MIRA INFORM REPORT

Report Date :

05.06.2014

IDENTIFICATION DETAILS

Name :	TIME TECHNOPLAST LIMITED (w.e.f. 01.05.2006)
Formerly Known As :	TIME PACKAGING LIMITED
Registered Office :	Office No. 213, Sabari Apartments, Building No. 1, Survey No. 387, Dungri Falia, Kachigam Daman UT, Daman and Diu-396210, Union Territory
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.12.1989
Com. Reg. No.:	56-003240
Capital Investment / Paid-up Capital :	Rs. 210.118 Millions
CIN No.: [Company Identification No.]	L27203DD1989PLC003240
TAN No.: [Tax Deduction & Collection Account No.]	MUMT08803E
PAN No.: [Permanent Account No.]	AAACT2783J
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture of Polymer Based Products
No. of Employees :	Information Decline by the management

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 28000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. There seems an increase in the sales volume as well as net profitability of the company. Net worth of the company seems to be satisfactory. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered good for normal 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.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A1 + [Letter of Credit]
Rating Explanation	Very strong degree of safety it carry lowest credit risk.
Date	27.09.2013

Rating Agency Name	CRISIL
Rating	AA – [Cash Credit]
Rating Explanation	High degree of safety it carry very low credit risk.
Date	27.09.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIDED BY

Name :	Mr. Manish Pawani
Designation :	Assistant Manager
Contact No.:	91-22-28039999
Date :	03.06.2014

LOCATIONS

Registered Office :	Office No. 213, Sabari Apartments, Building No. 1, Survey No. 387, Dungri Falia, Kachigam Daman UT, Daman and Diu-396210, Union Territory
Tel. No.:	91-22-71119213
Fax No.:	Not Available
E-Mail :	investors@timetechnoplast.com ttl@timemauser.com tpl@timemauser.com ttl@timetechnoplast.com manishpawani@timetechnoplast.com
Website :	www.timetechnoplast.com
Area :	10000 sq. ft.
Location :	Owned
Head Office :	2nd Floor, 55, Corporate Avenue, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel No.:	91-22-28039999 / 28039700 / 42119999 / 71119000 / 42119999
Fax No.:	91-22-28575672
Email.	ttl@timetechnoplast.com
Regional Office :	Also Located At: · Bangalore · Vadodara · Chandigarh · Chennai · Hyderabad · Indore · Kolkatta · Sahibabad R.O. (Delhi) · Trivandrum

DIRECTORS

AS ON: 30.09.2013

Name :	Mr. Kuthoore Natarajan Venkatasubramanian
Designation :	Chairman (Non Executives and Independent)
Address :	D4/D5, Ashok Swetha, 173, Avvai Shanmugam Salai, Royapettah, Chennai-600014, Tamilnadu, India
Date of Birth/Age :	14.04.1938
Date of Appointment :	14.12.2000
DIN No.:	00007392
Name :	Mr. Anil Paraslal Jain
Designation :	Managing Director
Address :	311/312, Lokhandwala Complex, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	03.01.1955
Date of Appointment :	17.10.1991
DIN No.:	00183364
Name :	Mr. Bharat Kumar Ratanlal Vageria
Designation :	Whole Time Director – Finance
Address :	101-102, Nandalaya Khandalwal Complex, Evershine Nagar, Malad (West), Mumbai-400064, Maharashtra, India
Date of Birth/Age :	10.12.1959
Date of Appointment :	21.03.1990
DIN No.:	00183629
Name :	Mr. Naveen Mahendrakumar Jain
Designation :	Whole Time Director- Technical
Address :	RNA Royal Park, 1107C, M G Road, Hindustan Naka, Kandivili (West), Mumbai-400067, Maharashtra, India
Date of Birth/Age :	19.01.1966
Date of Appointment :	20.12.1989
DIN No.:	00183948
Name :	Mr. Raghupathy Payyalore Thyagarajan
Designation :	Whole Time Director- Marketing
Address :	A9/36, Sunder Nagar, Kalina, Santacruz (East), Mumbai-400098, Maharashtra, India
Date of Birth/Age :	07.11.1964
Date of Appointment :	21.03.1990
DIN No.:	00183305
Name :	Mr. Hans-Dieter Von Meiobom
Designation :	Director (Non-Executive and Independent)
Address :	Buchweg 12, 63303, Dreieich, Buchschlag
Date of Birth/Age :	27.10.1941
Date of Appointment :	31.07.2008
DIN No.:	02313038
Name :	Mr. Sanjay Shrikrishna Kulkarni
Designation :	Director (Non-Executive and Independent)
Address :	A/12, Technocrat Co-Operative Housing Society, Near Twin Tower, Prabhadevi, Mumbai-400025, Maharashtra, India
Date of Birth/Age :	30.05.1949
Date of Appointment :	25.03.2003
DIN No.:	00102575
Name :	Mr. Mahinder Dayanand Wadhwa
Designation :	Director (Non-Executive and Independent)
Address :	204-A, Landsend Lokhandwala Complex, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	13.10.1952
Date of Appointment :	01.06.1995
DIN No.:	00064148
Name :	Mr. Kartik Chandra Parija
Designation :	Director (Non-Executive)
Address :	3D, SPL Enderly, 26, Cubbon Road, Bangalore-560001, Karnataka, India
Date of Birth/Age :	27.10.1941
Date of Appointment :	31.07.2008
DIN No.:	00177115

