MIRA INFORM REPORT

Report Date :

11.06.2013

IDENTIFICATION DETAILS

Name :	XPRO INDIA LIMITED
Registered Office :	Barjora - Mejia Road, P.O. Ghutgoria, Tehsil, Barjora, District Bankura – 722202, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.11.1997
Com. Reg. No.:	21-085972
Capital Investment / Paid-up Capital :	Rs.113.690 Millions
CIN No.: [Company Identification No.]	L25209WB1997PLC085972
TAN No.: [Tax Deduction & Collection Account No.]	CALX00037C
PAN No.: [Permanent Account No.]	AAACX0120H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Supplier of Cast Sheets and Synthetic Resins.
No. of Employees :	355 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 5800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an well established company having a good track record. Financially company is performing well. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealing 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	FITCH
Rating	BBB (Long Term Rating)
Rating Explanation	Rating indicate low risk of default. It Capacity for payment of financial commitment is considered adequate.
Date	December 2011

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/ Biax Division 1 :	Barjora - Mejia Road, P.O. Ghutgoria, Tehsil, Barjora, District Bankura – 722202, West Bengal, India
Tel. No.:	91-3241-257263/ 4
Fax No.:	91-3241-257266
E-Mail :	salmiya@xproindia.com
Website :	www.xproindia.com
Corporate Office/ Central Marketing Office/ Exports :	1, Industrial Area, N.I.T., Faridabad -121 001, Haryana, India
Tel. No.:	91-129-2233915 / 17
Fax No.:	91-129-4028300
E-Mail :	xprocorp@birlas.com
Biax Division 1:	Plot No.78, Industrial Area, Sector 3, Pithampur, District Dhar - 454 774, Madhya Pradesh, India
Tel. No.:	91-7292-256539
Fax No.:	91-7292-256214
Coex Division:
Faridabad Unit:	2-3, Industrial Area, N.I.T., Faridabad - 121 001, Haryana, India
Tel. No.:	91-129-2233915 / 17
Fax No.:	91-129-2231456
Greater Noida Unit:	Plot 32, Udyog Vihar, Greater Noida, District Gautam Budh Nagar - 201306, Uttar Pradesh, India
Tel. No.:	91-120-2560739 / 2230890
Fax No.:	91-120-2560740
Ranjangaon Unit:	Plot No. E-89and E-90-1, MIDC Industrial Area, Ranjangaon, Pune - 412220, Maharashtra, India
Tel. No.:	91-2138-611100
Fax No.:	91-2138-611105

DIRECTORS

As on: 31.03.2012

Name :	Mr. Sidharth Birla
Designation :	Chairman
Name :	Mrs. Madhushree Birla
Designation :	Director
Name :	Mr. Amitabha Ghosh
Designation :	Director
Name :	Mr. Amitabha Guha
Designation :	Director
Name :	Mr. Haigreve Khaitan
Designation :	Director
Name :	Mr. P. Murari
Designation :	Director
Name :	Mr. Utsav Parekh
Designation :	Director
Name :	Mr. S. Ragothaman
Designation :	Director
Name :	Mr. C. Bhaskar
Designation :	Managing Director and Chief Executive Officer

KEY EXECUTIVES

Name :	Mr. S.C. Jain
Designation :	Company Secretary
Name :	Mr. H. Bakshi
Designation :	President and Chief Operating Officer
Name :	Mr. V.K. Agarwal
Designation :	Executive Vice President and Chief Financial officer
Name :	Mr. N. Ravindran
Designation :	Joint President (Marketing)
Name :	Mr. Anil Jain
Designation :	Executive Vice President, Coex Division (RNJ)
Name :	Mr. Manmohan Krishna
Designation :	Executive Vice President, Coex Division (FBD)
Name :	Mr. U.K. Saraf
Designation :	Executive Vice President, Coex Division (GRN)
Name :	Mr. Sunil Mehta
Designation :	Executive Vice President, Biax Division (Pithampur)

