MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	IFB INDUSTRIES LIMITED
Registered Office :	14, Taratolla Road, Kolkata – 700 088, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.09.1974
Com. Reg. No.:	21-029637
Capital Investment / Paid-up Capital :	Rs.412.800 Millions
CIN No.: [Company Identification No.]	L51109WB1974PLC029637
TAN No.: [Tax Deduction & Collection Account No.]	CALI00026F / BLRI01281A
Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchange.
Line of Business :	Subject is engaged in the business of manufacturing and trading of home appliances.
No. of Employees :	1390 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 12000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. It has achieved a better increase in the sales turnover during 2013. General financial position of the company is good. Trade relations are reported to be decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

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

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

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	14, Taratolla Road, Kolkata – 700 088, West Bengal, India
Tel. No.:	91-33-30489285 / 30489299 / 24014917-23 / 30489230
Mobile No.:	91-33-24014182 / 24014579
Fax No.:	Not Available
E-Mail :	ifbi_corporate@ifbglobal.com ifb@cal2.vsnl.net.in ifbi_legal@ifbglobal.com
Website :	http://www.ifbindustries.com
Corporate Office :	Plot No. IND-5, Sector – I, East Kolkata Township, Kolkata – 700 107, West Bengal, India
Tel. No.:	91-33-24428286 / 87 / 89 / 90 / 91 / 39849524
Fax No.:	91-33-24427779 / 1003 / 39849676
E-Mail :	ifbi_legal@ifbglobal.com
Plant 1 :	14 Taratolla Road, Kolkata – 700088, West Bengal, India
Plant 2 :	JL-71, P.O. Bishnupur, Gangarampur, West Bengal, India
Plant 3 :	L-1, Verna Electronic City, Verna, Selcete, Goa – 403722, India
Plant 4 :	62, 64 and 66 CorlimIndl. Estate, Corlim, Ilhas, Goa – 403110, India
Plant 5 :	E-3, New Indl. Area II, Mandideep, Bhopal, District Raisen - 462046, Madhya Pradesh, India
Plant 6 :	16/17, VisveswariahIndl. Estate, Whitefield Road, Bangalore – 560048, Karnataka, India

DIRECTORS

As on: 31.03.2013

Name :	Mr. Bikram Nag
Designation :	Joint Executive Chairman and Managing Director
Name :	Mr. Rathindra Nath Mitra
Designation :	Director
Date of Birth :	06.09.1946
Date of Appointment on the board :	21.06.2003
Name :	Dr. Tridibesh Mukherjee
Designation :	Director
Name :	Mr. Radharaman Bhattacharya
Designation :	Director
Date of Birth :	12.04.1933
Date of Appointment on the board :	21.06.2003
Name :	Mr. R Muralidhar
Designation :	Director
Name :	Mr. Sudip Banerjee
Designation :	Director
Name :	Mr. Prabir Chattergee
Designation :	Director
Date of Birth :	18.06.1955
Date of Appointment on the board :	01.04.2013

KEY EXECUTIVES

Name :	Mr. G Ray Chowdhury
Designation :	Company Secretary
AUDIT COMMITTEE:
Name :	Dr. Rathindra Nath Mitra
Designation :	Chairman
Name :	Mr. Radharaman Bhattacharya
Designation :	Member
Name :	Mr. Prabir Chattergee
Designation :	Member

SHAREHOLDING PATTERN

As on: 30.09.2013

Category of Shareholders	Number of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	292771	0.72
Bodies Corporate	30080428	74.24
Sub Total	30373199	74.96
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	30373199	74.96
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	387787	0.96
Financial Institutions / Banks	2980	0.01
Foreign Institutional Investors	17812	0.04
Sub Total	408579	1.01
(2) Non-Institutions
Bodies Corporate	3172829	7.83
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4311175	10.64
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1390210	3.43
Any Others (Specify)	862804	2.13
Foreign Corporate Bodies	691030	1.71
Clearing Members	66734	0.16
NRIs/OCBs	105040	0.26
Sub Total	9737018	24.03
Total Public shareholding (B)	10145597	25.04
Total (A)+(B)	40518796	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)	40518796	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and trading of home appliances.

