MIRA INFORM REPORT

Report Date :

09.10.2013

IDENTIFICATION DETAILS

Name :	JBF INDUSTRIES LIMITED
Registered Office :	Survey No. 273, Village Athola, Dadra and Nagar Haveli - 396230, Silvasa
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.07.1982
Com. Reg. No.:	54-000128
Capital Investment / Paid-up Capital :	Rs. 1829.800 Millions
CIN No.: [Company Identification No.]	L99999DN1982PLC000128
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ08465C
PAN No.: [Permanent Account No.]	AAACJ2575J
Legal Form :	A Public Limited Liability company. The Company’s Shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Importer of Yarn, Bulk Drugs and Drug Intermediates, Partially Oriented Yarn (POY).
No. of Employees :	Information denied by the management

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 42590000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a fine track record. Overall financial position of the company appears to be sound and healthy. Rating also takes into consideration experience of promoters in textile industry. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities A-
Rating Explanation	Adequate credit quality and average credit risk
Date	March 1, 2013

Rating Agency Name	CARE
Rating	Short term bank facilities A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	March 1, 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.

INFORMATION DENIED

MANAGEMENT – NON COOPERATIVE (91-260-2642745)

LOCATIONS

Registered Office/ Factory 1:	Survey No. 273, Village Athola, Silvassa, Dadra and Nagar Haveli-396230, Silvasa, India
Tel. No.:	91-260-2642745/ 46/ 2643861/ 62
Fax No.:	91-260-2642297
E-Mail :	jbf@vsnl.com sec.shares@jbfmail.com
Website :	http://www.jbfindia.com
Corporate Office :	8th Floor, Express Towers, Nariman Point, Mumbai - 400021, Maharashtra, India
Tel No.:	91-22-22885959
Fax No.:	91-22-22886393
Email:	jbf@vsnl.com
Factory 2 :	156/2, Village Saily, Saily-Rakholi Road, Dadra and Nagar Haveli, Silvassa, Dadra and Nagar Haveli, Union Territory, India
Factory 3 :	Plot No. 11 and 215 to 321, Sarigam GIDC Industrial Area, Sarigram, Vapi -396155, Gujarat, India

DIRECTORS

As on: 31.03.2013

Name :	Mr. Bhagirath C. Arya
Designation :	Chairman
Name :	Mr. Rakesh Gothi
Designation :	Managing Director and Chief Executive Officer
Name :	Ms. P. N. Thakore
Designation :	Executive Director and Chief Executive Officer
Name :	Mr. N. K. Shah
Designation :	Executive Director
Name :	Mrs. Veena Arya
Designation :	Director
Name :	Mr. Krishen Dev
Designation :	Director
Name :	Mr. Prakash Mehta
Designation :	Director
Name :	Mr. B R Gupta
Designation :	Director
Name :	Mr. Sunil Diwakar
Designation :	Director
Name :	Mr. Ravishankar Shinde (Nominee LIC)
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Ujjwala G. Apte
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	35340849	48.60
Sub Total	35340849	48.60
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	35340849	48.60
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5448898	7.49
Financial Institutions / Banks	15612	0.02
Insurance Companies	3120487	4.29
Foreign Institutional Investors	5546107	7.63
Sub Total	14131104	19.43
(2) Non-Institutions
Bodies Corporate	6942439	9.55
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	7137761	9.82
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	8044641	11.06
Any Others (Specify)	1118015	1.54
Clearing Members	192947	0.27
Non Resident Indians	685694	0.94
Foreign Corporate Bodies	200	0.00
Trusts	504	0.00
Directors & their Relatives & Friends	238670	0.33
Sub Total	23242856	31.96
Total Public shareholding (B)	37373960	51.40
Total (A)+(B)	72714809	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)	72714809	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a %
1	Bhagirath Arya	25245407	34.72
2	Chinar Arya	4300000	5.91
3	Vaidic Resources Private Limited	3906304	5.37
4	Cheerag Bhagirath Arya	1875060	2.58
5	Veena B Arya	14078	0.02
	Total	35340849	48.60

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Seetharam Narayana Shetty Trustee JBF Employees Welfare Foundation	3547350	4.88
2	Life Insurance Corporation of India	3120487	4.29
3	ICICI Prudential Tax Plan	2995838	4.12
4	HDFC Trustee Company Ltd A/c HDFC Growth Fund	2275587	3.13
5	Lata Bhansali	1937214	2.66
6	National Westminister Bank PLC as Trustee of the Jupiter India Fund	1600000	2.20
7	Aadi Financial Advisor LLP	1069678	1.47
8	Finquest Financial Solutions Private Limited	1688079	2.32
9	Mousseganesh	743835	1.02
10	FRR Shares and Securities Limited	750000	1.03
11	Fortune Credit Capital Limited	800000	1.10
	Total	20528068	28.23

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Yarn, Bulk Drugs and Drug Intermediates, Partially Oriented Yarn (POY).

