1. Summary Information

		Country	India
Company Name	GARWARE POLYESTER LIMITED	Principal Name 1	Mr. Shashikant B. Garware
Status	Satisfactory	Principal Name 2	Mrs. Sheela S. Garware
		Registration #	11-010889
Street Address	Naigaon, Post Waluj, Aurangabad – 431133, Maharashtra
Established Date	06.06.1957	SIC Code	--
Telephone#	91-240-2554427	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Exporter
Homepage	http://www.garware.poly.com	Product Name 1	Polyester Film
# of employees	Not Available	Product Name 2	Polyester Chips
Paid up capital	Rs.777,131,000/-	Product Name 3	Metallised Film
Shareholders	Promoter and Promoter Group -59.57% Public shareholding -40.43%	Banking	Bank of India
Public Limited Corp.	YES	Business Period	56 Years
IPO	YES	International Ins.	-
Public Enterprise	YES	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
Subsidiaries	--	Garware Polyester International Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,880,003,000	Current Liabilities	579,883,000
Inventories	1,193,048,000	Long-term Liabilities	2,119,204,000
Fixed Assets	5,239,158,000	Other Liabilities	555,027,000
Deferred Assets	0,000	Total Liabilities	3,254,114,000
Invest& other Assets	63,393,000	Retained Earnings	4,344,357,000
		Net Worth	5,121,488,000
Total Assets	8,375,602,000	Total Liab. & Equity	8,375,602,000
Total Assets (Previous Year)	7,819,392,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	7,883,628,000	Net Profit	350,685,000
Sales(Previous yr)	8,920,959,000	Net Profit(Prev.yr)	1,884,522,000

MIRA INFORM REPORT

Report Date :

19.06.2013

IDENTIFICATION DETAILS

Name :	GARWARE POLYESTER LIMITED
Registered Office :	Naigaon, Post Waluj, Aurangabad – 431133, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.06.1957
Com. Reg. No.:	11-010889
Capital Investment / Paid-up Capital :	Rs.777.131 Millions
CIN No.: [Company Identification No.]	L10889MH1957PLC010889
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter, Importer and Marketers of Polyester Film, Metallised Film and Polyester Chips.
No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 20000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears drastic fall in the sales turnover and profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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	CARE
Rating	SHORT TERM BANK FACILITIES: CARE A2+
Rating Explanation	Having strong degree of safety regarding timely payment of financial obligation it carry low credit risk.
Date	September, 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 :	Naigaon, Post Waluj, Aurangabad – 431133, Maharashtra, India
Tel. No.:	91-240-2554427
Mobile No.:	91-9820190665 (Mr. H. M. Desai)
Fax No. :	Not Available
E-Mail :	manojkoul@garwarepoly.com ho@garwarepolyl.com ashok@garwarepoly.com
Website:	http://www.garware.poly.com
Area:	Owned
Corporate /Head Office/ Factory :	Garware House, 50-A, Swami Nityanand Marg, Western Express Highway, Vile Parle (East), Mumbai- 400 057, Maharashtra, India
Tel. No.:	91-22-66988000
Fax No.:	91-22-28248155/ 28248199
E-Mail :	ho@garwarepoly.com
Factory 1 :	Polyester Film Plant, Aurangabad-Pune Road, P.O. Waluj, Aurangabad-431 133, Maharashtra, India
Tel. No.:	91-240-2554427
Fax No.:	91-240-2554672
E-Mail :	waluj@garwarepoly.com
Factory 2 :	Polyester Film Plant, L-5 and L-6, Chikalthana, Industrial Area, Dr. Abasaheb Garware Marg, Aurangabad- 431210, Maharashtra, India
Tel. No.:	91-240-2485465/ 2485466
Fax No.:	91-240-2484179/ 2484262/ 2486002
E-Mail :	chikal@garwarepoly.com
Factory 3 :	A-1 and A-2, MIDC, Ambad, Nasik 422 010, Maharashtra, India
Tel. No.:	91-253-2382781 to 85
Fax No.:	91-253-2382410
Marketing Offices 1 / Branch Office 1:	403, Madarn Bhikaji Cama Bhawan, 11, Bhikaji Cama Place, New Delhi 110 066, India
Tel. No.:	91-11-26715091 to 96
Fax No.:	91-11-26715098
Marketing Offices 2 / Branch Office 2 :	37/1 B, Hazra Road, Kolkata 700 029, West Bengal, India
Tel. No.:	91-33-24746823 / 24761350
Fax No.:	91-33-24749100
Marketing Offices 3 :	Old No.37, New No.55, Ambercrest, 4^th Floor, Pantheon Road Lane, Egmore, Chennai – 600008, Tamilnadu, India
Tel. No.:	91-44-28420939
Fax No.:	91-44-28593924
Branch Office 3 :	Old No. 40, New No. 91,Shiyali Mudali Street, Pudupet, Chennai – 600002, Tamilnadu, India
Overseas Office 1 :	Global Pet films Inc 9050 Pines Blvd., Suite #.362, Pembroke Pines, Florida 33024 U.S.A.
Tel. No.:	954-499-7990
Fax No.:	954-499-7992
E-Mail :	usa@garwarepoly.com
Overseas Office 2 :	Garware Polyester International Limited, Station House, 11 Mason Avenue, MiddlesexHA3 5AH.
Tel. No.:	(44) 0207 376 3931
Fax No.:	(44) 0208 424 2777
E-Mail :	uk@garwarepoly.com

