MIRA INFORM REPORT

Report Date :

02.12.2014

IDENTIFICATION DETAILS

Name :	P G FOILS LIMITED
Registered Office :	6, Neptune Tower, Ashram Road, Ahmedabad - 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.11.1979
Com. Reg. No.:	04-008050
Capital Investment / Paid-up Capital :	Rs.81.161 millions
CIN No.: [Company Identification No.]	L27203GJ1979PLC008050
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JDHP02114A
PAN No.: [Permanent Account No.]	AAACP9274C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Manufacturer Exporter and Importer of Aluminium Foil Products
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 2600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having good track record. The rating reflects sound financial risk profile marked by healthy net worth and fair profitability of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular 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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = A-
Rating Explanation	Adequate degree of safety. It Carry low credit risk
Date	11.03.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A1
Rating Explanation	Very strong degree of safety. It carry lowest credit risk
Date	11.03.2014

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 PARTED BY

Name :	Mr. R. M. Jatin
Designation :	Finance Head
Contact No.:	91-2937-287151
Date :	28.11.2014

LOCATIONS

Registered / Sales Office:	6, Neptune Tower, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26587606, 26587205
Mobile No. :	91-931404787 (Mr. R. M. Jatin)
Fax No.:	91-79-26584187
E-Mail :	pgfoils@sancharnet.in pgfoils@ricmail.com pgfoils81@sify.com pgfoils@pgfoils.in
Website :	http://www.pgfoils.com
Area :	5000 Sq. ft
Location :	Owned
Locality :	Commercial
Head Office / Factory:	P.O., Pipalia Kalan, 306307, District. Pali, Rajasthan
Tel. No.:	91-2937-287151/56/55
Fax No.:	91-2937-287150
E-Mail :	pgfoils@sancharnet.in pgfoils@ricmail.com pgfoils81@sify.com pgfoils@pgofils.in pgfoils.investor@gmail.com
Sales Office :	Located at: Mumbai Chennai Ahmedabad Delhi Bangalore Hyderabad Jaipur Kolkata Indore

DIRECTORS

As on 23.09.2014

Name :

Mr. Pankaj P. Shah

Designation :

Managing Director

Address :

Prem Nagar, C/O P G Foils Limited, Pipalia Kalan, Palimarwar-309307, Rajasthan, India

Date of Birth/Age :

15.07.1956

Date of Appointment :

17.01.2014

DIN No.:

00160558

Voter ID No.:

RJ/21/160/213653

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	U27203RJ1971PTC001359	PIPALIA ENGINEERING WORKS PRIVATE LIMITED	Director	01-10-78	01-10-78	-	Active	NO
2	L27203GJ1979PLC008050	P G FOILS LIMITED	Managing director	17-01-14	07-11-79	-	Active	NO
3	U70101RJ1967PTC001221	PREM NAGAR INDUSTRIAL ESTATE COMPANY PRIVATE LIMITED	Director	11-03-82	11-03-82	-	Active	NO
4	U51214RJ1969PTC001272	PREM KRISHI PRIVATE LIMITED	Director	05-04-82	05-04-82	-	Active	NO
5	U26943RJ1970PTC001307	PARAS PRIVATE LIMITED	Director	06-09-85	06-09-85	-	Active	NO
6	U27203TN1989PTC017162	MADRAS ALUCON PRIVATE LIMITED	Director	04-04-89	04-04-89	-	Active	NO
7	U27203TN1989PTC017163	PREM ALUCON PRIVATE LIMITED	Director	04-04-89	04-04-89	-	Active	NO
8	U31300GJ1964PTC057316	PREM CABLES PVT LTD	Director	25-08-89	25-08-89	-	Active	NO
9	U27203GJ1992PLC018523	PREM FOILS LIMITED	Director	03-11-92	03-11-92	-	Active	NO
10	U51109AS1994PTC004077	JINENDRA COMMERCIALS COMPANY PRIVATE LIMITED	Director	04-02-94	04-02-94	-	Active	NO
11	U60220TN1985PTC012463	P.G.WARE HOUSING COMPANY PRIVATE LIMITED	Director	01-08-06	01-08-06	-	Active	NO
12	U70101WB2004PTC100350	BIKANER BUILDERS PRIVATE LIMITED	Director	28-09-07	09-07-07	-	Active	NO