GENERAL INFORMATION

No. of Employees :

1390 (Approximately)

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT-TERM BORROWINGS
Buyers credit	98.500	0.000
Total	98.500	0.000

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Investor Company:	IFB Automotive Private Limited
Associate Company:	· IFB Agro Industries Limited · Travel Systems Limited · Thai Automotive and Appliances Limited · Global Automotive and Appliances Limited, · IFB Appliances Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
65,000,000	Equity Shares	Rs.10/- each	Rs.650.000 Millions
30,000,000	Cumulative redeemable preference shares	Rs.10/- each	Rs.300.000 Millions
	Total		Rs.950.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40,518,796	Equity Shares	Rs.10/- each	Rs.405.200 Millions
3,050,000	Forfeited shares of Rs 10 each, Rs. 2.50 paid-up		Rs.7.600 Millions
	Total		Rs.412.800 Millions

Reconciliation of the equity shares outstanding at the beginning and at the end of the year.

Particulars	31 March 2013
	Nos.	Rs. in Millions
At the beginning of the year	35,518,796	355.200
Issued during the year - Employees Stock	-	-
Purchase Scheme (ESPS)
Issued during the year - Preferential allotment	5,000,000	50.000
At the end of the year	40,518,796	405.200

Rights, preferences and restrictions attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.

Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

Details of shareholders holding more than 5% equity shares in the Company

		31 March 2013
		%	Nos.
1.	IFB Automotive Private Limited	46.54%	18,856,833
2.	Nurpur Gases Private Limited	14.83%	6,010,416
3.	Asansol Bottling and Packaging Company Private Limited	8.31%	3,366,428

Shares issued under Employees Stock Purchase Scheme

During the year, the Company has issued Nil (31 March 2012: 61,900) fully paid equity shares of Rs. 10 each to its employees under IFB Industries Limited - Employees Stock Purchase Scheme 2008 at premium of Rs 5 per share.

Shares issued on Preferential Basis

During the year, the Company issued and allotted 4,100,000 (31 March 2012: Nil) equity shares of Rs. 10 each to IFB Automotive Private Limited and 900,000 (31 March 2012: Nil) equity shares of Rs. 10 each to Asansol Bottling and Packaging Company Private Limited, both promoter group companies on preferential basis at a premium of Rs. 74 per share after complying with the requirements of Companies Act, 1956 and Securities and Exchange Board of India (SEBI).

Out of the proceeds from preferential issue amounting to Rs. 420.000 Millions, Rs. 200.000 Millions have been utilized for capital expenditure and Rs. 220.000 Millions has been utilised for working capital as per the objects stated in the resolution passed in the general meeting dated 30 April 2012.