Products :

Product Description	ITC Code
POY	54024200
Polyester Chips	39076090
Polyester Fully Drawn Yarn	54024300

GENERAL INFORMATION

No. of Employees :

Information denied by the management

Bankers :

• Bank of Baroda, 10/12, Bombay Samachar Marg, Fort, P O Box – 347, Mumbai – 400023, Maharashtra, India.
• State Bank of India, Bank Street, Mumbai-400023, Maharashtra, India
• Andhra Bank
• Standard Chartered Bank
• IDBI Bank Limited
• Indian Overseas Bank
• ICICI Bank Limited
• Bank of India

Facilities :

Secured Loan	31.03.2013 [Rs. in Millions]	31.03.2012 [Rs. in Millions]
Long Term Borrowing
(a) Debentures
Non Convertible Debentures	200.000	400.000
(b) Term loans
from banks	3233.400	2574.500
from Financial Institution	410.500	214.300
from Corporate Body	250.000	0.000
(c) External Commercial Borrowings	1886.700	2187.400
(d) Vehicle Loans	2.000	3.700
Short Term Borrowing
(a) Working Capital Loans
from banks	1157.400	1652.600
(b) Buyer's Credit	1175.900	0.000
Total	8315.900	7032.500

NOTE:

Long Term Borrowing

1) 11.15 % Debentures [including current maturities of long term borrowings of Rs. 200.000 Millions (Previous Year Rs. 100.000 Millions) referred to in (a) above are secured by way of first mortgage and charge on pari passu basis on all the immovable and movable properties except current assets, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat.

2) Term Loans [including current maturities of long term borrowings of Rs.363.700 Millions (Previous year Rs.207.000 Millions) of Rs.3538.900 Millions (Previous Year Rs.2995.800 Millions) referred to in (b) above, which carry interest at the rate 11.00% to 14.50 %, are secured by way of first mortgage and charge on pari passu basis on all the immovable and movable properties except current assets, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat and are further secured by Second charge on current assets of the Company situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat.

3) Term Loan [including current maturities of long term borrowings of Rs.31.300 Millions (Previous Year Rs. Nil of Rs.750.000 Millions (Previous Year Rs. Nil) referred to in (b) above, which carry interest at the rate 12.75 %, are to be secured by way of first pari passu charge on the fixed assets of the company. Out of the above aggregating to Rs. 500.000 Millions (Previous Year Rs. Nil) are further to be secured by second pari passu charge on current assets of the Company.

4) External Commercial Borrowings [including current maturities of long term borrowings of Rs. 448.000 Millions (Previous Year Rs. 203.500 Millions ) Rs. 2334.700 Millions (Previous Year Rs. 2390.900 Millions) referred to in (c) above, which carry interest at the rate LIBOR plus 2.5 percentage to 3.0 percentage, are secured by way of first mortgage and charge on pari passu basis on all the immovable and movable properties except current assets, present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat.

5) The Loans for vehicle [including current maturities of long term borrowings of Rs. 1.700 Millions (Previous Year Rs. 1.800 Millions) of Rs. 3.700 Millions (Previous Year Rs. 5.500 Millions) referred to in (d) above, which carry interest at the rate 8.88 %, have been secured by specific charge on the vehicles covered under the said loans

6) Terms of Repayment

1. Debentures

Debentures are redeemable at par in two equal installments of Rs. 100.000 Millions each on 27.10.2014 and 27.07.2014.

2. Secured Term Loans from Banks

Loan of Rs. 468.800 Millions is repayable in 15 equal quarterly installments of Rs. 31.200 Millions starting from June 2014 and ending on December 2017, Loan of Rs. 381.800 Millions is repayable in 21 equal quarterly installments of Rs. 18.200 Millions starting from April 2014 and ending on June 2019 and loan of Rs. 2382.800 Millions is repayable in 2 equal quarterly installments of Rs. 32.200 Millions starting from June 2014 and ending on September 2014 and thereafter 16 equal quarterly installments of Rs. 144.900 Millions starting from December 2014 and ending on September 2018.

3. Secured Term Loans from Financial Institutions

Loan of Rs. 142.900 Millions is repayable in 2 equal annual installments of Rs. 71.400 Millions starting from July 2014 and ending on July 2015. Loan of Rs. 267.600 Millions is repayable in 13 equal quarterly installments of Rs. 20.600 Millions starting from April 2014 and ending on April 2017.