KEY EXECUTIVES

Name :	Mr. Niklank Kumar Jain
Designation :	Secretary
Address :	Flat No. 22, B-4, Highway View Cooperative Housing Society Limited, Near Shantaram Talao, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	03.04.1975
Date of Appointment :	14.12.2013
PAN No.:	ADAPJ0336P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2014

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	17346258	8.26
Bodies Corporate	112672371	53.62
Any Others (Specify)	92968	0.04
Persons Acting in Concert	92968	0.04
Sub Total	130111597	61.92
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	130111597	61.92
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	18165996	8.65
Foreign Institutional Investors	22714694	10.81
Sub Total	40880690	19.46
(2) Non-Institutions
Bodies Corporate	9537234	4.54
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	5526927	2.63
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2629824	1.25
Any Others (Specify)	21431478	10.20
Clearing Members	103676	0.05
Non Resident Indians	1013040	0.48
Foreign Corporate Bodies	16476036	7.84
Trusts	3496567	1.66
Office Bearer	342159	0.16
Sub Total	39125463	18.62
Total Public shareholding (B)	80006153	38.08
Total (A)+(B)	210117750	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)	210117750	0.00

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Time Securities Services Private Limited	4,21,77,098	20.07
2	Vishwalaxmi Trading & Finance Private Limited	3,97,72,667	18.93
3	Time Exports Private Limited	2,85,47,606	13.59
4	Anil Jain	40,20,000	1.91
5	Bharat Vageria	40,98,758	1.95
6	Raghupathy Thyagarajan	40,20,000	1.91
7	Naveen Mahendra Kumar Jain	40,20,000	1.91
8	Time Capital Limited	16,75,000	0.80
9	Arun Jain Huf	5,75,000	0.27
10	Arun Jain	5,00,000	0.24
11	Kalinga Technologies Private Limited	3,25,000	0.15
12	Time Securities & Guarantees Limited	1,75,000	0.08
13	Sushila Jain	1,12,500	0.05
14	Aruna Vageria	92,968	0.04
	Total	13,01,11,597	61.92

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	HDFC Trustee Company Limited HDFC Prudence Fund	18165996	8.65
2	American Funds Insurance Series Global Small Capitalization Fund	11888000	5.66
3	Core International FZC	10719900	5.10
4	Government Pension (Fund Global)	4512740	2.15
5	IL & FS Trust Company Limited (Trustee of Business Excellence Trust India Business Excellence Fund)	3496547	1.66
6	Zephyr Peacock India I	2528554	1.20
7	India Business Excellence Fund I	3227582	1.54
8	Max New York Life Insurance Company Limited A/c ULIF001425/03/08LIFEDYNOPP104-Dynamic Opportunities Fund	2821525	1.34
9	Kotak Mahindra (UK) Limited A/c Kotak India Focus Fund II	2500000	1.19
10	Ashmoreemm Umbrella Funds Emerging Market South Asian Stars Fund	2615993	1.25
11	Bajaj Allianz Life Insurance Company Limited	2454547	1.17
	Total	64931384	30.90

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	HDFC Trusteee Company Limited HDFC Prudence Fund	18165996	8.65
2	American Funds Insurance Series Global Small Capitalization Fund	11888000	5.66
3	Core International FZC	10719900	5.10
	Total	40773896	19.41

BUSINESS DETAILS

Line of Business :

Manufacture of Polymer Based Products

Products :

ITC CODE	PRODUCT DESCRIPTION
39233090	Drums, Barrrels Pails, etc.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Production
Plastic Products	MT	126850	83463

Notes

· Licensed capacity is not applicable in view of the company’s products having been de-licensed as per new licensing policy announced by the government of India.

· Install Capacity is as certified by the management and accepted by Auditors as this is a technical matter.

