1. Summary Information

		Country	India
Company Name	AMCO INDIA LIMITED	Principal Name 1	Mr. Surender Kumar Gupta
Status	Moderate	Principal Name 2	Mr. Rajeev Gupta
		Registration #	55-029035
Street Address	10795, Shop No. 7, GF, Jhandewalan Road, Rexine Bazaar, Nabi Karim, New Delhi – 110 055
Established Date	27.08.1987	SIC Code	--
Telephone#	91-11-23636320	Business Style 1	Manufacturer
Fax #	91-11-23610739	Business Style 2	Exporter
Homepage	http://www.amcoindialimited.com	Product Name 1	PVC Leather Cloth
# of employees	316 (Approximately)	Product Name 2	Aluminium Foils
Paid up capital	Rs.41,100,000/-	Product Name 3	PVC Films and Sheeting
Shareholders	Shareholding of Promoter and Promoter Group -62.64 % Public Shareholding - 37.36%	Banking	Axis Bank Limited
Public Limited Corp.	Yes	Business Period	27 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	B (31)
Related Company
Relation	Country	Company Name	CEO
Related Parties	--	AMC Coated Fabrics Private Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	249,474,000	Current Liabilities	138,149,000
Inventories	71,555,000	Long-term Liabilities	125,265,000
Fixed Assets	235,851,000	Other Liabilities	16,866,000
Deferred Assets	000	Total Liabilities	280,280,000
Invest& other Assets	000	Retained Earnings	235,500,000
		Net Worth	276,600,000
Total Assets	556,880,000	Total Liab. & Equity	556,880,000
Total Assets (Previous Year)	742,126,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Total Revenue	733,584,000	Net Profit	5,309,000
Total Revenue (Previous yr)	1400,905,000	Net Profit(Prev.yr)	10,431,000

MIRA INFORM REPORT

Report Date :

25.04.2014

IDENTIFICATION DETAILS

Name :	AMCO INDIA LIMITED (w.e.f. July 15, 2003)
Formerly Known As :	AMCO VINYL LIMITED
Registered Office :	10795, Shop No. 7, GF, Jhandewalan Road, Rexine Bazaar, Nabi Karim, New Delhi – 110 055
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.08.1987
Com. Reg. No.:	55-029035
Capital Investment / Paid-up Capital :	Rs.41.100 millions
CIN No.: [Company Identification No.]	L74899DL1987PLC029035
Legal Form :	Public Limited Liability Company. The Company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of PVC Leather Cloth, Aluminium Foils, PVC Films and Sheeting.
No. of Employees :	316 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1110000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company seems to be low during 2013. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

INFORMATION DECLINED BY

Name :	Mr. Goel
Designation :	Finance Manager
Contact No.:	91-120-4601500
Date :	21.04.2014

LOCATIONS

Registered Office :	10795, Shop No. 7, GF, Jhandewalan Road, Rexine Bazaar, Nabi Karim, New Delhi – 110 055, India
Tel. No.:	91-11-23636320
Fax No.:	91-11-23610739
E-Mail :	amc_coated@rediffmail.com amco.india@gmail.com vinyl@del3.vsnl.net.in amco.india@ymail.com rajeev@nde.vsnl.net.in amcovinyl@roltanet.com General:- amco.india@ymail.com Investor Communications:- investorcomm_amco@rediffmail.com
Website :	http://www.amcoindialimited.com
Area :	3000 sq ft
Location:	Owned (Commercial)
Corporate Office/ Factory 1 :	C-53 and 54, Sector-57, Phase III, Noida – 201 307, Uttar Pradesh, India
Tel. No.:	91-120-4601500/ 2583729-30
Fax No.:	91-120-4601548
Area :	4000 sq ft
Location :	Owned
Factory 2 :	7^th Milestone, Bhiwadi-Alwar Highway, Bhiwadi, District Alwar– 301 019, Rajasthan, India
Tel. No.:	91-1493-298030/ 298327/ 201493/ 243327/ 28/ 29
	91-1493-298030/ 298327
E-Mail :	spdamco@yahoo.co.in
Area :	20000 sq ft
Location :	Owned
Factory 3 :	82, EPIP Ist, Baddi, District Solan, Himachal Pradesh, India
Tel. No.:	91-1795-271216
	91-1795-645355
E-Mail :	amcobaddi@yahoo.co.in
Branch Office 1 :	315, Kanji Mansion, SVP Road, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-23866683/ 23822981
Fax No.:	91-22-23869335
Branch Office 2 :	4-H, White Towers, 115, College Street, Kolkata – 700 012, West Bengal, India

