1. Summary Information

		Country	India
Company Name	JINDAL POLY FILMS LIMITED	Principal Name 1	Mr. Rashid Jilani
Status	Good	Principal Name 2	Mr. Jogesh Bansal
		Registration #	20-003979
Street Address	19^th K M, Hapur - Bulandshahr Road, P.O. Gulaothi, Bulandshahr – 245408, Uttar Pradesh, India
Established Date	09.09.1974	SIC Code	--
Telephone#	91-122-2312088 / 2311087 91-5732-229143 / 229105	Business Style 1	Manufacturing
Fax #	91-122-2312244	Business Style 2	--
Homepage	www.jindalpoly.com	Product Name 1	Polyester Resin
# of employees	1000 (Approximately)	Product Name 2	Polyester Filament Yarn
Paid up capital	Rs. 430,218,550/-	Product Name 3	Polyester Chips
Shareholders	Promoter and Promoter Group – 74.63% Public - 25.37%	Banking	Punjab National Bank
Public Limited Corp.	Yes	Business Period	39 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	A (66)
Related Company
Relation	Country	Company Name	CEO
Associates	--	Jindal India Powertech Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	4,420,464,000	Current Liabilities	2,739,212,000
Inventories	2,015,686,000	Long-term Liabilities	4,355,264,000
Fixed Assets	12,936,261,000	Other Liabilities	1,789,470,000
Deferred Assets	0,000	Total Liabilities	8,883,946,000
Invest& other Assets	6,717,146,000	Retained Earnings	16,775,392,000
		Net Worth	17,205,611,000
Total Assets	26,089,557,000	Total Liab. & Equity	26,089,557,000
Total Assets (Previous Year)	25,604,616,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	23,643,961,000	Net Profit	1,370,795,000
Sales(Previous yr)	26,989,290,000	Net Profit(Prev.yr)	5,926,558,000

MIRA INFORM REPORT

Report Date :

18.06.2013

IDENTIFICATION DETAILS

Name :	JINDAL POLY FILMS LIMITED (w.e.f. March, 2005)
Formerly Known As :	JINDAL POLYESTER LIMITED
Registered Office :	19^th K M, Hapur - Bulandshahr Road, P.O. Gulaothi, Bulandshahr – 245408, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.09.1974
Com. Reg. No.:	20-003979
Capital Investment / Paid-up Capital :	Rs. 430.219 Millions
CIN No.: [Company Identification No.]	L17111UP1974PLC003979
TAN No.: [Tax Deduction & Collection Account No.]	MRTJ00149C
Legal Form :	Public Limited Liability Company. The company's shares are listed on the Stock Exchanges.
Line of Business :	Manufacturing of Polyester Resin, Polyester Filament Yarn, Polyester Chips and Biaxially Oriented Polyester Film.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 68800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the BC Jindal group. It is a well established and reputed company having a good track record. There appears slight dip in sales as well as in profitability. However, general financial position of the company seems to be strong. Performance capacity appears to be high. Liquidity position of the company is good. Subject gets good supports from its group companies. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong holding and experienced directors, the company can be considered for good business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: AA-
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation. It carry very low credit risk.
Date	April, 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/Factory 1 :	19^th K M, Hapur - Bulandshahr Road, P.O. Gulaothi, Bulandshahr – 245408, Uttar Pradesh, India
Tel. No.:	91-122-2312088 / 2311087 91-5732-229143 / 229105
Fax No.:	91-122-2312244
E-Mail :	info@jindalpolyester.com secretarial_polyester@jindalgroup.com
Website :	http://www.jindalpolyester.com http://www.jindalpoly.com
Head Office / Corporate Office :	Plot No 12, Sector B-1, Local Shopping Complex, Vasant Kunj, New Delhi - 110070, India
Tel. No.:	91-11-26139256 / 65
Fax No.:	91-11-26125739
E-Mail :	jindalpolyester@jindalgroup.com
Factory 2:	28^th K.M. Stone, Nashik-Igatpuri Road, NH – 3, Village Mundhegaon, Taluka Igatpuri District, Nashik - 422403, Maharashtra, India
Tel. No.:	91-2553-285402 / 285405
Fax No.:	91-2553-285403
Factory 3 :	160/1/7, Amboli Road, Village Kala, Khanvel, Silvassa ( UT of D and N ), India
Tel. No.:	91-2638-247264 / 358
Export Sales Office :	BOPP and PET Films
Tel. No.:	91-11-26121798
Fax No.:	91-11-26125739
E-Mail :	jindal_export@jindalgroup.com
Domestic Sales Office :	PET Films
Tel. No.:	91-11-26125723
Fax No.:	91-11-26125739
E-Mail :	pet_mkt@jindalgroup.com