4. Secured Term Loans from Corporate Body

Loan of Rs. 250.000 Millions is repayable in 16 quarterly installments, first 4 installments of Rs. 6.300 Millions starting from June 2014 and ending on March 2015, next 4 installments of Rs. 9.400 Millions starting from June 2015 and ending on March 2016, next 4 installments of Rs. 21.900 Millions starting from June 2016 and ending on March 2017 and final 4 installments of Rs. 25.000 Millions starting from June 2017 and ending on March 2018.

5. Secured External Commercial Borrowings

Loan of Rs. 542.900 Millions is repayable in 10 equal quarterly installments of Rs. 54.300 Millions (USD 10,00,000) starting from May 2014 and ending on August 2016, loan of Rs. 1018.000 Millions is repayable in 15 equal quarterly installments of Rs. 67.900 Millions (USD 12,50,000) starting from June 2014 and ending on December 2017 and loan of Rs. 325.800 Millions is repayable in 8 equal quarterly installments of Rs. 40.700 Millions (USD 7,50,000) starting from June 2014 and ending on March 2016.

6. Secured Vehicle Loans:

Vehicle Loans are repayable as under: Rs. 1.700 Millions in financial year 2014-15 and balance of Rs. 0.300 Millions in financial year 2015-16.

7. Unsecured Term Loans From a Bank

Loan of Rs. 1103.500 Millions is repayable in 10 equal half yearly installments of Rs. 110.400 Millions starting from April 2014 and ending on October 2018 and loan of Rs. 36.100 Millions is repayable in 10 equal half yearly installments of Rs. 3.600 Millions commencing with effect from April 2014 and ending on March 2019.

7) Term loans from banks [including current maturities of optionally convertible loans of Rs. 687.300 Millions (Previous Year current maturity of long term borrowing of Rs. 8.300 Millions)] aggregating to Rs. 1826.900 Millions (Previous year Rs. 1397.400 Millions) are guaranteed by one of the Directors of the company in their personal capacity

Short Term Borrowing:

1) Working Capital Loans as referred to in (a) above are secured by a first charge on pari passu basis without any preference or priority over each other on all Current Assets of the company both present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat and are also secured by way of Second charge on pari passu basis on movable and immovable properties of the company both present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat.

2) Buyers Credit referred to in (b) above, of Rs. 798.500 millions (Previous Year Rs. Nil) are secured by a first charge on pari passu basis without any preference or priority over each other on all Current Assets of the company both present and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat and are also secured by way of Second charge on pari passu basis on movable and immovable properties of the company both present, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat and future and Rs. 377.400 millions (Previous Year Rs. Nil) are secured by way of subservient charge on current assets of the company.

Banking Relations :	--
Financial Institution :	Bank of Baroda Corporate Financial Service
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Solicitors :	Malvi Ranchoddas and Company
Subsidiaries :	Ø JBF Global Pte. Limited, 138, Robinson Road, # 17-00, the Corporate Office, Singapore - 068900. Ø JBF Rak LLC, P. O. Box: 6574 Ras Al Khaimah, U.A.E. Ø JBF Petrochemicals Limited, SEZ Manglore, India.

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions
12500000	2.5% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.1250.000 Millions
	Total		Rs. 2250.000 Millions

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
77633236	Equity Shares	Rs.10/- each	Rs.726.300 Millions
11034987	2.5% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.1103.500 Millions
	Total		Rs. 1829.800 Millions

Terms/rights attached to equity shares

The holders of equity shares of Rs. 10 each are entitled to one vote per share. The equity shareholders are entitled to dividend only if dividend in a particular financial year is recommended by the Board of Directors and approved by the member at the annual general meeting of the year. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive out of the remaining assets of the company, after distribution of Preferential amounts. The distribution will be in proportion to the number of equity shares held by share holders.

Terms/rights attached to Cumulative Redeemable Preference Shares (CRPS)

The holder of Preference Share of the Company have a right to vote at a General Meeting of the Company only in accordance with limitations and provisions laid down in Section 87 (2) of the Companies Act, 1956. The Preference Shares shall carry dividend at the rate of 2.5 % per annum payable annually. The preference share holders will be entitled to receive out of the remaining assets of the company after

Reconciliation of number of Shares outstanding at beginning and at the end of year:

	31.03.2013
Particulars	Equity No. of Share	Preference No. of Shares
Shares outstanding at the beginning of the year	72019123	8839200
On exercise of option by ESOS holders	614113	--
On conversion of debt to a lender	--	2195787
Shares outstanding at the end of the year	72633236	11034987

The Company has allotted 21,95,787 (Previous Year 61,77,837) 2.5% Cumulative Redeemable Preference Shares (CRPS) of Rs. 100 each fully paid up aggregating to Rs. 219.600 millions (Previous Year Rs. 617.800 millions) to Bank of India in pursuant to line of credit approved by the bank to fund derivative losses.