DIRECTORS

As on 31.03.2013

Name :	Mr. Surender Kumar Gupta
Designation :	Chairman and Managing Director
Name :	Mr. Rajeev Gupta
Designation :	Whole-time Director
Name :	Mr. Dharam Pal Aggarwal
Designation :	Director
Name :	Mr. Neeraj Gupta
Designation :	Director
Name :	Mr. Rakesh Gupta
Designation :	Director

KEY EXECUTIVES

Name :	Ms. Aayushi Gupta
Designation :	Company Secretary
Name :	Mr. Goel
Designation :	Finance Manager

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
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2178512	53.01
Bodies Corporate	396175	9.64
Sub Total	2574687	62.64
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2574687	62.64
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	200	0.00
Any Others (Specify)	100000	2.43
Stressed Assets Stabilisation Fund	100000	2.43
Sub Total	100200	2.44
(2) Non-Institutions
Bodies Corporate	40709	0.99
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	757986	18.44
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	534529	13.01
Any Others (Specify)	101889	2.48
Non Resident Indians	46354	1.13
ESOP/ESOS/ESPS	200	0.00
Clearing Members	325	0.01
Hindu Undivided Families	55010	1.34
Sub Total	1435113	34.92
Total Public shareholding (B)	1535313	37.36
Total (A)+(B)	4110000	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)	4110000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of PVC Leather Cloth, Aluminium Foils, PVC Films and Sheeting.

Products :

Item Code No. (ITC Code)	7607
Product Description	Aluminium Foils
Item Code No. (ITC Code)	3920
Product Description	PVC Film/Sheeting
Item Code No. (ITC Code)	5603
Product Description	Non-woven Fabrics
Item Code No. (ITC Code)	5903
Product Description	Cotton Coated Fabrics

Exports :
Products :	Finished Goods
Countries :	China Korea
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers:

End Users

No. of Employees :

316 (Approximately)

Bankers :

Axis Bank Limited

B-2 and 3, Sector-16, Noida – 201301, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Secured Borrowings
Term Loan from Banks	11.056	17.884
From Others	7.734	20.042
Less : Current Maturities for Long Term Debts	(15.290)	(19.734)
SHORT TERM BORROWINGS
Secured Borrowings
From Banks	103.812	192.788
From Others	0.000	27.416
Total	107.312	238.396

Note :

Long term Borrowing

Axis Bank CC Limit (From Banks)

Primary Security: (Exclusive First hypothecation charge over current assets of the Company both present and future.).

Collateral Security: (Exclusive First charge on machinery financed by AXIS Bank (IInd charge to SIDBI). Exclusive first charge over entire movable fixed assets of the Company both present and future (Excluding moveable fixed assets of Baddi unit charged to SIDBI).

EM over factory land and building at C-53, 54, Sector-57, Noida in the name of Company.

EM over land and building at C-67, Sector-57, Noida in the name of Urethane Coaters Private Limited.

Second Charge over Moveable / Immoveable fixed assets of Company's Baddi unit. (First Charge with SIDBI).

Banking Relations :	--
Auditors :
Name :	V.V. Kale and Company Chartered Accountants
Address :	16A/20, W.E.A., Main Ajmal Khan Road, Karol Bagh, New Delhi – 110 005, India
Tel. No.:	91-11-25761916, 25722222
Related Parties :	v AMC Coated Fabrics Private Limited v Urethane Coaters Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4110000	Equity Shares	Rs.10/- each	Rs.41.100 millions

Shareholders holding more than 5% equity shares

Name of Shareholders	No. of Shares	%age
Surender Kumar Gupta	672,309	16.35
Rajeev Gupta	657,207	15.99
Vijay Gupta	399,300	9.72
AMC Coated Fabrics Private Limited	396,175	9.64
Raju Bhandari	258,499	6.29

Rights, Preferences and restrictions in respect of Equity Shares of the Company

The Equity Shareholders are entitled to receive dividend as and when declared, a right to vote in proportion to holding etc. and their rights, preferences and restrictions are governed by/in terms of their issue under the provisions of the Companies Act, 1956.