The Company has not alloted any fully paid-up equity shares by way of bonus shares, or in pursuant to contract without payment being received in cash nor has bought back any class of equity shares during the period of five years immediately preceeding the balance sheet date.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	412.800	362.800	362.200
(b) Reserves & Surplus	2743.600	2059.100	1749.800
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3156.400	2421.900	2112.000
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	196.000	154.200	100.200
(c) Other long term liabilities	63.500	65.600	48.700
(d) long-term provisions	272.900	282.300	195.100
Total Non-current Liabilities (3)	532.400	502.100	344.000
(4) Current Liabilities
(a) Short term borrowings	98.500	0.000	0.000
(b) Trade payables	1198.600	1090.500	854.800
(c) Other current liabilities	361.100	368.800	534.700
(d) Short-term provisions	36.400	27.900	45.600
Total Current Liabilities (4)	1694.600	1487.200	1435.100
TOTAL	5383.400	4411.200	3891.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1779.500	1477.700	1143.500
(ii) Intangible Assets	88.100	83.300	99.000
(iii) Capital work-in-progress	82.700	45.100	145.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	452.200	412.500	239.100
(e) Other Non-current assets	0.400	0.400	10.900
Total Non-Current Assets	2402.900	2019.000	1638.400
(2) Current assets
(a) Current investments	567.700	99.700	461.700
(b) Inventories	1319.500	1092.500	888.300
(c) Trade receivables	479.000	466.300	390.500
(d) Cash and cash equivalents	446.200	538.000	269.100
(e) Short-term loans and advances	161.000	192.800	241.400
(f) Other current assets	7.100	2.900	1.700
Total Current Assets	2980.500	2392.200	2252.700
TOTAL	5383.400	4411.200	3891.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales	8819.700	7696.300	6492.100
		Sales of services	339.400	333.200	305.300
		Other Income	116.900	114.500	178.000
		TOTAL (A)	9276.000	8144.000	6975.400
Less	EXPENSES
		Cost of raw materials consumed	3446.900	3035.900	2614.200
		Purchase of stock-in-trade	2104.200	1802.500	1175.500
		Increase in finished goods, work-in-progress and stock-in-trade	(179.600)	(131.800)	(37.600)
		Cost of spares sold	117.900	47.100	39.000
		Employee benefits expense	849.400	698.700	630.000
		Other Expenses	2317.900	2165.200	1759.500
		Exceptional Expenses	0.000	15.000	-
		TOTAL (B)	8656.700	7632.600	6180.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		619.300	511.400	794.800
Less	FINANCIAL EXPENSES (D)		2.000	3.200	2.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		617.300	508.200	792.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		183.200	148.800	104.100
	PROFIT BEFORE TAX (E-F) (G)		434.100	359.400	688.100
Less	TAX (H)		119.600	54.000	185.000
	PROFIT AFTER TAX (G-H) (I)		314.500	305.400	503.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(392.600)	(698.000)	(1201.100)
	BALANCE CARRIED TO THE B/S		(78.100)	(392.600)	(698.000)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	22.200	18.900	17.400
	TOTAL EARNINGS		22.200	18.900	17.400
	IMPORTS
		Raw Materials	838.200	747.400	541.400
		Stores & Spares	81.500	79.200	8.700
		Capital Goods	286.400	124.800	437.000
	TOTAL IMPORTS		1206.100	951.400	987.100
	Earnings Per Share (Rs.)		7.95	8.61	14.24

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.39	3.75	7.21
Net Profit Margin (PBT/Sales)	(%)	4.74	4.48	10.12
Return on Total Assets (PBT/Total Assets}	(%)	8.19	8.23	18.37
Return on Investment (ROI) (PBT/Networth)		0.14	0.15	0.33
Debt Equity Ratio (Total Debt /Networth)		0.03	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.76	1.61	1.57

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	No

REVIEW OF OPERATION

The Company completed another year of modest performance with strong topline growth. All business segments posted sound growth in revenues and enhanced their market standing. Gross Turnover for the year grew by 16.8% to Rs 10978.700 Millions. Net Turnover other than service income, other operating revenue and other income at Rs 8633.900 Millions grew by 14.9%. Steady performance by Appliance business grew by 15.8%. However, due to precarious market condition Engineering division grew only by 6.4%. However, due to adverse material cost variance, forex loss, product mix etc the Pretax Profit as compared to last year could only grow by 15.9 % to Rs 434.100 Millions. Earnings Per Share for the year stand at Rs 7.95.

MANAGEMENT DISCUSSION AND ANALYSIS

Industry Structure and Developments:

Although the global economy remained gloomy, consumer appliances industry in India achieved sustained growth. India continued to be the second fastest growing economy in the world, and the benefits of sustained growth by way of higher disposable incomes, greater media exposure and increased retail penetration reached the vast middle class of rural and semi-urban markets. Penetration of information technology and the internet into smaller cities and rural areas led to increased exposure to appliances among the vast majority of the population, boosting demand for consumer appliances. However, the increase in excise duty and service tax from 10% to 12% in the union budget of 2012 had an immediate impact on end consumers. Increased taxes led manufacturers to hike the prices of their appliances, passing the additional costs onto the consumers. This response from manufacturers was also to offset the impact of a depreciating rupee and rising input costs. Price increase varied depending on the import content of the products. Inflation in petroleum products and freight charges added to the cost. However, despite the hike in prices, volume sales managed to maintain stable growth as compared to last year. Innovations enabled the entry of new categories into the country and led to the premiumisation of existing categories.Such initiatives also broadened consumer choices while manufacturers enjoyed stronger returns. Japanese players are more aggressive in investments in both manufacturing and marketing than earlier years. Players like LG, Bosch and Samsung are investing in manufacturing facilities for Front Load Washing Machines.