GENERAL INFORMATION

No. of Employees :

Information Decline by the management

Bankers :

• Standard Chartered Bank, Narain Manzil, 23, Barakhamba Road, New Delhi - 110001, India
• Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India
• Ing Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No. G1 To G5, 1st Floor, Shop No.1001 To 1007, Barakhamba Road, New Delhi - 110001, India
• Indusind Bank Limited, Dr. Gopal Das Bhawan, 28, Barakhamba Road,, New Delhi - 110001, India
• Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loan
From Banks The Term Loans from Financial Institutions / Banks are secured by first charge ranking pari passu on related immovable assets and hypothecation of related movables (Save and Except Current Assets) of the company	1480.288	1715.104
Short Term Borrowings
Working Capital Facilities * From banks * Working capital facilities from Banks are secured by hypothecation of stocks and book debts (both present and future) of the Company.	1942.030	1568.701
TOTAL	3422.318	3283.805

Banking Relations :	--
Auditors :
Name :	Raman S. Shah and Associates Chartered Accountants
Address :	A-Wing, 2nd Floor, Sam Plaza, H K Irani Road, District Thane, Dahanu Road, (West) Dahanu – 401602, India
PAN No.:	AAAAR1481M
Subsidiaries :	TPL Plastech Limited CIN NO.:- L25209DD1992PLC004656 Elan Incorporated FZE Nova Tech SP Z.O.O. Kampozit Praha S.R.O. GNXT Investment Holdings Pte. Limited Ikon Investment Holdings Limited
Fellow Subsidiary :	Gulf Powerbeat W.L.L Technika Corporation F.Z.E Tianjin Elan Plastech Company Limited YPA (Thailand) Limited Pack Delta Public Company Limited Powerbuild Batteries Private Limited Yung Hsin Contain Industry Company Limited GrassTech SRL PT Novo Complast Tech Complast
Joint Venture :	Time Mauser Industries Private Limited CIN NO.:- U01122DD2003PTC003276 Schoeller Arca Time Holdings Pte. Limited CIN NO.:- U25200DD2009PLC004671
Other Related Parties :	Avion Exim Private Limited CIN NO.:- U51900MH1999PTC119909 Time Exports Private Limited CIN NO.:- U51900MH1991PTC063915 Ace Mouldings Private Limited CIN NO.:- U28992MH1999PLC119981 Apex Plastics Time Securities Services Private Limited Vishwalaxmi Trading and Finance Private Limited

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Re.1/- each	Rs. 250.000 Millions
2500000	Redeemable Preferences Shares	Rs.10/- each	Rs. 25.000 Millions
	TOTAL		Rs. 275.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
210117750	Equity Shares	Re.1/- each	Rs. 210.118 Millions

NOTES

Of the Above Includes

(I) 19,905,000 Shares were allotted as fully paid-up pursuant to the Scheme of Amalgamation of erstwhile Shalimar Packaging Private Limited and Oxford Mouldings Private Limited with the company without payment received in cash.

(II) 78,525,000 Shares were allloted as fully paid-up by way of Bonus shares by capitalisation of Share Premium Account and General Reserves.

(III) 8,52,750 Shares were allloted as fully paid-up under ESOP scheme.

(IV) The Equity Shares of Rs. 10/- each of the Company have been sub divided into Equity Shares of Rs. 1 each with effect from 6^th November 2008.

b) Rights of Equity Shareholders

The Company has only one class of Equity Shares having par value of Rs. 1 each, holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the Company

c) Reconciliation of numbers of equity shares

Particulars	As at 31st March 2013
	Number	RS. In Millions
Shares outstanding at the beginning of the year	209,265,000	209.265
Shares issued during the year	852,750	0.853
Shares outstanding at the end of the year	210,117,750	210.118

d) Details of members holding equity shares more than 5%

Name of Shareholder	As at 31st March 2013
	No. of Shares Held	% of Holding
(a) Time Securities Services Private Limited	42,177,098	20.07%
(b) Vishwalaxmi Trading and Finance Private Limited	39,772,667	18.93%
(c) Time Exports Private Limited	28,547,606	13.59%
(d) HDFC Trustee Company Limited – HDFC Equity Fund AAATH1809A	18,165,996	8.65%
(e) American Funds Insurance Series Global Small Capitalization Fund	11,888,000	5.66%
(f) Core International FZC	10,719,900	5.10%

