MIRA INFORM REPORT

Report Date :

17.10.2013

IDENTIFICATION DETAILS

Name :	WINDSOR MACHINES LIMITED (w.e.f. 2005)
Formerly Known As :	DGP WINDSOR INDIA LIMITED
Registered Office :	102/103, Devmilan Co. Operative Housing Society, Next to Tip Top Plaza, L.B.S. Road, Thane West, Thane-400604, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.05.1963
Com. Reg. No.:	11-012642
Capital Investment / Paid-up Capital :	Rs. 129.864 Millions
CIN No.: [Company Identification No.]	L99999MH1963PLC012642
TAN No.: [Tax Deduction & Collection Account No.]	PNED03988F
PAN No.: [Permanent Account No.]	AAACD4302P
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Plastic Processing Machinery.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears slight dip in sales and profit of the company in 2013. However, liquidity position of the company seems strong. Fundamentals appears to be good. Trade relation are fair. Business is active. Payment terms are regular. The company can be considered for business dealing at usual trade terms and condition.

NOTES :

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

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

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

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

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.

INFORMATION PARTED BY

Name :	Mr. Jaypal Sadhwani
Designation :	Accounts Department
Contact No.:	91-79-30262131
Date :	11.10.2013

LOCATIONS

Registered Office :	102/103, Devmilan Co. Operative Housing Society, Next to Tip Top Plaza, L.B.S. Road, Thane West, Thane-400604, Maharashtra, India
Tel. No.:	91-79-30262131
Fax No.:	Not Available
E-Mail :	priti.patel@windsormachines.com ino@wml.co.in
Website :	http://www.windsormachines.com
Location :	Owned
Factory 1:	Thane Plot No. E 6, U2, Road, Wagle Industrial Estate, Thane-400604, Maharashtra, India
E-Mail :	shashitrehan@wml.co.in sales.emd@windsormachines.com
Factory 2 :	Vatva Factory Plot 5402-5403, Phase IV, GIDC, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-25841111/ 25841121/ 25840730/ 25841591/ 2/ 3
Fax No.:	91-79-25842059/ 25842145
E-Mail :	Sales.emd@windsormachines.com
Factory 3 :	Chhatral Factory Plot No. 6 and 7, GIDC Industrial Estate, cChhatral Taluka, Kalol Districtr, Mehsana-382729, Gujarat, India

DIRECTORS

As on: 31.03.2013

Name :	Mr. K C Gupte
Designation :	Executive Director
Name :	Mr. P C Kundalia
Designation :	Director
Name :	Mr. M K Arora
Designation :	Director
Name :	Mr. Jayant Thakur
Designation :	Director
Name :	Mr. Nirmal Gangwal
Designation :	Director (up to 12.08.2013)
Name :	Mr. Pushp Raj Singhavi
Designation :	Director
Date of Birth/Age :	01.01.1944
Qualification :	B.Com, L.L.B
Date of Appointment :	30.03.2011
Name :	Mr. Shishir Dalal
Designation :	Director (up to 29.07.2013)
Date of Birth/Age :	29.05.1956
Qualification :	B. Com, FCA
Date of Appointment :	29.07.2013

KEY EXECUTIVES

Name :	Mr. Jaypal Sadhwani
Designation :	Accounts Department
Name :	Ms. Priti Patel
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2013

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	37500000	57.75
Sub Total	37500000	57.75
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	37500000	57.75
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	16066	0.02
Financial Institutions / Banks	80002	0.12
Foreign Institutional Investors	9600	0.01
Sub Total	105668	0.16
(2) Non-Institutions
Bodies Corporate	8963492	13.80
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	9699166	14.94
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	2001330	3.08
Any Others (Specify)	6662144	10.26
Clearing Members	124955	0.19
Non Resident Indians	6192430	9.54
Overseas Corporate Bodies	410	0.00
Hindu Undivided Families	343349	0.53
Trusts	1000	0.00
Sub Total	27326132	42.08
Total Public shareholding (B)	27431800	42.25
Total (A)+(B)	64931800	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)	64931800	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Processing Machinery.
Products :	Blown Film Lines - CROWN Series – Monolayer - DUKE Series - Three Layer Non IBC - REX Series - Three Layer IBC - BARON - Five Layer Pipe Extrusion Lines - KTS Series - Twin Screw Extruder for PVC - Downstream for Twin Screw Extruder for PVC - LX Series - Single Screw Extruder for PE/PPR/ABS - Downstream for Single Screw Extruder for PE/PPR/ABS Blow Moulding Machines - KBM Series
Exports :
Products :	· Finished goods
Countries :	· Gulf Countries · African Countries · Far East
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