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Rashid Jilani
Designation :	Non-Executive Independent Director
Date of Birth :	08.10.1941
Qualification :	M.Com., C.A. I. I.B.
Experience :	40 years of experience in Banking, Finance and Working Capital Management. He is former Chairman of Punjab National Bank
Date of Appointment :	29.09.2007
DIN No.:	00010624
Name :	Mr. Jogesh Bansal
Designation :	Non-Executive Independent Director
Date of Birth :	03.04.1952
Qualification :	B.A
Date of Appointment :	20.09.2008
Other Directorship :	· International Technotex Private Limited · South West Probuild Private Limited
Name :	Mr. R K Pandey
Designation :	Non-Executive Independent Director
Date of Birth :	20-01-1940
Qualification :	M.Com, LLB, FCS
Date of Appointment :	30-09-2009
Other Directorship :	· PTC Industries Limited · Precise Laboratories Private Limited · British Health Care Private Limited · Welcure Drugs and Pharmaceutical Limited · Shree Rajasthan Synthex Limited · Hanug Toys and Industries Limited · Amar Ujala Publications Limited · Kamdhenu Ispat Limited · Mefcom Capital Market Limited · Morgan Venture Limited · Richo India Limited · Sanghi Industries Limited · Ventura Strategic Mgt. Solution Private Limited · Kanpur Fertilizer and Cement Limited · Jaypee Uttarbharat Vikas Private Limited
Name :	Mr. Sameer Banerjee
Designation :	Whole Time Director (Marketing)
Date of Birth :	10.07.1951
Qualification :	B.Sc, M.B.A.
Date of Appointment :	25.08.2008
Name :	Mr. Rathi Binod Pal
Designation :	Whole Time Director
Date of Birth :	18.03.1969
Qualification :	B.Com, C.A. (Inter)
Date of Appointment :	17.12.2009
Name :	Mr. Hemant Sharma
Designation :	Whole Time Director and Chief Executive Officer
Date of Birth :	23.04.1963
Qualification :	B. Text. Hons. (Textile) MBA (Marketing)
Experience :	27 years of industrial experience in sales, marketing, strategic business development, operation and restructuring.
Date of Appointment :	01.04.2012
DIN No.:	05235723
Other Directorship :	Jindal Poly Investment and Finance Company Limited

KEY EXECUTIVES

Name :	Mr. Ajit Mishra
Designation :	Company Secretary
Qualification :	B.Com, LLB, ACS
Name :	Mr. L.P. Soni
Designation :	Chief Financial Officer

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	1313200	3.12
Bodies Corporate	30065552	71.50
Sub Total	31378752	74.63
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	31378752	74.63
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	271	0.00
Financial Institutions / Banks	897815	2.14
Foreign Institutional Investors	2147156	5.11
Sub Total	3045242	7.24
(2) Non-Institutions
Bodies Corporate	1644576	3.91
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	5236977	12.45
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	480128	1.14
Any Others (Specify)	262038	0.62
Non Resident Indians	235931	0.56
Trusts	108	0.00
Clearing Members	25999	0.06
Sub Total	7623719	18.13
Total Public shareholding (B)	10668961	25.37
Total (A)+(B)	42047713	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)	42047713	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Polyester Resin, Polyester Filament Yarn, Polyester Chips and Biaxially Oriented Polyester Film.

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Unit	*Licensed Capacity	*Installed Capacity	Actual Production
Polyester Filament Yarn	MT	54000	54000	----
Polymer Chips	MT	191000	180800	109827.798
Biaxially Oriented Polyester/ Polypropylene Film	MT	296000	296000	225470.385

*As certified by the management but not verified by the Auditors, being the technical matter. Film Production Includes 159,954 Mt. under the Mega Project Scheme.

GENERAL INFORMATION

No. of Employees :

1000 (Approximately)

Bankers :

• Punjab National Bank
• State Bank of India
• State Bank of Patiala
• Axis Bank Limited
• Hongkong and Shanghai Banking Corporation Limited
• The Bank of Nova Scotia
• DBS Bank Limited
• AKA, Ausfuhrkredit-Gesellschaft mbH, Frankfurt, Germany
• Commerzbank, Aktiengesellschaft Frankfurt, Germany

· Standard Chartered Bank

Facilities :

Secured Loan	31.03.2012 Rs. In Millions
Long Term Borrowing
Foreign Currency Loans – From Banks	2566.187
Working Capital Loan	646.655
TOTAL	3212.842

Secured Loans	31.03.2011 Rs. In Millions
Term Loans From Banks
Foreign Currency Loans	3661.377
Working Capital Loans From Banks (Includes bill discounting of Rs.466.934 millions, Previous year Rs. Nil)	1036.632
TOTAL	4698.009

Notes on Secured Loans :

Term loans from banks are secured by first pari-pasu equitable mortgage of immovable properties of the company situated at Gulaothi (U.P). and Nasik (Maharashtra) and hypothecation of all movable assets (save and except book debts) subject to prior charge of the banks for working capital requirements.