Name :

Mr. Abhay P. Shah

Designation :

Whole time Director

Address :

Prem Nagar, C/O P G Foils Limited, Pipalia Kalan, Palimarwar-309307, Rajasthan, India

Date of Birth/Age :

17.02.1967

Date of Appointment :

30.04.2011

DIN No.:

00160590

Voter ID No.:

RJ/21/160/213752

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	U31300GJ1964PTC057316	PREM CABLES PRIVATE LIMITED	Director	25-01-85	25-01-85	-	Active	NO
2	U70101RJ1967PTC001221	PREM NAGAR INDUSTRIAL ESTATE COMPANY PRIVATE LIMITED	Director	18-08-85	18-08-85	-	Active	NO
3	U27203RJ1971PTC001359	PIPALIA ENGINEERING WORKS PRIVATE LIMITED	Director	24-10-85	24-10-85	-	Active	NO
4	U26943RJ1970PTC001307	PARAS PRIVATE LIMITED	Director	25-10-85	25-10-85	-	Active	NO
5	U51214RJ1969PTC001272	PREM KRISHI PRIVATE LIMITED	Director	25-10-85	25-10-85	-	Active	NO
6	U60220TN1985PTC012463	P.G.WARE HOUSING COMPANY PRIVATE LIMITED	Director	10-12-85	10-12-85	-	Active	NO
7	L27203GJ1979PLC008050	P G FOILS LIMITED	Whole-time director	30-04-11	28-08-92	-	Active	NO
8	U27203GJ1992PLC018523	PREM FOILS LIMITED	Director	03-11-92	03-11-92	-	Active	NO
9	U51109AS1994PTC004077	JINENDRA COMMERCIALS COMPANY PVT LTD	Director	04-02-94	04-02-94	-	Active	NO
10	U27203TN1989PTC017162	MADRAS ALUCON PRIVATE LIMITED	Director	01-08-06	01-08-06	-	Active	NO
11	U27203TN1989PTC017163	PREM ALUCON PRIVATE LIMITED	Director	01-08-06	01-08-06	-	Active	NO
12	U70101WB2004PTC100350	BIKANER BUILDERS PRIVATE LIMITED	Director	28-09-07	09-07-07	-	Active	NO
13	U31300GJ1989PTC013172	PIPALIA CABLES AND WIRES PRIVATE LIMITED	Director	15-09-10	15-09-10	-	Active	NO

Name :

Mr. Sahil P. Shah

Designation :

Director

Address :

P.O. Pipalia Kalan, Pali-306307, Rajasthan, India

Date of Birth/Age :

18.03.1985

Date of Appointment :

28.09.2007

DIN No.:

01603118

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	U26943RJ1970PTC001307	PARAS PRIVATE LIMITED	Director	18-03-06	18-03-06	-	Active	NO
2	U27203RJ1971PTC001359	PIPALIA ENGINEERING WORKS PRIVATE LIMITED	Director	18-03-06	18-03-06	-	Active	NO
3	U31300GJ1964PTC057316	PREM CABLES PRIVATE LIMITED	Director	18-03-06	18-03-06	-	Active	NO
4	U51214RJ1969PTC001272	PREM KRISHI PRIVATE LIMITED	Director	18-03-06	18-03-06	-	Active	NO
5	U70101RJ1967PTC001221	PREM NAGAR INDUSTRIAL ESTATE COMPANY PRIVATE LIMITED	Director	18-03-06	18-03-06	-	Active	NO
6	L27203GJ1979PLC008050	P G FOILS LIMITED	Director	28-09-07	11-08-07	-	Active	NO
7	U70101WB2004PTC100350	BIKANER BUILDERS PRIVATE LIMITED	Director	30-09-09	29-01-09	-	Active	NO
8	U74999RJ1987PTC004006	FOILS INDIA LAMINATES PRIVATE LIMITED	Director	21-09-11	27-07-11	-	Active	NO
9	U26943RJ1990PTC005555	TYAGI CEMENTS PRIVATE LIMITED	Director	28-09-12	17-08-11	-	Active	NO
10	U27203GJ1992PLC018523	PREM FOILS LIMITED	Director	30-09-11	06-09-11	-	Active	NO

Name :

Mr. Vimal Dhadda

Designation :

Director

Address :