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	210.118	210.118	209.265
(b) Reserves & Surplus	6802.687	6132.205	5473.951
(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)	7012.805	6342.323	5683.216
(3) Non-Current Liabilities
(a) long-term borrowings	1480.288	1715.104	1667.205
(b) Deferred tax liabilities (Net)	276.645	233.103	191.691
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1756.933	1948.207	1858.896
(4) Current Liabilities
(a) Short term borrowings	2461.249	1893.993	1589.868
(b) Trade payables	1311.437	1112.312	871.462
(c) Other current liabilities	885.391	662.692	509.368
(d) Short-term provisions	432.912	393.232	367.230
Total Current Liabilities (4)	5090.989	4062.229	3337.928
TOTAL	13860.727	12352.759	10880.040
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4822.211	4381.538	3635.701
(ii) Intangible Assets	12.433	17.618	11.022
(iii) Capital work-in-progress	1058.562	953.466	966.972
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1445.750	1605.476	1499.106
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	79.347	68.416	52.942
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7418.303	7026.514	6165.743
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2109.601	1731.491	1520.421
(c) Trade receivables	2248.998	1983.148	1847.397
(d) Cash and cash equivalents	256.995	216.628	235.915
(e) Short-term loans and advances	1818.546	1389.012	1102.697
(f) Other current assets	8.284	5.966	7.867
Total Current Assets	6442.424	5326.245	4714.297
TOTAL	13860.727	12352.759	10880.040

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	10665.580	9207.391	8218.931
		Other Income	43.040	58.422	63.646
		TOTAL (A)	10708.620	9265.813	8282.577
Less	EXPENSES
		Cost of materials consumed	7224.118	6235.272	5415.906
		Manufacturing and Operating Costs	533.567	447.899
		Employee Benefit Expense	391.493	327.767	253.971
		Other Expenses	729.331	610.483	940.316
		Changes in inventories of finished goods, Work-in-progress and Stock-in-Trade	(152.897)	(134.234)	(89.135)
		TOTAL (B)	8725.612	7487.187	6521.058
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1983.008	1778.626	1761.519
Less	FINANCIAL EXPENSES (D)		563.915	444.555	318.115
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1419.093	1334.071	1443.404
Less/ Add	DEPRECIATION/ AMORTISATION (F)		402.443	356.035	301.857
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1016.650	978.036	1141.547
Less	TAX (H)		261.193	241.992	240.181
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		755.457	736.044	901.366
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4022.034	3521.850	2843.980
Add/ Less	TAXATION OF EARLIER YEARS		25.650	9.030	20.950
	APPROPRIATIONS
		Transfer to General Reserve	135.000	135.000	135.000
		Proposed Dividend	94.550	94.550	94.170
		Tax on Dividend	16.070	15.340	15.270
	BALANCE CARRIED TO THE B/S		4557.521	4022.034	3521.856
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	739.243	819.275	605.702
	TOTAL EARNINGS		739.243	819.275	605.702
	IMPORTS
		Raw Materials	3565.401	2784.645	2232.171
		Stores & Spares	1.605	1.145	0.932
		Capital Goods	127.075	478.613	369.099
	TOTAL IMPORTS		3694.081	3264.403	2602.202
	Earnings / (Loss) Per Share (Rs.)
	Basic		3.60	3.51	4.31
	Diluted		3.52	3.43	4.23

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013	31.12.2013	31.03.2014
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	2630.700	2976.700	3166.000	3406.900
Total Expenditure	2227.100	2524.600	2673.600	2922.900
PBIDT (Excl OI)	403.600	452.100	492.400	483.900
Other Income	0.000	20.400	0.000	214.500
Operating Profit	403.600	472.500	492.400	698.400
Interest	145.100	154.300	154.100	160.500
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	258.500	318.200	338.300	538.000
Depreciation	104.800	107.100	110.200	117.800
Profit Before Tax	153.700	211.100	228.100	420.200
Tax	41.500	51.500	57.400	59.300
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	112.200	159.600	170.700	360.900
Extraordinary Items	0.000	0.000	0.000	0.000
Net Profit	112.200	159.600	170.700	360.900

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.06	7.94	10.88
Net Profit Margin (PBT/Sales)	(%)	9.53	10.62	13.89
Return on Total Assets (PBT/Total Assets}	(%)	8.95	9.99	13.57
Return on Investment (ROI) (PBT/Networth)		0.15	0.15	0.21
Debt Equity Ratio (Total Debt/Networth)		0.56	0.57	0.57
Current Ratio (Current Asset/Current Liability)		1.27	1.31	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	209.265	210.118	210.118
Reserves & Surplus	5473.951	6132.205	6802.687
Net worth	5683.216	6342.323	7012.805
long-term borrowings	1667.205	1715.104	1480.288
Short term borrowings	1589.868	1893.993	2461.249
Total borrowings	3257.073	3609.097	3941.537
Debt/Equity ratio	0.573	0.569	0.562