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	204236	1.75
Bodies Corporate	5156050	44.22
Sub Total	5360286	45.97
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5360286	45.97
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9683	0.08
Financial Institutions / Banks	74873	0.64
Sub Total	84556	0.73
(2) Non-Institutions
Bodies Corporate	478397	4.10
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3503598	30.05
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1499631	12.86
Any Others (Specify)	733032	6.29
Directors & their Relatives & Friends	520182	4.46
NRIs/OCBs	81507	0.70
Trusts	5941	0.05
Any Other	125402	1.08
Sub Total	6214658	53.30
Total Public shareholding (B)	6299214	54.03
Total (A)+(B)	11659500	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)	11659500	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Cast Sheets and Synthetic Resins.

Products :

Product Description	ITC Code
Thermoplastic Films / Sheets / Liners	3920
Thermosetting Powders and Resins	3909

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Thermoplastic Films / Sheets / Liners	M/T	31500	21887
Thermosetting Powders and Synthetic Resins	M/T	12000	9486

Note:

1. Installed Capacities are as certified by the Management
2. None of the products are covered under current IDR licensing norms. Hence, ”Licensed Capacity” not reported.
3. Production includes outside job work for others.
4. Thermoplastic films / Sheets / Liners production includes 1048 Mt inter-unit transfer / internal consumption (previous year” 1667 MT)

GENERAL INFORMATION

No. of Employees :

355 (Approximately)

Bankers :

• State Bank of India
• State Bank of Hyderabad
• State Bank of Patiala
• Allahabad Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012
Term Loan	184.199
Working Capital Loan and Cash Credit Account with Banks	180.867
Overdraft Accounts	153.291
Total	518.357

Secured Loan	As on 31.03.2011
Term loans	530.809
Working Capital Loans	263.499
Overdraft against term deposits	14.896
Total	809.204

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and sells Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Promoters :	IntelliPro Finance Private Limited iPro Capital Limited
Subsidiaries :	Xpro Global Limited Xpro Global Pte. Limited, Singapore

CAPITAL STRUCTURE

As on: 26.07.2012

Authorised Capital : Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.116.595 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions
20000000	Unclassified Shares	Rs.10/- each	Rs.200.000 Millions
	Total		Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11368987	Equity Shares	Rs.10/- each	Rs.113.690 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		113.690	111.140	110.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1361.204	1054.235	966.531
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1474.894	1165.375	1076.531
LOAN FUNDS
1] Secured Loans		518.357	809.204	682.823
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		518.357	809.204	682.823
DEFERRED TAX LIABILITIES		33.700	11.900	28.200
TOTAL		2026.951	1986.479	1787.554
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		972.649	1216.976	932.688
Capital work-in-progress		53.517	105.943	8.893
INVESTMENT		7.162	7.162	115.822
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	195.523	265.353	184.065
	Sundry Debtors	304.665	612.270	439.464
	Cash & Bank Balances	781.775	282.896	247.721
	Other Current Assets	35.808	0.000	0.000
	Loans & Advances	245.494	101.626	244.929
Total Current Assets		1563.265	1262.145	1116.179
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	218.605	444.869	235.364
	Other Current Liabilities	305.155	122.640	124.385
	Provisions	45.882	38.238	26.279
Total Current Liabilities		569.642	605.747	386.028
Net Current Assets		993.623	656.398	730.151
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2026.951	1986.479	1787.554

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	2456.881
		Other Income	63.673
		TOTAL (A)	2520.554
Less	EXPENSES
		Cost of materials consumed	1663.680
		Purchase of stock-in-trade	13.436
		Changes in inventories of finished goods and work-in-progress	10.233
		Employee benefits expense	162.336
		Other expenses	380.798
		TOTAL (B)	2230.483
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		290.071
Less	FINANCIAL EXPENSES (D)		104.324
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		185.747
Less/ Add	DEPRECIATION/ AMORTISATION (F)		115.444
	PROFIT BEFORE TAX (E-F) (G)		70.303
Less	TAX (H)		(265.797)
	PROFIT AFTER TAX (G-H) (I)		336.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		393.192
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000
		Proposed Dividend	29.209
		Dividend Tax	4.750
	BALANCE CARRIED TO THE B/S		645.333
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	64.102
	TOTAL EARNINGS		64.102
	IMPORTS
		Raw Materials	113.338
		Stores & Spares	3.423
		Capital Goods	51.563
	TOTAL IMPORTS		168.324
	Earnings Per Share (Rs.)
	Basic		4.64
	Diluted		4.53