1387, Ganesh Bhawan, PArtanikon Ka Rasta, Johri Bazar, Jaipur-302003, Rajasthan, India

Date of Birth/Age :

04.04.1954

Date of Appointment :

16.05.1995

DIN No.:

00937400

Voter ID No.:

RJ/21/160/219367

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	L27203GJ1979PLC008050	P G FOILS LIMITED	Director	16-05-95	16-05-95	-	Active	NO
2	U15203RJ1994PTC008001	MARUDHAR MILKVITA PRODUCTS PRIVATE LIMITED	Director	15-11-04	15-11-04	13-08-11	Active	NO
3	U45201RJ2005PTC020542	PRECIOUS LAND DEVELOPERS PRIVATE LIMITED	Director	17-04-05	17-04-05	15-11-10	Active	NO
4	U45201RJ2005PTC020900	SUPRIYA BUILDCON PRIVATE LIMITED	Director	13-06-05	13-06-05	01-02-10	Active	NO
5	U36911RJ2006PTC021973	DIVINE ORNAMENTS PRIVATE LIMITED	Director	27-01-06	27-01-06	-	Active	NO
6	U55101RJ2008PTC027974	DIVINE BOUTIQUE HOTELS PRIVATE LIMITED	Director	19-12-08	19-12-08	23-11-13	Active	NO

Name :

Mr. Udhan Kumar Chordia

Designation :

Director

Address :

No. 5, 1^st Avenue, Harrington Road, Chetpet, Chennai-600031, Tamilnadu, India

Date of Birth/Age :

24.05.1971

Date of Appointment :

29.09.2009

DIN No.:

02033393

Voter ID No.:

BDZ5273248

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	U24239TG2004PTC042894	ZENARA PHARMA PRIVATE LIMITED	Director	18-03-04	18-03-04	06-12-07	Active	NO
2	L27203GJ1979PLC008050	P G FOILS LIMITED	Director	29-09-09	21-03-09	-	Active	NO

Name :

Mr. Hemant Kumar Nema

Designation :

Director

Address :

H.No.45, Kesharbag Road, Indore-452009, Madhya Pradesh, India

Date of Birth/Age :

11.11.1954

Date of Appointment :

08.09.2001

DIN No.:

01750160

Voter ID No.:

LMR 1612076

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	L27203GJ1979PLC008050	P G FOILS LIMITED	Director	08-09-01	08-09-01	-	Active	NO
2	U45200MP2013PTC030391	N.J. DEVBUILD PRIVATE LIMITED	Director	26-03-13	26-03-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. R. M. Jatin
Designation :	Finance Head

SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	856739	10.56
Bodies Corporate	3525780	43.47
Sub Total	4382519	54.04
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4382519	54.04
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1305302	16.09
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	1357630	16.74
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	498839	6.15
Any Others (Specify)	565710	6.98
Non Resident Indians	546031	6.73
Any Other	19679	0.24
Sub Total	3727481	45.96
Total Public shareholding (B)	3727481	45.96
Total (A)+(B)	8110000	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)	8110000	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer Exporter and Importer of Aluminium Foil Products
Products :	Item Code No 73.07 39.20 48.71	Product Description Aluminium Foil and its laminates Laminated Flexible Packaging with Plastic Laminated Flexible Packaging with Papers
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Aluminium Foil Products
Countries :	Nepal Thailand Russia Iran Europe USA UK Sudan Mexico Bangladesh Kenya
Imports :
Products :	Raw Material
Countries :	China Germany Oman UAE Saudi Arabia Kuwait
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

End Users and OEM’s

· Ajanta Pharma Limited, Mumbai, Maharashtra, India

· Delton Cables Limited

No. of Employees :

650 (Approximately)

Bankers :

State bank of Bikaner and Jaipur, Jaipur, Rajasthan, India

Banker Name	IDBI Bank
Branch Address	IDBI Towerwtc Complex, Cuff Pared, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit = Rs. 700.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG-TERM BORROWINGS
Term Loans	107.500	22.500
SHORT-TERM BORROWINGS
Overdraft and Buyers Credit	13.619	194.575
Loan Repayable on Demand	143.100	243.100
Loan From others	0.000	50.000
Total	264.219	510.175

