MIRA INFORM REPORT

Report Date :

09.04.2014

IDENTIFICATION DETAILS

Name :	KRITI INDUSTRIES (INDIA) LIMITED
Registered Office :	Mehta Chambers, 34-Siyagunj, Indore - 452007, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.03.1990
Com. Reg. No.:	10-005732
Capital Investment / Paid-up Capital :	Rs.49.604 Millions
CIN No.: [Company Identification No.]	L25206MP1990PLC005732
TAN No.: [Tax Deduction & Collection Account No.]	BPLK00508E BPLK02602F BPLK02569A
PAN No.: [Permanent Account No.]	AAACK7078B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Rigid PVC Pipes and Soybean/Rapeseed Oil, De Oiled Cake by Solvent Extraction Process.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1802000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The ratings continue to draw strength from the established operations of the company in the plastic pipes and fittings business, fair profitability and sound general financial risk profile. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conations.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB- (Long Term Bank Facilities)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October 04, 2013

Rating Agency Name	CARE
Rating	A3 (Short Term Bank Facilities)
Rating Explanation	Moderate degree of safety and high credit risk.
Date	October 04, 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 Co-Operative (91-791-2704716)

LOCATIONS

Registered Office :	Mehta Chambers, 34-Siyagunj, Indore - 452007, Madhya Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@kritiindia.com
Website :	www.kritiindia.com
Corporate Office :	Chetak Chambers, 14 R N T Marg, 4^th Floor, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-2704716 / 2719100 / 2719195
Fax No.:	91-731-2704506 / 4042118 / 2704701
Factory :	Plot No. 75-86 and 13/1, Tarpura, 75-86 Pithampur, District Dhar, Madhya Pradesh, India

DIRECTORS

As on: 31.03.2013

Name :	Mr. Shiv Singh Mehta
Designation :	Managing Director
Date of Birth/Age :	03.03.1954
Qualification :	B.E., M.B.A.
Date of Appointment :	12.03.1990
Name :	Mrs. Purnima Mehta
Designation :	Executive Director
Date of Birth/Age :	25.05.1960
Qualification :	B.A.(Hons), M.B.A, PGDBM
Date of Appointment :	01.10.1999
Name :	Dr. Swatantra Singh Kothari
Designation :	Director
Name :	Mr. Rakesh Kalra
Designation :	Director
Name :	Mr. Manoj Fadnis
Designation :	Director
Name :	Dr. Somnath Ghosh
Designation :	Director
Date of Birth/Age :	31.05.1953
Qualification :	M.A., M. Phil, Ph.D.
Date of Appointment :	03.03.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.12.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2304847	4.65
Bodies Corporate	30312931	61.11
Sub Total	32617778	65.76
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	32617778	65.76
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	1600	0.00
Sub Total	1600	0.00
(2) Non-Institutions
Bodies Corporate	1508318	3.04
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	8428806	16.99
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6969617	14.05
Any Others (Specify)	77401	0.16
NRIs/OCBs	76393	0.15
Clearing Members	1008	0.00
Sub Total	16984142	34.24
Total Public shareholding (B)	16985742	34.24
Total (A)+(B)	49603520	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)	49603520	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Rigid PVC Pipes and Soybean/Rapeseed Oil, De Oiled Cake by Solvent Extraction Process.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India
• State Bank of Travancore
• IDBl Bank Limited
• Bank of India
• State Bank of Hyderabad