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	3070.066	2038.890
		Other Income	7.483	7.993
		TOTAL	3077.549	2046.883
Less	EXPENSES
		Office Expenses	2123.111	1385.973
		Administrative Expenses	641.849	468.468
		TOTAL	2764.960	1854.441
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		312.589	192.442
Less	FINANCIAL EXPENSES		87.382	44.444
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		225.207	147.998
Less/ Add	DEPRECIATION/ AMORTISATION		131.106	86.859
	Exceptional Items		0.000	9.040
	PROFIT BEFORE TAX		94.101	70.179
Less	TAX		(19.698)	26.201
	PROFIT AFTER TAX		113.799	43.978
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		323.844	308.080
Less	APPROPRIATIONS
		Transfer to General Reserve	18.090	5.500
		Dividend	22.682	19.479
		Tax on Dividend	3.679	3.235
	BALANCE CARRIED TO THE B/S		393.192	323.844
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	29.007	36.818
	TOTAL EARNINGS		29.007	36.818
	IMPORTS
		Raw Materials	112.767	62.234
		Stores & Spares	4.438	3.666
		Capital Goods	60.307	75.532
	TOTAL IMPORTS		177.512	141.432
	Earnings Per Share (Rs.)
	Basic		10.27	4.00
	Diluted		9.84	3.91

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	525.600	440.500	614.100
Total Expenditure	531.200	440.000	608.600
PBIDT (Excl OI)	(5.600)	0.500	5.500
Other Income	22.100	18.200	26.400
Operating Profit	16.500	18.700	31.900
Interest	29.000	26.800	26.100
Exceptional Items	0.000	0.000	0.000
PBDT	(12.500)	(8.200)	5.800
Depreciation	28.700	28.800	21.900
Profit Before Tax	(41.300)	(37.000)	(16.100)
Tax	(12.600)	(9.900)	(15.100)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(28.700)	(27.100)	(1.000)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	(28.700)	(27.100)	(1.000)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	13.33	3.70	2.14
Net Profit Margin (PBT/Sales)	(%)	2.86	3.07	3.43
Return on Total Assets (PBT/Total Assets}	(%)	2.77	3.80	3.43
Return on Investment (ROI) (PBT/Networth)		0.05	0.08	0.07
Debt Equity Ratio (Total Debt/Networth)		0.35	0.69	0.63
Current Ratio (Current Asset/Current Liability)		2.74	2.08	2.89

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	No
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	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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

REVIEW OF KEY BUSINESS MATTERS

The optimism of the early part of the year, following a GDP growth @8.4% during previous two years, gave way to revised estimates projecting a lower growth @6.9%primarily due to lower industrial production; the Indian economy battled challenges including but not limited to forex volatility and managing price stability. Additional pressures stemmed from a deteriorating global scene, European debt crises and its possibility of impact on financial markets. Domestic constraints of inflation, rising interest and costs and general negative sentiment affected customer confidence. However, despite this largely negative background the Company’s operating results improved and should be considered generally satisfactory. But their optimism remains cautious due to uncertainties arising from volatile markets and sentiment, inflation and high financial costs.

Total Sales were Rs. 3072.400 Millions. Gross Profit from continuing businesses improved by14% to Rs. 185.747 Millions despite marginal fall in volume from 21,887 MT to 20,453 MT. Profits from Discontinued Business were higher on pro-rata basis. Performance is dealt with in greater detail in the Managements’ Discussion and Analysis Report.

