MIRA INFORM REPORT

Report Date :

02.07.2013

IDENTIFICATION DETAILS

Name :	CAPRIHANS INDIA LIMITED
Registered Office :	Block-D, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.04.1946
Com. Reg. No.:	11-004877
Capital Investment / Paid-up Capital :	Rs. 131.340 Millions
CIN No.: [Company Identification No.]	L29150MH1946PLC004877
TAN No.: [Tax Deduction & Collection Account No.]	MUMC00097G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of PVC films and sheetings, leather cloth, decorative and industrial laminates, paper and extrusion products.
No. of Employees :	357 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4080000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old, well established and a reputed company having a fine track record. The financial position of the company appears to be sound and healthy. Performance capability of the company appears good. Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitment. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

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 / Corporate Office :	Block-D, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
Tel. No.:	91-22-24921900 – 05/ 40001800 / 40001818/ 30478664/ 30478665/ 30478711
Fax No.:	91-22-24939284 / 29450594 / 29460693/ 24934042
E-Mail :	capriact@bom7.vsnl.net.in caprimkt@bom7.vsnl.net.in capriexp@bom5.vsnl.net.in srinivasan@caprihansindia.com marketing@caprihansindia.com
Website :	www.caprihansindia.com
Area :	5640 Sq. ft.
Factory 1:	Plot Nos. C-13/16, Road No. 16/T, Wagle Industrial Estate, Thane – 400604, Maharashtra, India
Tel. No.:	91-22-39983417 / 418 / 415
Fax. No.:	91-22-25822422
Factory 2:	Plot Nos. 76/77, MIDC Industrial Estate, Trimbak Road, Satpur. District Nasik – 422007, Maharashtra, India
Tel. No.:	91-253-3046400 / 401
Fax. No.:	91-253-2350616
Email :	rbalasubramanian@caprihanindia.com
Regional Sales Offices :	Located at : · New Delhi · Gujarat · Tamil Nadu · Karnataka · Andhra Pradesh · Kerala · Bengal

DIRECTORS

As on 31.03.2012

Name :	Mr. Mofatraj P. Munot
Designation :	Chairman
Date of Birth/Age :	04.10.1944
Qualification :	Higher Secondary
Experience :	Mr. Munot, Chairman of the Company became a Director in 1 986 and was Managing Director from 1992 to 1997. An eminent industrialist with 40 years of business experience, he is the guiding force behind the Kalpataru Group of companies engaged in real estate and construction activities, Power Transmission Towers and Pharmaceuticals.
Date of Appointment :	28.05.1986
Name :	Mr. R. Balasubramanian
Designation :	Managing Director
Qualification :	B.Com, A.I.C., A.C.A., A.C.S.
Name :	Mr. Suresh A. Gandhi
Designation :	Director
Date of Birth/Age :	25.09.1950
Qualification :	Chartered Accountant
Experience :	Mr. Suresh A. Gandhi became a Director in 1983 and was Managing/Jt.Managing Director from 1984 to 1997. Mr. Suresh A. Gandhi has vast experience and knowledge in the field of plastics and real estate. He is a member of various committees related to plastic industry.
Date of Appointment :	01.08.1983
Name :	Mr. Rakesh Khanna
Designation :	Director
Date of Birth/Age :	14.01.1952
Qualification :	B.Com (Hons), FCA
Experience :	Mr. Rakesh Khanna is a Chartered Accountant having experience of over 36 years. He has served the Industry and Profession in various capacities across various organisations of repute.
Date of Appointment :	11.11.2010
Other Directorship :	Foundation for promotion of sports and Games Gee-Cee Ventures Limited GCIL Finance Limited Mangal Keshav Capital Limited Mangal Keshav Distributors Limited Mangal Keshav Holdings Limited Mangal Keshav Insurance Brokers Limited Mangal Keshav Securities Limited M K Commodity Brokers Limited Amforge Industries Limited
Name :	Mr. Rahul G. Divan
Designation :	Director
Name :	Mr. Dhaval K. Vussonji
Designation :	Director