DIRECTORS

As on 31.03.2012

Name :	Mr. Shashikant B. Garware
Designation :	Chairman and Managing Director
Address :	Flat No.L-1, 12^th Floor, Eden Hall, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Name :	Mrs. Sheela S. Garware
Designation :	Director
Address :	Flat No.L-1, 12^th Floor, Eden Hall, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Name :	Mrs. Monika Garware Modi
Designation :	Vice Chairperson and Jt. Managing Director
Address :	Flat No.L-1, 12^th Floor, Eden Hall, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	04.06.1963
Qualification :	M.B.A. (U.S.A.)
Date of Appointment :	31.03.1989
Expertise in specific functional areas :	Finance and Marketing
Directorship held in other public companies :	Garware Industries Limited Cadila Pharmaceuticals Limited Casil Industries Limited Casil Health Products Limited IRM Limited Karnavati Engineering Limited
Name :	Ms. Sarita Garware
Designation :	Jt. Managing Director
Address :	Flat No.L-1, 12^th Floor, Eden Hall, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Name :	Ms. Sonia Garware
Designation :	Director
Address :	Flat No.L-1, 12^th Floor, Eden Hall, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	24.07.1971
Qualification :	M.B.A. (U.S.A.)
Date of Appointment :	31.01.2007
Expertise in specific functional areas :	Finance, Marketing and Strategic Management
Directorship held in other public companies :	Garware Industries Limited
Name :	Mr. Mohan S. Adsul
Designation :	Director – Technical
Address :	Plot No.10, N-5, A1 Parijat Nagar, CIDCO, Aurangabad – 411033, India
Date of Birth/ Age :	01.06.1955
Date of Appointment :	31.07.2007
Qualification :	B. Sc. (Tech) in Plastics and DBM
Expertise in specific functional areas :	Product Development and Production
Directorship held in other public companies :	Garware Industries Limited Garware Chemicals Limited
Memberships/ Chairmanships of Committees across public companies	Garware Industries Limited Garware Polyester Limited Garware Chemicals Limited
Name :	Mr. Boman Moradian
Designation :	Director
Address :	M. Cama Park, K – 3/64, Cama Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Name :	Mr. Narendra P. Chapalgaonkar
Designation :	Director
Address :	13, Jaynagar, Near Dashmeshnagar, Aurangabad – 431005, India
Date of Birth/ Age :	10.04.1937
Appointment Date :	23.10.2003
Qualification :	M.A. and L .L.B
Expertise in specific functional areas :	Retd. Judge of Bombay High Court
Name :	Mr. Dilip J. Thakkar
Designation :	Director
Address :	Little Gribbs Road, 12-Acropolis – B, Mumbai – 400006, Maharashtra, India
Date of Birth/ Age :	01.10.1936
Appointment Date :	30.04.2007
Qualification :	Chartered Accountant
Expertise in specific functional areas :	Taxation and Foreign Exchange Regulation
Directorship held in other public companies :	Poddar Developers Limited Panasonic Energy India Company Limited Essar Oil Limited The Ruby Mills Limited PAE Limited Himatsingka Seide Limited Indo Count Industries Limited Walchandnagar Industries Limited Essar Ports Limited Premier Limited Magus Estates and Hotels Limited
Memberships/ Chairmanships of Committees across public companies	Panasonic Energy India Company Limited Essar Oil Limited PAE Limited Himatsingka Seide Limited Walchandnagar Industries Limited
Name :	Dr. Mahesh C. Agarwal
Designation :	Director
Address :	705, Manisha Apartments, Church Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India
Date of Birth/ Age :	23.10.1946
Appointment Date :	29.04.2009
Qualification :	Masters in Psychology. Ph. D
Name :	Mr. Ramesh P. Makhija
Designation :	Director
Address :	Flat No.61, Ashoka Apartment, 6^th Floor, Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/ Age :	19.08.1950
Appointment Date :	12.11.2009
Qualification :	L.L.B. Attorney – at - Law
Expertise in specific functional areas :	Law
Directorship held in other public companies :	I-flex Solutions Trustee Company Limited
Name :	Mr. A. B. Bhalerao
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Manoj Koul
Designation :	Company Secretary and Senior General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1822081	7.82
Bodies Corporate	1336391	5.73
Any Others (Specify)	10480100	44.95
Trusts	10480100	44.95
Sub Total	13638572	58.50
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	250165	1.07
Sub Total	250165	1.07
Total shareholding of Promoter and Promoter Group (A)	13888737	59.57
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	15363	0.07
Financial Institutions / Banks	3305	0.01
Insurance Companies	853956	3.66
Foreign Institutional Investors	3855	0.02
Any Others (Specify)	6015	0.03
Trusts	6015	0.03
Sub Total	882494	3.79
(2) Non-Institutions
Bodies Corporate	891683	3.82
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4108573	17.62
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2832007	12.15
Any Others (Specify)	711656	3.05
Clearing Members	411631	1.77
Non Resident Indians	277477	1.19
Office Bearer	22548	0.10
Sub Total	8543919	36.65
Total Public shareholding (B)	9426413	40.43
Total (A)+(B)	23315150	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)	23315150	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Importer and Marketers of Polyester Film, Metallised Film and Polyester Chips