Options outstanding as on 31st March, 2013:

a) To ESOS holders 3,80,201 (Previous year 9,98,887) Equity shares

b) To a bank in respect of optionally convertible loans (OCL) outstanding as on 31st March, 2013 are Rs. 687.300 millions (Previous Year Rs. 505.100 millions), being a part of line of credit sanctioned to finance the derivative losses. Out of Rs. 687.300 millions (Previous Year Rs. 505.100 millions), Rs. 651.200 millions (Previous Year Rs. 505.100 millions) will be converted into Equity Shares and Rs. 36.100 millions (Previous Year Rs. Nil) is to be converted into Cumulative Redeemable Preference Shares

Of the above Equity Shares 1,82,450 Equity Shares of Rs. 10 each were issued pursuant to the scheme of Amalgamation of Microsynth Fabrics (India) Limited with the Company as sanctioned by Hon’ble High Court of Judicature at Mumbai vide its order dated 23rd October, 2008.

The details of shareholder holding more than 5% shares:

	31.03.2013
Name of Equity Shareholders	No. of Shares	Percentage
Bhagirath Arya	24063607	33.13
Seetharam Narayana Shetty - Trustee - JBF Employees Welfare Foundation	NA*	NA*
Vaidic Resources Private Limited	3906304	5.38
Chinar Arya	4300000	5.92

* Reduced below 5%, hence not disclosed

Particulars	31.03.2013
Name of Preference Shareholder	No. of Shares	Percentage
Bank of India	11034987	100

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	1829.800	1604.100	982.600
(b) Reserves and Surplus	8817.900	8346.300	8560.700
(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)	10647.700	9950.400	9543.300
(3) Non-Current Liabilities
(a) long-term borrowings	7122.200	7273.800	5423.500
(b) Deferred tax liabilities (Net)	1561.900	1206.000	1414.800
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	161.300	33.300	26.700
Total Non-current Liabilities (3)	8845.400	8513.100	6865.000
(4) Current Liabilities
(a) Short term borrowings	6907.600	7342.000	3865.900
(b) Trade payables	5066.300	4453.100	5658.000
(c) Other current liabilities	2947.100	2653.000	2406.100
(d) Short-term provisions	454.400	876.500	841.700
Total Current Liabilities (4)	15375.400	15324.600	12771.700
TOTAL	34868.500	33788.100	29180.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14728.400	12759.100	11406.500
(ii) Intangible Assets	25.200	2.900	4.200
(iii) Capital work-in-progress	208.100	1158.400	1164.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4242.000	286.700	3185.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	926.200	4973.700	589.900
(e) Other Non-current assets	0.000	0.000	15.300
Total Non-Current Assets	20129.900	19180.800	16365.000
(2) Current assets
(a) Current investments	486.300	628.700	1245.700
(b) Inventories	3962.400	4589.400	5201.100
(c) Trade receivables	5544.500	4009.400	2799.900
(d) Cash and cash equivalents	1538.800	1610.700	832.500
(e) Short-term loans and advances	2787.000	3652.700	2669.000
(f) Other current assets	419.600	116.400	66.800
Total Current Assets	14738.600	14607.300	12815.000
TOTAL	34868.500	33788.100	29180.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	45040.900	43833.200	35604.600
		Other Income	720.900	1292.400	223.700
		TOTAL (A)	45761.800	45125.600	35828.300
Less	EXPENSES
		Cost of Materials consumed	35581.700	35444.600	28426.100
		Purchase of Stock in Trade	1.400	0.700	141.400
		Changes in inventories of Finished Goods and Stock -in- process	160.300	(52.800)	(713.100)
		Employee Benefits Expenses	565.400	461.800	443.800
		Other Expenses	6017.600	6913.100	4008.400
		TOTAL (B)	42326.400	42767.400	32306.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3435.400	2358.200	3521.700
Less	FINANCIAL EXPENSES (D)		1557.900	1235.600	872.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1877.500	1122.600	2649.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1006.600	839.400	733.700
	PROFIT BEFORE TAX (E-F) (G)		870.900	283.200	1915.800
Less	TAX (H)		355.900	(204.600)	602.700
	PROFIT AFTER TAX (G-H) (I)		515.000	487.800	1313.100
Less	PRIOR PERIOD ADJUSTMENTS		0.200	1.000	1.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3601.300	3775.600	3291.300
Less	APPROPRIATIONS
		Transfer to General Reserve	52.000	50.000	131.500
		Transferred to debenture redemption reserve	6.100	32.600	32.500
		Short Provision of Dividend in previous year	1.700	0.400	--
		Tax paid on short provision of dividend	0.300	0.100	--
		Dividend Distribution tax for earlier year written back	0.000	0.000	(1.400)
		Proposed Dividend on Preference Shares	22.200	7.200	--
		Proposed dividend on equity share	72.600	576.200	573.200
		Tax on proposed dividend	16.100	94.600	93.000
	BALANCE CARRIED TO THE B/S		3945.100	3601.300	3775.600
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports		5494.700	6459.100
		Interest	NA	2.000	28.600
		Miscellaneous Income		12.500	--
	TOTAL EARNINGS		NA	5509.200	6487.700
	IMPORTS
		Raw Materials	9077.100	8855.400	11233.400
		Capital Equipment	261.200	332.900	645.200
		Colours and Chemicals and Oil and Lubricants	68.800	70.000	37.200
		Stores and Spares and Consumables	13.300	16.200	20.700
	TOTAL IMPORTS		9420.400	9274.500	11936.500
	Earnings Per Share (Rs.)		6.76	6.68	19.53