The year witnessed material progress in strategic initiatives of the Company, particularly completion of sale of the Thermo sets Division at Ranjangaon (manufacturing Thermoset Moulding Powders and Synthetic Resins) in an all-cash transaction on a going concern and slump sale basis. Completion of merger of erstwhile subsidiary Biax Specialty Films Private Limited was informed in their last Report. The proceeds from the above sale, after tax and partial reduction of debt, are supplementing finances for growth and expansion of core businesses.

Their strategic intent for BOPP and Cast films is towards specialization in certain types of films (including thin, dielectric, hygiene and metalized films). The plants at Barjoraand Pithampur both concentrate on thin BOPP Films for special applications and the Company remains the only indigenous producer of such films; both plants operated at high utilization levels. Considering the sustainable potential in domestic and export markets, and the capabilities of the Company, capacity enhancement had been proposed and implementation is proceeding on schedule.

After years of sustained growth the consumer durables industry – particularly Refrigerators (a significant client base for the Company) turned in a negative growth performance, affecting off-take of sheets and liners. However this seems to be only aphase, as the industry continues to have good prospects going forward; to meet future needs capacities at Greater Noida and Ranjangaon were enhanced. Coex facilities at Ranjangaon are being systematically moved to a neighbouring location, as sale of Thermo set Division included the area where these were operating.

Employees Stock Option ("ESOP") Schemes are implemented in accordance with SEBI Guidelines. Details of options granted and outstanding along with other particulars, as required, are annexed hereto.

COMPANY AND INDUSTRY STRUCTURE

Company operations are focused in their segment of core competence viz. Polymers Business and following disposal of the Thermo sets Division structured into 2 operating Divisions. Each operating division has been kept self-sufficient managerially to perform its own duties and functions, with support provided at a corporate level as and when required. Asummary of performance is given below.

POLYMERS BUSINESS	2012		2011
(net of inter-unit adjustments)	Production	Sales	Production	Sales
	MT	Rs. In Millions	MT	Rs. In Millions
Biax Division	3573	818.900	3889	710.200
Coex Division	16880	1882.800	17998	1697.000
Thermosets Division (Till August 18, 2011)	3154	370.700	9486	978.000
Total		3072.400		3385.200

The industry structure in the field of polymers processing is spread wide, fromminiscule to fairly large capacities. There is no direct thumb-rule in terms of "sizevs. Profitability" and it is possible for players to work out their own viable economics depending upon various factors, mainly a combination of product mix and market segment or niche. Supply chain linkages to clients play an additional role for some. Since polymers are freely available at prices synchronized to global prices, market focus besides technical and service competence has been the key to success.

It is fair to say that the Company is a mid-sized player with significant strengths in its market segments, but remains subject to usual market pressures. In the overall, the Company’s operations are relatively capital intensive; raw material and power constitute the largest proportions of direct costs. hey believe that opportunities are substantial both in terms of market growth and product diversity and that threats from replacement products are not significant. The main raw materials used by the Company are Thermoplastic Resins (such as Polypropylene, Styrenic Polymers and LD/LLD Polyethylene, etc.).

They firmly recognize that total customer satisfaction is the key to their success. Their aim is to build sound customer relationships through creation of value for them, and in the process earn an equitable return for themselves. Quality is built into products through appropriate manufacturing technology and work methods. Manufacturing at all units is carried out by suitably qualified personnel under strict quality standards. Continuous product development for specific applications has helped us in proactively developing technically sustainable solutions with clear customer benefits. Quality Systems at all manufacturing units are certified under relevant ISO 9001:2008 standards.

