2003	-	Active	NO
13	U51900MH1980PTC022955	ALLANA IMPORTS AND EXPORTS PRIVATE LIMITED	Director	18/11/2003	18/11/2003	-	Active	NO
14	U65990MH1980PLC022448	ALLANA HOLDINGS LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
15	L74999MH1929PLC001503	IVP LIMITED	Director	29/05/2005	29/05/2005	-	Active	NO
16	U15140MH2005PTC154419	ALLANA ENTERPRISES PRIVATE LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
17	U74999MH1980PLC022620	DELMON FOODS LIMITED	Director	27/01/2007	27/01/2007	-	Active	NO

Name :

Mr. Raghunath Moanlal Rai Kumar

Designation :

Whole time Director and Company Secretary

Address :

B- 703, Utpal Park, 7^th Floor, Shitaladevi Temple Road, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

15.05.1925

Date of Appointment :

26.05.2005

DIN No.:

00261227

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	U99999MH1964PLC012913	HALDYN CORPORATION LIMITED	Director	06/11/1985	06/11/1985	-	Active	NO
2	L74999MH1989PLC052384	ROLTA INDIA LIMITED	Director	27/06/1989	27/06/1989	-	Active	NO
3	U26109GJ1980PLC003648	GOBIND GLASS AND INDUSTRIES LIMITED	Director	10/07/1989	10/07/1989	31/12/2008	Active	NO
4	L99999MH1988PLC047873	KJMC FINANCIAL SERVICES LIMITED	Director	05/10/1994	05/10/1994	-	Active	NO
5	U74999DL1988PLC033176	EASTERN MEDIKIT LIMITED	Director	27/09/1996	27/09/1996	15/03/2012	Active	NO
6	L16000GJ1955PLC067605	GOLDEN TOBACCO LIMITED	Director	30/12/2002	30/12/2002	-	Active	NO
7	L74999MH1929PLC001503	IVP LIMITED	Director	26/05/2005	26/05/2005	-	Active	NO
8	L67120WB1994PLC063008	GREENEARTH RESOURCES AND PROJECTS LIMITED	Director	05/04/2006	05/04/2006	23/07/2007	Active	NO
9	L59422MH1990PLC059422	UNIFLEX CABLES LIMITED	Director	29/09/2006	29/09/2006	25/08/2008	Amalgamated	NO
10	U45203MH2008PLC186797	GOLDEN REALTY AND INFRASTRUCTURE LIMITED	Director	16/09/2008	16/09/2008	-	Active	NO
11	L67120MH1998PLC113888	KJMC CORPORATE ADVISORS (INDIA) LIMITED	Director	20/09/2012	24/05/2012	-	Active	NO
12	U74140MH1998PLC220222	KJMC ASSET MANAGEMENT COMPANY LIMITED	Director	18/09/2012	20/08/2012	-	Active	NO

Name :

Mr. Amin Manekia

Designation :

Whole time Director and Company Secretary

Address :

10 Bhaveshwar, Sagar, 20 Nepeansea Road, Mumbai – 400010, Maharashtra, India

Date of Birth/Age :

16.06.1961

Date of Appointment :

15.07.2009

DIN No.:

00053745

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	U99999MH1987PTC043738	CLEMATIS CONSTRUCTION PRIVATE LIMITED	Director	12/06/1987	12/06/1987	-	Active	NO
2	U65990MH1982PTC027794	SONA HOLDINGS AND TRADING COMPANY PRIVATE LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
3	L99999MH1995PLC089008	DEVELOPMENT CREDIT BANK LIMITED	Director	01/06/2012	30/09/2000	-	Active	NO
4	U51909MH2002PTC135093	F P MANEKIA TRADING PRIVATE LIMITED	Director	07/03/2002	07/03/2002	-	Strike off	NO
5	L74999MH1929PLC001503	IVP LIMITED	Director	15/07/2009	15/07/2009	-	Active	NO

Name :

Mr. D. D. Vyas

Designation :

Executive Management Executive Director and President

KEY EXECUTIVES

Name :	Mr. S. P. Kothari (up to 30.11.2012)
Designation :	Chief Financial Officer
Name :	Mr. K. R. Dharawat (from 22.02.2013)
Designation :	Chief Financial Officer
Name :	Mr. S. S. Sayed (from 1.4.2013)
Designation :	Company Secretary
Name :	Mr. S. N. Bhatri
Designation :	Allana Group Co-Ordinator Corporate Representative
Name :	Dr. G.S. Nagarkar (from 1.11.2012)
Designation :	Executive Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.07.2012