Foreign currency term loans from AKA Ausfuhrkredit-Gesellschaft mbh Germany and Commerzbank Germany are guaranteed by HERMES Kreditversicherungs-Aktiengesellschaft Germany.

The above foreign currency loans are repayable on yearly/half yearly basis and the last repayment is due in September,2017.

Secured Working Capital Loans from banks are secured by way of hypothecation of all stocks of raw materials, semi finished goods, finished goods, goods in transit, stores and spares and book debts of the company. These are further secured by way of second pari-pasu charge on immovable properties of the company situated at Gulaothi (U.P.) and Nasik (Maharashtra)

Banking Relations :	--
Auditors :
Name :	Kanodia Sanyal and Associates Chartered Accountants
Associates :	· Jindal India Powertech Limited · Rexor Holding SAS (W.e.f 29.03.2012) (Formerly Known as Jindal France SAS
Companies/Individuals/ Associates :	· Soyuz Trading Company Limited · Rishi Trading Company Limited · Consolidated Photo and Finvest Limited · Jindal Photo Investment Limited · Consolidated Finvest and Holding Limited · Jindal Photo Limited · Jasmin Investment Limited · Consolidated Finance and Investment Limited · Passion Tea Private Limited · Anchor Image and Films Private Limited · Jindal India Limited · Universal Foils Limited
Subsidiaries :	· Hindustan Thermal Power Generation Limited (Formerly Hindustan Polysters Limited) · Jindal Solar Rajasthan Limited · Jindal Solar Powertech Limited · Jindal Poly Films Investment Limited · Jindal Metal and Mining Limited · Haldia Synthetic Rubber Limited · Jindal Resources (Mozambique) Lda · Trans Indian Mining Lda · Jindal Metal and Mining International Limited (w.e.f.15.08.2011) · jindal Poly Finance Limited (w.e.f 13.05.2011) · Rexor Holding SAS (Up to 28.03.2012) (Formerly Known as Jindal France SAS) · Rexor SAS ( Up to 28.03.2012)

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital : Rs. 2050.000 millions

Issued, Subscribed & Paid-up Capital : Rs. 460.423 millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
105000000	Equity Shares	Rs.10/- each	Rs.1050.000 Millions
100000000	Preference Shares	Rs.10/- each	Rs.1000.000 Millions
	TOTAL		Rs.2050.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43021855	Equity Shares	Rs.10/- each	Rs. 430.219 Millions

Notes on Share capital:

Reconciliation of Shares outstanding at the beginning and at the closing of the reporting period:

Particulars	31.03.2012
	No. of Shares
Opening Balance	46.042
Add: Issue by way of bonus shares	0.000
Less: Buyback of equity shares	3.020
Closing Balance	43.021

Details of each shareholder holding more than 5 percent shares specifying the number of shares held.

Name of Shareholder	31.03.2012
	No. of Shares	%
Jindal Photo Investments Limited	11450302	26.62
Soyuz Trading Company Limited	11848266	27.54
Rishi Trading Company Limited	4999056	11.62

23,021,138 Equity Shares were issued as Bonus Shares by way of utilization of Capital Redemption Reserves during the last financial year 2010-11 in the ratio of 1:1.

The Company has bought back following equity shares during last five years:

Financial Year	No. of Shares
2008-2009	2271735
2009-2010	2803007
2011-2012	3020421

Pursuant to the approval of the Board of Directors of the Company, for buyback of equity shares U/s 77A of the Companies Act, 1956 being less then 10% of Paid up capital and free reserve, during the financial year 2011-12. Company has bought back 3,020,421 equity shares and extinguished the same. A total of 3,020,421 equity shares were bought back and extinguished during the year ended 31^st March 2012 through open market for an aggregate amount of Rs. 528.149 by utilizing the security premium and general reserve to the extent of Rs. 497.944 and Rs. 30.204 respectively. The Capital redemption reserve has been credited out of general reserve for Rs 30.204 millions being the nominal value of the share bought back U/s. 77A of he Companies act, 1956.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	430.219
(b) Reserves & Surplus	16775.392
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
(3) Non-current liabilities
(a) Long-term borrowings	2566.187
(b) Deferred tax liabilities (Net)	1625.321
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
(4) Current liabilities
(a) Short term borrowings	1789.077
(b) Trade payables	1115.644
(c) Other current liabilities	1623.568
(d) Short-term provisions	164.149
TOTAL	26089.557
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12936.261
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	489.451
(iv) Intangible assets under development	0.000
(b) Non-current Investments	4155.992
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	258.824
(e) Other Non-current assets	0.000
(2) Current assets
(a) Current investments	2071.703
(b) Inventories	2015.686
(c) Trade receivables	1667.670
(d) Cash and cash equivalents	160.115
(e) Short-term loans and advances	1033.988
(f) Other current assets	1299.867
TOTAL	26089.557