QUARTERLY RESULTS

PARTICULARS	30.06.2013
Audited/Unaudited	Unaudited
Net Sales	11825.100
Total Expenditure	11965.700
PBIDT (Excl OI)	(140.600)
Other Income	211.300
Operating Profit	70.700
Interest	315.300
Exceptional Items	0.000
PBDT	(244.600)
Depreciation	270.000
Profit Before Tax	(514.600)
Tax	(103.600)
Provisions and contingencies	0.000
Profit After Tax	(411.000)
Extraordinary Items	0.000
Prior period expenses	0.000
Other adjustment	0.000
Net profit	(411.000)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.12	1.08	3.66
Net Profit Margin (PBT/Sales)	(%)	1.93	0.65	5.38
Return on Total Assets (PBT/Total Assets}	(%)	2.86	0.87	7.71
Return on Investment (ROI) (PBT/Networth)		0.08	0.03	0.20
Debt Equity Ratio (Total Debt/Networth)		1.32	1.47	0.97
Current Ratio (Current Asset/Current Liability)		0.96	0.95	1.00

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM BORROWINGS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of long-term Borrowings
-Debentures	200.000	100.000
- Term Loans	395.000	207.000
- External Commercial Borrowings	1015.500	1718.100
- Vehicle Loans	1.700	1.800
Total	1612.200	1612.200	1930.100

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

UNSECURED LOAN:

Particulars	31.03.2013 [Rs. in Millions]	31.03.2012 [Rs. in Millions]
Long Term Borrowing
(a) Term loans
from banks	1139.600	1389.000
(b) External Commercial Borrowings	0.000	504.900
Short Term Borrowing
(c) Short Term Loans
from banks	0.000	1213.100
(d) Working Capital Loans
from banks	1685.300	844.400
(e) Buyer's Credit	2182.200	2659.900
(f) Supplier's Credit (backed by letter of Credit)	706.800	972.000
Total	5713.900	7583.300

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10395734	01/01/2013	500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra - 400018, INDIA	B65417891
2	10316774	11/01/2013 *	15,890,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg, Ground Floor, 17, R Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	B66903204
3	10212868	15/04/2010 *	500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA	A84923960
4	10124531	31/05/2013 *	9,226,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg, Ground Floor, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	B77115392
5	10124534	11/01/2013 *	15,890,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	B66904293
6	80003960	10/05/2006 *	500,000,000.00	STATE BANK OF INDIA COMMERCIAL BRANCH	N.G.N VAIDYA MARG, POST BAG NO. 10141, MUMBAI, Maharashtra - 400023, INDIA	-
7	80003961	10/05/2006 *	1,500,000,000.00	BANK OF BARODA CORPORATE FINANCIAL SERVICE BRANCH	FIRST FLOOR, 3, WALCHAND HIRACHAND MARG, BALARD PIER, MUMBAI, Maharashtra - 400038, INDIA	-
8	90101160	27/06/2006 *	500,000,000.00	STATE BANK OF INDIA COMMERCIAL BRANCH	G. N. VAIDYA MARG, HORNIMAN CIRCLE, MUMBAI, Maharashtra - 400023, INDIA	-
9	90100093	31/05/2013 *	9,226,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg, Ground Floor, 17, R Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	B77114494
10	80037424	14/09/2007 *	2,000,000,000.00	Bank of Baroda Corporate Financial Branch	1st Floor 3 Walchand Hirachand Marg, Ballard Pier, Mumbai, Maharashtra - 400038, INDIA	A24473894
11	80044441	30/05/2005	275,000,000.00	ANDHRA BANK	33, ATLANTA, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
12	90101093	28/11/2005 *	675,000,000.00	ANDHRA BANK	33; AFLANTA, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
13	80044439	24/03/2005	210,000,000.00	STATE BANK OF INDORE	COMMERCIAL BRANCH, MITTAL COURT, B-WING, GROUND FLOOR, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
14	90100012	07/10/2005 *	360,000,000.00	STATE BANK OF INDORE	COMMERCIAL BRANCH, MITTAL COURT; B. WING; GR.FLOOR; NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
15	80058046	18/01/1999	70,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA BRANCH, MUMBAI, Maharashtra - 400023, INDIA	-
16	80058250	12/03/1998	108,000,000.00	BANK OF BARODA	BRUSSELS BRANCH, 28, RUE DE LA LOI, BRUSSLELS, - 1040, BELGIUM	-
17	90098725	30/07/2004 *	594,400,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, 1ST FLOOR; 3; WALCHNAD HIRACHAND MARG; BALLARD PIE, MUMBAI, Maharashtra - 400001, INDIA	-
18	80020072	01/12/1997	624,800,000.00	BOB SBI SBICIBL SAKURA BANK LIMITED BRITISH BANK OF MIDDLE EAST	INDUSTRIAL FINANCE BRANCH, CAWASJI PATEL STREET FORT, BOMBAY, Maharashtra - 400001, INDIA	-