Products :

Item Code No.	Product Description
39206909	Polyester Film
39206903	Packaging Polyester Film
39206904	Sun Control Film

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity (TPA)	Installed Capacity (TPA)
Polyester Film	80,000	41000
Metallised Film	2,210	2,210
Polyester Chips	104,400	104,4000

Particulars	Unit	Actual Production
Polyester films (Plain/ Lacquered/ OHP/ Laminated/ Stabilised/ Coloured and Metallised)	MT	45914.80
Chips (excluding conversion)	--	Produced for captive use in the manufacturer of Films.

GENERAL INFORMATION

Bankers :

· Indian Overseas Bank

· Dena Bank

· The Federal Bank Limited

· State Bank of Mysore

· Bank of India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Term Loan
- Indian rupee loan from banks	20.748	4.018
- Foreign currency loan from banks	152.743	60.103
Vehicle Finance Lease Obligation	32.887	35.720
Cash / Packing Credit from Banks	0	0
- Foreign currency	336.112	0.000
Working Capital Loans	1456.368	808.379
Working Capital Demand Loans	0.000	21.241
Total	1998.858	929.461

Notes:

Net Amount

1) Zero Coupon Bonds of Rs. Nil (Previous year Rs. 6.300 Millions) were secured by charge on fixed assets of the company situated at Aurangabad and Nashik and also by way of second charge on current assets of the company. The company does not have power to reissue the said Zero coupon bonds.

2) Term Loans of Rs. 328.899 Millions (Previous year Rs. 759.626 Millions) are secured as under:

a. Term Loan of Rs. 8.816 Millions (Previous year Rs. 57.873 Millions) is secured by charge on the specific project assets and also by way of second charge on current assets of the company. The loan is repayable in 24 quarterly installments from quarter ended June 2007 till March 2013.

b. Term Loan of Rs. 231.775 Millions (Previous year Rs.119.689 Millions) is secured by charge on the specific project assets and also by way of second charge on current assets of the company. The loan is repayable in 20 quarterly installments from quarter ended March 2011 till December 2015.

c. Term Loan of Rs. 88.308 Millions (Previous year Rs.Nil) is secured by charge on Fixed assets of the company situated at Aurangabad and Nasik and also by way of second charge on current assets of the company. The loan is repayable in 20 quarterly installments from quarter ended June 2012 till March 2017.

d. Term Loan of Rs. Nil (Previous year Rs.538.350 Millions) was secured by charge on Fixed assets of the company situated at Aurangabad and Nasik also by way of second charge on current assets of the company.

e. Term Loan of Rs. Nil (Previous year Rs. 43.714 Millions) was against the Fixed Deposits.