Banking Relations :	---
Auditors :
Name :	Ashok Kumar Sharma and Associates Chartered Accountants
Cost Auditor :
Name :	Rajesh Goyal and Company Chartered Accountants
Address :	Jaipur, Rajasthan, India
Memberships :	-----
Collaborators :	-----
Sister Concern :	· Prem Cables Private Limited · Miracle Carriers and Trading Company · Prem Nagar Industrial Estates Private Limited · MEC International Private Limited · Foils India Laminates Private Limited · Pipalia Cables and Wires Private Limited · Miracle Foils Private Limited · Tirumala Irons Private Limited · Pipalia Engineering Works Private Limited

CAPITAL STRUCTURE

As on 23.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

Issued:

No. of Shares	Type	Value	Amount
8121600	Equity Shares	Rs.10/- each	Rs.81.216 millions

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
8110000	Equity Shares	Rs.10/- each	Rs. 81.100 millions
	Add: Shares Forfeited (Amount originally paid up)	Rs.10/- each	Rs. 61.025 millions
	Total		Rs. 81.161 millions

(i) The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share.

(ii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

Note 1 (a) Share capital

Particulars	Opening Balance	Fresh issue	Bonus	ESOP	Conversion	Buy back	Other changes (give details)	Closing Balance
Equity shares with voting rights Year ended 31 March, 2014 -Number of shares - Amount (10/-Rs.) Year ended 31 March, 2013 Number of shares - Amount (10/- Rs.)	8,110,000 8,110,000 8,110,000 8,110,000	-- -- -- --	-- -- -- --	-- -- -- --	-- -- -- --	-- -- -- --	-- -- -- --	8,110,000 8,110,000 8,110,000 8,110,000

Note 1(b) Share capital

Details of shares held by each shareholder holding more than 5% shares:

Class of shares / Name of shareholder	As at 31 March, 2014		As at 31 March, 2013
	Number of shares held	% holding in that class of shares	Number of shares held	% holding in that class of shares
Equity shares with voting rights
1 Prem Krishi Private Limited	1,049,800	12.94%	1,049,800	12.94%
2 Tirumula Irons Private Limited	843,030	10.39%	782,610	8.57%
3 Prem Cables Private Limited	466,598	5.75%	423,208	4.90%
Total	2,359,428.00	29.08%	2,255,618.00	26.41%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	81.161	85.861	85.861
(b) Reserves & Surplus	845.229	786.054	747.278
(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)	926.390	871.915	833.139
(3) Non-Current Liabilities
(a) long-term borrowings	107.500	22.500	30.000
(b) Deferred tax liabilities (Net)	0.000	7.903	5.429
(c) Other long term liabilities	24.356	25.430	19.718
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	131.856	55.833	55.147
(4) Current Liabilities
(a) Short term borrowings	454.719	487.675	528.151
(b) Trade payables	63.267	149.581	94.137
(c) Other current liabilities	166.730	37.005	78.315
(d) Short-term provisions	16.872	11.273	3.418
Total Current Liabilities (4)	701.588	685.534	704.021
TOTAL	1759.834	1613.282	1592.307
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	187.213	189.398	221.896
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	107.361	5.853	5.054
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	110.000	110.000
(c) Deferred tax assets (net)	1.262	0.000	0.000
(d) Long-term Loan and Advances	16.662	109.772	63.250
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	312.498	415.023	400.200
(2) Current assets
(a) Current investments	110.225	61.725	85.725
(b) Inventories	169.435	263.090	350.127
(c) Trade receivables	395.289	383.280	471.116
(d) Cash and cash equivalents	716.625	424.004	202.646
(e) Short-term loans and advances	42.650	52.408	79.973
(f) Other current assets	13.112	13.752	2.520
Total Current Assets	1447.336	1198.259	1192.107
TOTAL	1759.834	1613.282	1592.307

