MIRA INFORM REPORT

Report Date :

25.02.2013

IDENTIFICATION DETAILS

Name :	BHANSALI ENGINEERING POLYMERS LIMITED
Registered Office :	Bhansali House, A-5, Veera Desai Road, Andheri (West), Mumbai- 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.04.1984
Com. Reg. No.:	11-032637
Capital Investment / Paid-up Capital :	Rs.165.906 Millions
CIN No.: [Company Identification No.]	L27100MH1984PLC032637
Legal Form :	Public limited liability company. Company’s Shares are listed on Stock Exchange.
Line of Business :	Manufacturer and Seller of Acrylonitrile Butadiene Styrene (ABS) Resine and Styrene Butadiene Rubber Latex.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 8440000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some minor dip in the turnover and major dip in the profitability of the company. It is due to loss arising out of foreign exchange fluctuation and sudden upsurge in petroleum prices. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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	FITCH
Rating	BB National Long Term (Downgraded From BBB - )
Rating Explanation	This rating indicates an elevated vulnerability to default risk.
Date	03.07.2012

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 :	Bhansali House, A-5, Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-26731779-85
Fax No.:	91-22-26731796
E-Mail :	abstron@bhansaliabs.com hitarth@bhansaliabs.com
Website :	http://www.bhansaliabs.com
Factory 1 :	Bhansali Nagar, Taluka Sausar, District Chhindwara-480108, Madhya Pradesh, India
Tel No.:	91-7165-226376/79
Fax No.:	91-7165-226381
Email :	beplchw@sancharnet.in
Factory 2 :	Plot No. SP-138-143, Ambaji Industrial Area, Abu Road-307026, Rajasthan, India
Tel No.:	91-2974-226781/82/83/84/84 / 226862 / 226213
Fax No.:	91-2974-226737
Marketing Offices:	Located At : North Branch South Branch West Branch East Branch Pune Branch

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Munish C Gupta
Designation :	Chairman
Address :	House No-771, Sector -15, Part-11, Gurgaon-122001, Haryana, India
Date of Birth/Age :	23.07.1938
Date of Appointment :	30.09.2002
Name :	Mr. Babulal M Bhansali
Designation :	Managing Director
Address :	Plot No.22, Bhansali House JVPD Scheme, Gulmohar Road, Mumbai- 400049, Maharashtra, India
Date of Birth/Age :	05.03.1954
Date of Appointment :	08.09.1984
Name :	Mr. Jayesh B Bhansali
Designation :	Executive Director
Address :	Plot No.22, Bhansali House JVPD Scheme, Gulmohar Road, Mumbai- 400049, Maharashtra, India
Date of Birth/Age :	25.07.1983
Date of Appointment :	24.06.2006
Name :	Mr. Pukhraj R Bhansali
Designation :	Director
Address :	Bhansali House, A-5, Veera Desai Road, Andheri (West), Mumbai- 400053, Maharashtra, India
Date of Birth/Age :	12.11.1946
Date of Appointment :	07.02.1986
Name :	Mr. Bakhtiar S Bhesania
Designation :	Director
Address :	26.07.2003Nazir Building 5^th Floor Cumbala Hill, 139 August Kranti Marg, Mumbai- 400036, Maharashtra, India
Date of Birth/Age :	03.11.1933
Date of Appointment :	26.07.2003

KEY EXECUTIVES

Name :	Mr. Hitarth Vasavada
Designation :	Vice President (Marketing)
Name :	Mr. Jayesh B. Bhansali
Designation :	Executive Director (Corporate)
Name :	Mr. Kenji Asakawa
Designation :	Executive Director (Technical)
Name :	Mr. D.N. Mishra
Designation :	Company Secretary and AVP (Legal)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2012

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	28244391	17.02
Bodies Corporate	50566552	30.48
Any Others (Specify)	3856540	2.32
Promoters/Relatives	3856540	2.32
Sub Total	82667483	49.83
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	82667483	49.83
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6500	0.00
Financial Institutions / Banks	38500	0.02
Sub Total	45000	0.03
(2) Non-Institutions
Bodies Corporate	58442020	35.23
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	13654514	8.23
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	8539532	5.15
Any Others (Specify)	2557091	1.54
Non Resident Indians	70688	0.04
Clearing Members	35193	0.02
Market Maker	2461	0.00
Directors & their Relatives & Friends	680126	0.41
Hindu Undivided Families	1767123	1.07
Foreign Nationals	1500	0.00
Sub Total	83193157	50.14
Total Public shareholding (B)	83238157	50.17
Total (A)+(B)	165905640	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)	165905640	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Acrylonitrile Butadiene Styrene (ABS) Resine and Styrene Butadiene Rubber Latex.