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	41.100	41.100	41.100
(b) Reserves & Surplus	235.500	230.191	219.760
(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)	276.600	271.291	260.860
(3) Non-Current Liabilities
(a) long-term borrowings	21.453	31.243	48.582
(b) Deferred tax liabilities (Net)	16.057	15.251	17.279
(c) Other long term liabilities	0.000	0.000	4.600
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	37.510	46.494	70.461
(4) Current Liabilities
(a) Short term borrowings	103.812	220.205	254.344
(b) Trade payables	103.755	140.525	143.371
(c) Other current liabilities	34.394	57.611	51.575
(d) Short-term provisions	0.809	6.000	8.436
Total Current Liabilities (4)	242.770	424.341	457.726
TOTAL	556.880	742.126	789.047
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	235.851	272.968	270.120
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	5.468
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.726	17.070	15.510
(e) Other Non-current assets	5.024	5.024	4.257
Total Non-Current Assets	256.601	295.062	295.355
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	71.555	152.067	172.557
(c) Trade receivables	195.336	274.073	272.545
(d) Cash and cash equivalents	2.006	4.135	5.373
(e) Short-term loans and advances	9.523	11.740	22.829
(f) Other current assets	21.859	5.049	20.388
Total Current Assets	300.279	447.064	493.692
TOTAL	556.880	742.126	789.047

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	733.584	1,400.905	1,192.928
	Other Income	86.658	0.419	5.676
	TOTAL (A)	820.242 [Due to market fluctuation]	1,401.324	1,198.604
Less	EXPENSES
	Cost of Materials Consumed	607.197	1,146.496	939.496
	Stores & Packing Material Consumed	0.000	0.000	34.447
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.581	(5.939)	2.072
	Employees benefits expense	45.399	54.797	55.874
	Power & Fuel Expense	0.000	0.000	59.506
	Exceptional Items	0.000	0.000	(3.716)
	Other expenses	103.643	124.336	40.336
	TOTAL (B)	764.820	1,319.690	1,128.015
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	55.422	81.634	70.589
Less	FINANCIAL EXPENSES (D)	32.505	47.433	36.870
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	22.917	34.201	33.719
Less/ Add	DEPRECIATION/ AMORTISATION (F)	19.112	19.797	19.466
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.805	14.404	14.253
Less	TAX (I)	(1.504)	3.973	6.503
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	5.309	10.431	7.750
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	10.166	34.472	27.439
	TOTAL EARNINGS	10.166	34.472	27.439
	IMPORTS
	Raw Materials	34.741	87.588	72.171
	TOTAL IMPORTS	34.741	87.588	72.171
	Earnings / (Loss) Per Share (Rs.)	1.290	2.540	1.890

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.65	0.74	0.65
Net Profit Margin (PBT/Sales)	(%)	0.52	1.03	1.19
Return on Total Assets (PBT/Total Assets}	(%)	0.68	1.94	1.81
Return on Investment (ROI) (PBT/Networth)		0.01	0.05	0.05
Debt Equity Ratio (Total Liability/Networth)		0.45	0.93	1.16
Current Ratio (Current Asset/Current Liability)		1.24	1.05	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	41.100	41.100	41.100
Reserves & Surplus	219.760	230.191	235.500
Net worth	260.860	271.291	276.600
long-term borrowings	48.582	31.243	21.453
Short term borrowings	254.344	220.205	103.812
Total borrowings	302.926	251.448	125.265
Debt/Equity ratio	1.161	0.927	0.453

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	1,192.928	1,400.905	733.584
		17.434	(47.635)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	1,192.928	1,400.905	733.584
Profit After Tax	7.750	10.431	5.309
	0.65%	0.74%	0.72%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
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%	Yes
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term Loan from Banks	2.186	3.919
From Others	15.977	15.204
Less : Current Maturities for Long Term Debts	(0.210)	(6.071)
Total	17.953	13.052

BUSINESS PERFORMANCE:
 