3) Vehicle Finances of Rs. 44.433 Millions (Previous year Rs. 45.060 Millions) are secured by hypothecation of specific assets. The loans are repayable in 60 monthly Installments. The installment are payable from May 2007 till November 2016 covering all loans taken at various dates.

4) Deferral Loan from SICOM is payable from April 2016 to April 2026

5) The rate of interest on Foreign Currency loans ranges between LIBOR + 7% to 7.5%, 14.25% on Rupee Loans and 8.92% to 15.5% on vehicle loans

6) Cash / Packing Credit / Working Capital Demand Loans are secured by hypothecation of stores, spares and packing materials and stock in- trade and book debts of the Company and further secured by a second charge on the movable assets of the Company and immovable properties situated at Aurangabad and Nasik.

7) Working Capital Loans are secured by hypothecation of stores, spares and packing materials and stock-in-trade of the Company.

8) Interest on working capital (Rupee) Loans ranges between 12.50% to 17% and Foreign currency loans 2.46% to 4.54%.

Banking Relations :	--
Auditors :
Name :	Shah and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Solicitors and Advocates
Name :	Crawford Bayley and Company
Subsidiaries :	· Garware Polyester International Limited
Ultimate Subsidiary :	· Global Pet Films Inc
Associates :	· Garware Chemicals Limited · Garware Industries Limited
Related Parties :	S.B. Garware Family Trust Garware Charitable Trust

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions
6000000	Preference Shares	Rs.100/- each	Rs.600.000 Millions
	Total		Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23315150	Equity Shares	Rs.10/- each	Rs.233.152
	Less: Unpaid Allotment Call Money		Rs.0.621 Million
5446000	0.01% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.544.600 Millions
	Total		Rs.777.131 Millions

OUT OF THE ABOVE:

(i) 10,19,022 Equity shares of Rs.10/- each were allotted as fully paid up to IDBI at a premium of Rs.48.88 per share on 7th November 2007 as per arrangement (Previous year 10,19,022)

(ii) 2,00,000 Equity shares of Rs.10/- each were allotted as fully paid up to various schemes operating under UTI Assets Management Company Limited at a premium of Rs. 22.67 per Share on 23rd December 2008 as per arrangement (Previous year 200,000)

(iii) 2,54,764 Equity Shares of Rs. 10/- Each fully paid-up issued to the shareholders of Garware Chemicals Limited (GCL) as per scheme of arrangement under section 391 to 394 of the Companies Act, 1956

(iv) 54,46,000 0.01% Cumulative Redeemable Preference Shares of Rs. 100/- each were allotted as fully paid up to IDBI at par (49,54,000 on 7th November 2007 and 4,92,000 on 19th June 2008) as per arrangement. The Preference shares amounting to Rs.495.400 Millions shall be redeemed in 3 equal installments from 1st April, 2014 to 1st April 2016 and Rs. 49.200 Millions shall be redeemed in single installment on 1st April 2016. (Previous year 54,46,000)

Terms / Rights attached to Shares:

Equity Shares:

The company has only one class of equity shares having a par value of Rs.10/- per share. Each equity shareholder is entitled to one Vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the board of directors is subject to approval of shareholders in the ensuing Annual general meeting.

During the year ended on 31st March 2012, The amount of dividend per share recognised as distributions to equity shareholder is Rs 1.50 per share (year ended 31st March 2011 Rs.10/- including interim dividend)

As per the companies act 1956 the holders of equity shares will be entitle to receive remaining assets of the company, after distribution of all preferential amounts in the event of liquidation of the company. The distribution will be in proportion to the number of equity shares held by the shareholder.