Yes Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Loan from Bank	54.545	127.273
Short term borrowings
Loan from Bank	6.772	0.000
Total	61.317	127.273
Note: The above loan from bank is secured by Mortgage on all immovable properties situated at Vatva and Chhatral Unit and hypothecation of all the movable lying at Vatva and Chhatral Unit (save and except book debts) both present and future. The loan is repayable in total 11 equal Quarterly installments, commenced from April 2012. Floating interest Rate of 13.25% p.a (Base Rate 10.50% + 2.75% as on March 31, 2013) is applicable on the said loan. Renaissance Equipments Private Limited is the corporate guarantor for the same. Current Maturities is Rs.72.727 millions reflected under Other Current Liabilities Interest accured and due Rs. Nil millions 6.1 The above short term secured loan is @ 1.49% P.A fixed interest p.a. (Libor+115 bps) and is repayable by bullet repayment in June 2013. The period of maturity w.r.t. the balance sheet date is 3 months

Banking Relations :	--
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Holding Company:	Castle Equipments Private Limited* * Represent parties with whom there were no transaction during the year.
Associates:	Renaissance Equipments Private Limited Vibhuti /investments Company Limited

CAPITAL STRUCTURE

As on: 30.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.2/- each	Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
64931800	Equity Shares	Rs.2/- each	Rs. 129.864 Millions

Reconciliation of Equity Shares Outstanding at the beginning and at the end of the year

Particulars	As on 31.03.2013
	No In Millions	Rs. In Millions
At the beginning of the year	64.932	129.864
Add: Issued at Rs. 4	--	--
Add: Equity Shares Subdivided	--	--
Add: Issued at Rs.2	--	--
Shares outstanding at the end of the year	64.932	129.864

Previous year the Company has revised its capital structure as directed by the BIFR vide its order dated September 21, 2010 and subsequent orders thereafter.

During the previous year company has allotted 18750000 (One Crores Eighty Seven Lacs Fifty Thousand) equity shares of Rs.4/ - (Rupees Four only) each, at par. As per Special Resolution passed at the Extra-Ordinary General Meeting of the members of the Company held on May 12, 2011, the Company has increased its authorized share capital up to Rs.400.000 millions and subdivided entire equity share capital of face value of Rs. 4/- (Rupees Four Only) each into two equity shares of Rs.2/- (Rupees Two Only) each during the previous year. As per BIFR Order dated July 18, 2011, Company has further issued 1360000 (Thirteen Lacs Sixty thousand) equity shares of Rs. 2/- (Rupees Two Only) each, at par in previous year.

Details of Shareholders holding more than 5% shares in the Company

Name of Shareholders	As on 31.03.2013
	No of Shares	% of Holding
Castle Equipments Private Limited	35000000	53.90%
D G P Windsor Limited	--	--
Vandana Ramesh Sitlani	5899748	9.09%
V.I.P. Industries Limited	4560760	7.02%

3.4 3,50,00,000 Equity Shares (3,50,00,000 Equity shares Previous year) are held by Castle Equipments Private Limited, the holding Company.

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	129.864	129.864	52.144
(b) Reserves & Surplus	198.225	90.396	(23.945)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	75.000
Total Shareholders’ Funds (1) + (2)	328.089	220.260	103.199
(3) Non-Current Liabilities
(a) long-term borrowings	54.545	127.273	82.086
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	54.545	127.273	82.086
(4) Current Liabilities
(a) Short term borrowings	6.772	0.000	0.000
(b) Trade payables	448.559	344.313	469.577
(c) Other current liabilities	367.040	330.493	395.591
(d) Short-term provisions	0.000	1.101	0.050
Total Current Liabilities (4)	822.371	675.907	865.218
TOTAL	1205.005	1023.440	1050.503
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	169.198	136.270	123.953
(ii) Intangible Assets	12.561	17.858	21.282
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.280	2.279	2.279
(c) Deferred tax assets (net)	141.415	141.415	181.493
(d) Long-term Loan and Advances	9.297	6.342	6.154
(e) Other Non-current assets	6.625	6.625	0.000
Total Non-Current Assets	341.376	310.789	335.161
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	412.513	402.260	526.218
(c) Trade receivables	109.310	94.697	87.158
(d) Cash and cash equivalents	220.244	104.354	20.418
(e) Short-term loans and advances	110.370	106.568	73.175
(f) Other current assets	11.192	4.772	8.373
Total Current Assets	863.629	712.651	715.342
TOTAL	1205.005	1023.440	1050.503