The Financial Year 2012-13 turned out to be a difficult year as the Company recorded a sales turnover of Rs. 814.808 Millions as compared to Rs. 1532.766 Millions in previous year. In addition to its profit after tax of the company has also been tumbled from Rs. 10.431 Millions in F.Y. 2011-12 to Rs. 5.309 Millions in the Current F.Y. 2012-13 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INTRODUCTION

The objective of this report is to present the Managements perception of the various developments in the business environment, challenges and opportunities before the Company as well as to provide an analysis of the Company's performance. This report also summarises the Company's internal control measures and developments in the Human Resources front. It should be read in conjunction with the Directors Report to the Shareholders, Financial Statements and Notes thereon included elsewhere in this Annual Report.

INDUSTRY STRUCTURE AND DEVELOPMENT

ALUMINIUM FOIL:- There are around 07 Major Aluminum Foil manufacturers in India with rolling capacity of around 6000 tons per month to cater the total demand of around 8000 tons per month in different field of pharmaceuticals and flexible packaging industries. In the present scenario, market demand of the product is growing with a rate of 12% p.a. During the financial year 2012-13 AMCO's share in market has dropped down due to stiff competition in the market.

.

PVC FILMS AND SHEETINGS: -There are around 14 PVC Films and Sheeting’s manufacturers in India. Demand for PVC Films and Sheetings is increasing with a rate of15% p.a. approx. In their company there is no direct export of PVC Films and Sheeting's.

NON WOVEN:- There are around 15 well known manufacturers of Non-Woven in India. Demand for Non-Woven is stabilized over the period of time. Also due to the dumping of inferior quality of supplies by an unorganized sector, their company had chosen to stop the production of this product during the financial year. But for the optimized future prospects AMCO is about to start manufacturing the same product sooner with a boost of higher range at its plant located in Noida.

OPPORTUNITIES AND THREATS, RISKS AND CONCERNS

ALUMINIUM FOIL:- India is a known to be a growing market for Aluminium Foil industry. High cost of production, slower machinery can become a threat for the industry. But on focusing the present scenario, it can very well be seen that it was the entry of some large scale industries of Aluminium foils which spoiled the market by creating abundance of supplies with no increase in the actual demand of the products.

PVC FILMS AND SHEETINGS:- There is a growing market for PVC Films and Sheetings and Laminated Sheetings as it is used in different types of Industries such as electric tape, stationery, luggage, school belts for children, advertising banners, photographic albums, plastic panels for exhibitions and automobiles. The present threat they are getting is from Extrusion Process Industry. It comes under small scale industry in which they use low value machinery and produce poor quality PVC products. Further, more and more plain and printed PVC Sheetings and clear printed material is coming to India from China.

NON WOVEN:- As market for this product is growing day by day therefore company is quite prospective for its growth. This product of company will be utilized for Sanitary and hygiene, Medical, surgical, Packaging and Agricultural and coverage requirement.

COMPANY’S PERFORMANCE

DOMESTIC BUSINESS REVIEW

ALUMINIUM FOIL:- The company has executed orders for Pharmaceutical Industries, Packaging Industries, etc. the company share around 4% of the total market. The domestic sale has came down as compared to previous year due to slack demand in the market.

PVC FILMS AND SHEETINGS:- The company has executed volume orders for the top Industries such as Auto Fit Private Limited, Meenakshi Polymers Private Limited, Bombay Plastic House etc. The domestic sale carries no more increase as compared with previous year. Further, their laminated leather cloth is much in demand. Being a petroleum product, use of PVC resin, few plastic polymers, D.O.P, the increase in price has made a heavy impact on cost of their quality products.

NON WOVEN:- The Company has again jumped into the market to occupy the position among the leading manufacturers of non-woven and has entered into execution of major orders from Calcutta, Madras and Delhi which includes textile Industry, leather industry, Luggage Industry and Furnishing Industry.

EXPORTS:- In case of Aluminium Foil, the company's exports has shown a declining trend during the year as compared to the previous financial year due to decrease in demand of foreign customers. The continued strength of the US Dollar against Rupee did have its consequential impact on the outgo of foreign currency from India resulting thereby lesser surge in exports.