Preference Shares:

The preference shares amounting to Rs. 495.400 Millions allotted on 07.11.2007 are redeemable in 3 equal installments from 1st April 2014 to 1st April 2016 and Rs. 49.200 Millions allotted on 19.06.2008 shall be redeemed in single installment on 1st April 2016.These preference shares carry a fixed cumulative dividend of 0.01% per annum.

a. Reconciliation of the Number of Shares Outstanding at the beginning and at the end of the year

	31st March, 2012
Equity Shares	No. of Shares	Rs. In Millions
At the beginning of the period	12583286	125.833
Issued during the year as per scheme of amalgamation and arrangement with Great Design Properties Private Limited (GDPP L) and Garware Chemicals Ltd (GCL)	10731864	107.319
Cancellation as per Scheme of amalgamation and arrangement with GDPP L	0	0.000
Outstanding at the end of the year	23315150	233.152
Preference Shares
At the beginning of the year	5446000	544.600
Issued during the year	0	0.000
Outstanding at the end of the year	5446000	544.600

b. Details of Shareholders holding more than 5% Equity Shares in the company

	31st March, 2012
Name of the Shareholders	No. of Shares	% of Holding
S.B. Garware Family Trust	10477100	44.94

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	777.131	669.812
(b) Share Capital Suspense	0.000	107.319
(c) Reserves & Surplus	4344.357	4034.381
(d) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	326.724	220.187
(b) Deferred tax liabilities (Net)	369.960	369.960
(c) Other long term liabilities	0.000	49.932
(d) long-term provisions	82.174	76.652
(4) Current liabilities
(a) Short term borrowings	1792.480	829.620
(b) Trade payables	242.835	265.992
(c) Other current liabilities	337.048	917.974
(d) Short-term provisions	102.893	277.563
TOTAL	8375.602	7819.392
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4786.611	4935.402
(ii) Intangible Assets	452.547	456.346
(iii) Capital work-in-progress	41.947	85.114
(iv) Intangible assets under development	0.000	2.170
(b) Non-current Investments	21.446	21.586
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	612.195	565.514
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1193.048	960.409
(c) Trade receivables	193.998	290.784
(d) Cash and cash equivalents	574.334	262.227
(e) Short-term loans and advances	487.306	224.466
(f) Other current assets	12.170	15.374
TOTAL	8375.602	7819.392

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 (6 Months)
SHAREHOLDERS FUNDS
1] Share Capital		774.583
2] Share Application Money		0.000
3] Reserves & Surplus		1960.924
4] (Accumulated Losses)		0.000
NETWORTH		2735.507
LOAN FUNDS
1] Secured Loans		2992.267
2] Unsecured Loans		3.056
TOTAL BORROWING		2995.323
DEFERRED TAX LIABILITIES		144.424
TOTAL		5875.254
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3769.771
Capital work-in-progress		33.196
INVESTMENT		381.002
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	544.898
	Sundry Debtors	1065.393
	Cash & Bank Balances	99.660
	Other Current Assets	214.824
	Loans & Advances	192.165
Total Current Assets		2116.940
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	162.595
	Other Current Liabilities	111.812
	Provisions	151.831
Total Current Liabilities		426.238
Net Current Assets		1690.702
MISCELLANEOUS EXPENSES		0.583
TOTAL		5875.254

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 (12 Months)	31.03.2011 (12 Months)	31.03.2010 (6 Months)
	SALES
		Income	7883.628	8920.959	5108.333
		Other Income	189.108	94.016	13.693
		TOTAL (A)	8072.736	9014.975	5122.026
Less	EXPENSES
		Cost of Raw Materials Consumed	4471.644	3648.064	1482.341
		Manufacturing Expenses	--	--	1058.936
		Inter-Divisional Transfers	--	--	1981.421
		Purchases of Traded Goods	283.144	278.373	--
		Employee Benefits Expense	554.364	508.218	--
		Other Expenses	1979.547	1988.113	--
		Exceptional Expenses	(13.400)	163.622	--
		Changes in Inventories of Finished Goods, Work in Progress and Traded Goods	(253.611)	(317.195)	20.807
		TOTAL (B)	7021.688	6269.195	4543.505
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1051.048	2745.780	578.521
			283.275
Less	FINANCIAL EXPENSES (D)			239.309	163.374
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		767.773	2506.471	415.147
Less/ Add	DEPRECIATION/ AMORTISATION (F)		417.088	396.449	160.939
	PROFIT BEFORE TAX (E-F) (G)		350.685	2110.022	254.208
Less	TAX (H)		0.000	225.500	0.475
	PROFIT AFTER TAX (G-H) (I)		350.685	1884.522	253.733
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2399.300	958.300	757.891
	APPROPRIATIONS
		Dividend Payable on Preference Shares	0.100	0.000	0.027
		Proposed Dividend on Equity Shares	35.000	198.200	34.591
		Interim Dividend	10.000	18.900	0.000
		Tax on Dividend	5.700	37.900	5.750
		Transfer to General Reserve	17.500	188.500	13.000
	BALANCE CARRIED TO THE B/S		2691.800	2399.300	958.256
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3672.875	3635.714	1187.997
		Dividend Income	45.595	0.000	0.000
	TOTAL EARNINGS		3718.47	3635.714	1187.997
	IMPORTS
		Raw Materials	378.199	480.035	77.167
		Packing Material	1.945	5.241
		Components and Spares	34.830	26.412
		Capital goods	71.355	120.019
	TOTAL IMPORTS		486.329	631.707	77.167
	Earnings Per Share (Rs.)		15.04	80.83	11.00

