1. Summary Information

		Country	India
Company Name	PUNEET RESINS LIMITED	Principal Name 1	Mr. Mahendra Kapoor
Status	Satisfactory	Principal Name 2	Mr. Aditya Kapoor
		Registration #	11-034093
Street Address	W – 75 (A) and W – 76 (A), Nashik Industrial Estate, Satpur, Nashik – 422007, Maharashtra, India
Established Date	24.09.1984	SIC Code	--
Telephone#	91-253-2350042	Business Style 1	Manufacture
Fax #	91-253-2353272	Business Style 2	Polymer Blends
Homepage	http://www.rishiroop.com	Product Name 1	Industrial Raw Materials
# of employees	33 (Approximately)	Product Name 2	Polymer Compounds
Paid up capital	Rs. 52,158,000/-	Product Name 3	--
Shareholders	Total shareholding of Promoter and Promoter Group - 57.33% Total Public shareholding - 42.67%	Banking	Saraswat Co-Operative Bank Limited
Public Limited Corp.	YES	Business Period	29 Years
IPO	YES	International Ins.	--
Public Enterprise	YES	Rating	Ba (48)
Related Company
Relation	Country	Company Name	CEO
Sister Concern :	--	Rishichem Distributers Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	96,474,000	Current Liabilities	67,411,000
Inventories	69,914,000	Long-term Liabilities	153,000
Fixed Assets	20,987,000	Other Liabilities	13,668,000
Deferred Assets	0,000	Total Liabilities	81,232,000
Invest& other Assets	78,061,000	Retained Earnings	132,046,000
		Net Worth	184,204,000
Total Assets	265,436,000	Total Liab. & Equity	265,436,000
Total Assets (Previous Year)	304,506,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	440,213,000	Net Profit	22,556,000
Sales(Previous yr)	614,869,00	Net Profit(Prev.yr)	59,363,000

MIRA INFORM REPORT

Report Date :

10.10.2013

IDENTIFICATION DETAILS

Name :	PUNEET RESINS LIMITED
Registered Office :	W – 75 (A) and W – 76 (A), Nashik Industrial Estate, Satpur, Nashik – 422007, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.09.1984
Com. Reg. No.:	11-034093
Capital Investment / Paid-up Capital :	Rs.52.158 Millions
CIN No.: [Company Identification No.]	L25200MH1984PLC034093
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16191A
PAN No.: [Permanent Account No.]	AAACP6283F
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchanges.
Line of Business :	Manufacture of Polymer Blends and supplies of Industrial Raw Materials and Polymer Compounds
No. of Employees :	33 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 730000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears drastic dip in sales turnover and profit of the company during financial year 2013. However, networth of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payments are reported to regular. The company can be considered 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

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.

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 and Factory 1 : :	W-75(A) and W-76(A), Nashik Industrial Estate, Satpur, Nashik – 422007, Maharashtra, India
Tel. No.:	91-253-2350042
Fax No.:	91-253-2353272
E-Mail :	sbaiwar@rishiroop.com rishi@bom2.vsnl.net.in sales@punet.in investor@puneet.in akapoor@rishiroop.com
Website :	http://www.rishiroop.com http://www.puneet.in
Corporate Office 1:	84, Atlanta, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22840148/ 22844125
Fax No.:	91-22-22872796
Corporate Office 2:	65, Atlanta, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-40952000
Fax No.:	91-22-22872796
Factory 2 :	Wdaivare Plant : Nashik Highway, Village Wadivare, Taluka Igatpuri, Nashik, Maharashtra, India

DIRECTORS

As on 31.03.2013

Name :	Mr. Mahendra Kapoor
Designation :	Chairman
Date of Birth/Age :	03.04.1924
Qualification :	B.Sc. in Industrial Chemistry
Experience :	63 Years
Date of Appointment :	24.09.1984
Directorships held in other Companies (excluding foreign companies)	Rishiroop Rubber (International) Limited Rishiroop Polymers Private Limited Devi Organics Private Limited Rishiroop Investment and Trading Company Private Limited
Name :	Mr. Aditya Kapoor
Designation :	Managing Director
Date of Birth/Age :	11.12.1982
Qualification :	B.Sc. from Rose Hulman Institute of Technologies, USA
Experience :	8 Years
Date of Appointment :	21.06.2008
Directorships held in other Companies (excluding foreign companies)	Rishiroop Holding Private Limited Rishiroop Polymers Private Limited
Name :	Mr. Dilip Shah
Designation :	Director
Date of Birth/Age :	06.09.1952
Qualification :	CA and CS
Experience :	37 years
Date of Appointment :	30.12.2005
Name :	Mr. Nakul Kumar
Designation :	Additional Director
Date of Birth/Age :	22.03.1976
Qualification :	B.Com and Associate Financial Planner
Experience :	12 years
Date of Appointment :	21.10.2008
Directorships held in other Companies (excluding foreign companies)	Wealthkraft Investment Services Private Limited
Name :	Mr. Arvind Kapoor
Designation :	Director
Name :	Mr. Jayesh Dadia
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Nilesh Jain
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2013