Products :

ITC CODE NO.	PRODUCT DESCRIPTION
390330.00	Acrylonitrile Butadiene Styrene Resins
390320.00	Styrene Acrylonitrile Resins
400219.02	Styrene Butadiene Rubber Latex

PRODUCTION STATUS [AS ON 31.03.2011]

INSTALLED CAPACITY:

Particulars	Current Year
Acrylonitrile Butadiene Styrene (ABS) Resins / Styrene Acrylonitrile (SAN) Resins	51000 TPA
ACTUAL PRODUCTION
(as certified by the management and relies open by the auditors, being a technical matter)	Quantity (MT)	Value (Rs. In Millions)
1) For Captive Consumption SAN Resins	25672	--
2) Meant for Sale ABS Resins SAN Resins	35895 5307	-- --

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Allahabad Bank, Industrial Finance Branch, Apeejay House No:3, Dinsha Wachha Road, Mumbai
• Axis Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Cash Credit Limit from Allahabad Bank (The above Cash Credit Limit is secured by a first charge on all the immovable assets of the Company and hypothecation of all movable properties both present and future)	501.533	550.535
From Banks (Secured by hypothecation of vehicles)	0.000	8.100
TOTAL	501.533	558.635
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans against purchase of vehicles
From Banks	8.430	0.000
Unsecured Loan	50.000	0.000
TOTAL	58.430	0.000
NOTE: 1. Vehicle loans including current maturities is secured by hypothecation of Vehicles against which the loans have been taken. 2. Vehicle loans are repayable in equal monthly installments over the term of loan ranging from 3 to 6 years.

Banking Relations :	--
Auditors :
Name :	B.L Dasharda and Associates Chartered Accountant
Address :	2, Shreyas, Ground Floor, J.P Road, Andheri (West), Mumbai- 400058, Maharashtra, India
PAN No:	AAAFB2781M

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Re.1/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
165905640	Equity Shares	Re.1/- each	Rs.165.906 Millions

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		165.906	165.906	165.906
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1944.791	2050.614	1834.895
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2110.697	2216.520	2000.801
LOAN FUNDS
1] Secured Loans		501.533	558.635	562.804
2] Unsecured Loans		58.430	0.000	40.000
TOTAL BORROWING		559.963	558.635	602.804
DEFERRED TAX LIABILITIES		0.000	0.000	61.800
TOTAL		2670.660	2775.155	2665.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1555.600	1655.282	1683.211
Capital work-in-progress		0.000	0.000	105.926
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.771	5.471	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	387.663	419.022	405.512
	Sundry Debtors	1561.703	1860.632	1594.381
	Cash & Bank Balances	77.512	135.668	81.023
	Other Current Assets	42.657	0.000	0.000
	Loans & Advances	271.476	174.946	179.495
Total Current Assets		2341.011	2590.268	2260.411
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1132.715	1.416	13.616
	Other Current Liabilities	49.137	1433.291	1315.825
	Provisions	46.870	41.159	54.702
Total Current Liabilities		1228.722	1475.866	1384.143
Net Current Assets		1112.289	1114.402	876.268
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2670.660	2775.155	2665.405

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4144.005	4639.162	3129.763
		Other Income	7.009	36.660	9.931
		TOTAL (A)	4151.014	4675.822	3139.694
Less	EXPENSES
		Raw Material Consumed	3438.613	3537.356	2559.636
		Manufacturing, Administrative and selling Expenses	0.000	442.406	309.189
		Trading purchases	0.000	23.998	0.000
		Employees Benefits Expenses	130.216	0.000	0.000
		Other Expenses	418.851	0.000	0.000
		Increase / Decrease in stock	(45.976)	96.518	(123.276)
		TOTAL (B)	3941.704	4100.278	2745.549
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		209.310	575.544	394.145
Less	FINANCIAL EXPENSES (D)		134.280	121.272	146.500
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.030	454.272	247.645
Less/ Add	DEPRECIATION/ AMORTISATION (F)		57.029	60.510	57.890
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		18.001	393.762	189.755
Less	TAX (H)		7.118	59.665	84.464
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		10.883	334.097	105.291
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		644.529	310.432	205.141
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Dividend	16.591	0.000	0.000
		Dividend Tax	2.691	0.000	0.000
	BALANCE CARRIED TO THE B/S		636.130	644.529	310.432
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	69.688	89.017	1.350
	Earnings / (Loss) Per Share (Rs.)		0.07	2.01	0.63