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		460.423	230.211
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		16024.713	10462.146
4] (Accumulated Losses)		0.000	0.000
NETWORTH		16485.136	10692.357
LOAN FUNDS
1] Secured Loans		4698.009	4253.935
2] Unsecured Loans		69.296	504.302
TOTAL BORROWING		4767.305	4758.237
DEFERRED TAX LIABILITIES		1784.736	1665.736
TOTAL		23037.177	17116.330
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12173.646	12137.058
Capital work-in-progress		538.645	680.987
INVESTMENT		5726.547	1756.333
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2613.501	2007.792
	Sundry Debtors	2375.476	611.119
	Cash & Bank Balances	229.167	899.224
	Other Current Assets	0.000	0.000
	Loans & Advances	1947.634	1145.089
Total Current Assets		7165.778	4663.224
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	692.070	974.258
	Current Liabilities	1576.498	810.176
	Provisions	298.871	336.838
Total Current Liabilities		2567.439	2121.272
Net Current Assets		4598.339	2541.952
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		23037.177	17116.330

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Net Sales	23643.961	26989.290	15909.949
		Other Income	186.333	675.151	461.867
		TOTAL (A)	23830.294	27664.441	16371.816
Less	EXPENSES
		Raw Material Consumed	15590.966	14168.804	10303.558
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	271.491	--	--
		Manufacturing Expenses	--	2967.820	2092.208
		Excise on increase /(Decrease) in Stock	--	33.135	10.335
		Personnel Expenses	301.371	242.423	173.176
		Selling and Distribution Expenses	--	559.365	154.990
		Other Expenses	--	339.229	188.948
		Exceptional Items	--	(61.217)	(464.941)
		Accretion/(Decretion) in Stock	--	(377.418)	(186.834)
		Other Expenses	3994.523	--	--
		Exceptional Items	743.270	--	--
		TOTAL (B)	20901.621	17872.141	12271.440
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2928.673	9792.300	4100.376
Less	INTEREST AND FINANCIAL CHARGES (D)		261.371	271.266	280.949
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2667.302	9521.034	3819.427
Less/ Add	DEPRECIATION/ AMORTISATION (F)		880.855	871.076	804.370
	PROFIT BEFORE TAX (E-F) (G)		1786.447	8649.958	3015.057
Less	TAX (H)		415.652	2723.400	931.221
	PROFIT AFTER TAX (G-H) (I)		1370.795	5926.558	2083.836
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4128.859	3336.080	2020.691
Less	APPROPRIATIONS
		Equity Shares	105.119	115.106	230.212
		Transfer to General Reserve	17.053	5000.000	500.000
		Tax on Proposed Dividend	500.000	18.673	38.235
	BALANCE CARRIED TO THE B/S		4877.482	4128.859	3336.080
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5813.766	7179.030	3081.640
	TOTAL EARNINGS		5813.766	7179.030	3081.640
	IMPORTS
		Raw Materials	3414.112	4462.422	3243.536
		Stores & Spares	274.440	187.745	78.236
		Capital Goods	1029.761	365.058	1389.571
	TOTAL IMPORTS		4718.313	5015.225	4711.343
	Earnings Per Share (Rs.)		30.35	128.72	45.15

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	6109.100	5768.700	4979.900	5654.300
Total Expenditure	5350.200	5173.700	4932.800	5402.300
PBIDT (Excl OI)	758.900	595.000	47.100	252.000
Other Income	45.600	223.000	52.000	224.500
Operating Profit	804.500	818.000	99.100	476.500
Interest	74.400	89.000	81.300	106.500
Exceptional Items	(330.300)	210.600	(116.500)	20.400
PBDT	399.800	939.600	(98.700)	390.400
Depreciation	160.800	244.100	244.200	161.900
Profit Before Tax	91.000	695.500	(342.900)	228.500
Tax	0.000	60.200	(54.700)	(04.500)
Provisions and contingencies	69.900	0.000	0.000	0.000
Profit After Tax	(4.400)	635.300	(288.300)	233.000
Extraordinary Items	0.000	0.000	0.000	(04.800)
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	(6.700)	0.000
Net Profit	65.500	635.300	(295.000)	228.200