Category	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	480700	9.22
Bodies Corporate	2509308	48.11
Sub Total	2990008	57.33
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2990008	57.33
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	11700	0.22
Sub Total	11700	0.22
(2) Non-Institutions
Bodies Corporate	149380	2.86
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1545351	29.63
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	458983	8.80
Any Others (Specify)	60378	1.16
Clearing Members	10230	0.20
Non Resident Indians	33348	0.64
Directors & their Relatives & Friends	16800	0.32
Sub Total	2214092	42.45
Total Public shareholding (B)	2225792	42.67
Total (A)+(B)	5215800	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)	5215800	0.00

BUSINESS DETAILS

Line of Business :

Manufacture of Polymer Blends and supplies of Industrial Raw Materials and Polymer Compounds

Products :

Product Description	Item Code No. (ITC Code)
Rubber Compounds	400591.09
Plastic Compounds	390422.09

GENERAL INFORMATION

No. of Employees :

33 (Approximately)

Bankers :

• Saraswat Co-Operative Bank limited
• Central Bank of India
• Kotak Mahindra Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013
LONG TERM BORROWINGS
Term Loans From Banks (Secured by Hypothecation of Motor Car)	0.153
Total	0.153

Secured Loan	As on 31.03.2012
Term Loans
LONG TERM BORROWINGS
From Banks (Secured by Hypothecation of Motor Car)
ICICI Bank Limited	1.101
Kotak Mahindra Prime Limited	0.048
Axis Bank Limited	0.318
SHORT TERM BORROWINGS
ICICI Bank Limited	1.097
Kotak Mahindra Prime Limited	0.147
Axis Bank Limited	0.147
Total	2.858

Banking Relations :	---
Auditors :
Name :	B D Jokhakar and Company Chartered Accountants
Address :	8, Ambalal Doshi Marg, Fort, Mumbai – 400 023, Maharashtra, India
Tel. No.:	91-22-22654882 / 22651731
Mobile No.:	91-22-22657093
Enterprises under significant influence of key management personnel :	· Rishiroop Polymers Private Limited · Rishichem Distributers Private Limited · Rishichem Mid- East Limited · Rishiroop Rubber (International) Limited · Rishiroop Investments and Trading Company Private Limited · Rishi Foods Private Limited · Devi Organics Private Limited · Rishiroop Holding Private Limited · Puneet Polymers

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs. 10/- each	Rs. 60.000 millions
75000	5% Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 7.500 millions
	Total		Rs.67.500 millions

Issued, Subscribed & P aid-up Capital :

No. of Shares	Type	Value	Amount
5215800	Equity Shares	Rs. 10/- each	Rs.52.158 millions

Reconciliation of Number of Equity Shares

Particulars	Number of Shares	Rs. In Millions
Balance as at beginning of the year	5,215,800	52.158
Add : Shares issued during the year	--	--
Balance at the end of the year	5,215,800	52.158

Rights, Preferences and restrictions attached to each class of shares:

Equity Shares: The company has one class of equity shares having a par value of Rs.10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The details of shareholders holding more than 5% shares

Name of Shareholders	No. of Shares held	% of Holding
Rishiroop Holding Private Limited	1,055,000	20.23
Rishiroop Polymers Private Limited	1,008,363	19.33
Rishiroop Investments and Trading Private Limited	305,700	5.86