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	966.100	1295.500	891.500
Total Expenditure	923.600	1246.400	844.500
PBIDT (Excl OI)	42.500	49.000	47.000
Other Income	1.600	1.900	1.700
Operating Profit	44.200	50.900	48.700
Interest	30.300	32.800	29.700
PBDT	13.900	18.100	19.000
Depreciation	11.300	10.900	10.700
Profit Before Tax	2.500	7.200	8.200
Tax	0.000	0.000	3.800
Profit After Tax	2.500	7.200	4.400
Net Profit	2.500	7.200	4.400

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.26	7.14	3.35
Net Profit Margin (PBT/Sales)	(%)	0.43	8.48	6.06
Return on Total Assets (PBT/Total Assets}	(%)	0.46	9.27	4.81
Return on Investment (ROI) (PBT/Networth)		0.01	0.17	0.09
Debt Equity Ratio (Total Liability/Networth)		0.85	0.91	0.99
Current Ratio (Current Asset/Current Liability)		1.91	1.75	1.63

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	No
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	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS AND FUTURE PLAN:

OPERATIONS:

The performance of the company was hard hit on account of loss arising out of foreign exchange fluctuations and sudden upsurge in petroleum/crude oil prices. The company is heavily dependent on the imports of its main raw material Styrene. Due to unpredictable decline of the Indian Rupee against the US dollar which eroded around 20% to 25% of its value causing significant pressure on the company’s profitability, the company could not keep its financial performance upto the mark. It is evident from the fact that out of the total profit after tax reported at Rs. 10.900 Millions, the loss arising out of the foreign exchange fluctuations alone amounted to Rs. 130.600 Millions during the FY12. Besides this the company’s other income amounted to Rs. 7.000 Millions as against Rs. 36.700 Millions in the previous year. The increase in the raw material prices also significantly impacted the overall profitability of the company. The raw material consumption ratio stood at 74.32% to sales as compared to 71.24% to sales during the last year representing an increase of 3.08%.

FUTURE PLANS:

The expansion plan has been already formulated to increase the overall capacity from the existing 51000 TPA to 125000 TPA with the technical and engineering support of M/s Aker Power Gas Private Limited, Mumbai and blue print of this ambitious plan has also been finalized. Due to highly adverse factors such as foreign exchange fluctuations, volatility in raw material prices, uncertain economic conditions, negative business sentiments, economic slump across all the business segments and various other allied factors, the company could not proceed with the implementation of the expansion programme. The management is quite hopeful for some positive development during the current year 2012-2013. It goes without saying that the overall demand of ABS and SAN in India is robust.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

ECONOMIC OUTLOOK:

The year 2011-2012 was a challenging year for the Indian Economy. GDP growth was at the lowest level during the past nine years. The global economic slowdown coupled with domestic problems and high interest rate were the key factors that led to weak economic growth. The economic situation prevailing in Europe and elsewhere is a matter of concern. India being a large importer of crude oil suffered heavily and this along with various other negative macro-economic factors resulted in the significant erosion in the value of rupee against Dollar. Over the Financial year, the rupee has depreciated about 20 to 25%. The ballooning trade deficit and the current account deficit also puts significant pressure on the exchange rates and adds to the woes of all Import based Industries.

Reserve Bank of India has substantially raised the rate of interest in last two years which has adversely affected the Industries.

INDUSTRY STRUCTURE AND DEVELOPMENT:

Subject is engaged in the manufacturing and sale of ABS and SAN granules and has its manufacturing facilities at Abu Road, Rajasthan and Satnoor MP. The ABS consumption in India has grown from 12362 MT during 1992-93 to 120000 MT during 2010-2011 witnessing an increase of about 871% in 19 years; this corresponds to compounded annual growth rate (CAGR) of about 12.71%. ABS exhibits wide range of properties being used in various diversified applications viz. Home Appliances, Automobiles, Telecom Industry and lot of other applications such as helmets, novelties, stationery items, toys etc. In view of the slowdown on the economic front the world over and its corresponding impact on automobile and consumer durable industries across the globe, the ABS business experienced very challenging conditions in terms of demand during the last year. With volatile crude/monomer prices and slowdown in the end product demand of ABS, customers undertook production at periodic intervals and started procuring materials to the extent required with minimum inventory level. The resultant mismatch in the demand and supply of ABS impacted the selling prices, resulting in pressure on margins. Simultaneously Cost increase on account of various inputs such as utilities and man-power aggravated the adverse economic situation further. The expansion plan has been already formulated to increase the overall capacity from the existing 51000 TPA to 125000 TPA with the technical and engineering support of M/s Aker Power Gas Private Limited, Mumbai and Blue Print of this ambitious plan has also been finalized. Due to highly adverse factors such as foreign exchange fluctuations, volatility in raw material prices, uncertain economic conditions, negative business sentiments, economic slump across all the business segments and various other allied factors, the company could not proceed with the implementation of the expansion program. The management is quite hopeful for some positive development during the current year 2012- 2013. The company is sparing no efforts to overcome the obstacles and is hopeful of doing tangible progress in current year.

SEGMENT WISE PERFORMANCE:

The company has only one business segment covering ABS and SAN Polymers. During the year under review the total sales of ABS resins amounted to Rs. 4014.200 Millions as against Rs. 4520.500 Millions during last fiscal and the sale of SAN Resins amounted to Rs. 550.900 Millions as against Rs. 55.51 Millions. during last fiscal.

FIXED ASSETS:

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Vehicles

STANDALONE UNAUDITED FINANCIAL RESULTS (REVIEWED) FOR THE QUARTER AND NINE MONTHS ENDED ON 31^ST DECEMBER, 2012

Rs. in Millions

Sr. No.	Particular	Quarter Ended		Nine Months Ended
		31.12.2012 Unaudited	30.09.2012 Unaudited	31.12.2012 Unaudited
1.	Income From Operation
	Gross: Sale	994.782	1438.836	3517.172
	Less: Excise Duty	103.240	143.370	364.066
	Total Income From Operations	891.542	1295.466	3153.106
2.	Expenditure
	Increase / decrease in stock in trade	(55.865)	22.083	(45.570)
	Consumption of raw materials	786.087	1110.253	2731.972
	Employee benefits expenses	39.109	38.310	113.151
	Power and fuel	44.581	49.642	137.003
	Depreciation and amortization expenses	10.740	10.924	32.987
	Other expenses	30.591	26.151	77.958
	Total Expenses	855.243	1257.363	3047.501
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	36.299	38.103	105.605
4.	Other Income	1.656	1.895	5.192
5.	Profit Before Interest and Exceptional Items (3+4)	37.955	39.998	110.797
6.	Interest	29.730	32.795	92.832
7.	Profit After Interest but before Exceptional Items (5-6)	8.225	7.203	17.965
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	8.225	7.203	17.965
10.	Tax Expense	3.833	--	3.833
11.	Net Profit from Ordinary Activities after Tax (9-10)	4.392	7.203	14.132
12.	Extraordinary Item (net of expense)	0.000	0.000	0.000
13.	Net Profit for the period (11-12)	4.392	7.203	14.132
14.	Paid-up Equity Share Capital (Face Value of Re.1/- Each)	165.906	165.906	165.906
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	0.03	0.04	0.09
	b) Basic and diluted EPS after extraordinary items	0.03	0.04	0.09
17.	Public Shareholding
	-Number of Shares	83238157	83238157	83238157
	- Percentage of Shareholding	50.17	50.17	50.17
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	50000000	50000000	50000000
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	60.48	60.48	60.48
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	30.14	30.14	30.14
	b) Non Encumbered
	- Number of Shares	32667483	32667483	32667483
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	39.52	39.52	39.52
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	19.69	19.69	19.69

Particulars	3 Months Ended 31.12.2012
Pending at the beginning of the quarter	1
Received during the quarter	12
Disposed of during the quarter	12
Remaining unresolved at the end of the quarter	1

NOTES:

1. The company operates in single segment only.

2. Figures for the previous year / quarter have been re-grouped and/or re-arranged wherever necessary.

3. Provision for current tax and deferred tax, will be made at the year end.

4. The auditors of the company have carried out a “Limited Review” of the aforesaid unaudited financial result for the quarter ended 31^st December, 2012 in terms of clause 41 of the listing agreement with stock exchanges.

5. The above unaudited result have been reviewed by the audit committee and approved by the board of directors at their meeting held on 14^th February, 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.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.