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2164.182	2292.044	2537.370
		Other Income	42.541	44.534	3.442
		TOTAL (A)	2206.723	2336.578	2540.812
Less	EXPENSES
		Cost of materials consumed	1478.655	1551.623	1652.280
		Changes in inventories of finished goods work-in-progress and Stock-in-Trade	21.750	33.111	(66.280)
		Employee benefits expense	245.748	252.156	238.748
		Other Expenses	309.490	295.355	257.702
		Extraordinary Items	0.000	0.000	-813.596
		TOTAL (B)	2055.643	2132.245	1268.854
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		151.080	204.333	1271.958
Less	FINANCIAL EXPENSES (D)		21.528	28.222	26.432
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		129.552	176.111	1245.526
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.723	21.692	22.004
	PROFIT BEFORE TAX (E-F) (G)		107.829	154.419	1223.522
Less	TAX (H)		0.000	40.078	(181.443)
	PROFIT AFTER TAX (G-H) (I)		107.829	114.341	1404.965
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		90.396	(23.945)	(1428.910)
	BALANCE CARRIED TO THE B/S		198.225	90.396	(23.945)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	504.423	480.590	458.745
	TOTAL EARNINGS		504.423	480.590	458.745
	IMPORTS		236.405	106.173	142.631
	Earnings Per Share (Rs.)		1.66	2.04	22.68

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2013 1^st Quarter
Audited / Unaudited	Unaudited
Net Sales	493.600
Total Expenditure	449.300
PBIDT (Excl OI)	44.300
Other Income	4.500
Operating Profit	48.800
Interest	3.700
Exceptional Items	0.000
PBDT	45.000
Depreciation	6.500
Profit Before Tax	38.500
Tax	0.000
Provisions and contingencies	0.000
Profit After Tax	38.500
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	38.500

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.87	4.89	55.30
Net Profit Margin (PBT/Sales)	(%)	4.98	6.73	48.22
Return on Total Assets (PBT/Total Assets}	(%)	10.16	17.55	141.17
Return on Investment (ROI) (PBT/Networth)		0.32	0.70	11.86
Debt Equity Ratio (Total Debt/Networth)		0.19	0.58	0.80
Current Ratio (Current Asset/Current Liability)		1.06	1.06	0.82

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	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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

OPERATIONS

During the year, the Company has sold 436 machines to achieve turnover of Rs.2144.800 millions as compared to 489 machines in the previous year with a turnover of Rs.2193.500 millions. During the year, sales and profit of the Company have been affected by adverse market condition. During the year the Company has extended its customer base by launching machines for special applications and concentrated in launching new product range.

The Directors are confident of continuing the profitable working in the current year also, although there are challenges for the industry in view of its cyclical nature. The operations of the Thane unit of the Company continue to remain closed. Further details are given in management discussions and analysis report, which forms part of this report.

BUSINESS OUTLOOK

The current market scenario is challenging. Scarcity of power in some parts of the country, forced customers to defer their expansion plans and new project investments which ultimately resulted in lower orders and delays in lifting of finished machines.

However the Company's endeavour is to increase its product range, expand customer base, reduce product costs and improve quality of the offerings. Various initiatives to address these concerns have been taken by the management and are in the process of implementation. Management of the Company is optimistic and prepares itself to face the challenges of the future.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT

The Company is engaged in manufacturing of Extrusion Machines, Injection Moulding Machines and Blow Moulding Machines. The industry for plastic processing machinery has shown a de-growth of around 20% in the last fiscal year. The current scenario in the industry is one of caution and the overall growth rates achieved over last few years is unlikely to be maintained even in the current financial year. Various factors have had impact on the overall business scenario in the country.

However, in-spite of all the above challenges, the Company has extended its customer base by making major forays into the Middle East market and successfully launched large pipe extruders to extrude pipes upto 630 mm diameter with a wall thickness of 6 mm. Within just two years of launch, the Company executed more than Forty Speed Series Extrusion Lines for PE Pipes. The market share of the Company in PVC Segment in India is noticeably increased in the previous year.

In Blow Film Business, the Company once again maintained the leadership position by virtue of the European

Collaboration and rich experience and executed eight wide width projects in film lines, most of them were with full automation.