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.75	21.42	12.73
Net Profit Margin (PBT/Sales)	(%)	7.56	32.05	18.95
Return on Total Assets (PBT/Total Assets}	(%)	8.33	44.73	17.95
Return on Investment (ROI) (PBT/Networth)		0.10	0.52	0.28
Debt Equity Ratio (Total Debt/Networth)		0.25	0.29	0.45
Current Ratio (Current Asset/Current Liability)		1.76	2.79	2.20

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Particulars	31.03.2012 Rs. In Millions
Short Tem Borrowing
Working Capital Loan (Includes bill discounting of Rs. 172.895 millions)	1142.422
TOTAL	1142.422

Unsecured Loans	31.03.2011 Rs. In Millions
Working Capital Loans from Banks	69.296
TOTAL	69.296

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

Subject is a producer of high performance Polyester and BOPP films (plain and metallized) mainly used for the flexible packaging industry. The Company’s manufacturing facility at Nasik is the worlds single largest location factory for producing these plastic films. The Company’s manufacturing units are amongst the most modern facilities available and are capable of producing high quality products.

INDUSTRY, STRUCTURE and DEVELOPMENTS

FLEXIBLE PACKAGING FILM

Flexible packaging typically includes materials such as plastic films, paper and aluminium foil. Over the years, BOPET Film and BOPP Film (forms of plastic-based flexible packaging film) have become the preferred choice for packaging consumer articles including food and clothing. Besides such films, JPFL also offers a range of metallised and coated film products to its customers.

Subject is the leading producer of flexible packaging films in the country. The Company also maintains a strong presence as a key exporter to several countries. Flexible packaging film follows a business-to-business model, supplying base film to key converters/processors - who in turn sell the value added product to customers.

BOPET FILM

BOPET Film is a versatile product broadly classified according to thickness of the film. Thick Films (50-350 microns in thickness) find application in photographic/X-ray, electronics, printing, textile, pre-press back up films for photo voltaic cells used for generating solar power and office supplies, motor insulations and document lamination. Thin Films (10-36 microns in thickness) are used in flexible packaging metallic yarn, cables, transformers, capacitors, audio/video tape, hot stamping foils, release films, decorative ribbons and labels. JPFL has a capacity to manufacture 1,27,000 TPA of BOPET Film, in the current financial year 2012-13. One more thin BOPET film line of a capacity of 30,000 TPA is planned for startup in the fourth quarter of 2013

BOPP FILM

Better moisture retention properties render BOPP Film more suitable for food products like snack foods, biscuits, pasta, dried foods and meat. Further, BOPP Film also finds application in wrapping cigarette cartons, ready-made garment bags, adhesive tapes and print lamination.

The market for BOPP Film in India, unlike the rest of the world is underdeveloped, due to existence of popular low quality, cheap alternative in the form of TQPP (Tubular Quenched Polypropylene Film) which is being replaced by BOPP. Growing preference for premium and sophisticated packaging however is driving growth in India with increased availability of BOPP, TQPP is being fast replaced by BOPP.

In current financial year, the Company has commissioned and started production its sixth line with a capacity of 30,000 TPA, thus the combined capacity is 2,10,000 TPA

METALLISED FILMS

Vacuum deposition of Aluminum on BOPET and BOPP films increases the barrier properties of such films. Besides flexible packaging moralized BOPET films is used for metallic yarn. Metallised BOPP is widely used for gift wrapping. In the last few years metallised polyester film has found application in sequins for the textile industry for sarees and dress material for women’s wear.

COATED FILMS

PVDC coated BOPP and BOPET films are used in the flexible packaging industry. The Company has a capacity of 4500 TPAto manufacture PVDC, Acrylic and LTS coated films. During the current financial year the Company’s silicon coating and other coated films have found wide range of applications in the label stock and flexible packaging industry. The Company expects to enhance capacity utilization in 2012-13.

POLYESTER CHIPS

JPFL has the in-house ability to manufacture polyester (BOPET) chips as per the product requirement, for its BOPET Film business. The Company has installed capacity of 1,76,400 TPA at Nashik, Maharashtra.

SEGMENT PERFORMANCE

FLEXIBLE PACKAGING FILM

The flexible packaging turnover has decreased from 29067.600 Millions (2010-11) to 23644.000 Millions (2011-12) which is mainly attributable to fall in BOPET films price.

OUTLOOK FLEXIBLE PACKAGING FILM

India is leading the growth in the global flexible packaging films, growing at above 18% per annum over the last few years. This growth is powered by increased penetration of packaged food and personal products in to the semi urban and rural segment. In tier 2 and tier 3 cities, the average pack sizes are usually smaller than the pack sizes in tier 1 cities. This results in increased use of flexible packaging consumption in the FMCG industry. As the Government is increasing its spending in the rural economy, increased demand for FMCG products is experienced in the hinter lands of India. The growth is likely to intensify in the next 2 – 3 years.

