MIRA INFORM REPORT

Report Date :

24.07.2013

IDENTIFICATION DETAILS

Name :	JASCH INDUSTRIES LIMITED
Registered Office :	43/5, Bahalgarh Road, P.O. Bahalgarh, Distt. Sonepat - 131 021, Haryana
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.12.1985
Com. Reg. No.:	05-022758
Capital Investment / Paid-up Capital :	Rs.113.300 Millions
CIN No.: [Company Identification No.]	L24302HR1985PLC022758
TAN No.: [Tax Deduction & Collection Account No.]	DELJ01886D
PAN No.: [Permanent Account No.]	AAACJ0766B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture of PU Coated Fabrics, Electronic Gauge, Synthetic Leather, etc
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 970000
Status :	Satisfactory
Payment Behaviour :	Usually but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitment. The company can be considered 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	November, 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.

INFORMATION PARTED BY

Name :	Mr. O. P. Garg
Designation :	Director
Contact No.:	91-11-27386629

LOCATIONS

Registered Office/ Factory:	43/5, Bahalgarh Road, P.O. Bahalgarh, Distt. Sonepat - 131 021, Haryana, India.
Tel. No.:	91-126-5431363/5423714/5418205
Fax No.:	91-126-5435484
E-Mail :	skverma@jasch.biz
Website:	http://jaschindustries.com
Area:	10 acre
Location :	Owned
Corporate Office :	502, Block C, Ndm-2, Netaji Subhash Place, Pitampura, New Delhi - 110 034, Delhi, India
Tel. No.:	91-11-27356629
E-Mail :	Opgarg06@rediifmail.com
Area:	1100 Sq. ft
Location :	Owned
Branch 1 :	Jasch House, Behind Khalsa Collage, 5105/01, Dev Nagar, Karol Bagh, New Delhi – 110 005, India.
Branch 2 :	107, Shivlok House-II, Karampura Commercial Complex, New Delhi - 110 015, India
Worldwide local Office:	Located At: · North America · Europe and East Asia · China · Australia · South Africa · Brazil · Indev Gauging Systems · Europe and East Asia · Accutrol Automation Systems Pty. Limited

DIRECTORS

As on 31.03.2012

Name :	Mr. J. K. Garg
Designation :	Chairman and Managing Director
Date of Birth/Age :	66 years
Qualification :	Mechanical Engineer
Name :	Mr. Ramnik Garg
Designation :	Whole Time Director
Date of Birth/Age :	38 Years
Qualification :	B. Tech
Name :	Mr. Manish Garg
Designation :	Whole Time Director
Date of Birth/Age :	35 Years
Qualification :	M. Tech
Name :	Mr. Naveet Garg
Designation :	Whole Time Director
Date of Birth/Age :	33 Years
Qualification :	B. Tech
Name :	Mr. O. P. Garg
Designation :	Executive Director
Date of Birth/Age :	64 Years
Qualification :	B. Tech, MBA
Name :	Mr. Kamlesh Garg (MS)
Designation :	Director
Name :	Mr. S. K. Khandelwal
Designation :	Director
Name :	Dr. K. C. Varshney
Designation :	Director
Name :	Dr. Ashok Mittal
Designation :	Director
Name :	Mr. Kuldeep Singal
Designation :	Director
Name :	Mr. K L Khetarpaul
Designation :	Director

KEY EXECUTIVES

Name :	Mr. S. K. Verma
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	6198655	54.71
Sub Total	6198655	54.71
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6198655	54.71
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1100	0.01
Sub Total	1100	0.01
(2) Non-Institutions
Bodies Corporate	357291	3.15
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 millions	2839529	25.06
Individual shareholders holding nominal share capital in excess of Rs. 0.100 millions	1788244	15.78
Any Others (Specify)	145181	1.28
Any Other	145181	1.28
Sub Total	5130245	45.28
Total Public shareholding (B)	5131345	45.29
Total (A)+(B)	11330000	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)	11330000	0.00

BUSINESS DETAILS

Line of Business :

Manufacture of PU Coated Fabrics, Electronic Gauge, Synthetic Leather, etc

Products :

Item Code No (ITC Code)	Product Description
5903.10 and 5903.20	Polyvinyl Chloride and Polyurethane Coated Fabrics
90229090	Electronic Gauging and Control System
39211390	Cellular Plastic Sheet

