1. Summary Information

		Country	INDIA
Company Name	SABIC INNOVATIVE PLASTICS INDIA PRIVATE LIMITED	Principal Name 1	MR. MAHESH KUMAR SHARMA
Status	SATISFACTORY	Principal Name 2	MR. JANARDHANAN RAMANUJALU
		Registration #	04-050658
Street Address	PLASTICS AVENUE, P.O. JAWAHAR NAGAR, VADODARA – 391 320, GUJARAT
Established Date	25.04.2007	SIC Code	--
Telephone#	91-265-3068551/ 552	Business Style 1	MANUFACTURER
Fax #	91-265-2232144/ 2232144	Business Style 2	TRADER
Homepage	www.sabicinnovativeplastics.com	Product Name 1	ADVANCED ENGINEERING THERMOPLASTICS
# of employees	NOT DIVULGED	Product Name 2	POLYCARBONATE SHEETS
Paid up capital	RS.1,086,225,450/-	Product Name 3	--
Shareholders	FOREIGN HOLDINGS - 100.00%	Banking	HDFC BANK LIMITED
Public Limited Corp.	NO	Business Period	7 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (48)
Related Company
Relation	Country	Company Name	CEO
HOLDING COMPANY	SINGAPORE	SABIC INNOVATIVE PLASTICS HOLDING SINGAPORE PTE LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	3,391,612,000	Current Liabilities	2,784,570,000
Inventories	1,767,912,000	Long-term Liabilities	0,000
Fixed Assets	786,205,000	Other Liabilities	149,594,000
Deferred Assets	7,694,000	Total Liabilities	2,934,164,000
Invest & other Assets	14,263,000	Retained Earnings	1,947,297,000
		Net Worth	3,033,522,000
Total Assets	5,967,686,000	Total Liab. & Equity	5,967,686,000
Total Assets (Previous Year)	5,238,280,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Net Sales / Income	12,555,200,000	Net Profit	163,600,000
Net Sales / Income (Previous yr)	10,683,900,000	Net Profit(Prev.yr)	185,800,000

Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	SABIC INNOVATIVE PLASTICS INDIA PRIVATE LIMITED (w.e.f. 18.09.2007)
Formerly Known As :	ENDURING PLASTICS PRIVATE LIMITED
Registered Office :	Plastics Avenue, P.O. Jawahar Nagar, Vadodara – 391 320, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.04.2007
Com. Reg. No.:	04-050658
Capital Investment / Paid-up Capital :	Rs.1086.225 millions
CIN No.: [Company Identification No.]	U25202GJ2007PTC050658
TAN No.: [Tax Deduction & Collection Account No.]	BRDE00346D
PAN No.: [Permanent Account No.]	AABCE7565N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and trading of Advanced Engineering Thermoplastics and Polycarbonate Sheets.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 12134000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is a subsidiary of “SABIC Innovative Plastics Holding Singapore Pte Limited, Singapore”. It is an established company having a satisfactory track record. The company has recorded slight dip in the profitability during financial year 2013. However, general financial position of the company is good. No borrowings recorded by the company. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20%! Equities came in second with annualized return of 15.5%! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs.10000 mn.

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Nitin Goel
Designation :	Finance Head
Name :	Mr. Gaurishankar
Designation :	Plant Finance Manager
Contact No.:	91-265-3068551
Date :	07.08.2014

LOCATIONS

Registered Office :	Plastics Avenue, P.O. Jawahar Nagar, Vadodara – 391 320, Gujarat, India
Tel. No.:	91-265-3068551/ 552/ 3068520
Fax No.:	91-265-2232144
E-Mail :	info@sabic-ip.com maheshsharma@sabic-ip.com
Website :	www.sabicinnovativeplastics.com
Factory :	Located at: · Vadodara
Branch Office :	Located at: · Gurgaon · Mumbai · Bangalore · Pune · Chennai

DIRECTORS

AS ON 29.08.2013

Name :

Mr. Mahesh Kumar Sharma

Designation :

Director

Address :

C-103, Carlton Estate-1, DLF, Phase-V, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

29.04.1978

Date of Appointment :