As per of the company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial owenership of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	52.158
(b) Reserves & Surplus	132.046
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	184.204
(3) Non-Current Liabilities
(a) long-term borrowings	0.153
(b) Deferred tax liabilities (Net)	3.293
(c) Other long term liabilities	0.000
(d) long-term provisions	0.758
Total Non-current Liabilities (3)	4.204
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	61.595
(c) Other current liabilities	5.816
(d) Short-term provisions	9.617
Total Current Liabilities (4)	77.028
TOTAL	265.436
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.987
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.025
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	1.014
(e) Other Non-current assets	1.500
Total Non-Current Assets	23.526
(2) Current assets
(a) Current investments	78.036
(b) Inventories	69.914
(c) Trade receivables	74.251
(d) Cash and cash equivalents	6.756
(e) Short-term loans and advances	8.782
(f) Other current assets	4.171
Total Current Assets	241.910
TOTAL	265.436

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		52.158	52.158
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		116.813	67.755
4] (Accumulated Losses)		0.000	0.000
NETWORTH		168.971	119.913
LOAN FUNDS
1] Secured Loans		2.858	3.526
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		2.858	3.525
DEFERRED TAX LIABILITIES		3.906	4.355
TOTAL		175.735	127.793
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.241	26.721
Capital work-in-progress		0.000	0.000
INVESTMENT		33.361	10.025
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.699	124.490
	Sundry Debtors	87.867	51.572
	Cash & Bank Balances	8.906	15.661
	Other Current Assets	8.511	1.597
	Loans & Advances	9.921	7.616
Total Current Assets		246.904	200.936
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	111.049	92.630
	Other Current Liabilities	6.277	7.305
	Provisions	11.445	9.954
Total Current Liabilities		128.771	109.889
Net Current Assets		118.133	91.047
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		175.735	127.793

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	440.213	614.869	521.053
		Other Income	4.655	3.078	7.854
		TOTAL (A)	444.868	617.947	528.907
Less	EXPENSES
		Cost of Materials Consumed	145.173	162.387	131.900
		Purchases of Stock-In-Trade	174.320	342.135	316.122
		Changes In Inventories of Finished Goods Work -In- Progress and Stock-In Trade	49.393	(13.422)	(30.906)
		Employee Benefits Expense	15.301	14.899	12.139
		Other Expenses	21.140	18.069	19.588
		TOTAL (B)	405.327	524.068	448.843
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.541	93.879	80.064
Less	FINANCIAL EXPENSES (D)		1.659	2.532	2.612
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.882	91.347	77.452
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.375	3.539	3.110
	PROFIT BEFORE TAX (E-F) (G)		34.507	87.808	74.342
Less	TAX (H)		11.951	28.445	22.389
	PROFIT AFTER TAX (G-H) (I)		22.556	59.363	51.953
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		91.442	49.884	12.024
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	7.500	5.000
		Dividend	6.259	8.867	7.823
		Tax on Dividend	1.064	1.438	1.269
	BALANCE CARRIED TO THE B/S		105.675	91.442	49.884
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	106.993	140.110	96.992
	TOTAL EARNINGS		106.993	140.110	96.992
	IMPORTS
		Raw Materials	103.080	126.335	88.970
		Trading Goods	178.343	267.891	297.034
	TOTAL IMPORTS		281.423	394.226	386.004
	Earnings Per Share (Rs.)		4.32	11.38	9.96

QUARTERLY RESULTS

PARTICULARS	30.06.2013
	1^st Quarter
	Unaudited
Net Sales	92.900
Total Expenditure	90.600
PBIDT (Excl OI)	2.200
Other Income	1.400
Operating Profit	3.700
Interest	0.400
Exceptional Items	0.000
PBDT	3.300
Depreciation	0.900
Profit Before Tax	2.400
Tax	1.000
Provisions and contingencies	0.000
Profit After Tax	1.400
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	1.400

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.07	9.61	9.82
Net Profit Margin (PBT/Sales)	(%)	7.84	14.28	14.26
Return on Total Assets (PBT/Total Assets}	(%)	13.000	32.38	32.66
Return on Investment (ROI) (PBT/Networth)		0.19	0.52	0.62
Debt Equity Ratio (Total Debt /Networth)		0.00	0.02	0.03
Current Ratio (Current Asset/Current Liability)		3.14	1.92	1.83

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 OPERATIONS

The Indian Economy is projected to grow at 5% for the current fiscal 2013-14, the lowest in a decade. It grew at 6.2% last year as compared to 9.3% in 2010-11. Global economic growth also slowed from 3.9% in 2011 to 3.2% in 2012.