The Indian Auto Component Industry did possess competitive advantage due to its quality produce, timely delivery, dependable and low cost capabilities. The increase in input costs and threat from imports are two major concerns currently. The auto component industry created substantial capacity in the wake of expectation of a sustained automobile industry’s growth. The current financial year has seen one of the worst growths in the Indian automobile industry’s history and in fact in 2012-13, the growth has plunged to lowest in the last decade. The capacity as created has put immense pressures in the auto component industry’s bottom line due to the increased amount of interest and depreciation. The expectation of growth in 2013-14 is also not encouraging

Segment wise performance

The Home Appliance Division has improved its turnover as compared to last year. Washing machine sale in value term for the year recorded a growth of 16.83% over last year. Out of which front load washing machine sale has grown by 20.8 % and top load washing machines have grown by 11.29% over last year. Microwave oven sale in value term recorded a growth of 11.40% over last year. The PBDIT for the division raised by 27.4% as compared to last year.

The Engineering Division recorded growth in sales by 6.4% as compared to last year. However there was no growth in PBDIT of the division as compared to last year. To revamp and increase its capacity the company modernized its tool room at Bangalore and installed four new fine blanking machines during the year.

Outlook

The global economic turbulence that was witnessed during 2012-13 is expected to ease off by 2013. The Indian economy performed well even under economic duress and conditions improved alongside a recovering global economy. India registered a moderate growth rate of 5% in FY 2012-13 and demand for consumer appliances would continue to surge further.

Their focus would be to improve their service function as well as to invest in technology for better performanceand higher growth of top and bottom line. They already implemented SAP which helped us to keep a vigil on inventory as well as to react faster to market needs apart from bringing about other improvements. Their focus would also be to improve their distribution channel by penetrating deeper into smaller towns.

They have already completed their expansion-cummodernization of their washing machine factory at Goa. This expansion have ensured state-of-the-art new generation washing machines of higher capacities and the excess capacity they would use to market for OEM sales through buyers in Europe, Africa, Asian countries, etc. They have started negotiating with different overseas parties and despite stiff competition, They hope that they shall be able to crack the overseas market. To increase efficiency of their Goa Plant, they are investing in Injection Moulding Plant. They are also investing into Top Loader project at Goa.

Their industrial equipment range is very large and comprehensive. In this fiscal, they have an opportunity to expand and specifically target high end hotels, restaurants and clubs for which they are currently participating in tenders in many places across the country.

The entry into ACs and Refrigerators in this year is an obvious opportunity to extend their market presence and enter large volume segments.

IFB has invested in its Fine Blanking operations in order to meet the growing demands of the Indian automobile industry. In the past two financial years they have invested heavily in presses, tool room etc. These they believe will help us in getting new value added orders from the customers. However, the investments were made at the bottom of the economic cycle and division will be benefited once the cycle turns up. They have also de-risked by marketing their fine blanked products to other industries which are also high growth. They are focusing on domestic demand and have built up capacities to meet the same. As a strategy, they are identifying areas where their business share is low and can be increased substantially to negate any de growth in automotive sector.

Liquidity position of the Company was comfortable and the company remain debt free. Company remained focussed on its working capital management. Interest and dividend income from placement of temporary surplus funds with mutual funds increased on account of higher surplus fund to Rs 49.700 Millions as compared to Rs 45.700 Millions at the end of previous year. As in the past, the Company has maintained excellent relationship with its bankers.