SHAREHOLDING DETAIL FILE ATTACHED

AS ON 30.06.2013

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	191834	1.86
Bodies Corporate	6028076	58.38
Sub Total	6219910	60.23
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	1094759	10.60
Sub Total	1094759	10.60
Total shareholding of Promoter and Promoter Group (A)	7314669	70.84
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	350	0.00
Financial Institutions / Banks	3140	0.03
Central Government / State Government(s)	35505	0.34
Insurance Companies	234911	2.27
Sub Total	273906	2.65
(2) Non-Institutions
Bodies Corporate	154261	1.49
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1310572	12.69
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1258150	12.18
Any Others (Specify)	14705	0.14
Non Resident Indians	14705	0.14
Sub Total	2737688	26.51
Total Public shareholding (B)	3011594	29.16
Total (A)+(B)	10326263	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)	10326263	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Foundry Chemicals, Castings, and Allied products

GENERAL INFORMATION

No. of Employees :

About 500 (Approximately)

Bankers :

· Union Bank of India, Mumbai, Maharashtra, India

· Vijaya Bank, Mumbai, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term Borrowings
Loans Repayable on demand
Cash Credits from Banks (*) Vijaya Bank	5.039	0.000
Deposits
Short-term borrowings
Inter Corporate Deposits - From Others	20.000	20.000
Inter Corporate Deposits - From Related Parties	20.000	20.000
Total	45.039	40.000
NOTE: (*) (i) Secured By Hypothecation by way of First Pari - passu charge on entire current assets i.e. stocks, book debts Moveable properties at all locations of the company, monies deposits, receivables, bills contracts, securities and instruments (ii) There are no defaults on repayments of any of the above Loans or interest thereon.

Banking Relations :
Auditors :
Name :	B.S. Mehta and Company Chartered Accountant
Address :	Mumbai, Maharashtra, India
Associates:	· Frigorifico Allana Limited · Frigerio Conserva Allana Limited · Allana Frozen Foods Limited · Anjaneya Cold Storage Limited · Allana Bros Private Limited · Delmon Foods Limited · Allana Services Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity shares	Rs.10/- each	Rs.5.000 Millions
24500000	Preference Shares	Rs.10/- each	Rs.245.000 Millions
	Total		Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10326263	Equity Shares	Rs.10/- each	Rs.103.263 Millions

NOTE:

Terms/Rights attached to Equity Shares

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

During the current year, the dividend amount of Rs. 1.50 per share is proposed.

In the event of liquidation of the company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be proportion to the number of Equity Shares.

Reconciliation of the Shares Outstanding at the beginning and at the end of the reporting period

Name of the Shareholder	31.03.2013
	No. of shares	Rs. In Millions
Equity Shares Outstanding at the Beginning of the Year	10,326,263	103.262
Equity Shares issued during the year	--	--
Equity Shares bought back during the year	--	--
Equity Shares oustanding at the end of the year	10,326,263	103.262

The company has neither bought back nor forfeited any shares.

Share holder having more than 5% of holding

Name of the Shareholder	31.03.2013
	No. of shares	% Holding
Allana Exports Limited	2,659,994	25.76%
Allana Cold Storage Limited	891,473	8.63%
Anjenya Cold Storage Limited	662,660	6.42%
Phoenicia Shipping Company Limited	882,946	8.55%
	5,097,073	49.36%

Details of utilisation of proceeds raised through public issue - Not Applicable

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	103.263	103.263	103.263
(b) Reserves & Surplus	405.354	387.052	345.115
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.0000	0.000
Total Shareholders’ Funds (1) + (2)	508.617	490.315	448.378
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	17.331	15.170	13.780
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.172	1.389	1.940
Total Non-current Liabilities (3)	18.503	16.559	15.720
(4) Current Liabilities
(a) Short term borrowings	45.039	40.000	52.310
(b) Trade payables	178.273	201.134	181.534
(c) Other current liabilities	137.772	135.185	129.668
(d) Short-term provisions	22.380	22.803	33.560
Total Current Liabilities (4)	383.464	399.122	397.072
TOTAL	910.584	905.996	861.170
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	157.329	155.982	149.345
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.545	5.395	11.115
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.284	0.284	0.284
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.115	7.700	10.581
(e) Other Non-current assets	3.188	3.021	4.967
Total Non-Current Assets	172.461	172.382	176.292
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	125.641	118.850	121.506
(c) Trade receivables	533.114	533.462	477.708
(d) Cash and cash equivalents	25.265	33.270	33.246
(e) Short-term loans and advances	47.786	39.267	45.195
(f) Other current assets	6.317	8.765	7.223
Total Current Assets	738.123	733.614	684.878
TOTAL	910.584	905.996	861.170