* Date of charge modification

PERFORMANCE

Net sales of the Company increased from Rs. 43833.200 millions in 2011-12 to Rs. 45040.900 millions in 2012-13, reflecting an increase of 2.76%. Profit before tax of the Company increased from Rs.283.2 millions in 2011-12 to Rs. 870.900 millions in 2012-13, reflecting an increase of 207.52%. Net profit of the Company increased from Rs. 487.800 millions in 2011-12 to Rs. 515.000 millions in 2012-13, reflecting an increase of 5.58%.

WORLD ECONOMIC SCENARIO:

The world economy weakened during 2012 and is expected to remain subdued in the next 2 years. As per study of United Nations (World Economic Situation and Prospects 2013 – WESP) the global economy is expected to grow at 2.4 % in 2013 and 2.3% in 2014.

Most of the economies, particularly those in Europe seem to have got trapped into issues related to higher unemployment, financial sector crisis and low growth. Some of these economies are already in recession with unemployment at the rate of 12%. While the U.S. economy has slowed down to a growth of meager 1.7%, deflationary conditions are continuing in Japan. This sluggish pace of growth will continue to aggravate the job crisis and it is expected that it may take at least another 5 years for Europe and USA to overcome the job crisis. It is also being observed that the economic crisis of the developing economies such as Europe, Japan and United States, is spilling over to developing countries. This is in view of weaker import by these countries and high volatility in exchange rates and capital flows. Some of the larger developing economies are also facing domestic constraints (economies such as China) in view of emerging financial crunch and also excess production capacities.

For the world to come out of this crisis, nations are now looking forward for implementation of fiscal constraints and expansionary monitory policies. Economists have advised that there needs to be a shift in focus from short term consolidation to robust economic growth with medium to long term fiscal sustainability. In fact fiscal consolidation needs to be focused at medium term rather than on short term with direct job creation and growth. There is a strong need to secure sufficient development assistance to help poorest nations, accelerate progress towards poverty reduction, growth and investing for sustainable developments

WORLD POLYESTER SCENARIO

By 2012, the world total fibre production grew to approx. 82 million tons out of which two-thirds to the extent of 55 Million tons was contributed by manmade fibers. Over 75% of manmade fibers are composed of Polyester and it is expected that Polyester growth will continue to be in the range of 5.5% over the next decade.

The year 2011-12 has seen a decline in cotton fibre production by approximately 3.7%, with cotton prices coming down. This decline in prices also added downward pressure on prices of competing fibres. The increasing popularity of synthetics is likely to lead to a decline in cotton demand. Cotton production is also expected to fall to about 23.5 million tonnes by 2013-14. In terms of various segments of Polyester products, the filament yarn is expected to grow in the range of 6% followed by staple fibre in the range of 4% over the next 10 years. In case of PET, in view of reduction in non essential expenditures among consumers in certain developed countries, growth was affected. Though there has been a capacity growth in case of PET, the demand growth world over has been less, leading to pricing pressures.

Following decline in production of cotton, as well as due to reasons of higher pricing prices vis-a-vis Polyester, Polyesters are likely to take a significant leap in consumption over the cotton based items. Newer applications in case of Polyester Filament Yarn and Fibers, especially in case of Technical Textiles, are likely to take place – and these could spur the growth of Polyester In case of raw materials, it was observed during 2011-12 that Paraxylene prices remained stable but high. The intermediate products such as PTA and MEG saw a decline in prices in view of high capacities emerging world over. Specifically in the case of PTA huge capacity growth was witnessed in China, capacity increasing by over 12 – 13% while demand grew only by around 5%. The year also saw huge arrivals of MEG with Chinese port tanks most often filled to capacity during the year, leading to bearishness on the MEG pricing front.