KEY EXECUTIVES

Name :	Mr. K. R. Viswanathan
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1116873	8.50
Bodies Corporate	1698499	12.93
Sub Total	2815372	21.44
(2) Foreign
Bodies Corporate	6698325	51.00
Sub Total	6698325	51.00
Total shareholding of Promoter and Promoter Group (A)	9513697	72.44
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5016	0.04
Financial Institutions / Banks	483370	3.68
Foreign Institutional Investors	450	0.00
Sub Total	488836	3.72
(2) Non-Institutions
Bodies Corporate	365280	2.78
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1619067	12.33
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	657106	5.00
Any Others (Specify)	489985	3.73
Non Resident Indians	23927	0.18
Clearing Members	14071	0.11
Market Maker	544	0.00
Hindu Undivided Families	73862	0.56
Directors & their Relatives & Friends	376731	2.87
Trusts	850	0.01
Sub Total	3131438	23.84
Total Public shareholding (B)	3620274	27.56
Total (A)+(B)	13133971	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)	13133971	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of PVC films and sheetings, leather cloth, decorative and industrial laminates, paper and extrusion products.

Products :

Product Description	Item Code (ITC Code No.)
pVC Films and Sheeting - Rigid	392041.00
pVC Films and Sheeting – Flexible	392042.00
Polypropylene Boards	391690.27
Polypropylene Sheets	392020.00
Polystyrene Sheets	392030.00

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Rigid and Flexible PVC Sheet	M.T. Per Annum	21720 (a)	24360	17938
Plastic Extruded Sheets and Films	M.T. Per Annum	420 (b)	--(e)	8
Hollow Plastic Corrugated Boards	M.T. Per Annum	1050	1050	810

NOTES

(a) Includes 20400 (20400) M.T. per annum exempted from the licensing provisions.

(b) Single Shift basis.

(c) As certified by Works Manager

(d) Figures in brackets denote figures for previous year.

(e) Machinery sold during the year

GENERAL INFORMATION

No. of Employees :	357 (Approximately)
Bankers :	Bank of Maharashtra HDFC Bank Limited State Bank of India

Banking Relations :	--
Auditors :
Name :	M. P. Chitale and Company Chartered Accountants
Enterprise where control exists - Holding Company :	v Bilcare Research GmbH v Bilcare Germany Management GmbH and Company KG v Bilcare Germany Management GmbH v Films Germany Holding GmbH v Bilcare AG v Bilcare Mauritius Limited v Bilcare Limited
Related parties with whom the Company had transactions including Fellow subsidiaries :	v Bilcare Research GmbH v Bilcare Research S R L v Bilcare Research AG v Bilcare Limited

Note : Bilcare Research GmbH, which is part of Bilcare group holds 51 % of the Share Capital of the Company,after 31st August,2010 and INEOS Films GmbH,which is part of Ineos group, held 51% of the Share Capital of the Company upto 31st August,2010.

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13133971	Equity Shares	Rs.10/- each	Rs. 131.340 Millions

66,98,325 Equity Shares are held by Bilcare Research GmbH, the holding company

Details of Shareholders holding more than 5% shares

Particulars	No.of shares 31.03.2012
Bilcare Research GmbH	6698325
K. C. Holdings Private Limited	1072494

Reconciliation of number of shares outstanding

Particulars	No.of shares 31.03.2012
As at the beginning of the year	13133971
Add/(Less) : Movements during the year	--
As at the end of the year	13133971