29.09.2008

DIN No.:

02317348

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25202GJ2007PTC050658	SABIC INNOVATIVE PLASTICS INDIA PRIVATE LIMITED	Director	29-09-2008	11-08-2008	-	Active	NO

Name :

Mr. Janardhanan Ramanujalu

Designation :

Director

Address :

Plot 14, No.30, Fourth Layout, Teachers Colony, Chennai – 600 099, Tamilnadu, India

Date of Birth/Age :

10.06.1963

Qualification :

Master’s in Business Administration

Date of Appointment :

29.08.2013

DIN No.:

05297560

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17119GJ1998PTC038809	SABIC RESEARCH AND TECHNOLOGY PRIVATE LIMITED	Director	12-06-2012	12-06-2012	-	Active	NO
2	U51109DL1992PTC049160	SABIC INDIA PRIVATE LIMITED	Director	25-06-2013	04-09-2012	-	Active	NO
3	U25202GJ2007PTC050658	SABIC INNOVATIVE PLASTICS INDIA PRIVATE LIMITED	Director	29-08-2013	03-05-2013	-	Active	NO

Name :

Mr. Sanjiv Vasudeva

Designation :

Director

Address :

J-10, Ground Floor, Saket, New Delhi – 110 017, India

Date of Birth/Age :

27.02.1968

Qualification :

Bachelors of Engineering

Date of Appointment :

29.08.2013

DIN No.:

06570945

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25202GJ2007PTC050658	SABIC INNOVATIVE PLASTICS INDIA PRIVATE LIMITED	Director	29-08-2013	03-05-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Venugopal K.
Designation :	Director, Electrical Industrial and Lighting Marketing
Name :	Mr. Anurag Buch
Designation :	Senior Manager, Product Marketing, SF&S, India
Name :	Mr. Manoj Sahoni
Designation :	Director, Asia Pacific Compounding, Manufacturing
Name :	Mr. Mayank Jain
Designation :	Director, Asia Pacific Supply Chain
Name :	Mr. Mukesh Kumar
Designation :	Secretary
Address :	100B, Mayur Vihar, Phase III, New Delhi – 110 091, India
Date of Birth/Age :	06.09.1977
Date of Appointment :	25.01.2011
PAN No.:	AUXPK6377P
E-Mail:	mukesh.kumar@sabic-ip.com
Name :	Mr. Nitin Goel
Designation :	Finance Head
Name :	Mr. Gaurishankar
Designation :	Plant Finance Manager

MAJOR SHAREHOLDERS

AS ON 29.08.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Sabic Innovative Plastics Holding Singapore Pte Limited, Singapore	93479751	86.06
Sabic Innovative Plastics GP B.V., Netherlands	15142794	13.94
Total	108622545	100.00

AS ON 29.08.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and trading of Advanced Engineering Thermoplastics and Polycarbonate Sheets.

Products :

Item Code No. (ITC Code)	39074000
Product Description	Polycarbonate Resins
Item Code No. (ITC Code)	39206190
Product Description	Polycarbonates Sheets and Films
Item Code No. (ITC Code)	39070000
Product Description	Polybutylene Terephthalate
Item Code No. (ITC Code)	39093010
Product Description	Polyphelene Oxide

PRODUCTION STATUS (AS ON 31.03.2011):

Licensed Capacity has not been disclosed as the Company is not required to obtain license for these products.

Particulars	Unit	Installed Capacity (As certified by Management)	Actual Production
Advanced Engineering Plastics	M.T.	28010	19432
Polycarbonate Sheets	M.T.	3946	2557

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

· HDFC Bank Limited

· ABN Amro Bank, Bangalore, Karnataka, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Long-term maturities of finance lease obligations (Hypothecation of Computer taken on lease)	0.000	0.119
Total	0.000	0.119