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	1951.800	1930.400	1756.300	2121.400
Total Expenditure	1769.000	1781.700	1578.900	1961.200
PBIDT (Excl OI)	182.800	148.700	177.400	160.200
Other Income	12.900	14.300	25.200	29.000
Operating Profit	195.700	163.000	202.600	189.200
Interest	93.000	50.800	78.900	71.900
Exceptional Items	0.000	0.000	0.000	55.600
PBDT	102.700	112.200	123.700	172.900
Depreciation	97.500	99.000	99.500	97.100
Profit Before Tax	5.200	13.200	24.200	75.800
Tax	0.000	0.000	0.000	(158.700)
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	5.200	13.200	24.200	234.500
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	5.200	13.200	24.200	234.500

KEY RATIOS

PARTICULARS		31.03.2012 (12 Months)	31.03.2011 (12 Months)	31.03.2010 (6 Months)
PAT / Total Income	(%)	4.34	20.90	4.95
Net Profit Margin (PBT/Sales)	(%)	4.45	23.65	4.98
Return on Total Assets (PBT/Total Assets}	(%)	4.22	27.36	4.32
Return on Investment (ROI) (PBT/Networth)		0.07	0.44	0.09
Debt Equity Ratio (Total Debt/Networth)		0.41	0.22	1.09
Current Ratio (Current Asset/Current Liability)		0.99	0.77	1.09

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	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	No
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

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Other loans and advances
Interest Free Sales tax / VAT Deferral Loan of SICOM	120.346	120.346
Total	120.346	120.346

Operations

Compared to previous year which was exceptionally good, there was a decline in the sales by 11.60% due to (a) ban imposed on usage of polyester film for 'Gutka'/ 'Pan Masala' packaging (b) Uncertainty in the advanced economies (c) Continuing Euro debt crisis and (d) over all slow down in the industry growth due to slackening of demand, policy uncertainty and tighter monetary conditions.

Future outlook

Market conditions continue to be difficult however their emphasis is on growing their export activity. They expect to maintain their edge over competitors. Their Sun Control products have received wide acceptance world over and their focus on the Chinese and Russian market are paying rich dividends, however recent ban on use of films in Automotive has impacted us adversely. They are trying to rectify the situation however the same continues to be unclear.

Awards and Recognitions

During this year, the Company has been honoured with eleven Safety Awards at National as well as State Levels by various Government Authorities, viz. Director General of Factory Advice Service and Labour institutes (DGFASLi, under the Ministry of Labour and Employment, Government of india), National Safety Council of India (NSCI), and Maharashtra State Chapter of National Safety Council (NSC - MC). Out of these eleven awards, two awards were won by the Company's employees for their contribution in State Level Safety Slogan Competition.

Company Overview and Economic Environment

Subject is the pioneer and the largest exporter of polyester films in India. The Company manufactures Bi-axially oriented polyethylene terephthalate (BOPET) / Polyester Films, Sun Control Films and Specialty Polyester films of high quality for a variety of end applications. Subject is amongst the only manufacturer and one out of the two manufacturers of dyed polyester films in the world and possesses patented technology for the same. Subject also manufactures the premium grade heat rejection films based on the latest 'Nano Technology' developed in its in-house R and D facility center.

Industry Structure and Developments

Polyester films have wide applications in a host of industries engaged in the manufacture of flexible packaging, shrink labels, electrical motor and cable insulation, sequin, TV screen, magnetic media, imaging, metallic yarn, laminated films for glass tint, safety application etc. Sun Control films cater to the automobile and real estate sector. The Company has a well-developed marketing network throughout the world, some of the major regions being Europe, USA, Far East, Middle East, Africa, South America etc. The Company has developed a wide network of dedicated customers in Europe, USA, Far East, Middle East, Brazil, Australia, China, Russia, New Zealand, Eastern Europe, Mexico and Africa. The quality of Subject products is rated amongst the best in the World and the Company pays special attention on customer services due to which the customer base is consistent and increasing. in order to expand the business and also to offer better services to the customers of the Consumer products in overseas market, the Company is offering services to the customers from the Marketing offices/subsidiary Company offices situated in USA and UK.