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1505.767	1537.913	1298.789
		Other Income	13.747	9.055	3.247
		TOTAL (A)	1519.514	1546.968	1302.036
Less	EXPENSES
		Cost of materials consumed	1152.820	1174.378	955.720
		Purchase of Stock-in-Trade	40.933	45.537	56.261
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.698	(2.725)	(5.641)
		Employee benefit expense	48.158	43.391	40.657
		Other expenses	205.828	193.042	172.251
		Exceptional Items	2.127	0.000	0.000
		TOTAL (B)	1451.564	1453.623	1219.248
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		67.950	93.345	82.788
Less	FINANCIAL EXPENSES (D)		4.378	4.276	3.456
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		63.572	89.069	79.332
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.514	11.361	4.426
	PROFIT BEFORE TAX (E-F) (G)		52.058	77.708	74.906
Less	TAX (H)		15.140	17.275	43.091
	PROFIT AFTER TAX (G-H) (I)		36.918	60.433	31.815
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		50.700	11.800	0.000
	APPROPRIATIONS
		Transfer to General Reserve	2.800	3.500	2.000
		Proposed Dividend	15.500	15.500	15.500
		Corporate Dividend Tax	2.600	2.500	2.500
	BALANCE CARRIED TO THE B/S		66.700	50.700	11.800
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B. basis	26.060	21.481	27.997
		Commission	0.554	1.319	0.429
	TOTAL EARNINGS		26.614	22.800	28.426
	IMPORTS
		Raw Materials	194.642	241.942	180.159
		Trading	29.938	34.625	44.101
	TOTAL IMPORTS		224.580	276.567	224.260
	Earnings Per Share (Rs.)
	Basic		3.58	5.85	6.84
	Diluted		3.58	5.85	3.08

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.43	3.91	2.44
Net Profit Margin (PBT/Sales)	(%)	3.46	5.05	5.77
Return on Total Assets (PBT/Total Assets}	(%)	5.74	8.63	8.81
Return on Investment (ROI) (PBT/Networth)		0.10	0.16	0.17
Debt Equity Ratio (Total Debt /Networth)		0.09	0.08	0.12
Current Ratio (Current Asset/Current Liability)		1.92	1.84	1.72

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

PERFORMANCE FOR THE YEAR:

During the year the Company achieved revenue of Rs.1519.500 Millions (net of Excise Duties), as against Rs.1547.000 Millions during the previous year, despite recessionary situations.

Despite maintaining the sales, the volatility in prices of major raw materials adversely effected margins resulting in lower profits. The profit before depreciation was Rs.65.700 Millions as against Rs.89.100 Millions in the previous year and the profit after tax and all other adjustments was at Rs.36.900 Millions for the year as against Rs.60.400 Millions in the previous year.

Realizations of storage and warehousing charges from the Reay Road unit have helped to ease the burden of its establishment cost including depreciation.

Keeping in view the performance and after consideration of other relevant factors, the Directors are pleased to recommend dividend @ 15% or Rs.1.50 per share for the year, same as in the previous year.

MANAGEMENT DISCUSSIONS AND ANALYSIS

Operating Performance for the Year

The year 2012-13 was affected by macro-economic conditions resulting in recessionary trend. Increase in cost of major raw materials, aggravated by rupee depreciation, badly affected the margins. Prevailing industry situation did not permit any room to pass on the burden of increased costs to customers. This resulted in lower profits of Rs.52.100 Millions for the year as compared to Rs.77.700 Millions earned in the year 2011-12. However, gross sales was maintained at Rs.1675.600 Millions which is almost same as Rs.1674.600 Millions in the year 2011-12. Company’s capacity to sustain such pressures was really put to test in the year and it is encouraging to know that despite getting hit on margins, Company has been able to firmly hold its competitive position in the market and retain the loyalty of its major customers. Company’s closed unit at Reay Road has made contribution by way of earning in the form of storage income and after meeting the cost of depreciation and other standing charges. Profit after tax for the year is Rs.37.000 Millions compare to Rs.60.400 Millions in 2011-12. The Board of Directors have recommended a dividend of 15% or Rs.1.50 per share, same as in the previous year.