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Co. LLP Chartered Accountants
Address :	Golf View Corporate, Tower - B, Sector-42, Sector Road, Gurgaon – 122 002, Haryana, India
PAN No.:	ACHFS9180N
Holding Company:	SABIC Innovative Plastics Holding Singapore Pte Limited, Singapore
Ultimate Holding Company:	Saudi Basic Industries Corporation
Group companies where common control exists (Fellow Subsidiaries) and where transactions have taken place during the year:	· SABIC Innovative Plastics Malaysia Sdn. Bhd. · SABIC Innovative Plastics (China) Co. Limited · SABIC Innovative Plastics Taiwan Holding Limited · SABIC Innovative Plastics Hong Kong Limited · SABIC Innovative Plastics BV · SABIC Innovative Plastics Japan LLC · SABIC Innovative Plastics International Trading (Shanghai) Limited · SABIC Innovative Plastics Korea Limited · Saudi Basic Industries Corporation · SABIC Innovative Plastics (Shanghai) Co. Limited · SABIC Innovative Plastics Management (Shanghai) Co. Limited · SABIC Innovative Plastics South Americas · SABIC Innovative Plastics Mexico S DE RI DE CV · SABIC Innovative Plastics US LLC · SABIC Innovative Plastics (SEA) Pte Limited, Pacific eIC · SABIC Sales Europe · SABIC IP Australia Pty Limited · SABIC Innovative Plastics South America-Brazil · SABIC Innovative Plastics (SEA) Pte. Limited · SABIC Research and Technology Private Limited · SABIC Innovative Plastics (Thailand) Co. Limited

CAPITAL STRUCTURE

AS ON 29.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
114900000	Equity Shares	Rs.10/- each	Rs.1149.000 millions
100000	Preference Shares	Rs.10/- each	Rs.1.000 million
	Total		Rs.1150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
108622545	Equity Shares	Rs.10/- each	Rs.1086.225 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	1086.225	1086.225
(b) Reserves & Surplus	1947.297	1783.655
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3033.522	2869.880
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.119
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	45.277	42.534
Total Non-current Liabilities (3)	45.277	42.653
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	2688.716	2155.424
(c) Other current liabilities	95.854	88.876
(d) Short-term provisions	104.317	81.447
Total Current Liabilities (4)	2888.887	2325.747
TOTAL	5967.686	5238.280
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	786.205	760.378
(ii) Intangible Assets	0.000	6.989
(iii) Capital work-in-progress	14.263	25.601
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	7.694	56.740
(d) Long-term Loan and Advances	107.329	118.364
(e) Other Non-current assets	0.463	0.474
Total Non-Current Assets	915.954	968.546
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1767.912	1379.885
(c) Trade receivables	2236.660	2222.022
(d) Cash and cash equivalents	303.473	159.519
(e) Short-term loans and advances	742.293	508.239
(f) Other current assets	1.394	0.069
Total Current Assets	5051.732	4269.734
TOTAL	5967.686	5238.280

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		1086.225
2] Share Application Money		0.000
3] Reserves & Surplus		1597.830
4] (Accumulated Losses)		0.000
NETWORTH		2684.055
LOAN FUNDS
1] Secured Loans		1.900
2] Unsecured Loans		0.000
TOTAL BORROWING		1.900
DEFERRED TAX LIABILITIES		0.000
TOTAL		2685.955
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		498.232
Capital work-in-progress		97.080
INVESTMENT		0.000
DEFERRED TAX ASSETS		80.618
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1219.673
	Sundry Debtors	1749.729
	Cash & Bank Balances	74.815
	Other Current Assets	0.048
	Loans & Advances	269.773
Total Current Assets		3314.038
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1055.613
	Other Current Liabilities	104.673
	Provisions	143.727
Total Current Liabilities		1304.013
Net Current Assets		2010.025
MISCELLANEOUS EXPENSES		0.000
TOTAL		2685.955

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Net Sales / Income	12555.200	10683.900	9242.800
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		408.500	365.600	818.500
Less	INTEREST (D)		3.200	2.000	1.100
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		405.300	363.500	817.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		83.400	87.700	79.800
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		321.900	275.900	737.600
Less	TAX (H)		158.300	90.100	253.200
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		163.600	185.800	484.400
	BALANCE CARRIED FORWARD TO THE B/S		163.600	185.800	484.400
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	70.000	76.500	81.200
	TOTAL EARNINGS		70.000	76.500	81.200
	Earnings/ (Loss) Per Share (Rs.)		1.51	1.71	4.46