NEW PRODUCT DEVELOPMENT

Gutkha and Pan Masala Packaging units, which have been hit by the Supreme Court's banon use of plastic sachets for sale purposes, have found an alternate in paper and aluminum foil pouches .The Pan masala and Gutkha Industry witnesses an estimated business of Rs. 4000.000 Millions every year in the country. Gutkha and Pan Masala is main leading product inflexible packaging industry and now Aluminum foil is being used for such product.

OUTLOOK

ALUMINIUM FOIL:- Aluminium Foil industry is growing and carries opportunities for its growth. It has potential to replace many non bio-degradable products like Polyster, LD, HD, etc. Aluminium Foil is mainly used and preferred in packaging particularly in Pharmaceutical Industry. 50% of total capacity is consumed in this field. This product of company has wide applications in various areas, such as flexible packaging, food, chemical industry and Pharma sector. In Packaging industry, aluminum foil is gradually replacing polyester and other barrier films because aluminum foil have better berries properties then others.

PVC FILMS AND SHEETINGS:- Because of multiple use in different kinds of industries such as Automobile, Stationery, Luggage, Electric Tape etc. and the Fire Retardant Quality, the demand for PVC Films and Sheetings is increasing.

NON WOVEN:- As Non-Woven textile are cost effective and economical substitute to certain traditional fabrics used in diverse field therefore increase in demand for this product of the company is certain.

CONTINGENT LIABILITIES: (AS ON 31.03.2011)

Against letter of Credit of Rs.22.568 millions from Axis Bank Limited, Noida and Rs.51.983 millions from Axis Bank Limited, Noida.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/NINE MONTHS ENDED AS ON 31^ST DECEMBER, 2013

(Rs. in millions)

Particulars	Unaudited Quarter Ended		Unaudited nine months Ended
	31.12.2013	31.12.2013	31.12.2013
1. Income from Operation
(A) Gross Sales	163.062	188.216	452.812
Less: Excise Duty	17.772	19.865	46.607
Net Sales / Income from operations	145.290	168.351	406.205
(B) Other Operating Income	0.000	0.000	0.000
Total Income from Operations (A+B)	145.290	168.351	406.205
2. Expenditure
A) Cost of materials consumed	123.206	155.497	342.863
B) Changes in inventories of Finished Goods	(4.460)	(2.227)	6.224
C) Employee Benefits Expense	7.545	10.886	21.577
D) Depreciation and amortization expense	2.016	4.820	6.088
E) Power & Fuel	8.696	13.691	27.403
F) Other Expenses	28.176	11.290	42.630
Total Expenses (A to F)	165.179	193.957	446.785
3. Profit from operations before other income, finance cost and exceptional Items (1-2)	(19.889)	(25.606)	(40.580)
4. Other income	53.189	0.027	55.450
5. Profit from Ordinary Activities before finance cost and exceptional Items (3+4)	33.300	(25.579)	14.870
6. Finance Cost	3.256	8.824	10.874
7. Profit from Ordinary Activities after finance cost but before exceptional Items (5-6)	30.044	(34.403)	3.996
8. Exceptional Items	0.000	0.000	0.000
9. Profit from Ordinary Activities before tax (7+8)	30.044	(34.403)	3.996
10. Tax expenses (Including Deferred Tax)	0.000	0.000	0.000
11. Net Profit from Ordinary Activities after tax (9-10)	30.044	(34.403)	3.996
12. Extraordinary Items (net of tax expenses)	0.000	0.000	0.000
13. Net Profit for the year period (11+12)	30.044	(34.403)	3.996
14. Paid up equity share capital (Face value of Rs.10/- per share)	41.100	41.100	41.100
15. Reserves excluding revaluation reserves as per balance sheet of previous year	285.596	217.133	280.596
16. Earning per share (EPS) before & after extraordinary items (not annualized)	7.31	(8.37)	0.97
A. PARTICULARS OF SHAREHOLDING
1. Public shareholding
- Number of shares	1535313	1536856	1535313
- Percentage of shareholding	37.36%	37.39%	37.36%
2. Promoters and Promoters group Shareholding
(I) Pledged /Encumbered
- Number of shares	NIL	NIL	NIL
- Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NIL	NIL	NIL
- Percentage of shares (as a % of total share capital of the company)	NIL	NIL	NIL
(II) Non Encumbered
- Number of shares	2574687	2573144	2574687
- Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%	100%	100%
- Percentage of shares (as a % of total share capital of the company)	62.64%	62.61%	62.64%

Notes:

1.The above audited results were reviewed by the Audit Committee and approved by the Board of Directors of their meeting held on 28.01.2014.