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
TERM LOAN (Installment due within 12 months shown in Current Liabilities)
From Banks
IDBI Bank Limited
(i) (Repayable in 19 Quarterly installments, Last installment due on 1st April, 2014 Rate of Interest 14.75% p.a.at year end.)	1.900	13.500
(Repayable in 17 Quarterly installments, Last installment due on 1st September 2013 Rate of Interest 14.75% p.a.at year end.)	0.000	5.700
(iii) (Repayable in 42 monthly installments, Last installment due on 1st April 2014 Rate of Interest 14.75% p.a.at year end.)	34.273	2.057
State Bank of Hyderabad Rs.21.000 Millions (Repayable in 11 quarterly installments, Last installment due on 31st December, 2014 Rate of Interest: 15.45% p.a.at year end.)	4.281	9.556
Bank of India (Repayable in 17 quarterly installments, Last installment due on 30th June, 2016 Rate of Interest: 13.50% p.a.at year end. (Above loans are secured by First charge/ Mortgage on fixed assets of the company and personal guarantee of Managing Director)	51.806	75.710
SHORT TERM BORROWINGS
From banks (Secured by hypothecation of finished goods, raw material, stock in process, store and spares, sundry debtors, export bills, receivables and second charge on fixed assets of the company and personal guarantee of Managing Director)	255.836	232.695
TOTAL	348.096	339.218

Banking Relations :	--
Auditors :
Name :	R.D. Asawa and Company Chartered Accountants
Address :	403, Alankar Point, Geeta Bhawan Square, A.B. Road, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2491393/ 2491376
Fax No.:	91-731-2491393
Subsidiary Company :	Kriti Auto and Engineering Plastic Private Limited (Wholly owned Subsidiary Company)
Companies/entities under the control of Key Management Personnel :	Sakam Trading Private Limited (Holding Company) Kriti Nutrients Limited (Subsidiary company of Sakam Trading Private Limited) Chetak Builders Private Limited (Subsidiary company of Sakam Trading Private Limited)

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.1/- each	Rs.80.000 Millions
2000000	Optional Converible Preference Shares	Rs.10/- each	Rs.20.000 Millions
	Total		Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49603520	Equity Shares (Out of which 49603520 shares issued on 27.01.2010 as fully paid up on account of scheme of arrangement as approved by The Hon'ble High Court of M.P. Indore Bench. The company has issued only one class of shares referred to as equity shares having a par value of Rs.1 each. Holder of the equity share as referred in the of the company as of date of the shareholder's meeting is referred to one vote in respect of each share held for all matters submitted to vote in the shareholder's meeting. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting. In the event of liquidation of the company the holders of equity shares will be entitled to receive any of the remaining assets of the company after distribution of all preferential amounts.)	Rs.1/- each	Rs.49.604 Millions

1. Reconciliation of shares

	Rs. In Millions
Opening Balance of 49603520 shares of Rs. 1/- each Total	49.604
Issued during the year	0.000
Closing Balance 49603520 shares of Rs. 1/- each	49.604

2 shareholder holding more than 5 % of shares of the company and its percentage

2.1 Sakam Trading Private Limited (Holding Company)

No. of Shares: 25843673

% of Shares: 52.10%

Pursuant to the Hon'ble High Court of M.P. order dated 1.11.2011 approving the scheme of amalgamation of promoter group companies viz Kriti Corporate Service Private Limited, Kriti Auto Accessories Private Limited, Kasta Pipes Private Limited And Shipra Pipe Private Limited with Sakam Trading Private Limited, the Shareholding of the above transferor companies are vested in Sakam Trading Private Limited Thus Sakam Trading Private Limited became holding company w.e.f.27.02.12 of Kriti Industries India Limited

2.2 Chetak Builders Private Limited

No. of Shares: 4469258

% of Shares: 9.01%

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	49.604	49.604	49.604
(b) Reserves & Surplus	401.079	359.547	312.345
(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)	450.683	409.151	361.949
(3) Non-Current Liabilities
(a) long-term borrowings	92.260	106.523	87.907
(b) Deferred tax liabilities (Net)	58.919	53.641	47.198
(c) Other long term liabilities	16.174	13.185	15.601
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	167.353	173.349	150.706
(4) Current Liabilities
(a) Short term borrowings	255.836	232.695	180.148
(b) Trade payables	995.469	677.133	778.078
(c) Other current liabilities	126.164	202.938	99.742
(d) Short-term provisions	35.165	32.251	34.007
Total Current Liabilities (4)	1412.634	1145.017	1091.975
TOTAL	2030.670	1727.517	1604.630
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	439.813	406.465	331.802
(ii) Intangible Assets	4.858	2.194	3.086
(iii) Capital work-in-progress	1.778	7.738	8.624
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	77.715	77.715	77.715
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.639	8.116	7.284
(e) Other Non-current assets	0.000	9.000	0.000
Total Non-Current Assets	534.803	511.228	428.511
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	730.145	710.982	739.954
(c) Trade receivables	520.920	304.649	220.203
(d) Cash and cash equivalents	65.089	59.590	52.810
(e) Short-term loans and advances	79.454	54.726	56.118
(f) Other current assets	100.259	86.342	107.034
Total Current Assets	1495.867	1216.289	1176.119
TOTAL	2030.670	1727.517	1604.630