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	2.56	2.58	7.98
Return on Total Assets (PBT/Total Assets}	(%)	5.41	5.35	19.34
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.27
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.75	1.84	2.60

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	1086.225	1086.225	1086.225
Reserves & Surplus	1597.830	1783.655	1947.297
Net worth	2684.055	2869.880	3033.522
Long-term borrowings	0.728	0.119	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.728	0.119	0.000
Debt/Equity ratio	0.000	0.000	0.000

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)
Net Sales / Income	9242.800	10683.900	12555.200
		15.592	17.515

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Net Sales / Income	9242.800	10683.900	12555.200
Profit	484.400	185.800	163.600
	0.052	0.017	0.013

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	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	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	No
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

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 1066 of 2013

Status : PENDING

(Converted from : O/ST/3057/2013)

CCIN No : 001092201301066

Last Listing Date:

15/04/2014

Coram

· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX -II	MR KM PARIKH for: Appellant(s) 1

S.NO.	Name of the Respondent	Advocate On Record
1	SABIC INNOVATIVE PLASTIC INDIA PRIVATE LIMITED	RULE SERVED for :Opponent(s) 1 MR. ANKIT M TALSANIA for :Opponent(s) 1

Presented On	: 16/11/2013	Registered On	: 22/11/2013
Bench Category	: -	District	: VADODARA
Case Originated From	: THROUGH ADVOCATE	Listed	: 51 times
StageName	: ADJOURNED MATTERS

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Office Objection

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Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961

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LowerCourt Details

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FIR Details

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Other Forums

S. No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	ITA 142/AHD/2013	INCOME TAX APELLATE TRIBUNAL , AHMEDABAD BENCH	JUDICIAL MEMBER AND ACCOUNTANT MEMBER	28/06/2013	VADODARA
Detention Details

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	16/11/2013	APPEARANCE NOTE	MR KM PARIKH ADVOCATE for PETITIONER(s) 1	0	MR KM PARIKH(575) for P:1
2	16/11/2013	MEMO OF APPEAL/PETITION/SUIT	MR KM PARIKH ADVOCATE for PETITIONER(s) 1	20	MR KM PARIKH(575), for P:1
3	04/04/2014	VAKALATNAMA	MR.ANKIT M TALSANIA ADVOCATE for RESPONDENT(s) 1	5	MR.ANKIT M TALSANIA(7300) for R:1
Linked Matters

Applications

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	MISC. CIVIL APPLICATION/29/2014	DISPOSED	10/02/2014	MCA DISPOSED OF · HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	02/12/2013	5	27	ADMISSION (FRESH MATTERS)	NEXT DATE	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA
2	10/12/2013	5	45	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA
3	23/12/2013	5	53	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA
4	07/01/2014	7	51	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE AKIL KURESHI and HONOURABLE MS JUSTICE SONIA GOKANI and HONOURABLE MR.JUSTICE R.P.DHOLARIA
5	16/01/2014	7	23	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
6	10/03/2014	7	19	ADJOURNED MATTERS	FIXED NOTICE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
7	19/03/2014	7	2	FOR ORDERS		· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
8	07/04/2014	7	19	ADMISSION (FRESH MATTERS)	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
9	15/04/2014	7	42	ADJOURNED MATTERS	RULE/ADMIT	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	TAX APPEAL/1066/2013	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA	02/12/2013	N	ORDER	-	Y
2	TAX APPEAL/1066/2013	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI	16/01/2014	N	ORDER	-	Y
3	TAX APPEAL/1066/2013	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI	10/03/2014	N	ORDER	-	Y
4	TAX APPEAL/1066/2013	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI	19/03/2014	N	ORDER	-	Y
5	TAX APPEAL/1066/2013	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI	15/04/2014	N	ORDER	-	Y

Notes:

· The registered office of the company has been shifted from Dharmsingh Park NH No.8, P.B. No.3, Nadiad, Kheda – 387 002, Gujarat, India to present address w.e.f. 30.08.2007.