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	131.340	131.340
(b) Reserves & Surplus	889.084	841.798
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1020.424	973.138
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	6.200	10.300
(c) Other long term liabilities	5.104	5.104
(d) long-term provisions	13.871	13.258
Total Non-current Liabilities (3)	25.175	28.662
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	119.342	143.4.000
(c) Other current liabilities	111.732	112.885
(d) Short-term provisions	30.283	28.793
Total Current Liabilities (4)	261.357	285.078
TOTAL	1306.956	1286.878
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	205.407	233.333
(ii) Intangible Assets	4.365	5.459
(iii) Capital work-in-progress	0.046	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	40.373	36.512
(e) Other Non-current assets	27.634	27.063
Total Non-Current Assets	277.825	302.367
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	296.188	307.115
(c) Trade receivables	526.305	534.916
(d) Cash and cash equivalents	122.673	117.886
(e) Short-term loans and advances	50.970	0.462
(f) Other current assets	32.995	24.132
Total Current Assets	1029.131	984.511
TOTAL	1306.956	1286.878

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		131.340
2] Share Application Money		0.000
3] Reserves & Surplus		791.704
4] (Accumulated Losses)		0.000
NETWORTH		923.044
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		8.400
TOTAL		931.444
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		265.321
Capital work-in-progress		0.614
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	215.576
	Sundry Debtors	474.707
	Cash & Bank Balances	237.567
	Other Current Assets	0.000
	Loans & Advances	54.137
Total Current Assets		981.987
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	242.931
	Other Current Liabilities	17.679
	Provisions	55.868
Total Current Liabilities		316.478
Net Current Assets		665.509
MISCELLANEOUS EXPENSES		0.000
TOTAL		931.444

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1949.012	1872.384	1664.180
		Other Income	30.061	35.886	37.852
		Transfer from Revaluation Reserve	--	--	1.200
		TOTAL (A)	1979.073	1908.270	1703.232
Less	EXPENSES
		Cost of materials consumed	1341.117	1302.295	1534.393
		Employee benefits expense	136.023	133.681
		Other expenses	367.229	339.271
		Changes in inventories of Finished Goods, Work-in-Progress and Scrap	(5.852)	(15.627)
		TOTAL (B)	1838.517	1759.620	1534.393
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		140.556	148.650	168.839
Less	FINANCIAL EXPENSES (D)		0.034	0.041	0.041
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		140.522	148.609	168.798
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.739	35.418	38.373
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		106.783	113.191	130.425
Less	TAX (H)		35.400	39.000	80.200
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		71.383	74.191	50.225
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		158.151	111.857	105.420
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	5.000	5.500
		Proposed Dividend	19.701	19.701	32.835
		Corporate tax on Dividend	3.196	3.196	5.453
	BALANCE CARRIED TO THE B/S		201.637	158.151	111.857
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	270.665	234.948	234.457
		Marketing Services	0.264	5.038	5.189
	TOTAL EARNINGS		270.929	239.986	239.646
	IMPORTS
		Raw Materials	337.206	384.913	328.606
		Stores & Spares	3.771	2.456	0.577
		Capital Goods	0.676	3.046	0.505
	TOTAL IMPORTS		341.653	390.415	329.688
	Earnings / (Loss) Per Share (Rs.)		5.43	5.65	3.62

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	523.200	574.400	539.800	597.800
Total Expenditure	491.100	538.100	505.400	563.700
PBIDT (Excl OI)	32.100	36.300	34.400	34.100
Other Income	0.400	0.400	0.400	0.400
Operating Profit	32.400	36.700	34.800	34.500
Interest	0.000	0.000	0.000	0.000
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	32.400	36.700	34.800	34.500
Depreciation	08.600	08.100	9.000	8.700
Profit Before Tax	23.800	28.600	25.800	25.800
Tax	8.500	9.900	08.600	9.000
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	15.300	18.700	17.200	16.800
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	15.300	18.700	17.200	16.800

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.61	3.89	2.95
Net Profit Margin (PBT/Sales)	(%)	5.48	6.05	7.84
Return on Total Assets (PBT/Total Assets}	(%)	8.17	8.80	10.47
Return on Investment (ROI) (PBT/Networth)		0.10	0.12	0.14
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.91	3.45	3.10