Gearing – up for meeting increased Demand

After establishing a sizable business in foundry chemicals and coatings the Company plans to make a foray in related area of other phenolic resins and Speciality Chemicals. The production capacity of the foundry resins and related products was doubled at its main plant at Tarapur. During the year the capacity of coatings at Company’s Bangalore plant was also improved by putting up high speed mixer. The production processes have been improved by putting up appropriate storage facilities for the utilities required in the manufacturing of coatings. The Tarapur plant has been made functional for the production of powder resins and related products which were undertaken at Company’s Golmuri factory Future of Exports of Foundry Chemicals and Coatings. The Company’s products are making inroad in the international market. The export turnover during the year 2012-13 was Rs.26.000 Millions. In view of the good export potential of the Company’s products it will be their focus area which in turn will improve the utilisation of production capacities.

Moving with Industry and International Competition

It has been a constant endeavour of the Management to look at all possible areas of realigning the business of the Company so as to ensure steady operations and consistent overall results. The Company will continue to keep concentrating on the Foundry Chemicals and Coatings business. The Management believes that this business offers an opportunity in terms of improving Company’s image and market position by way of higher sales and profitability. However, to reduce total dependability on the present range of resins and coating products, Company is also exploring the possibilities of manufacturing and/or marketing other phenolic or related speciality chemicals, resins and coatings. The Company already has the land available adjacent to its present manufacturing plant at Tarapur for putting up manufacturing facilities by the Company on its own or in collaboration with other suitable partners.

Historical Perspective and Future Outlook of Foundry Chemicals and Coatings

The Company was incorporated in 1929, mainly as the manufacturers of vegetable oil and vanaspati. Simultaneously the Company has also been in the Foundry Chemicals business since 1964. After a modest beginning by setting up capacity in its Reay Road unit, it established a full fledged, modern factory at Tarapur in Maharashtra for Foundry, Industrial and Speciality Chemicals in 1983. In the meantime, the Company had already set up factories at Jamshedpur for Foundry Chemicals in 1974 and at Bangalore for Foundry Coatings in 1976. The manufacturing facilities at all locations have inherent foreign technology that is upgraded continuously. However, due to inefficient and below economic scale of operations the Company has closed its Jamshedpur factory as of 31^st March, 2013. This will not significantly affect Company’s plans.

IVP was the first large scale Indian venture that offered the latest technology to the foundry industry in India. This was way back in 1964 and since then Company has come a long way as an important player in Resins and Binder systems and continues to maintain its position and performance.

A strong and committed R and D division fully supported by the technically competent people in the field has played a major role in helping the Company to achieve and maintain the customer satisfaction.

With the growing reputation and acceptability, today Company’s Foundry Chemicals products are making a foray in the international market.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10308841	22/09/2011 *	150,000,000.00	VIJAYA BANK	MAKER CHAMBERS IV,, NARIMAN POINT, MUMBAI, MAHARA SHTRA - 400021, INDIA	B24426140
2	10222018	04/12/2010 *	25,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG, 66/80,MUMBAI SAMACHAR MARG ,FORT,, MUMBAI, MAHARASHTRA - 400023, INDIA	B01397983
3	10222019	05/05/2011 *	44,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMAC HARGE MARG, FORT,, MUMBAI, MAHARASHTRA - 400023, I NDIA	B12113213

NOTE: * Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2013	31.03.2012
Claims against the Company not acknowledged as Debts	2.396	2.661
Bank Guarantee with Parties	20.000	25.119
Bank Guarantee for Customs Duty / Octroi	0.772	0.772
Sales Tax [VAT of various states and CST] {(includes bank Guarantee Rs.0.045 Million (Rs.0.045 Million)}	4.435	5.159
Excise / Service Tax	9.637	10.338
Mumbai Agricultural Produce marketing Committee (APMC)	1.798	1.798
Electricity Charges	0.196	0.196
Mumbai Port Trust *	73.772	61.075
Infrastructure Damage Charge	7.617	0.000
Note: * The Company has filed a writ petition in the Hon’ble High Court at Mumbai Challenging the charging of rent on Market value of property as also not renewing the lease up to year 2024 which is vocative of the order passed by the Hon’ble Supreme Court on January 13, 2004 and the same has been admitted on January 24, 2012 which is pending for disposal. Note: Figures in Brackets indicate corresponding figures for previous year.

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Building

· Plant and Equipment

· Furniture, Fixtures and Fittings

· Office Equipment

· Computers

· Vehicles

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.65.68
UK Pound	1	Rs.102.20
Euro	1	Rs.87.75

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.