INDIAN POLYESTER SCENARIO:

In terms of production of textiles, per capita availability (Source: ASFI) has more than doubled over the last 35 years-per capita availability going up from 21.84 sq metres in 1986-87 to 51.05 sq. metres. In 2011-12. Of the various varieties of textiles, non cotton fabrics availability has moved up almost four times from 4.30 meters in 1986-87 to 17.95 meters. In 2011-12. Polyester, forming a major component amongst non cotton fabrics,has been the leading item contributing to growth in per capita consumption.

The Indian industry faced a year of lower margins during the period FY 2012-23 largely due to sluggish demand in the early part of the year. The year also saw substantial additions in polymerization capacities, much higher at around 25 – 30% vis-a-vis demand growth of around 8%. Exports were also affected in view of depressed economic conditions world over, mid east crisis in countries such as Egypt, Syria etc. To bolster margins and overcome the demand slackness, industry rightfully took efforts to change the product mix by going for a larger mix of Specialty yarns such as Fully Drawn Yarns, Cationic Yarns and Colored Yarns.

In case of PET, the demand growth in India continued to be significantly higher in the range of 15%. However, the current year is likely to witness very heavy capacity growth which would be out stripping the demand growth by as much as 20 – 22% With the world demand continuing to b in the range of 17 Million tones, the Indian industry is likely to be striving for a higher exports and higher market share of the PET world market.

In terms of raw-materials, new capacities are also likely to come up in case of PTA over the next two years and this should ease the raw-material availability, which was severely affected during the year in view of technical problems faced by different producers during the course of the year.

EXPANSION PLANS AT JBF

The PTA project at Mangalore in the Karnataka, India, continues to be implemented satisfactorily, likely to be commissioned by middle of 2015. When completed it would be producing 1.25 million tons per annum of PTA. The project is being implemented using BP’s latest PTA technology, and when completed it is expected to be one of the largest standalone PTA plants in India.

The company would be completing erection of the Polyester Film plant at Bahrain, with a total capacity of the order of 90,000 Tonnes per annum, at estimated project cost of U.S $ 200 Million. One of the lines has already been commissioned and trial production begun. All the 3 lines are expected to start up by middle of 2014.

In case of PET project at Geel, Belgium, various equipments are in stages of being delivered and erected and the plant start up is expected by first quarter of March 2014. This project will have a capacity of 390,000 Tonnes per annum of PET and is being set up with an investment of nearly U.S $ 200 Million

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED

30TH JUNE, 2013

(Rs. In Millions)

PART- I
	Particulars	3 Months ended 30.06.13
		Unaudited
	Gross Sales from operations	13043.200
1	Income from Operations
	a) Net Sales from operations (net of excise duty)	11817.800
	b) Other Operating Income	7.300
	Total Income from operations (net)	11825.100
2	Expenses
	a) Cost of materials consumed	9065.600
	b) Purchases of Stock- in- trade	63.700
	c) Changes in Inventories of Finished goods and Stock -in-process	495.200
	d) Employee benefits expense	153.500
	e) Depreciation and amortisation expense	270.000
	f) Other Expenses	1126.200
	Total Expenses	11174.200
3	Profit from Operations before Other Income, Finance costs, Exchange Difference and Exceptional Items (1-2)	650.900
4	Other Income	108.400
5	Profit from ordinary activities before finance costs, Exchange Difference and Exceptional Items (3+4)	759.300
6	a) Finance Costs (Net ) (Note No. 5)	326.700
	b) Exchange Difference and Derivative Loss ( Net)	947.200
7	Profit/(Loss) from ordinary activities after Finance costs and Exchange Difference but before Exceptional Items (5-6)	(514.600)
8	Exceptional Items	--
9	Profit/(Loss) from Ordinary Activities before Tax (7+8)	(514.600)
10	Tax Expenses ( Including Deferred Tax)	(103.600)
11	Net Profit / (Loss) from Ordinary Activities after Tax (9-10)	(411.000)
12	Extraordinary Item (Net of expense Rs. Nil)	--
13	Net Profit / (Loss) for the period	(411.000)
14	Paid Up Equity Share Capital	727.100
	(Face Value of Share Rs. 10/- each)
15	Reserves Excluding Revaluation Reserve (As per Balance Sheet of previous accounting year)	--
16	Earning Per Share - Basic (Rs.) (*Not Annualised)	(5.77)*
	- Diluted (Rs.) - (*Not Annualised) (Note No. 6)	(5.77)*