Commitments and contingent liabilities:

(Rs. in Millions)

Particulars		31 March 2013	31 March 2012
i)	Outstanding capital commitments for tangible assets	303.700	225.800
ii)	Outstanding capital commitments for intangible assets	89.300	1.700
iii)	Disputed sales tax matters, excise matters, income tax matters and other matters contested in appeals (These disputes mostly relate to arbitrary disallowances of claims of the Company under various state laws, which are under appeal. The management is of the view that these demands are not sustainable in law and is hopeful of succeeding in appeals.)	144.500	68.900
iv)	Other claims against the Company not acknowledged as debts (#)	11.600	7.600
v)	Corporate guarantee to bank on behalf of associate company	-	10.000

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2013

(Rs. in Millions)

Particulars		3 Months ended 30 September 2013	3 Months ended 30 June 2013	6 Months ended 30 September 2013
		(Unaudited)	(Unaudited)	(Unaudited)
1	Income from operations
	(a) Net Sales/income from operations (net of excise duty)	2315.500	2260.400	4575.900
	(b) Other operating income	47.400	46.400	93.800
	Total Income from operations (net)	2362.900	2306.800	4669.700
2	Expenses
	(a) Cost of materials consumed	897.800	869.300	1767.100
	(b) Purchase of stock- in- trade	593.100	676.700	1269.800
	(c) Changes in inventories of finished goods, work-in progress and stock-in-trade	(148.300)	(225.000)	(373.300)
	(d) Employee benefits expense	256.500	239.000	495.500
	(e) Depreciation and amortisation expense	53.800	51.100	104.900
	(f) Other expenses	706.200	682.100	1388.300
	Total expenses	2359.100	2293.200	4652.300
3	Profit from operations before other income, finance costs and exceptional items (1-2)	3.800	13.600	17.400
4	Other Income	20.700	17.500	38.200
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	24.500	31.100	55.600
6	Finance costs	3.800	1.400	5.200
7	Profit from ordinary activities after finance costs but before exceptional items (5-6)	20.700	29.700	50.400
8	Exceptional items	-	-	-
9	Profit from ordinary activities before tax (7-8)	20.700	29.700	50.400
10	Tax expense	5.400	8.400	13.800
11	Net Profit from ordinary activities after tax(9-10)	15.300	21.300	36.600
12	Extraordinary item (net of tax expense Rs. Nil)	-	-	-
13	Net Profit for the period (11+12)	15.300	21.300	36.600
14	Paid-up equity share capital (Face Value - Rs. 10/- each)	412.800	412.800	412.800
15	Reserve excluding revaluation reserves as per balance sheet of previous accounting year
16	Earnings per share (of Rs. 10/-each) (not annualized)
	(a) Basic and diluted (before extraordinary items)	0.38	0.53	0.90
	(b) Basic and diluted (after extraordinary items)	0.38	0.53	0.90

SELECT INFORMATION FCR THE QUARTER ENDED 30 SEPTEMBER 2J13

Particulars	3 Months ended 30 September 2013	3 Months ended 30 June 2013	6 Months ended 30 September 2013
A PARTICULARS OF SHAREHOLDING
1 Public shareholding
- Number of shares	10,145,597	10,145,597	10,145,597
- Percentage of shareholding	25.04%	25.04%	25.04%
2 Promoters and promoter group shareholding
(a) Pledged/Encumbered
- Number of shares	-	-	-
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	-	-	-
- Percentage of shares (as a % of the total share capital of the company)	-	-	-
(b) Non-encumbered
- Number of shares	30,373,199	30,373,199	30,373,199
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00%	100,00%	100.00%
- Percentage of shares (as a % of the total share capital of the company)	74.96%	74.96%	74.96%

Particulars	3 Months ended 30 September 2013
B INVESTOR COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	1
Disposed of during the quarter	1
Remaining unresolved at the end of the quarter	Nil