Biax Division

Biax Division manufactures a range of coextruded Biaxially Oriented Polypropylene ("BOPP") Films and Dielectric Films on sophisticated, automated production lines, having multipurpose use in applications ranging from food packaging to specialized films for use in electronics, besides being used for print lamination, cigarette overwraps, adhesive tape etc. Per capita consumption of packaging products in the Asia-Pacific markets remains well below that of Europe and North America, signifying good potential. Flexible packaging in India has been developing and driven by prevailing low consumption of flexible packaging in India in line with changing consumption patterns for packaged food and other convenience products and trends in retail. With BOPP films constituting a significant input into this space and with development of new applications, the oriented films market in India continues to grow at a rapid pace, significantly higher than the global growth rate. In this backdrop, Indian BOPP industry continues to also grow encouraging sizable investment by existing players and new entrants. With fall in export markets, and creation of substantial capacity for packaging films, domestic markets for these are highly competitive. Volatility in input prices, anti-dumping duty and seasonal swings compound matters. Their focus however remains dedicated within their core strengths to special products and niche markets, largely thin films for specialized electrical applications, which together with consistent high quality and service standards enabled us to maintain near full capacity utilization with their products continuing to be well received at home and abroad. Their strategic intent for BOPP films remains directed towards thin and dielectric films and the Company has commenced work on capacity expansion. Their plants continued to operate profitably and total production during the year was 3,573 MT(not directly comparable with 3,889 MT last year due to production of thinner films).Steep increases in power tariff with retrospective effect in Bengal were a cause for concern.

Coex Division

Coex Division manufactures coextruded sheets, thermoformed refrigerator liners and coextruded cast films. Their products are usually custom-made to customer needs and based onvarious polymers including Polystyrene, PP and PE. Applications for their product range arewide, including sheets for refrigerator liners, disposable containers, automotive parts, etc. Cast films are high clarity films including stretch wrap and cling, specially formulated films for medical disposables, hygiene films, and others for packaging. The consumer durables segment experienced the worst year in recent times and the refrigerator sector, the division’s major market segment, was no exception. This set-back is seenas temporary and a return to normalcy is expected. They continue to be the leading supplier of sheets to the white goods industry through consistent focus on product quality, development and superior service, which have also been recognized by major customers. Inthe cast films segment, their focus has been on special films and continuous innovation. Reflecting market circumstances and their own standing, the total production of sheets, including as liners, (adjusted for inter-unit transfers) and cast films at this divisionat 16,880 MT during the year was marginally lower (~6%) than during the previous year (17,998 MT). In keeping with strategic direction to arrest the decline of viability at Faridabad, focus at this location was on production of only cast films pending other steps to evolve new solutions. During the year, the Company enhanced capacity at Ranjangaon through addition of a fully automated thermoforming line to meet specific additional requirements from its customers. Further addition to sheet extrusion capacity to keep pace with planned growth in refrigerator sector is on the anvil.

Thermosets Division

As stated in the Report for the previous year, the Company had examined, keeping in view all relevant factors, various options and based on careful consideration, it was considered in the best interests to exit the Thermo sets business completely at appropriate valuations and following discussions with more than one possible party, the Company had identified and negotiated the terms and conditions for transfer of the Division as a going concern. Following receipt of all necessary approvals the transfer against cash consideration was completed on August 18, 2011 and the business discontinued by the Company thereafter.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Rs. In Millions

Particular	31.03.2012	31.03.2011
Claims against the company, not acknowledged as debts	0.250	0.387
Sales Tax, Excise and customs matters under appeal	52.242	35.650
Bills discounted with Bank	36.903	18.451

FIXED ASSETS

Tangible Assets

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Computer
• Equipment and Fittings

Intangible Assets

• Software
• Technical Knowhow

STATEMENT OF AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2013

(Rs. In Millions)