Outlook

Exports: Plain Film:

The Company has maintained its record of being the top exporter of polyester films and bagged the top exporter award from Plexconcil. With the introduction of variety and high quality product offerings, the Company is fully confident of maintaining its strong position in exports. Presently Company products are being successfully sold in Europe, Eastern Europe, USA, South America, Africa, Middle East, Far-East etc. The Consumer Division Products of the Company are marketed in Europe by its wholly owned subsidiary viz. Garware Polyester International Limited (GPIL) and in the American market by Global Pet Films inc. (GPF), a wholly owned subsidiary of GPIL.

Sun Control Film:

The Company has successfully launched multiple brands, new products and with aggressive and innovative marketing strategies the major growth in Sun Control films is expected to be sustained during the coming years. Sun Control films are presently being marketed throughout the world and their consistent high-class quality and better customer orientation are highly valued in the market.

Thermal Film:

With variety and high quality product offerings in thermal lamination films, the Company is fully confident of growing its share in the export market. The first production line was made fully operational in a short span of one year and reached its capacity. The Company may consider expanding the capacity in future.

Domestic Market:

Expected growth of the Retail sector, increasing preference towards packaged items, liberalization and growing middleclass is expected to fuel growth of Polyester Film in the domestic market.

The "Global" brand, which was created primarily for American Market, had also been launched in India and the response of the market has been overwhelming. Considering the rapid growth of automobile market in India, the Company had focused on this market and introduced car kits as well as entered in to OEM tie-ups, which are helping the Company to maintain its dominant position in the domestic market. Increased usage of window films in offices, commercial buildings and malls continue to add to the growth of the Company's business in the premium segment of window films. This however has got the sudden break due to the Supreme Court Judgment as referred above in the peak season from May 2012

CONTINGENT LIABILITIES

a) Contingent Liabilities Not Provided For

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Disputed matters in appeal/ contested in respect of:
- Income Tax	15.820	8.316
- Excise Duty	4.394	4.394
- Sales	1.713	1.713
- Maharashtra State Electricity Board (MSEB)	2.772	2.772

b) The Company has given counter-guarantees for Rs. 90.652 Millions (Previous year Rs. 88.791 Millions) to Banks in respect of guarantees given by the Banks to third parties for purchase of equipment, supply of goods, clearance of goods from Customs, Excise Bonds, etc.

c) Letters of Credit opened on behalf of the Company by Banks for purchase of materials and equipment amount to Rs. 1732.000 Millions (Previous year Rs. 931.421 Millions).

d) Bills of Exchange discounted under Bill Marketing Scheme amount to Rs. 233.490 Millions (Previous year Rs. 185.166 Millions).

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2012

(Rs. In Millions)

Part I		30.06.2012
Sr. No	Particulars	Quarter Ended
		(Unaudited)
1	Income from Operations
	a) Net Sales / Income from Operations (Net of Excise Duty)	1946.600
	b) Other Operating Income	5.200
	Total Income from operations (net)	1951.800
2	Expenses
	a) Cost of Materials Consumed	938.600
	b) Purchase of stock-in-trade	58.300
	c) Changes in inventories of finished goods, work-in progress and
	stock-in-trade	75.000
	d) Employee benefit expense	144.900
	e) Depreciation and amortisation expense	97.500
	f) Power & Fuel	236.600
	f) Other expense	315.600
	Total Expenses	1866.500
3	Profit/ (Loss) from Operations before other Income, Finance cost and exceptional items (1-2)	85.300
4	Other Income	12.900
5	Profit/(Loss) from ordinary activities before finance cost and exceptional items (3+4)	98.200
	Earning before Interest, Depreciation, Tax & extraordinary item (EBIDTA)	195.700
6	Finance Cost	93.000
7	Profit/(Loss) from ordinary activities after finance cost but before exceptional items (5-6)	5.200
8	Exceptional Items	0.000
9	Profit / (Loss) from Ordinary activities before tax (7-8)	5.200
10	Provision for Taxation:
	Current Tax	1.000
	Less: MAT Credit Entitlement	(1.000)
	Deferred Tax	0.000
	Total Tax Expense	0.000
11	Net Profit / (Loss) from Ordinary activities after tax (9-10)	5.200
12	Extraordinary Items (Net of tax expenses)	0.000
13	Net Profit / (Loss) for the period (11-12)	5.200
14	Paid-up Equity Share Capital ( Face value Rs. 10/- each)	232.500
15	Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
16	Earning per share (EPS) in Rs. a. Basic and Diluted EPS before Extraordinary Items for the period (Not annualised)	0.22
	b. Basic and Diluted EPS after Extraordinary Items for the period (Not annualised)	0.22
Part II
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	- Number of shares	9680193
	-Percentage of Shareholding	41.52
2	Promoter and Promoter group Shareholding a) Pledged/ Encumbered
	-Number of shares	NIL
	-Percentage of shares (as a % of the total shareholding of promoter and promoter group)	NIL
	-Percentage of shares (as a % of the total share capital of the company)	NIL
	b) Non-encumbered
	-Number of shares	13634957
	-Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100
	-Percentage of shares (as a % of the total share capital of the company)	58.48