Continuing on the initiatives taken in the previous year, the company managed to successfully sell three lines for Round Dripper insertion in the domestic market.

Launching of new product range and committed efforts to provide total solutions for Drip Irrigation customers will give the company an edge over competition in the near future.

Continuing the journey towards becoming a global player, the company is in final stages of acquiring an Italian manufacturer - Italtech who is a global player in manufacturing large size Injection molding machinery. This acquisition would give then the leverage to expand their product portfolio, enhance their existing product technology and also help in making inroads into the fast growing Automobile industry wherein Italtech has an established global clientele who are / have set up plants in India.

OPPORTUNITIES AND THREATS

The Company identifies various opportunities and is exploring to tap potential business by collaborating with reliable partners worldwide. Automobile and Agriculture sectors would continue to provide opportunities. They are working closely with their collaborators to tap these opportunities. They are also working in close co-operation with their partners to explore opportunities for buy-back of equipments manufactured by the company for European markets.

The agreements with THE Machines, Switzerland to launch the complete line for Drip Irrigation (Flat Dripper insertion) will open a new opportunity for the Company, to offer "Total Solutions" to the Drip Irrigation customers by offering the Injection molding machines for dripper production and Extrusion lines with dripper insertion. This will be unique to the Company in the domestic market. Similar opportunities are envisaged with the acquisition of Italtech for Injection Molding Machinery Business.

Threats from import of low cost machinery are increasing. To combat this, the company is working on reengineering, cost reduction, product and process improvements. This is a continuous activity and needs to be sustained with full vigor.

The Company is participating in various domestic and overseas exhibitions to explore new markets and increase the market share.

OUTLOOK

Considering the opportunities, threats and strengths of the Company, management expects to increase the market share through new product launches, expanding its geographical coverage in more and more region(s). The management is of the view that future prospects and growth of the Company will depend on the overall economic scenario. However, all necessary activities have been initiated which would give then the lead in future.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2013 Rs. In Millions
Claims against the company not acknowledged as debts	29.141
Disputed income tax liability	74.620
Disputed excise liability	1.651
Guarantee given by the company on behalf of a body corporate to a financial institutions	12.000
In respect of bank guarantees	7.270
In respect of claims of 8 workmen (previous year 31 workmen) at Vatva works whose services were terminated by the Company. The Company’s appeal is pending before Industrial Court / High Court. However company has agreed for 70 days retrenchment compensation in the court and same is also provided in the books.	Unascertained

UN-AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED ON JUNE 30, 2013

(Rs. In Millions)

Sr. No	Particulars	3 months ended on 30.06.2013 (Un-audited)
1	Income from operations a) Net Sales/Income from operations (Net of excise duty)	4,86.062
	b) Other Operating Income	7.531
	Total Income from operations (net)	4,93.593
2	Expenses
	a) Cost of raw materials consumed	3,35.039
	b) Changes in inventories of finished goods, work-in-progress	(4.523)
	c) Employee benefits expense	58.784
	d) Depreciation and amortisation expense	6.522
	e) Other expenses	59.989
	Total expenses	4,55.811
3	Profit (+)/Loss (-) from Operations before other income, finance costs and Exceptional items (1 - 2 )	37.782
4	Other Income	4.453
5	Profit (+)/ Loss (-) from ordinary activities before finance costs and Exceptional Items ( 3+4 )	42.235
6	Finance Cost	3.739
7	Profit(+)/Loss(-) from ordinary activities after finance costs but before Exceptional items ( 5-6 )	38.496
8	Exceptional Items	-
9	Profit(+)/Loss(-) from Ordinary Activities before tax ( 7+8 )	38.496
10	Tax expense (Refer Note No. 4)	-
11	Net Profit(+)/Loss(-) from Ordinary Activities after tax (910)	38.496
12	Extraordinary item	-
13	Net Profit(+)/Loss(-) (11-12)	38.496
14	Paid-up Equity Share Capital (Face value of Rs.2/- each) .	1,29.864
15	Reserves and Surplus (excluding Revaluation Reserves)	-
16	Earning Per Share (EPS) (In ') - Basic and diluted EPS before and after extraordinary items for the period, for the year to date and for the previous year (not annualized)	0.59
A	Particulars of Shareholding
1	Public shareholding:
	- Number of Shares	27,431,800
	- Percentage of shareholding	42.25%
2	Promoters and promoter group shareholding:
	a) Pledged/Encumbered
	- Number of Shares	19,479,539
	- Percentage of shares (as a % of the total	51.95%
	shareholding of promoter and promoter group)
	- Percentage of shares (as a % of the total share capital of the company)	30.00%
	b) Non-encumbered
	- Number of Shares	18,020,461
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	48.05%
	- Percentage of shares (as a % of the total share capital of the company)	27.75%
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	NIL
	Received during the quarter	1
	Disposed of during the quarter	1

1. The above results have been reviewed by the Audit Committee and were taken on record by the Board of Directors on August 12, 2013.