SI.	Particulars	Standalone
		3 months ended		Year ended
		March 31, 2013	December 31, 2012	March 31, 2013
		See note 5a	Unaudited	Audited
1	Net Sales/Income from Operations (net of excise duty)	614.083	440.495	2253.157
2	Expenses
	a. Cost of materials consumed	465.006	307.281	1658.989
	b. Purchases of stock-in-trade	--	--	--
	c. Changes in inventories of finished goods, work-in- progress and stock-in-trade	2.812	3.413	(34.039)
	d. Employee benefits expense	43.725	44.346	174.619
	e. Depreciation and amortisation expense	21.904	28.788	108.004
	f. Other Expenses	97.087	84.980	392.985
	g. Total Expenses	630.534	468.808	2300.558
3	Profit/(Loss) from operations before other income, finance costs and exceptional items (1-2)	(16.451)	(28.313)	(47.401)
4	Other Income	26.396	18.174	84.929
5	Profit/ (loss) from ordinary activities before finance costs & exceptional items (3+4)	9.945	(10.139)	37.528
6	Finance costs	26.055	26.841	109.523
7	Profit/ (loss) from ordinary activities after finance costs but before Exceptional Items (5-6)	(16.110)	(36.980)	(71.995)
8	Exceptional items	-	-	-
9	Profit/(loss) from ordinary activities before tax (7+8)	(16.110)	(36.980)	(71.995)
10	Tax Expense	(15.132)	(9.850)	(30.882)
11	Net Profit/(Loss) from ordinary activities after tax (9-10)	(0.978)	(27.130)	(41.113)
12	Extraordinary items (net of tax expense)	-	-	-
13	Net Profit/(Loss) for the period (11+12)	(0.978)	(27.130)	(41.113)
14	Paid-up Equity Share Capital (Face value: Rs. 10 / share)	116.595	116.595	116.595
15	Reserves excluding Revaluation Reserves	-	-	1309.121
16	Earnings per Share (of Rs.10 each) (not annualised) (Rs.)
	before & after extraordinary items: - Basic	(0.09)	(2.33)	(3.54)
	- Diluted	(0.08)	(2.32)	(3.52)

SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED MARCH 31, 2013

		3 months ended		Year ended
		March 31, 2013	December 31, 2012	March 31, 2013
A	Particulars of Shareholding
1	Public Shareholding
	- Number of Shares	6299214	6324214	6299214
	- Percentage of Shareholding	54.03	54.24	54.03
2	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered	Nil	Nil	Nil
	b) Non-Encumbered
	- Number of Shares	5360286	5335286	5360286
	- Percentage of Shares (as a % of the total Shareholding of Promoters and Promoter Group)	100	100	100
	• Percentage of Shares (as a % of the total Share Capital of the Company)	45.97	45.76	45.97
B	Investor Complaints
	Pending at the beginning of the Quarter	Nil
	Received during the Quarter	8
	Disposed off during the Quarter	8
	Remaining unresolved at the end of the Quarter	Nil

STATEMENT OF ASSETS AND LIABILITIES:

(Rs. In Millions)

	Particulars	Standalone: Year ended March 31, 2013
		Audited
A	EQUITY AND LIABILITIES
1	Shareholders' Funds
	a. Share Capital	116.595
	b. Reserves and surplus	1309.121
	Sub-Total:	1425.716
2	Non-current liabilities
	a. Long-term borrowings	1230.838
	b. Deferred tax liabilities (net)	2.600
	c. Other long-term liabilities	0.657
	d. Long-term provisions	18.168
	Sub-Total:	1252.263
3	Current liabilities
	a. Short-term borrowings	423.022
	b. Trade payables	317.558
	c. Other current liabilities	252.522
	d. Short-term provisions	13.597
	Sub-Total:	1006.699
	Total - Equity and Liabilities	3684.678
B	ASSETS
1	Non-current assets
	a. Fixed assets	2165.227
	b. Non-current investments	7.162
	c. Long-term loans and advances	85.570
	Sub-Total:	2257.959
2	Current assets
	a. Inventories	262.343
	b. Trade receivables	349.657
	c. Cash and cash equivalents	542.867
	d. Short-term loans and advances	243.934
	e. Other current assets	27.918
	Sub-Total:	1426.719
	Total - Assets	3684.678

1. These audited Financial Results were, after review by the Audit Committee, approved by the Board at its meeting held on April 27, 2013.