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	Yes
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	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	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:

The Company’s turnover for the year amounted to Rs. 2110.000 millions as compared to Rs. 2030.000 millions in the previous year. The Company earned a profit (before tax) of Rs. 106.800 millions as compared to Rs. 113.200 millions in the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENTS

The Company is one of the manufacturers of Flexible and Rigid Packaging Films in India and a prominent name in pharma/non pharma packaging industry in India and abroad and produce high quality products. The Company currently operates from its two plants located at Thane and Nasik, Maharashtra, falling under Octroi zone.

The Company is engaged in the processing of plastic polymers and manufactures Rigid and Flexible PVC films by

Calendering process, PVDC coated Rigid PVC film and certain plastic products through extrusion process. Rigid PVC film is largely used for packaging in the Pharmaceutical, Food and FMCG industries. Flexible PVC film and plastic extruded products are used for a variety of industrial and consumer applications. Overall growth rate of the market size is estimated to be 5% to 10% annually.

The image of the Company, built through decades of quality products and efficient customer service is the major strength of the Company. The Company has a significant share of the Rigid PVC film market and is the Quality Leader in the Flexible PVC film market.

SEGMENT PERFORMANCE

Company’s business is covered under single business segment and continued to grow in 2011-12.

FINANCIAL PERFORMANCE

Company’s Gross Sales for the year stood at Rs. 2110.000 Millions compared to Rs. 2030.000 millions during the previous year. Prices of major raw materials increased during the year. There were significant increases in the cost of power and fuel. Though the sales realisation improved, it could not fully compensate for the cost increase. Hence, profit before tax for the year declined to Rs. 106.800 millions compared to previous year’s profit before tax of Rs. 113.200 millions.

AUDITED FINANCIAL RESULT FOR THE PERIOD ENDED 31^ST MARCH, 2013

(Rs. In Millions)

Serial No	Particulars	3 Months ended 31.03.2013 (Unaudited)	3 Months ended 31.12.2012 (Unaudited)	12 Months ended 31.03.2013 (Audited)
1	Income from Operations (net of excise duty}	583.837	532.095	2205.909
2	Other operating Income	7.929	6.838	29.229
3	Total income from operations (1+2)	597.766	539.833	2235.138
4	Expenses
	Cost of material consumed	391.371	373.264	525.257
	Changes in inventories of finished goods, work -in - progress and scrap	20.568	(11.270)	(0.623)
	Employee benefits expenses	41.541	37.893	151.364
	Depreciation and amortisation expense	8.742	8.986	34.412
	Power, fuel and water	46.993	51.832	197.599
	Other expenses	63.727	53.734	224.749
	Total expenses (4)	572.447	514.439	7132.758
5	Profit from operations before other income. Finance cost and exceptional items (3-4)	25.324	25.394	102.380
6	Other income	0.421	0.386	1.557
7	Profit from operations before Finance Cost and exceptional Items (5+6)	25.745	25.780	103.937
8	Finance cost	0.000	0.010	0.030
9	Profit after Finance cost but before exceptional items (7+8)	25.745	25.770	103.907
10	Exceptional Items	-	-
11	Profit from Ordinary activities before Tax ( 9+10)	25.745	25.770	103.907
12	Tax expense	9.000	8.600	36.000
13	Net Profit from Ordinary activities (11 12)	16.745	17.170	67.907
14	Extraordinary items (Net-Income/Expense)
15	Net Profit for the period (13+14)	16.745	17.170	67.907
16	Paid -up Equity Share Capital Face value of Rs. 10 each	131.340	131.340	131.340
17	Reserve excluding revaluation reserve (as per Balance Sheet)			926.347
18	Basic and Diluted EPS (in Rs.)
	Before extraordinary items	1.27	1.31	5.17
	After extraordinary items	1.27	1.31	5.17

(Rs. In Millions)