Exports :

Products :

Finish Goods

Countries :

· Europe

· South Asia

Imports :

Products :

Chemicals

Countries :

· North America

· South Asia

Terms :

Selling :

L/C / Credit (90 Days)

Purchasing :

L/C / Credit (90 Days)

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Actual Production
Electronic Thickness Gauge (BTG) and Parts	Nos.	91 + 389
PU/PVC Leather Cloth (Coated Fabrics)	Lakh Mtrs.	24.40
Non Woven	Lakh Mtrs.	1.47
Needle Loom Felt	Lakh Mtrs.	0.02
Cellular Plastic Sheets	Lakh Mtrs.	5.92
PU Resin & Adhesive	Lakh Mtrs.	0.55
Various Cut Pieces	Lakh Mtrs.	1.82

GENERAL INFORMATION

Suppliers :

· LG Chemical, Korea

· BSA, Germany

Customers :

End Users and OEM’s

· Adidas

· Bata

No. of Employees :

150 (Approximately)

Bankers :

State Bank of Travancore, Overseas Branch, Janpath, New Delhi, India

Facilities :

Cash Credit Rs.400.000 Millions (From State Bank of Travancore)

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans From Bank	39.508	59.763
Loans For Vehicles (Banks)	2.986	3.416
SHORT TERM BORROWINGS
Working Capital Loan From Bank	118.170	100.736
Total	160.664	163.915

NOTE:

Term Loans From State Bank of India Secured by a first mortgage by deposit of title deeds of the Company's immovable properties both present and future ranking inter se and also personal guarantee of four directors.

Loans for Vehicles are Secured by Hypothecation of Respective Vehicle.

Working Capital Loan (State Bank of India) is Secured of Hypothecation of present and future stock of raw materials, stock-in-process, finished goods, stores and spares, book debts, receivables, claims, materials in transit and personal guarantee of four Directors.

Banking Relations :	--
Auditors :
Name :	Arora and Choudhary Associates Chartered Accountants
Address :	8/28, W.E.A., Abdul Aziz Road, Karol Bagh, New Delhi – 110 005, India.
Enterprises over which key management Personnel and relatives of such Persons is able to exercise significant Influence	· Jasch North America Company (WOS) · Indev Gauging Systems, Inc. (WOS’s Subsidiary)

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11330000	Equity Shares	Rs.10/- each	Rs.113.300 Millions

The details of Shareholders holding more than 5% shares:

Name of the Shareholder	No. of Shares	% held
Mr. Jai Kishan Garg	2380049	21.01
Ms. Kamlesh Garg	605945	5.35
Mr. Manish Garg	846349	7.47
Mr. Ramnik Garg	788973	6.96

Terms / rights attached to Equity Share

Company has only one class of equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share. 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 in proportion to the number of equity shares held by the shareholders.

Particulars	No. of Shares
Equity Share at the beginning of the year	11330000
Add : Shares issued during the year	0
Less : Shares cancelled on buy back of Equity Shares	0
Equity Shares at the end of the year	11330000

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	113.300	113.300
(b) Reserves & Surplus	131.259	102.363
(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)	244.559	215.663
(3) Non-Current Liabilities
(a) long-term borrowings	70.034	70.229
(b) Deferred tax liabilities (Net)	32.302	29.989
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	102.336	100.218
(4) Current Liabilities
(a) Short term borrowings	118.170	100.736
(b) Trade payables	133.298	134.188
(c) Other current liabilities	67.323	54.937
(d) Short-term provisions	14.389	33.042
Total Current Liabilities (4)	333.180	322.903
TOTAL	680.075	638.784
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	249.129	206.406
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	2.187	60.848
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	52.180	0.460
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.529	2.529
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	306.025	270.243
(2) Current assets
(a) Current investments	1.480	1.852
(b) Inventories	128.903	145.112
(c) Trade receivables	207.755	180.720
(d) Cash and cash equivalents	13.613	11.752
(e) Short-term loans and advances	17.402	24.208
(f) Other current assets	4.897	4.897
Total Current Assets	374.050	368.541
TOTAL	680.075	638.784