2. The EPS has been computed in accordance with the Accounting Standard (AS-20)

3. The figures related to previous year/ period/ quarter have been regrouped and/ or rearranged wherever considered necessary.

4. Other Income includes Profit on Transfer of Bhiwadi Factory')' Land to Krish Infrastructures Private Limited for construction of flats" Joint Venture – Amco India Limited.

4. Exceptional Item shows the profit/(loss) on Sale of fixed assets during the period.

5. Company’s primary business segments are reportable segments under Accounting Standard-17 on Segment Reporting issued by the Institute of Chartered Accountants of India.

SEGMENT WISE REVENUE, RESULT AND CAPITAL EMPLOVED

(Rs. in millions)

Particulars	Unaudited Quarter Ended		Unaudited nine months Ended
	31.12.2013	31.12.2013	31.12.2013
1. Segment Revenue (Net Sales)
A. PVC Film/Sheeting	113.391	106.226	306.110
B. Aluminium Foil and Non-Woven	31.899	62.125	100.095
Exceptional Items	0.000	0.000	0.000
Total Segment Revenue	145.290	168.351	406.205
2. Segment Results:
A. PVC Film/Sheeting	(15.244)	(11.433)	(32.927)
B. Aluminium Foil and Non-Woven	48.544	(14.146)	47.797
Total Segment Results	33.300	(25.579)	14.870
Less: Interest	3.256	8.824	10.874
Profit/ (Loss) Before Exceptional Items	30.044	(34.403)	3.996
Exceptional Items	0.000	0.000	0.000
Profit Before Tax	30.044	(34.403)	3.996
3. Capital Employed:
A. PVC Film/Sheeting	52.952	23.268	52.952
B. Aluminium Foil and Non-Woven	227.644	193.865	227.644
Total Capital Employed	280.596	217.133	280.596

Particulars	Quarter Ended 31.12.2013
B. INVESTOR COMPLAINTS
Pending at the beginning of the Quarter	Nil
Received during the Quarter	Nil
Disposed during the Quarter	Nil
Remaining unresolved at the end of the Quarter	Nil

STATEMENT OF ASSETS AND LIABILITIES AS ON 31.12.2013

(Rs. in millions)

Particulars	Unaudited Year Ended 31.12.2013
I. EQUITY AND LIABILITIES:
(A) SHAREHOLDERS FUNDS
Share Capital	41.100
Reserves & Surplus	239.496
Sub Total ‘A’	280.596
(B) NON-CURRENT LIABILITIES
Long Term Borrowings	19.655
Deferred Tax Liabilities (Net)	16.057
Other Long Term Liabilities	0.000
Sub Total ‘B’	35.712
(C) CURRENT LIABILITIES
Short Term Borrowings	79.174
Trade Payables	113.818
Other Current Liabilities	21.755
Short Term Provisions	0.000
Sub Total ‘C’	214.747
TOTAL: (A+B+C)	531.055
II. ASSETS:
1. NON CURRENT ASSETS
A. FIXED ASSETS
Tangible Assets	339.392
Less: Depreciation	153.443
Sub Total ‘A’	185.949
B) LONG TERM LOAN AND ADVANCES
Loans & Advances	49.073
Deposits	0.000
Sub Total ‘B’	49.073
C) OTHER NON-CURRENT ASSETS
Trade Receivables	10.065
Sub Total ‘C’	10.065
(D) CURRENT ASSETS
Inventories	69.976
Trade Receivables	195.765
Cash & Cash Equivalents	2.533
Short Term Loans and Advances	11.073
Other Current Assets	6.621
Sub Total ‘D’	285.968
TOTAL: (A+B+C)	531.055

FIXED ASSETS:

v Land and Building

v Plant and Machinery

v Furniture and Fixture

v R.O. System

v Office Equipment

v Computer

v Tempo

v Car

v Motorcycle/Scooter

v Cycle

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.61.07
UK Pound	1	Rs.102.77
Euro	1	Rs.84.49

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		31

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.