Growth in the flexible packaging industry is also aided by increase in the export of packaging material to high cost countries in Europe and the U.S.A.

BOPET FILMS

Over the last ten years, the dominance of the four leading producers – TORAY, DUPONT-TEIJIN, MITSUBISHI and SKC has been challenged by a new emerging breed of producers in India and China. These companies including Jindal Poly Films have identified an opportunity to gain market position through investment in low cost and highly efficient modern thin film extrusion plants and in doing so, have found their way in to the exclusive club of large producers.

BOPP FILMS

The BOPP film market in India is increasing owing to increased consumption in food packaging and large growth in textile packaging. Almost two thirds of the world’s production of BOPP is consumed in food packaging. In India the consumption for food packaging is only one third of production. This gap is rapidly being bridged as the customers are increasing displaying a strong preference for hygienically packed food products.

Combined with a robust growth in ready to wear apparels, the Indian BOPP film industry is expected to grow at over 15% per annum over the next 3 years.

AUDITED FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED 31ST MARCH, 2013

(Rs. In millions)

		STANDALONE
S.No	Particulars	3 Months ended 31^st March 2013	3 Months ended 31^st Dec 2012	Year ended on 31^st March,2013
		(Audited)	(Unaudited)	(Audited)
1.	Income from Operations
	(a) Net Sales/Income from Operations (Net of Excise Duty)	5625.900	4921.800	22154.800
	(b) Other Operating Income	28.400	33.800	163.100
	Total Income from Operations (Net)	5654.300	4955.600	22317.900
2.	Expenses
(a)	Cost of material consumed	4293.400	3845.900	16595.500
(b)	Purchase of stock in trade	-	-	-
(c)	Changes in inventories of finished goods, Work in progress and Stock- in- trade	(18.000)	65.000	(171.300)
(d)	Employee benefit expenses	72.700	115.200	338.000
(e)	Power & Fuel Cost	440.200	544.900	2125.500
(f)	Depreciation & amortisation expenses	161.900	244.200	889.200
(g)	Other Expenses	614.000	433.400	2022.800
	Total Expenses	5564.200	5248.600	21799.700
3.	Profit from Operations before other income, Finance cost and Exceptional items (1-2)	90.100	(293.000)	518.200
4.	Other Income	224.500	52.000	487.500
5.	Profit from ordinary activities before finance costs and Exceptional items (3+4)	314.600	(241.000)	1005.700
6.	Finance Costs	106.500	81.300	351.200
7.	Profit from ordinary activities after finance costs but before Exceptional items (5-6)	208.100	(322.300)	654.500
8.	Exceptional items	20.400	(116.500)	(216.000)
9.	Profit/Loss from ordinary activities before tax (7+8)	228.500	(438.800)	438.500
10.	Tax Expense
	- Provision - Income Tax	1.500	(50.000)	68.200
	- MAT Credit Entitlement	(61.900)	-	(61.900)
	- Deferred Tax	55.800	(4.700)	85.600
	- Fringe Benefit Tax	-	-	-
	Total Tax Expense	(4.500)	(54.700)	91.900
11.	Net Profit from ordinary activities after tax (9-10)	233.000	(384.100)	346.600
12.	Extraordinary items (Net of Tax Expense)	-	-	-
13.	Loss from discontinuing operations	(4.800)	(6.700)	(20.800)
14.	Net Profit for the period (11-13)	228.200	(390.800)	325.800
15.	Add : Share of Profit /(Loss) in Associates	NA	NA	NA
16.	Less : Share of Profit/(Loss) of Minority	NA	NA	NA
17.	Net Profit after Share in Minority/ Associates	228.200	(390.800)	325.800
18.	Paid up Equity Share Capital ( Face Value Rs. 10/- each)	420.500	420.500	420.500
19.	Reserves excluding revaluation reserves	-	-	17273.900
20.	Basic and Diluted EPS (Not annualised/Rs.)
	Before Extraordinary Items	5.41	(7.02)	7.73
	After Extraordinary Items	5.41	(7.02)	7.73
A	PARTICULARS OF SHARE HOLDING
1	Public Shareholding
	No of Equity Shares	10668961	10668961	10668961
	% of Share holding	25.37%	25.37%	25.37%
2	Promoters and Promoter Group Shareholding a) Pledged / Encumbered
	- Number of Equity shares	Nil	Nil	Nil
	- % of shares (of the total shareholding of promoters and promoter group)	NA	NA	NA
	- Percentage of shares (of the total share capital of the company)	NA	NA	NA
	b) Non - encumbered
	- Number of Equity shares	31378752	31378752	31378752
	- % of shares (of the total shareholding of promoters and promoter group)	100%	100%	100%
	- Percentage of shares (of the total share capital of the company)	74.63%	74.63%	74.63%