The cumulative production data of the Auto Industry for April-March 2013 shows production growth of only 1.20% over the same period last year. While in March 2013 overall sales fell by (-) 7.76 % over March 2012. (Source: www. siamindia.com) This sluggishness in the Automobile Sector has also affected the performance of the Rubber Industry resulting in reduction in demand and profit margins for the company’s products. The company’s turnover also decreased from Rs.614.869 Millions in the last year to Rs.439.793 Millions in the current year. The Profit before tax (PBT) for the period has decreased from Rs.87.808 Millions in previous year to Rs.34.507 Millions in the current year.

In view of current volatility in price of raw materials and foreign currency rates the Company is making all efforts to improve the turnover and profitability in the current financial year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

FINANCIAL PERFORMANCE

The financial statements have been prepared in compliance with the requirements to the Companies Act, 1956 and generally accepted Accounting Principles in India.

OUTLOOK

The growth of the non-tyre sector of the Rubber Industry, where their manufactured products are consumed, is expected to be between 8% -10% per annum. While due to negative growth in the Automobile Industry, the company does not expect any significant improvement in turnover in the current year.

The company is constantly making efforts to develop new grades and enter new markets to sustain company’s

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80065214	16/08/2005 *	7,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	BALLARD ESTATE BRANCH MERCENTILE CHEMBERS, J N HEREDIA MARG BALLARD ESTAE, MUMBAI, MAHARASHTRA - 400001, INDIA	-
2	80004135	14/08/2008 *	70,000,000.00	THE SARASWAT CO-OP BANK LIMITED	BALLARD ESTATE BRANCH, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	A44417251
3	80065213	17/07/1995	23,450,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	CENTRAL ADMINISTRATIVE OFFICE, APSARA CINEMA BUIL  DING DR. D.B. MARG GRANTROAD, BOMBAY, MAHARASHTRA -  400007, INDIA	-
4	80034974	02/09/2008 *	15,000,000.00	THE SARASWAT CO-OP BANK LIMITED	BALLARD ESTATE BRANCH, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	A45486669

* Date of charge modification

FIXED ASSETS:
 

• Lease Hold Land
• Free Hold Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Electrical Installations
• Office Equipments
• Laboratory Equipments
• Other Equipments
• Computers
• Vehicles
• Moulds and Jigs

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013

Rs. In Millions

Sr. No.	Particulars	3 months ended
		30.06.2013
		Unaudited
1	Income from operations
	(a) Net sales/income from operations (net of excise duty)	92.854
	(b) Other operating income	--
	Total income from operations (net)	92.854
2	Expenses
	(a) Cost of materials consumed	46.814
	(b) Purchases of stock-in-trade	53.431
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(21.699)
	(d) Employee benefits expense	4.605
	(e) Depreciation and amortisation expense	0.889
	(f) Other expenses	7.461
	Total expenses	91.501
3	Profit from operations before other income, finance costs and exceptional items (1-2)	1.353
4	Other income	1.436
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	2.789
6	Finance costs (net)	0.350
7	Profit from ordinary activities after finance costs but before exceptional items (5-6)	2.439
8	Exceptional items	--
9	Profit from ordinary activities before tax (7-8)	2.439
10	Tax expense	1.000
11	Net Profit from ordinary activities after tax (9-10)	1.439
12	Extraordinary items (net of tax expense)	--
13	Net Profit for the period/year (11-12)	1.439
14	Paid-up equity share capital (Face value of the share Rs. 10 each)	52.158
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year	--
16	Earnings Per Share (EPS) (Rs.) (before and after extraordinary items)
	- Basic and Diluted (not annualised)	0.28
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	Number of shares	2,225,792
	Percentage of shareholding	42.67%
2	Promoters 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)	0.00%
	Percentage of shares (as a % of the total share capital of the Company)	0.00%
	b) Non-encumbered
	Number of shares	2,990,008
	Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group)	100.00%
	Percentage of shares (as a % of the total share capital of the Company)	57.33%
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	0
	Received during the quarter	5
	Disposed of during the quarter	5
	Remaining unresolved at the end of the quarter	0

Note:

1. The above unaudited financial result were reviewed by audit committee and taken on the record by Board of Directors on its meeting held on 09^th August, 2013. The Statutory Auditor have carried out limited review of the result.
2. The company has one business segment only i.e. polymer and Compounds
3. Provision for deferred Tax liability will be considered at year end
4. Previous year figures are regrouped wherever necessary.

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.61.92
UK Pound	1	Rs.99.45
Euro	1	Rs.83.92

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.