A	Particulars of Shareholding	3 Months ended 31.03.2013 (Unaudited)	3 Months ended 31.12.2012 (Unaudited)	12 Months ended 31.03.2013 (Audited)
1	Public Shareholding
	- Number of shares	3620274	3636907	3620274
	- Percentage of shareholding - in %	27.56	27.69	27.56
2	Promoters and Promoters Group
(a)	Pledged / Encumbered
	- Number of shares	6698325	6698325	6698325
	- Percentage of shares ( as a % of the total
	shareholding of Promoter & Promoter Group)	70.41	70.53	70.41
	- Percentage of shares ( as a % of the total share
	capital of the Company)	51.00	51.00	51.00
(b)	Non - Encumbered
	- Number of shares	281537?	2798739	2815372
	- Percentage of shares ( as a % of the total
	shareholding of Promoter & Promoter Group )	29.59	29.47	29.59
	- Percentage of shares ( as a % of the total share
	capital of the Company)	21.44	21.31	21.44
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	Nil
	Received during the quarter	1
	Disposed during the quarter	1
	Remaining unresolved at the end of the quarter	Nil

STATEMENT OF ASSETS AND LIABILITIES AS AT 31.03.2013

(Rs. In Millions)

		31.03.2013
A 1	EQUITY AND LIABILITIES Shareholders' funds
	a) Share capital	131.340
	b) Reserves and Surplus	926.342
	Sub-total-Shareholders' funds	1057.682
2	Non-current liabilities
	a) Deferred tax liabilities (net)	2.200
	b) Other long term liabilities	5.304
	c) Long-term provisions	14.961
	Sub-total-Non-current liabilities	22.465
4	Current liabilities
	a) Trade payables	172.096
	b) Other current liabilities	105.888
	c) Short-term provisions	45.004
	Sub-total-Current liabilities	322.988
	TOTAL - EQUITY AND LIABILITIES	1403.135
B	ASSETS
1	Non-current assets
	a) Fixed Assets	195.846
	b) Long-term loans and advances	16.508
	c) Other Non – current assets	26.996
	Sub total non- current assets	240.350
2	Current Assets
	(a) Inventories	278.841
	(b) Trade receivables	630.334
	(c) Cash and cash equivalents	174.769
	(d) Short-term loans and advances	50.688
	(e) Other current assets	25.153
	Sub total current assets	1162.785
	Total Assets	1403.135

Note:

1. The Board of Directors has recommended for payment of dividend 0 15 % on the Equity Share Capital for the year ended 31st March, 2013.
2. The Company is engaged mainly in processing of plastic polymers a.id Its products are covered under a single reportable segment as per Accounting Standard on Segment Reporting (AS 17 ) issued by ICAI.
3. Figures of the previous period have been regrouped wherever necessary.
4. The figures for the quarter ended 31st March,2013 and 31st March,2012 , are balancing figures between the audited figures in respect of the full financial years and the published year to date unaudited figures for nine months ended 31st December,2012 and 31st December,2011 respectively.
5. The above results were approved by the Board of Directors at its meeting held on 24th May, 2013

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	31.03.2012 Rs. In Millions
a) i) Demands of Excise authorities which are disputed in appeals by the company	45.306
ii) Appeals filed by Excise authorities in the Supreme Court of India/CESTAT against orders passed by CESTAT/ Commissioner (Appeals) in favour of the Company	84.542
iii) Other excise notices pending adjudication	29.285
b) Demands of Income tax authorities which are disputed in appeals and not provided for	40.000
c) Claims against the Company not acknowledged as debts - estimated	36.644
d) Estimated amount of contracts remaining to be executed on Capital Account and not provided for	11.652

FIXED ASSETS

v Tangible Assets

• Leasehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Vehicles

v Intangible Assets

• Computer Software

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.59.15
UK Pound	1	Rs.90.05
Euro	1	Rs.77.07

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.