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3193.574	2808.704	2528.428
		Other Income	18.628	16.548	20.249
		TOTAL (A)	3212.202	2825.252	2548.677
Less	EXPENSES
		Cost of materials consumed	2434.857	2280.094	2008.890
		Employee benefit expense	137.148	121.974	96.570
		Other expenses	323.561	301.554	233.247
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	60.916	(131.545)	15.034
		TOTAL (B)	2956.482	2572.077	2353.741
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		255.720	253.175	194.936
Less	FINANCIAL EXPENSES (D)		136.158	134.666	93.070
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		119.562	118.509	101.866
Less/ Add	DEPRECIATION/ AMORTISATION (F)		42.104	36.216	27.714
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		77.458	82.293	74.152
Less	TAX (H)		27.278	26.444	24.555
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		50.180	55.849	49.597
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		65.160	67.958	69.508
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	50.000	40.000
		Proposed Dividend	7.441	7.440	7.440
		Corporate Dividend Tax	1.207	1.207	1.207
		Transferred to Contingency Reserves	0.000	0.000	2.500
	BALANCE CARRIED TO THE B/S		96.692	65.160	67.958
	IMPORTS
		Raw Materials	445.711	323.736	521.094
		Capital Goods	16.981	0.000	30.900
	TOTAL IMPORTS		462.692	323.736	551.994
	Earnings / (Loss) Per Share (Rs.)		1.01	1.13	1.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.56	1.97	1.95
Net Profit Margin (PBT/Sales)	(%)	2.43	2.93	2.93
Return on Total Assets (PBT/Total Assets}	(%)	3.97	5.01	4.88
Return on Investment (ROI) (PBT/Networth)		0.17	0.20	0.20
Debt Equity Ratio (Total Debt/Networth)		0.77	0.83	0.74
Current Ratio (Current Asset/Current Liability)		1.06	1.06	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	49.604	49.604	49.604
Reserves & Surplus	312.345	359.547	401.079
Net worth	361.949	409.151	450.683
long-term borrowings	87.907	106.523	92.260
Short term borrowings	180.148	232.695	255.836
Total borrowings	268.055	339.218	348.096
Debt/Equity ratio	0.741	0.829	0.772

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2,528.428	2,808.704	3,193.574
		11.085	13.703

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2,528.428	2,808.704	3,193.574
Profit	49.597	55.849	50.180
	1.96%	1.99%	1.57%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

YEAR IN RETROSPECT

The Company has achieved total Turnover of Rs. 3559.098 Millions and Profit before Tax Rs. 77.458 Millions and Profit after Tax Rs. 50.180 Millions.

During the year Company has focused on automation of manufacturing operations and movement of goods to reduce the operational cost.

Company has also expanded its marketing network for institutional sales, it’s expected that the same will further contribute substantial growth in current year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The Indian economy went through a rough patch in 2012-13. The Gross Domestic Product (GDP) growth rate in 2012-13 was lowest in a decade.

There is increased volatility due to uncertainty in Global and National economic climate. The price trends of their raw material 'polymer', are linked to crude oil and rupee rate movements. Any volatility in these items directly impacts operating margins.

BUSINESS STRATEGY

Company is expanding its sales network in agriculture, value added building products, and institutional sales. In Micro Irrigation their aim is to consolidate the growth by focusing on Receivables collection in states such as Maharashtra, Madhya Pradesh and Andhra Pradesh.