part-ii
A.	PARTICULARS OF SHAREHOLDING
S.No.	PARTICULARS	3 Months ended 30.06.13
1	Public Shareholding
	-Number of Shares	37,373,960
	-Percentage of Shareholding	51.40
2	Promoters and Promoter group Share holding
	a)Pledged / Encumbered
	Number of Shares	2,000,000
	Percentage of Shares ( as a % of the total Shareholding of Promoter and Promoter Group)	5.66
	Percentage of Shares ( as a % of the total Share capital of the company )	2.75
	b) Non-encumbered
	Number of Shares	33,340,849
	Percentage of Shares ( as a % of the total Shareholding of Promoter and Promoter Group)	94.34
	Percentage of Shares ( as a % of the total Share capital of the company )	45.85
B.	investor complaints
	Particulars	3 Months ended 30.06.13
	Pending at the beginning of the quarter	Nil
	Received during the quarter	9
	Disposed of during the quarter	9
	Remaining unresolved at the end of the quarter	Nil

NOTE:

1. The Board of Directors approved the above mentioned financial results, duly reviewed by audit committee at its meeting held on 13th August, 2013 and its release.

2. The financial results are in accordance with the recognition and measurement principles laid down in Accounting Standard (AS-25) -" Interim Financial Reporting" as notified in Companies (Accounting Standard ) Rules, 2006.

3. The Statutory auditors of the Company have carried out a Limited Review of the results for the quarter ended 30th June, 2013 in accordance with clause 41 of the Listing Agreement

4. During the quarter the Company has further alloted 81,573 Equity shares of Rs.10/- each fully paid up on exercise of option by the ESOS holders. The total ESOS outstanding as at 30th June, 2013 were 2,92,724 with an option to apply for one fully paid up equity share of face value of Rs. 10/- each at a exercise price of Rs.60 per option .

5. Finance Costs (Net) consist of the followings :

(Rs. In Millions)

Particulars	3 Months ended 30.06.2013	Preceding 3 Months ended 31.03.2013	Corresponding 3 Months ended in the Previous year 30.06.2012	Previous accounting year ended 31.03.2013
A) Interest and Other Borrowing cost	315.300	357.000	357.000	1389.700
B) Applicable Net loss on foreign currency transaction	114.300	5.300	20.700	168.200
Finance Cost (A+B)	429.600	362.300	377.700	1557.900
Less : Interest Income	102.900	103.600	137.200	497.700
Finance Costs (Net)	326.700	258.700	240.500	1060.200

6. Long term optionally convertible loan of Rs.651.200 millions as on 30th June, 2013 from Bank of India will be converted at the option of the Company into such number of equity shares of Rs.10/- each by 30th September, 2013 at a price to be determined according to SEBI Rules and Guidelines prevailing at that time. Number of equity shares to be issued on exercise of conversion option is not certain and hence the same has not been considered for the computation of Diluted Earnings Per Share.

7. Status of various Green field projects undertaken by step down subsidiaries is as under:

a. At Bahrain, the first line of the 90,000 Tonne per annum Polyester Film project executed through JBF Bahrain SPC is undergoing trial production, and all lines are likely to be commissioned by June 2014.

b. At Geel, Belgium, the 390,000 Tonnes per annum PET project executed through JBF Global Europe BVBA is on schedule. Construction at site is in full swing and plant is expected to be commisioned by March 2014.

c. At Mangalore, the 1.25 Million Tonnes per annum PTA project executed through JBF Petrochemicals Limited is progressing satisfactorily. Major engineering activities have been completed and construction activities should commence by next quarter. The project is expected to be completed by first half of 2015.

d. At Sao Paulo, Brazil the 500,000 Tonnes per annum project executed through JBF Bio Glicols Industria Quimica Limited for producing Bio-Glycol has been put on hold.

8. The Board of Directors in their meeting held on 13th August, 2013, has recommended to revise the proposed dividend on equity shares from Rs.6 per share to Re.1 per share for the financial year ended 31st March, 2013.

9. In the opinion of the management, the company is engaged only in the business of producing polyester based products. As such, there are no separate reportable segments

10. The figures in respect of the results for preceding quarter ended March 31, 2013 are the balancing figures between audited figures in respect of the full financial year ended March 31, 2013 and published year to date figures up to the third quarter ended December 31, 2012, in the financial year ended March 31, 2013. Previous Period / Year figures have been regrouped / rearranged wherever necessary.

FIXED ASSETS:

Tangible Assets

œ Leasehold Land

œ Freehold Land

œ Building

œ Plant and Machinery

œ Furniture and Fixtures

œ Office Equipments

œ Vehicles

œ Data processing Equipment

Intangible Assets:

œ Software

CMT REPORT (Corruption, Money Laundering and 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.61.69
UK Pound	1	Rs.99.20
Euro	1	Rs.83.69

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	ANK

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
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	YES
--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.