2. Pursuant to the requirements of Clause 41 of the listing agreement the statutory Auditors of the company have Review of the Audited quarterly results of the company for the quarter ended on June 30, 2013.

3. Segment Information for the quarter ended June 30, 2013 under Clause 41 of the Listing Agreement.

The segment revenue and total assets include the revenue and assets respectively, which are identifiable with each segment and amounts allocated to the segments on a reasonable basis.

PRIMARY SEGMENT INFORMATION (BUSINESS SEGMENTS)

(Rs. In Millions)

Sr. No	Particulars	3 months ended on 30.06.2013
(i)	Segment Revenue -Extrusion Machinery Division -Injection Moulding Machinery	2,35.528 2,58.065
	Total Segment Revenue	4,93.593
(ii)	Segment Results -Extrusion Machinery Division -Injection Moulding Machinery	25.816 12.573
	Total Segment Results Unallocated Corporate Income net of unallocated Expenses	38.389 3.846
	Profit / (Loss)before interest etc., Extra - ordinary items and taxation Finance cost	42.235 3.739
	Profit / (Loss) before taxation and Extra - Ordinary items Tax Expenses.	38.496
	Net Profit/ (Loss) from Ordinary Activities after tax. Extraordinary items.	38.496
	Net Profit / (Loss) after taxation & extra - ordinary items.	38.496
(iii)	Capital Employed
	(Segment Assets Less Segment Liabilities)
	-Extrusion Machinery Division	37.273
	-Injection Moulding Machinery	149.039
	Total capital employed in segments	186.312
	Unallocated Corporate assets less corporate liabilities	289.365
	Total Capital employed	475.677

4. The company has filed a Miscellanous Application before BIFR/revision application to Directorate of Income-Tax (DIT-Recovery), New Delhi for granting tax reliefs/concessions as per Sanctioned Scheme of BIFR. Hence, tax provision (including Deferred Tax and Minimum Alternate Tax), if any, shall be made at the time of disposal of such application by the BIFR.

5. The Company has In corporated wholly owned subsidary (WOS) in Netherland.

6. Previous period figures have been regrouped / reclassified, wherever necessary, to make them comparable with current period figures.

NEWS

WINDSOR MACHINES' ARM ENTERS INTO PRELIMINARY TRANSFER OF BUSINESS AGREEMENT WITH ITALIAN AUTHORITIES

With reference to the earlier announcement regarding an acquisition in Italy, Windsor Machines Limited has now informed BSE that Wintech B.V., a Wholly Owned Subsidiary (WOS) of M/s. Windsor Machines Limited has incorporated a wholly owned subsidiary, namely "Wintal Machines S. r. l." on September 16, 2013, in Italy to acquire the business of an Italian Company, Ital tech S. p.a. Further the Company has informed that, Wintal Machines S. r. l has entered into Preliminary Transfer of Business Agreement with Italian authorities under Italian Bankruptcy Law for leasing the business of Ital tech S. p.a., with the aim of buying the same in a predetermined time period. During this period Wintal Machines S. r. l. will manage and grow the business of Ital tech S. p.a. around the world. This acquisition is a great opportunity for M/s. Windsor Machines Limited to get superior technology for Injection Moulding Division as well as to get Ital tech S. p. a' s erstwhile global customers. This shall help M/s. Windsor Machines Limited to serve its customers, in India and abroad, with better products and services.

Fixed Assets:

· Leasehold Land

· Building and Roads on Leasehold Land

· Office Premises

· Plant and Machinery

· Patterns and Jigs

· Computers

· Electrical Installation and Air- Conditioning Plant

· Drawing office Equipments

· Furniture, Fixture and Office Equipments

· Drawing and Technical Know How

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No 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. 98.59
Euro	1	Rs. 83.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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

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

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

RATING EXPLANATIONS

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

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

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