2. Sales and results during the year were severely impacted by production cuts at major OEM customers in the face of depressed markets and economic conditions; it is reasonably believed that these circumstances are transieofc Capex implementation is proceeding on schedule.

3. The Board has recommended a Dividend of Re.1 per equity share and pre-announces a pay date of August 2, 2013 if the dividend is approved at the AGM of July 26, 2013.

a) Figures for the quarters ended March 31,2012 and March 31,2013 are, in accordance with Listing Agreements), the balancing figures between audited figures for the Ml financial year ended March 31,2012 and March 31,2013 and the published year to date figures upto the third quarter of the respective financial years; figures would need to be interpreted/analysed accordingly.

b) Results for the year ended March 31, 2012 include those of the Company's erstwhile Thermo sets Division transferred on August 18, 2011; accordingly the above results are not directly comparable.

4. There is no separate reportable segment as per AS 17 issued by the Institute of Chartered Accountants of India, as the Company is mainly in the business of Polymer Processing.

5. Consolidated financial results include wholly owned subsidiaries, Xpro Global Limited and Xpro Global Pte. Limited, Singapore.

6. Figures have been regrouped/rearranged where necessary.

AS PER WEBSITE DETAILS

Press Release

New Delhi, India, April 2, 2012

Professor Rambabu Kodali, Professor of Mechanical Engineering, BITS Pilani, has been appointed as "Shri S.K. Birla Chair Professor" at BITS Pilani with effect from April 2, 2012 for an initial period of 3 years.  The appointment recognises Prof. Kodali's significant contribution to research and teaching and to growth and development of the mechanical engineering department. Established by Xpro India Limited, in 2011, this Chair is one of the early Chairs established at Pilani.  

Barjora, West Bengal, India, March 28, 2012 

Construction work on the project for manufacture of Di-electric Films at Barjora, District Bankura, West Bengal commenced on March 28, 2012. Project involves setting up of a highly specialised line involving a project cost of well over Rs.1500.000 Millions.

Ranjangaon, Maharashtra, India, March 9, 2012

Soil-grading and levelling work on Xpro India's new site located at E-90/1, Ranjangaon commenced with a traditional "Bhoomi Puja". This site is to house initially a new state-of-art facility for Co-extruded plastic sheets and Thermoformed Liners.   

Kolkata, India, February 7, 2012

Xpro India is proud to have been associated as a sponsor with the "India Corporate and Investor Meet" organised by the Ministry of Corporate Affairs, Government of India in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI) at Kolkata on February 6, 2012. The event was well attended and was graced by the presence of Hon. Finance Minister, Sri Pranab Mukherjee, Hon. Minister for Corporate Affairs, Sri Veerappa Moily and Hon. Minister for Commerce and Industry, Govt. of West Bengal, Sri Partha Chatterjee, besides senior Government officials.  Sri Sidharth Birla, Chairman, Xpro India Limited, represented FICCI in his capacity as Vice President. 

Some pictures from the meet:

New Delhi, India, February 6, 2012

Some glimpses from the Xpro India booth at the highly successful 8th Plastindia Exhibition at New Delhi (February 1 to 6, 2012):  

New Delhi, India, February 1, 2012

Xpro India again sponsored the Awards for Best Performing Enterprise (Turnover upto Rs.250.000 Millions) at the Plasticon Awards 2012 which aim to promote and encourage innovation and excellence in all segments of the Plastics industry.

The winners: 

Gold:   Sanjay Techno Products Private Limited

Silver: Amity Thermosets Private Limited

New Delhi, India, January 18, 2012

Sri Sidharth Birla, Chairman of Xpro India Limited, has been elected as the Vice President of the Federation of Indian Chambers of Commerce and Industry (FICCI).  He also continues as the Chairman of the Corporate Laws Committee of FICCI.  

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.57.78
UK Pound	1	Rs.89.71
Euro	1	Rs.76.24

INFORMATION DETAILS

Report Prepared by :

VRN

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.