· No Charges Exist for Company.

BACKGROUND:

The Company is a subsidiary of SABIC Innovative Plastics Holding Singapore Pte Limited, Singapore. The Company is engaged in the manufacturing and trading of Advanced Engineering Thermoplastics and Polycarbonate Sheets.

SEGMENT REPORTING:

The Company operates in two segments - Specialty film and Sheets [SFS] and Resin. The Company has chosen business segment as its primary segment considering nature of products and services provided, with each segment representing a strategic business unit that offers different products and serves different markets.

The description of the type of products provided by each reportable segment are as follows

- Specialty film and Sheets [SFS]: The Segment is engaged in the manufacturing and trading of Polycarbonate Sheets and films

- Resin: The Segment is engaged in the manufacturing and trading of advanced engineering thermoplastics.

PERFORMANCE REVIEW:

The Company achieved a Net Turnover of Rs.12555.200 millions during the Financial Year, up by 17.5%, as against Rs.10683.900 millions for the previous financial year. The growth in the turnover is contributed by growth in specific industry segments and management efforts to increase market share. The Profit before Interest, Depreciation and Taxes of the Company was Rs.163.600 millions as against Rs.185.800 millions for the previous financial Year. Total Production for the financial year was 30,826 MT as against 27,180 MT for the previous financial year.

ENGINEERING PLASTICS INDUSTRY:

The engineering plastics industry has evolved significantly in the past decades with rapid increase in applications of high performing engineering resins with enhancing properties such as strength, high weather resistance, light weight and high workability catering to markets like automotive, building and construction, optical media, telecom and electrical wiring devices.

Indian engineering plastics industry has grown at 15% per annum historically.

The company has grown in volumes by about 15% in Resin business and 12% in Specialty Film and Sheets business. The revenue growth is 17.5%. The prices of products are highly influenced by the changes in price of Benzene and Crude Oil in addition to demand and supply factors and foreign exchange fluctuations.

PROJECTS AT MANUFACTURING FACILITY, VADODARA:

During the year, number of infrastructure, EHSS improvement and growth projects have been executed at Vadodara site. Waste Water Treatment Plant up gradation with clariflocculator and on line TOC measurement capability was established, new dies were installed to support business growth and feeder capabilities were improved to enhance quality at the plant. Additionally, projects like new Canteen and Recreation centre for employees along with Site security system upgradation with IP based surveillance cameras were executed.

CONTINGENT LIABILITIES NOT PROVIDED FOR ARE AS FOLLOWS:

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Income tax Cases (Note 1)	58.502	58.502
Claims against the Company not acknowledged as debt	20.500	20.500
VAT assessment cases	6.798	--

Note 1: During the transfer price assessment for AY 08-09, The Addl. CIT [TPO]-I, Ahmedabad in his order passed u/s 92CA (3) of the Income Tax Act 1961, has made upward adjustment of Rs.123.475 millions to the income towards the arm's length price pertaining to trading segment of the business. Accordingly Income tax assessment order u/s 143(3) has been passed and Income tax demand of Rs.58.502 millions has been raised vide notice u/s 156 of the Income tax act, 1961 dated 23.01.2012. The Company has preferred an appeal before the Income Tax Appellate Tribunal and the management believes that the Company has a good chance of winning the case.

Note 2: During the transfer pricing assessment for AY 2009-10, the Addl. CIT (TPO), Ahmedabad made addition of Rs.16.658 millions on account of management cross charge. The assessing officer has further made an additional disallowance amounting to Rs.5.855 millions on account of loans and advances written off during the year. The assessing officer then proceeded on March 14^th 2013 and passed a draft assessment order under section 144C(1) of the Income Tax Act, 1961 incorporating both the adjustments. The Company has preferred an appeal against the draft assessment order before the Dispute Resolution Panel on 11^th April 2013.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Computers

· Vehicles

· Leasehold Improvements

Intangible Assets

· Computer Software

· Non-compete fees, Brand license and technical knowhow

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 records 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.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--LITIGATION	YES/NO	YES
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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

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

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

RATING EXPLANATIONS

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

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

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