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		113.300
2] Share Application Money		0.000
3] Reserves & Surplus		87.955
4] (Accumulated Losses)		0.000
NETWORTH		201.255
LOAN FUNDS
1] Secured Loans		130.466
2] Unsecured Loans		0.000
TOTAL BORROWING		130.466
DEFERRED TAX LIABILITIES		27.337
TOTAL		359.058
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		192.033
Capital work-in-progress		6.585
INVESTMENT		2.987
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.837
	Sundry Debtors	166.210
	Cash & Bank Balances	8.863
	Other Current Assets	4.896
	Loans & Advances	6.274
Total Current Assets		286.080
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	106.639
	Other Current Liabilities	18.157
	Provisions	3.831
Total Current Liabilities		128.627
Net Current Assets		157.453
MISCELLANEOUS EXPENSES		0.000
TOTAL		359.058

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	785.343	752.947	654.714
		Other Income	3.270	2.198	5.240
		TOTAL (A)	788.613	755.145	659.954
Less	EXPENSES
		Cost of Materials Consumed	566.056	544.238
		Change in Inventories of Finished Goods & Stock-in-Process	(8.934)	(7.773)	594.337
		Employee Benefits Expense	28.800	27.160
		Other Expenses	111.965	107.231
		TOTAL (B)	697.887	670.856	594.337
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		90.726	84.289	65.616
Less	FINANCIAL EXPENSES (D)		27.428	22.644	20.091
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		63.298	61.645	45.525
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.260	18.033	17.212
	PROFIT BEFORE TAX (E-F) (G)		39.038	43.612	28.313
Less	TAX (H)		10.142	15.992	9.791
	PROFIT AFTER TAX (G-H) (I)		28.896	27.620	18.522
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		99.364	87.955	69.433
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	3.000	0.000
		Dividend
		Provision for dividend including dividend distribution tax	0.000	13.211	0.000
	BALANCE CARRIED TO THE B/S		128.260	99.364	87.955
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export of Goods
		1. Electronic Thickness Gauge
		(Earning in US$ 1334200)	60.847	56.394	NA
		(Earning in EURO 229605)	15.222	19.584	NA
		2.Synthetic Leather & Allied Products
		(Earning in US$ 35220)	1.623	1.297	NA
	TOTAL EARNINGS		77.692	77.275	NA
	IMPORTS
		Raw Material & Consumables	226.651	231.216	187.015
		Capital Goods	0.498	53.314	4.317
	TOTAL IMPORTS		227.149	284.530	191.332
	Earnings Per Share (Rs.)		2.55	2.44	1.64

Expected Sales (2012-13): Rs.Rs.900.000 Millions

The above information has been parted by Mr. O. P. Garg

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	204.700	198.500	184.80	217.100
Total Expenditure	180.500	181.000	169.300	195.800
PBIDT (Excl OI)	24.200	17.500	15.500	21.300
Other Income	0.300	0.500	0.100	0.400
Operating Profit	24.500	18.000	15.600	21.800
Interest	7.500	7.200	6.900	06.300
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	17.000	10.900	8.800	15.50
Depreciation	6.200	6.200	6.300	06.100
Profit Before Tax	10.800	4.600	2.500	09.400
Tax	3.200	2.200	0.600	03.200
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	7.700	2.400	1.800	6.200
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	7.700	2.400	1.800	6.200

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.66	3.66	2.81
Net Profit Margin (PBT/Sales)	(%)	4.97	5.79	4.32
Return on Total Assets (PBT/Total Assets}	(%)	6.26	7.58	5.92
Return on Investment (ROI) (PBT/Networth)		0.16	0.20	0.14
Debt Equity Ratio (Total Debt /Networth)		0.77	0.79	0.65
Current Ratio (Current Asset/Current Liability)		1.12	1.14	2.22

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	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

UNSECURED LOAN:

Particular	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Loan From Directors	27.540	7.050
Total	27.540	7.050

PERFORMANCEDURING THE YEAR

The company had achieved gross sales of Rs.862.019 Millions during 2011-2012 which were 4.4% higher as compare with the sales of previous year. The sales of Synthetic Leather Division at Rs.625.183 Millions during 2011-12 were 4.5% lower as compared with the sales of previous year. However the sales of Electronic Gauge Division at Rs.236.836 Millions during the year were 39% higher as compare with the previous year. The Electronic Gauge Division has achieved the export of Rs.77.700 Millions during the year despite acute recessionary conditions and slowdown of capital investment in international market.