Company is focusing in new territories for expansion of business volume. Company is also conscious of its brand value and enhancing it by offering better quality products, advertising and promotion.

FINANCIALPERFORMANCE

The financial statements are prepared in compliance with the Companies Act, 1956 and as per the generally accepted accounting principles, policies and practices prevalent in India. The Company's financial performance is discussed in details under the head "Financial Results" in Directors' Report to the Members.

CONTINGENT LIABILITIES (As on: 31.03.2013)

• Estimated amount of contracts remaining to be executed on Capital Account Rs.0.424 Million net of advance given (Previous Year Rs.1.904 Millions)

• Bank has given guarantee on behalf of the Company to various parties to the extent of Rs.41.856 Millions (Previous Year Rs. 36.488 Millions.)

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^ST DECEMBER, 2013

(Rs. In Millions)

Sr. No.	Particular	Quarter Ended		Nine Month Ended
		31.12.2013	30.09.2013	31.12.2013
		(Reviewed)	(Reviewed)	(Reviewed)
1.	Net Sales/Income from Operations	1033.254	591.307	2759.280
	Other Operating Income	0.174	0.703	1.550
	Total Income	1033.428	592.010	2760.830
2.	Expenditure
	Cost of materials consumed	718.691	643.334	2230.119
	Purchase of stock in trade	--	--	--
	Changes in inventories of finished goods, work in progress and stock in trade	178.271	(241.698)	(25.605)
	Employee benefits expenses	40.162	36.884	111.522
	Depreciation and amortization expenses	11.078	11.103	33.329
	Other expenses	44.482	92.259	259.878
	TOTAL EXPENSES	992.683	541.882	2609.243
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	40.745	50.128	151.587
4.	Other Income	3.049	2.278	10.323
5.	Profit Before Interest and Exceptional Items (3+4)	43.794	52.406	161.910
6.	Finance Cost	34.623	30.336	95.218
7.	Profit After Interest but before Exceptional Items (5-6)	9.171	22.070	66.692
8.	Exceptional Items	0.000	0.000	0.000
9.	Profit from Ordinary Activities before Tax (7-8)	9.171	22.070	66.692
10.	Tax Expense	2.975	7.161	21.638
11.	Net Profit from Ordinary Activities after Tax (9-10)	6.196	14.909	45.054
12.	Add: Share in Profit of Associates	--	--	--
13.	Less: Minority Share	--	--	--
14.	Net Profit for the period (11-12)	6.196	14.909	45.054
14.	Paid-up Equity Share Capital (Face Value of Re.1/- Each)	49.604	49.604	49.604
15.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic	0.12	0.30	0.91
	b) Diluted	0.12	0.30	0.91
17.	Public Shareholding
	-Number of Shares	16985742	16985742	16985742
	- Percentage of Shareholding	34.24%	34.24%	34.24%
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	0	0	0
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	0	0	0
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	0	0	0
	b) Non Encumbered
	- Number of Shares	32617778	32617778	32617778
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%	100%	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	65.76%	65.76%	65.76%

Particulars
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 results are subject to a “Limited Review” by the auditors of the company.

2. The above financial results have been reviewed by the audit committee and approved and taken on record by the board of directors at its meetings held on 27.01.2014

3. The previous period/ year figures are regrouped/ rearranged wherever necessary.

4. Other expenses include difference in provision of Excise duty on increase/ (Decrease) in closing stock amount of Rs. (20.082) Millions for the quarter ended on 31.12.2013 and preceeding quarter Rs.26.563 Millions.

5. The Company has only one Business Segment to be reported namely Plastics, as per Accounting Standard - 1 7.

FIXED ASSETS

Tangible

• Land
• Factory Building
• Plant and Machinery
• Dies and Moulds
• Vehicles
• Furniture and Fixture
• Computer

Intangible

• Software
• Goodwill

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 records 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.59.95
UK Pound	1	Rs,99.36
Euro	1	Rs.82.15

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	SUB
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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		43

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.