B	INVESTOR COMPLAINTS (Nos.)	3 months ended 31^st March 2013
	Pending at the beginning of the quarter	Nil
	Received during the quarter	6
	Disposed of during the quarter	6
	Remaining unresolved at the end of the quarter	Nil

		STANDALONE
S.No	Particulars	3 Months ended 31^st March 2013	3 Months ended 31^st Dec 2012	Year ended on 31^st March,2013
		(Audited)	(Unaudited)	(Audited)
	Segment revenue
	PET/OPP Film Division	5846.100	4980.900	22558.200
	Investment Division	32.700	26.700	247.200
	Total revenue	5878.800	5007.600	22805.400
	Segment profit before interest & tax and after exceptional item
	PET/OPP Film Division	296.600	(391.800)	517.300
	Investment Division	32.500	26.500	246.400
	Less:-interest Expense	106.500	81.300	351.200
	Total	222.600	(446.600)	412.500
	Capital Employed
	PET/OPP Film Division	11288.500	11098.400	11288.500
	Investment Division	6406.000	6373.400	6406.000
	Total	17694.400	17471.800	17694.400

Notes:

1. The above Audited Financial results have been reviewed by the Audit Committee and were taken on record by the Board of Directors at their meeting held on 29th May 2013.

2. The company has not exercised the option provided by the Ministry of corporate affairs (MCA) vide its notification no G.S.R.378(E) dated 11th May,2011, and continued to adjust profit/loss due to exchange difference on long term foreign currency loans taken for fixed assets in the profit and loss account as per Accounting Standard (AS-11) on "Effects on change in Foreign Exchange Rates" and the same have been shown as exceptional items.

3. Disclosure of Balance Sheet items as per clause 41 (eaa) of Listing Agreements

AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31st MARCH, 2013

(Rs. In millions)

BALANCE SHEET
	Standalone
Particulars	Year Ended 31.03.2013
EQUITIES & LIABILITIES
1 (Shareholder's Funds
a)Share Capital	420.500
b)Reserves & surplus	17273.900
c)Minority Interest	-
(2) Non-Current Liabilities
(a) Long-term borrowings	1958.900
(b) Deferred tax liabilities (Net)	1711.000
(c) Other Long term liabilities	-
(d) Long term provisions	-
(3) Current Liabilities
(a) Short-term borrowings	2986.400
(b) Trade payables	1134.800
(c) Other current liabilities	1428.600
(d) Short-term provisions	107.500
TOTAL EQUITIES & LIABILITIES	27021.500
ASSETS
(1) Fixed Assets
(a) (i) Tangible assets	12494.200
(ii) Intangible assets	-
(iii) Capital work-in-progress	487.900
(iv) Intangible assets under development	-
(b) Non-current investments	4156.500
(c) Deferred tax assets (net)	-
(d) Long term loans and advances	74.000
(e) Other non-current assets	-
(2) Current assets
(a) Current investments	2484.200
(b) Inventories	2717.900
(c) Trade receivables	1570.200
(d) Cash and cash equivalents	196.500
(e) Short-term loans and advances	1430.300
(f) Other current assets	1410.000
TOTAL ASSETS	27021.500

4. The Board of Directors has recommended dividend of Re. 1 per equity share ie @10 % subject to approval of members in the forthcoming Annual General Meeting.

5. Hon'ble High Court of Judicature at Allahabad at its hearing on 16^th May,2013, has sanctioned the scheme of demerger of Investment division of the company into Jindal Poly Investment and Finance Company Limited.The formal order of the High court is awaited.Accordingly the investment division has been shown as separate business segment.

6. Duringthe quarter one subsidiary company namelyJPFNetherlandB.V was incorporated, and four step down subsidiaries namely (i)JPF Dutch B.V,(ii).JPFNetherland Holding B.V, (iii) JPF USA Holding LLC and (iv). JPF USA LLC were incorporated.

7. Till 31.03.12, as per accounting policy followed by the company, the amount of subsidy receivable under packaging scheme of incentive approved by the Governmentt of Maharashtra, was shown under the head "Revenue from Operations" / "Other Income". During the year, in view of legal opinion received from experts and as per AS-12 such incentives are in nature of Capital Receipt and should be credited to Capital Reserve. Accordingly, during the year amount of subsidy receivable under the above said scheme amounting to Rs. 397.600 millions (includes Rs. 94.400 millions pertaining to quarter ended 31^st March, 2013 and Rs. 95.900 millions pertaining to quarter ended 31st Dec, 2012) has been added to Capital Reserve. Due to change in above accounting policy (As per AS-5), the profit figures for the quarter/year are not comparable with corresponding figures to that extent.