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1888.273	1897.094	1923.359
		Other Income	86.232	68.110	95.120
		TOTAL (A)	1974.505	1965.204	2018.479
Less	EXPENSES
		Cost of Materials Consumed	1257.834	1192.825	1217.484
		Purchases of Stock-in-Trade	364.894	501.484	503.687
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	53.308	(2.757)	(51.327)
		Employees benefits expense	53.763	58.555	75.357
		Other expenses	152.632	134.450	108.882
		Extraordinary Items	(83.267)	(59.040)	(26.300)
		TOTAL (B)	1799.164	1825.517	1827.783
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		175.341	139.687	190.696
Less	FINANCIAL EXPENSES (D)		75.099	48.513	71.483
					0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		100.242	91.174	119.213
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.071	31.340	35.952
	PROFIT BEFORE TAX (E-F) (G)		71.171	59.834	83.261
Less	TAX (H)		16.510	20.846	22.890
	PROFIT AFTER TAX (G-H) (I)		54.661	38.988	60.371
	Earnings Per Share (Rs.)		6.74	4.81	7.44

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	1^stQuarter	2^nd Quarter
	As on 30 June 2014	As on 30 September 2014
Type	Unaudited	Unaudited
Net Sales	61.59	67.93
Total Expenditure	58.56	66.6
PBIDT (Excl OI)	3.02	1.33
Other Income	2.15	2.08
Operating Profit	5.18	3.41
Interest	0.96	0.71
Exceptional Items	0	0
PBDT	4.21	2.7
Depreciation	0.78	0.73
Profit Before Tax	3.43	1.97
Tax	1	0.75
Provisions and contingencies	0	0
Profit After Tax	2.43	1.22
Extraordinary Items	0	0
Prior Period Expenses	0	0
Other Adjustments	0	0
Net Profit	2.43	1.22

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.89	2.06	3.14
Operating Profit Margin (PBIDT/Sales)	(%)	9.29	7.36	9.91
Return on Total Assets (PBT/Total Assets}	(%)	4.31	4.00	5.64
Return on Investment (ROI) (PBT/Networth)		0.08	0.07	0.10
Debt Equity Ratio (Total Debt /Networth)		0.61	0.59	0.67
Current Ratio (Current Asset/Current Liability)		2.06	1.75	1.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	85.861	85.861	81.161
Reserves & Surplus	747.278	786.054	845.229
Net worth	833.139	871.915	926.390
long-term borrowings	30.000	22.500	107.500
Short term borrowings	528.151	487.675	454.719
Total borrowings	558.151	510.175	562.219
Debt/Equity ratio	0.670	0.585	0.607

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1923.359	1897.094	1888.273
		(1.366)	(0.465)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1923.359	1897.094	1888.273
Profit	60.371	38.988	54.661
	3.14%	2.06%	2.89%

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	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	(Yes / No)
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT-TERM BORROWINGS
Loan From others	298.000	0.000
Total	298.000	0.000

LATIGATION DETAILS

HIGH COURT OF GUJARAT TAX APPEAL No. 1204 of 2007
Status : PENDING	( Converted from : ST/3140/2007 )	CCIN No : 001092200701204

Next Listing Date: 22/12/2014

Coram

· HONOURABLE MR.JUSTICE K.J.THAKER · HONOURABLE MR.JUSTICE KS JHAVERI

S.NO.

Name of the Petitioner

Advocate On Record

1

THE COMMISSIONER OF INCOME TAX-III

MR NITIN K MEHTA for: Appellant(s)  1

S.NO.

Name of the Respondant

Advocate On Record

1

P G FOILS LTD

MR SUDHIR M MEHTA for :Opponent(s)  1

Presented On

: 04/10/2007

Registered On

: 04/10/2007

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 239 times

StageName

: FOR FINAL HEARING

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

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2007	VAKALATNAMA	MR SUDHIR M MEHTA ADVOCATE for RESPONDENT(s)  1	-	MR SUDHIR M MEHTA:1
2	15/08/2007	VAKALATNAMA	MS PAURAMIB SHETH ADVOCATE for PETITIONER(s)  1	-	MS PAURAMI B SHETH:1
3	16/06/2008	VAKALATNAMA	MR SUDHIR M MEHTA ADVOCATE for RESPONDENT(s)  1	5	MR SUDHIR M MEHTA:1
4	17/05/2012	APPEARANCE NOTE	MS PAURAMIB SHETH ADVOCATE for PETITIONER(s)  1	-	MS PAURAMI B SHETH:1
5	15/03/2014	APPEARANCE NOTE	MR NITIN K MEHTA ADVOCATE for PETITIONER(s)  1	0	MR NITIN K MEHTA(3286) for P:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	15/02/2008	5	-	FOR FINAL HEARING - TAX MATTERS	NEXT DATE	· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA  · HONOURABLE MR.JUSTICE J.C.UPADHYAYA
2	24/11/2014	51	418	WARNED LIST - TAX APPEAL	NEXT DATE	· HONOURABLE MR.JUSTICE KS JHAVERI  · HONOURABLE MR.JUSTICE K.J.THAKER
3	22/12/2014	5	418	FOR FINAL HEARING		· HONOURABLE MR.JUSTICE KS JHAVERI  · HONOURABLE MR.JUSTICE K.J.THAKER
Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/1204/2007

· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA  · HONOURABLE MR.JUSTICE J.C.UPADHYAYA

28/02/2008

N

ORDER

-

Y

Certified Copy

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MR MANISH R BHATT

ORDINARY

29/02/2008

O/6977/2008

28/02/2008

07/03/2008

10/03/2008

Delivered

ORDER

OPERATIONS

During the year the company achieved a Gross turnover of Rs. 2050.889 Millions as against Rs. 2058.320 Millions in the previous year

Profit before tax and extra ordinary income has decreased to Loss of Rs. 12.096 Millions from profit of Rs. 0.794 Millions of previous year mainly pressure on margin due to price war on excess supply market on account of capacity addition by existing and new units in industry and cheaper import.

Exports have increased to Rs.169.815 Millions from Rs. 75.156 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS

The management of P G Foils Limited presents the analysis of performance of the company for the year 2013-14 and its outlook for the future. The outlook is based on assessment of the current business environment. It may very due to future economic and other developments.

INDUSTRY SCENARIO

As aware the Indian economy has been passing through a period of sustained decline in the recent past and this continued during the year under review as well.

GDP growth rate for the year is estimated to have come down below 5%. Manufacturing sector has been affected even more and has registered only a negligible growth. Progress on infrastructure development has also been for below expectations. As a results demand for most product segments specifically Pharma and Drugs has been virtually stagnant. On the other hand cost of most inputs has continued to rise putting pressure on margins.

However, we still believe in the inherent strength of the Indian economy and are convinced that we shall soon return to a period of good growth and achieve our potential.

We have utilized this period of slow down for improve our efficiencies and cost competitiveness which has enable us to achieve a good growth and improved bottom line in future.

FUTURE OUTLOOK

Due to improvement in industrial environment after new government in country we hopeful for good growth in domestic and export of drugs and pharma resulting capacity increase in pharmaceutical industries and foil consumption.

Further company expect improvement in realization of foil due to close of few foil manufacturing units and costly import due to dollor rate increase.

OPERATIONAL PERFORMANCE

Company achieved a Gross turnover of Rs. 2050.900 Millions as against Rs. 2058.300 Millions in the previous year and production for the year 5012.558 MT as against last year 4875.093 MT.

FINANCIAL PERFORMANCE

Gross turnover for the year is Rs.2050.900 Millions against Rs. 2058.300 Millions in last year. Profit for the year is Rs. 71.200 Millions compared to profit of Rs. 59.800 Millions in last year higher mainly due to insurance maturity income and loss mainly due to sales rate matching with new entrants in domestic market. Company contributed a total Rs. 162.600 Millions to the National Exchequer as Excise Duty.

RESOURCES & LIQUIDITY

Company continues to maintain its conservative financial profile. Company Banked with IDBI Bank Limited for their working capital needs. Company has sufficient working capital limits of Rs. 75 Millions from IDBI Bank Ltd at concessional and extremely competitive interest rate. Cash Flow for less than 2 years is adequate to extinguish

its entire debts timely. Company made most of local purchases on cash basis at discounted rates but overseas purchases are on credit basis under buyer's credit facility.

OPPORTUNITIES AND OUTLOOK

Due to closer of some units of foil manufacturing in the country and slow down of import activities due to higher dollor rate, company has opportunity to increase the selling rates and production to improve profit margin.

Company expect improvement in demand of indigenous foil due to capacity increase by pharmaceuticals companies in last one year and years to come.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10423485	12/04/2013	300,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B74325242
2	10249620	10/11/2010 *	60,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B00622092
3	80001481	12/04/2013 *	750,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B74331596

* Date of charge modification

FIXED ASSETS:

• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Office and Computer
• Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.13
UK Pound	1	Rs. 97.05
Euro	1	Rs. 77.36

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.