The company’s operating profit before interest, depreciation, income tax and deferred tax has increased by 7.6% to Rs.90.725 Millions during 2011-12 as compared with Rs.84.289 Millions during the previous year. The improvement in the operating profit has been achieved despite sharp increase in the prices of raw material on account of inflationary pressure in the economy. The interest and finance charges have sharply increased from Rs.22.644 Millions during 2010-11 to Rs.27.428 Millions during 2011-12 due to capitalization of loan for DMF Recovery Plant and loss of Rs.4.400 Millions during the year due to exchange fluctuation.

The gross profit before interest and depreciation has also increased to Rs.63.297 Millions during the year 2011-12 which is marginal 2.6% higher than the previous year. After providing depreciation of Rs.24.260 Millions and provision of income tax of Rs.7.828 Millions the company has achieved net profit (before deferred tax) of Rs.31.209 Millions, which was marginally higher as compared with net profit of Rs.30.271 Millions in the previous year. After providing deferred income tax of Rs.2.314 Millions consequent to capitalization of fixed assets the company has achieved net profit of Rs.28.895 Millions as compared with Rs.27.620 Millions in the previous year. The cash profit of the company without taking in to account notional deferred tax was Rs.55.469 Millions during the year 2011-12 as compared with Rs.48.300 Millions in the previous year. Keeping in view recessionary conditions prevailing in the local and international market, sharp increase in the prices of main raw materials and exchange fluctuation losses the management considers overall performance of the company during the year under review quite satisfactory.

CREDIT RATINGANDISO 9001 CERTIFICATION

The company's performance and financial position was rated by CRISIL Ltd, the Premier credit rating agency in the country. CRISIL has assigned BBB Stable rating to fund based long term bank loans and P-3 to non-fund based facilities from State Bank of India. They rating reflects moderate safety to timely payment of financial obligations and comes under Investment Grade rating. The Company has obtained ISO 9001:2008 and ISO 9001:2000 Quality Certificates for its Synthetic Leather and Electronic Gauge Division respectively.

INSURANCE CLAIM

The company's insurance claim of Rs.4.896 Millions regarding fire accident in November, 2001 continues to be pending in Delhi High Court. Necessary provisions would be made after the case is settled by the court. The company has taken adequate insurance cover for the building, Plant and Machinery and inventory.

FUTURE PROSPECTS

The company has achieved consistent increase in production and sales in the last few years due to the Management's focus on continuous up gradation and modernization of plant and machinery. However in view of recessionary conditions in local and international market and almost 25% depreciation in the value of against dollar resulting in sharp increase in the prices of raw material, the Management is cautious about Performance of the company in current year. The Management is focusing its efforts to reduce the cost of production and optimizing existing recourses of the company during the year.

MANAGEMENTDISCUSSIONANDANALYSIS REPORT:

INDUSTRY STRUCTUREANDDEVELOPMENT

PU/PVC Coated Fabric also known as Synthetic Leather is mostly used in Footwear Industry as raw material for Shoe-Upper, Lining, Insole, Chappal and Sandal Straps etc. It is also used in Garments as Lining Material, as Automobile seat cover and Furniture upholstery material, in Ladies and Gents Purses and Bags and in the manufacture of sports goods and Accessories.

Synthetic Leather Industry in India is badly fragmented and somewhat concentrated in Northern India and Western India. Most of the units are in small scale and unorganized sector manufacturing cheap quality products for small and unorganized sector. The Industry has not been able to achieve its full potential due to tough competition from imported material from China, Taiwan, Hong Kong and Korea, where there are very large units enjoying benefits of economies of scale. The competition has become more acute in the last 2-3 years due to declining custom tariff barrier. However, the company has been able to withstand competition both domestic and from abroad, as it is an integrated player with in-house manufacturing facility for PU Resin, which is main raw materials for PU coated Fabrics. Further, the company is continuously upgrading its technology and modernizing plant and machinery to maintain competitive edge in the market and hence despite tough competition in the market, its sales are growing every year except the last year. The company is now concentrating on PU Synthetic Leather where competition is somewhat less.