8. The Consolidated financial results have been prepared in accordance with AS- 21 issued by ICAI by incorporating financial results of its subsidiaries namely, Jindal Metal and Mining International Limited Jindal Metal and Mining Limited, Jindal Poly Films Investment Limited, and Jindal Poly Investment and Finance Company Limited. Further as required by AS-23 issued by ICAI share in profit/ loss of Associates have been duly incorporated.

9. Figures for the quarter ended 31st March 2013 are the balancing figures between Audited figures of financial year ended 31st March 2013 and published figures up to 3^rd quarter of the financial year.

WEBSITE DETAILS

PRESS RELEASE

Jindal Poly Films Limited (JPFL), a leading flexible packaging films producer, has entered into an agreement with ExxonMobil Chemical (ExxonMobil) to purchase ExxonMobil’s Biaxially Oriented Polypropylene (BOPP) Global Films business. The agreement was signed on 26^th October, 2012. The transaction remains subject to necessary approvals from regulatory authorities.

Mr. Hemant Sharma, CEO, JPFL said “We are excited to buy this business due to its excellent portfolio of premium products along with industry leading technology and R&D. We are equally excited to be acquiring an experienced and capable workforce. We are confident that, in combination with our existing Indian operations, we will be able to deliver effective long-term solutions to our customers globally.”

The agreement covers five BOPP production locations in the U.S. and Europe.The manufacturing sites are in Georgia and Oklahoma in the U.S. and in Italy, the Netherlands, and Belgium in Europe. The transaction also includes a technology center and sales office in Rochester, New York, and an office in Luxembourg. Approximately 1500 people work in those operations.

About Jindal Poly Films Limited:

JPFL is a part of the diversified B C Jindal group. The group has interests in Flexible packaging, Photographic products, Thermal power generation and Steel products. JPFL has the world’s single largest site for production of BOPP and BOPET films at Nasik, India. Its current combined capacity of BOPET and BOPP is 337,000 tons/annum and its annual sales turnover as on March 2012 was $452mn.

JINDAL POLY FILMS TO ACQUIRE EXXONMOBIL UNIT

NEW DELHI, OCTOBER 26:

Jindal Poly Films Ltd, part of the B C Jindal Group, has entered into an agreement with ExxonMobil Chemical to acquire its biaxially oriented polypropylene (BOPP) global films business.

The purchase agreement was signed on Friday, but Jindal Poly Films did not disclose the deal size.

The shares of Jindal Poly Films ended 4.67 per cent lower to close at Rs 212.50 on the BSE on Friday.

The transaction remains subject to necessary approvals from the regulatory authorities, the company said in a statement.

ExxonMobil’s BOPP has five manufacturing units in the US and Europe and has about 1,500 employees.

The transaction also includes a technology centre and sales office in Rochester, New York and an office in Luxembourg.

“We are excited to buy this business due to its excellent portfolio of premium products along with industry leading technology and R&D. We are confident that, in combination with our existing Indian operations, we will be able to deliver long-term solutions to our customers globally,” Hemant Sharma, CEO, Jindal Poly Films, said in a statement.

JINDAL POLY RECEIVES FORMAL ORDER FOR DEMERGER FROM ALLAHABAD HC

JUNE 17, 2013

With reference to the earlier announcement dated May 17, 2013 informing about the approval of Scheme of Demerger of Investment Division of the Company into Jindal Poly Investment and Finance Company Limited by Hon'ble High Court of Allahabad, Jindal Poly Films Ltd has now informed BSE that the Company has now received the formal order from Hon’ble High Court of Allahabad.Source : BSE

UPDATES IN SCHEME OF DEMERGER

17 MAY 2013

Jindal Poly Films Ltd has informed BSE that the Hon'ble High Court of Judicature at Allahabad, at its hearing held on May 16, 2013, has sanctioned the Scheme of Demerger of Investment Division of the Company into Jindal Poly Investment and Finance Company Limited.

In this regard, the Hon'ble High Court, at the aforesaid hearing, has pronounced its order, however, the formal order of the High Court is awaited. On receipt of the same, the Company shall deliver to stock exchange a copy of the same. Also, a copy of said formal order of High Court shall be filed with Registrar of Companies. Uttar Pradesh, and upon said filing the Scheme shall become effective.

FIXED ASSETS

· Land (Freehold)

· Factory Buildings

· Other Buildings

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Computers

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.57.73
UK Pound	1	Rs.90.61
Euro	1	Rs.76.96

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		66

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.