	Particulars	Quarter Ended on 30.6.2012
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	Nil
	Received during the quarter	45
	Disposed of during the quarter	45
	Remaining unresolved at the end of the quarter	Nil

NOTE:

1. Previous Period figures have been regrouped and reclassified to make them comparable with the figures of the current period.
2. The Company operates in one segment only i.e. Polyester Films.
3. The Deferred Tax Asset has not been recognised as a matter of prudence during the quarter.
4. The above results have been reviewed by the Audit Committee and approved and taken on record by the Board of Directors of the Company at their respective meetings held on 10th August 2012. The Statutory Auditors have carried out a limited review of the results for the quarter ended June 30, 2012.

FIXED ASSETS

· Land (Freehold)

· Land (Leasehold)

· Buildings

· Plant and Machinery

· Electrical Installations

· Mould

· Laboratory Equipments

· Furniture and Fixtures

· Office Equipment

· Vehicles

· Data Processing Equipments

AS PER WEBSITE

PROFILE:

Subject is the largest as well as the first company to produce polyester film in India for the last 20 years. They have grown to be a force to reckon with within the polyester film industry. They are continuously diversifying to meet new challenges and reach new horizons.  

Subject they serve the need of diverse industries. The product range includes films that cater to the solar control industry, packaging industry, reprographic industry etc. 

They have four fully integrated film lines that enable them to meet the customer demands. They are an ISO:9001:2000 company with a customer base that spans the globe.

MILESTONES:

· The accomplishments spans five decades.

· The forties witnessed the birth of Garware, a simple manufacturing unit producing plastic buttons for the Navy. They later diversified the product base to include knitting needles, pen-holders and toothbrushes.

· In the fifties they lead the race by manufacturing injected, moulded and extruded plastic products like television casings and fan blades.

· The sixties brought new challenges in the form of new technologies. They responded by expanding the product line to include PVC pipes, fittings and allied products. End sixties saw the emergence of Polyester film and a whole new world of possibilities opened up for us.

· By the seventies they set out to conquer the entire world. The expansion plans were launched with exports to the Middle East. To meet growing demands two new plants were set up - the polyester film plant in Aurangabad and the metallising unit in Nasik.

· In the eighties they produced sure winners like Garfilm, Sun Control and X-Ray film - all polyester based and indigenously developed. They were matching strides with developments worldwide.

· The nineties, the era of high technology , saw them taking on new challenges.

AWARDS:

· An ISO 9002 certified company since 1994, they have achieved a number of awards for innovation and excellence.

· In 1980 they were awarded the Gold Shield by the Government of India (Ministry of Industry), in recognition of the capability for developing polyester film in-house and thus saving substantial foreign exchange for the government

· In 1988, the Department of Science and Technology of the Government of India recognised the excellent RandD effort with the Silver Shield award, for developing ray film with polyester base.

· They have also been consistently winning the Top Exporter Award from the Government of India (Ministry of Commerce) as well as the Government of Maharashtra. The 70's award related to PVC pipes and fittings, but since 1984 it was the polyester film which took the lead

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.58.45
UK Pound	1	Rs.91.60
Euro	1	Rs.77.91

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--LEVERAGE	1~10	5
--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	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		49

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.