TRADE REFERENCES

· LG Chemical, Korea

· BSA, Germany

· Adidas

· Bata

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.03.2012	31.03.2011
(A) Claim against the company / disputed liabilities not acknowledged as debts	0.782	0.782
B) Guarantees
(I) Guarantees to Banks and Financial Institutions against credit facilities extended to third parties
a) In Respect of Wholly Owned Subsidiary ($ 3 Lakh)	15.348	0.000
b) In Respect of Others	0.000	0.000
(ii) Performance Guarantees (Margin Money with Bank 29.07 Lakh)	15.282	13.219
(iii) Outstanding guarantees furnished to Bank in respect of Letters of Credits (Margin Money with Bank 89.05 Lakh)	74.830	72.253
C) Other Money for which the company is contingently liable
i) Liability in respect of bill discounted with bank	0.000	0.000
ii) Liability in respect of Sales Tax surety for third parties	0.800	0.600

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2012

Rs. In Millions

Sno	Particulars	Quarter Ended		Nine Months Ended
		31.12.2012	30.09.2012	31.12.2012
		(Unaudited)	(Unaudited)	(Unaudited)
1	Income from Operations
	(a) Net Sales/income from operations (Net of excise duty)	184.808	198.107	587.055
	(b) Other operating income	0.168	0.410	0.905
	Total income from operations (net)	184.776	198.517	587.960
2	Expenses
	(a) Cost of materials consumed	135.721	149.226	431.881
	(b) Purchase of Stock-in-trade	—	—	---
	(c) Change in inventories of finished goods, work-in-progress and stock-in-trade	(4.671)	(4.041)	(12.494)
	(d) Employee benefits expense	9.305	7.992	25.106
	(f) Depreciation & amortization expenses	6303	6.220	18.686
	(g) Power and Fuel	11.038	10.889	32.087
	(f) Other expenses	17.838	16.954	54.140
	Total Expenses	175.534	187.240	549.406
3	Profit / (Loss) from operations before other income, finance costs and exceptional item (1 - 2)	9.242	11.277	38.554
4	Other income	0.078	0.529	0.886
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4)	9.320	11.806	39.440
6	Finance Costs	6.852	7.176	21.501
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional item (5 - 6)	2.468	4.630	17.939
8	Exceptional Items	—	—	—
9	Profit / (Loss) from ordinary activities before tax (7 + 8)	2.468	4.630	17.939
10	Tax Expense	0.630	2.236	6.043
11	Net Profit / (Loss) from ordinary activities after tax (9- 10)	1.838	2.394	11.896
12	Extraordinary items (net of tax expense Rs. -Millions)	---	---	---
13	Net Profit / (Loss) for the period (11 - 12)	1.838	2.394	11.896
14	Share of profit / (loss) of associates	---	---	---
15	Minority interest	—	—	—
16	Net Profit / (Loss) after taxes, minority interest and share of profit / (loss) of associates (13 - 14 - 15)	1.838	2.394	11.896
17	Paid-up equity share capital (Face value of the Share shall be indicated)	113.300	113.300	113.300
18	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	143.154	141.316	143.154
19	Non-annualised basic and diluted earnings per share of Rs 10/- each (i) before and (ii) after extraordinary items.	00.16	00.21	01.05

STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT DECEMBER 31, 2012

Rs. In Millions

	Particular	31.12.2012 (Unaudited)
A	EQUITY AND LIABILITIES
1	Shareholders; Funds
	(a) Share Capital	11.3300
	(b) Reserve and surplus	14.3154
	(c) Money received against share warrants	0.000
	Sub-total-Shareholders' funds	256.454
2	Share application money pending allotment
3	Minority interest
4	Non-current liabilities
	(a) Long-term borrowings	71.470
	(b) Deferred tax liabilities (net)	31.552
	(c) Other long-term liabilities	0.000
	(d) Long-term provisions	0.000
	Sub-total-Non-current liabilities	103.021
5	Current liabilities
	(a) Short-term borrowings	125.221
	(b) Trade payables	109.131
	(c) Other current liabilities	48.052
	(d) Short-term provisions	16.213
	Sub-total-Current liabilities	298.619
	TOTAL - EQUITY AND LIABILITIES	658.095
B	ASSETS
1	Non-current assets
	(a) Fixed assets	240.011
	(b) Goodwill on consolidation	0.000
	(c) Non-current investments	52.180
	(d) Deferred tax assets (net)	0.000
	(e) Long-term loans and advances	2.529
	(f) Other non-current assets	0.000
	Sub-total-Non-current assets	294.720
2	Current assets
	(a) Current investments	1.479
	(b) Inventories	144.425
	(c) Trade receivables	182.953
	(d) Cash and cash equivalents	14.409
	(e) Short-term loans and advances	15.209
	(f) Other current assets	4.896
	Sub-total-Current assets	363.374
	TOTAL - ASSETS	658.095