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2013

Particulars		3 Months ended 30 September 2013	3 Months ended 30 June 2013	6 Months ended 30 September 2013
		(Unaudited!	(Unaudited)	(Unaudited)
1	Segment Revenue
	(a) Home appliances	1940.100	1953.300	3893.400
	(b) Engineering	422.800	353.500	776.300
	(c) Unallocated	_
	Total	2362.900	2306.800	4669.700
	Less: Inter-Segment Revenue	-
	Total Operating Income	2362.900	2306.800	4669.700
2	Segment Results- Profit (+) / Loss(-) before interest and tax
	(a) Home appliances	22.700	41.400	64.100
	(b) Engineering	24.500	9.300	33.800
	(c) Unallocated	(22.700)	(19.600)	(42.300)
	Total	24.500	31.100	55.600
	Less:
	(i) Finance costs	3.800	1.400	5.200
	Total Profit before Tax	20.700	29.700	50.400
3	Capital Employed
	[Segment assets- Segment liabilities]
	(a) Home appliances	1778.800	1477.400	1778.800
	(b) Engineering	998.300	934.400	998.300
	(c) Unallocated	415.900	765.900	415.900
	Total	3193.000	3177.700	3193.000

STATEMENT OF ASSETS AND LIABILITIES AS AT 30 SEPTEMBER 2013

(Rs. in Millions)

	Particulars	As at Half ended 30 September 2013
		(Unaudited)
A	EQUITY AND LIABILITIES
	1 Shareholders Funds
	(a) Share Capital	412.800
	(b) Reserves and surplus	2780.200
	Sub-total - Shareholders' funds	3193.000
	2 Non-current liabilities
	(a) Deferred tax liabilities (Net)	202.000
	(b) Other long-term liabilities	57.500
	(c) Long-term provisions	295.300
	Sub-total - Non-current liabilities	654.800
	3 Current liabilities
	(a) Short-term borrowings	539.600
	(b) Trade payables	1417.900
	(c) Other current liabilities	579.500
	(d) Short-term provisions	39.700
	Sub-total - Current liabilities	2526.700
	TOTAL - EQUITY AND LIABILITIES	6274.500
B	ASSETS
	1 Non current assets
	(a] Fixed assets	2369.400
	(b) Non - current investments
	(c) Long-term loans and advances	482.900
	(d) Other non-current assets	0.200
	Sub-total - Non current assets	2852.500
	2 Current assets
	(a) Current investments	369.500
	(b] Inventories	1706.900
	(c) Trade receivables	690.300
	(d) Cash and bank balances	376.500
	(e) Short-term loans and advances	277.200
	(f) Other current assets
	Sub-total - Current assets	3422.000
	TOTAL - ASSETS	6274.500

NOTES:

1 The above unaudited results for the quarter ended 30th September, 2013 were reviewed by the Audit Committee on 30 October, 2013 and approved by the Board of Directors at its meeting held on 30 October, 2013. The said results have been subjected to a "Limited Review" by the statutory auditors, B S R and Company LLP, in terms of the 'Listing Agreements' entered with the stock exchanges.

2 Profit for the quarter and six months ended 30 September 2013 is after foreign exchange loss of Rs 78.200 Millions and Rs 135.900 Millions, respectively.

3 The figures of the earlier periods have been regrouped to be in conformity with the new format prescribed under clause 41 of the Listing Agreement.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10425323	30/03/2013	350,000,000.00	DBS BANK LTD.	4A, Nandalal Basu Sarani, Kolkata, West Bengal - 700071, INDIA	B74996240
2	10211451	28/10/2013 *	435,000,000.00	Standard Chartered Bank	19, NETAJI SUBHAS ROAD, KOLKATA, West Bengal - 700001, INDIA	B88086772
3	10214603	28/10/2013 *	900,000,000.00	Standard Chartered Bank	19, NETAJI SUBHAS ROAD, KOLKATA, West Bengal - 700001, INDIA	B88085857

* Date of charge modification

FIXED ASSETS:

· Leasehold land

· Building

· Plant and machinery

· Computer

· Furniture and fixtures

· Motor vehicle

AS PER WEBSITE DETAILS:

PRESS RELEASES:

IFB INDUSTRIES ALLOTS 41 LAKH EQUITY SHARES TO IFB AUTOMOTIVE

Jun 12, 2012, 09.30 AM IST

IFB Industries Limited has informed BSE that the committee of Directors formed for the purpose of allotment, in their meeting held on June 11, 2012 allotted 41,00,000 equity shares to IFB Automotive Private Limited and 9,00,000 equity shares to Asansol Bottling and Packaging Company Private Limited, both promoter group Companies, on Preferential basis.

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 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.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

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