SELECT INFORMATION FOR THE QUARTER ENDED 31.12.2012

Rs. In Millions

	Particulars	Quarter and Year Ended
		31.12.2012
A	PARTICULARS OF SHARE HOLDING
1	Public shareholding
	- Number of Shares	51,31,345
	- Percentage of shareholding	45.29%
	Promoters and Promoter Group Shareholding
	a) Pledged / Encumbered
	- Number of shares	20,00,000
	- Percentage of shares (as a % of the total shareholding or promoter and promoter group)	32.27%
2	- Percentage of share (as a % of total share capital of the company)	17.65%
	b) Non-encumbered	41,98,655
	- Number of shares	67.63%
	- Percentage of shares (as a % of the total shareholding or promoter and promoter group)	37.06%
	- Percentage of share (as a % of total share capital of the company)
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	0
	Received during the quarter	1
	Disposed of during the quarter	0
	Remaining unresolved at the end of the quarter	1

SEGMENTWISE REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE PERIOD ENDED ON 31ST DECEMBER, 2012

Rs. In Millions

	Particulars	Un-audited Financial Results
		For the Quarter Ended		For the Nine
		31.12.12	30.09.12	31.12.12
1	Segment Revenue
	a) Electronic Thickness Gauge (BTG)	47.333	57.410	164.640
	b) Synthetic Leather & Allied Products	160.098	163.432	490.903
	Sub Total	207.431	220.842	655.543
	Less : Inter-segment Revenue/E.Duty	22.576	21.796	66.697
	Net Sales / Income From Operations	184.855	199.046	588.846
2	Segment Results (Profit (+)/Loss (-) before Tax and Interest
	a) Electronic Thickness Gauge (BTG)	4.876	5.228	19.918
	b) Synthetic Leather & Allied Products	4.444	6.578	19.521
	Sub Total	9.320	11.806	39.439
	Less : (i) Interest	6.852	7.176	21.501
	(ii) Other un-allocable expenditure
	Total Profit Before Tax	2.468	4.630	17.938
3	Capital Employed (Segment Assets-Segment Liabilities)
	a) Electronic Thickness Gauge (BTG)	53.411	44.398	53.411
	b) Synthetic Leather & Allied Products	306.065	312.555	306.065
	Total Capital Employed	359.476	356.953	359.476

Notes:

1. Previous Years/Period Figures have been regrouped wherever necessary.

2. Provision for deferred taxation, if any will be made at the end of the year.

3. The results have been reviewed by the Audit Committee and approved at the Board Meeting held on 9th February, 2013.

4. Non promoter's Shareholding in the Company as on 31-12-2012 was 5131345 equity shares representing 45.29% of total equity capital of the Company.

5. Except Rs.2.000 millions equity shares of the Company (Rs.0.900 million, Rs,0.700 million and Rs.0.400 million numbers held by the promoters Mr. J.K. Garg, Mr. Ramnik Garg and Mr. Navneet Garg respectively) which are pledged with State Bank of India by way of securing for financial assistance to the Company, no other share held by the promoters is under pledge.

6. One investor complaint was received and/or resolved by the end of the Quarter.

7. The Auditors have carried out a limited review of the above results.

FIXED ASSETS:

· Land

· Building

· Furniture and Fittings

· Plant and Machinery

· Vehicles.

· Fire Fighting

· Equipments

· Air Conditioners

· Computers

· Generator Set

· Office Appliances

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.59.69
UK Pound	1	Rs.91.66
Euro	1	Rs.78.69

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.