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8218.931	9207.391	10665.580
		12.027	15.837

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8218.931	9207.391	10665.580
Profit	901.366	736.044	755.457
	10.97%	7.99%	7.08%

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT:

Particulars	31.03.2013 [Rs. in millions]	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]
Current Maturities of Long Term Debt	739.522	555.791	NA

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	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	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Term loans from banks	500.000	300.000
Deferral Sales tax Liability	19.219	25.292
TOTAL	519.219	325.292

FINANCIAL RESULTS:

Gross sales and other income for the standalone entity increased to Rs. 11807.760 Millions, as against Rs. 9942.870 Millions in the previous year, registered a growth of 18.76%. The Net Profit at Rs. 755.460 Millions as against Rs. 736.040 Millions represents an decrease of 2.64%, as compared to the previous year.

MANAGEMENT DISCUSSION and ANALYSIS:

GLOBAL SCENARIO:

Rebalancing global economy was tough during fiscal year 2012-13 with global growth is expected to come in at relatively weak about 2.4% in 2013 and progressively strengthening to 3.1% in 2014 and 3.3 % in 2015. GDP growth in developing countries has been slowest in past 10 years and forecasted to grow by 5.5% in 2013, 5.7% in 2014 and 5.8% in 2015. Developed countries will face challenges such as fiscal consolidation, high unemployment, weak business and consumer spending and will result into average growth of 1.3% in 2013 and expected to rise to 2.00% in 2014 and 2.3% in 2015. OECD group of 34 countries stated that the combined gross domestic products of its member declined at an annual rate of 0.6% in last quarter of 2012. This suggested that global economy has weakened since 2010-11.

Growth in East Asia and pacific region has declined from 8.3% last year by 10%, the reason being on account of weak external demands and policy action by China. GDP growth excluding China will be around 5.6% a jump of 24% from previous year. This is because strong domestic demand of ASEAN economies and was effectively supported through counter cyclic measures. The GDP growth in this region excluding china will grow by 5.8%. Intra-Asian trade, which is now about a third of intra-European trade, will surpass European trade before 2030. China which represents less than 5% of world trade will have 15% by 2030. India share is expected to rise to above 5% in that period.

India’s GDP growth rate in 2012-13 grew around 5% from expected 6.2% this suggests significant fall in GDP growth in the last 10 years. However, the slowdown is attributed to weakening in all sectors and key factors responsible are high policy rate to bring inflation under control, investment bottleneck that slowed down corporate investment and brought export level down. India posted a record current account deficit of 6.7% of $32.6 billion a year which is a result of held up exports and surge of imports due to high oil and gold prices. Current account deficit has also weakened country’s currency and leaves country susceptible to external market conditions.

COMPANY OVERVIEW:

Time Technoplast Limited (TimeTech) is an innovation-led market leader in rigid polymer products. The Company has an excellent product repertoire catering to fastest growing segments of the economy; Industrial Packaging, Technical Products (Automotive components and Lifestyle Applications), Infrastructure, Material Handling Systems and Composite Cylinders. TimeTech possesses a consolidated technological platform encompassing polymer processing technologies i.e. blow molding, extrusion and injection molding. The Company manufactures a wide array of products with 25 well recognized brands using these well recognized polymer based technologies. It has a remarkable cost efficient model as the locations of manufacturing facilities are closer to demand. The Company has an in-house R and D team and employs the most advanced polymer processing technologies. The Company's multi-location manufacturing set up comprises of 14 locations across India and 14 Global locations. TimeTech has more than 500 institutional customers and a well-knit dealer network across more than 350 cities and towns in India alone. The Company has a widespread marketing and distribution network in India and overseas.

TIME TECHNOPLAST LIMITED: NEXT ERA OF GROWTH AND INNOVATION:

The company’s portfolio consists of technically driven innovative products catering to growing industry segments like, Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure / Construction related products, Material Handling Solutions and Composite Cylinders.

The leading segment of manufacturing by output consists of chemical, auto and pharmaceuticals which are their main clients as these companies rely on value added products. TimeTech has a rich channel of innovations in material, processes and also pledge to generate fresh demand and drive further productivity gains across its plants.

TimeTech products rely on innovation and result in competitiveness. TimeTech believes in providing a full service of products to its customers, both in India and overseas. TimeTech continuously innovates on its products and service so that it can maintain its premier position with the customer TimeTech has a comprehensive understanding of the diverse industry segment in regional, national and international economy as well as the wider trends affecting them. It has focused on R and D capabilities, as well as proficiency in quality and product design.

TIME TECHNOPLAST HIGH GROWTH VERTICALS:

INDUSTRIAL PACKAGING:

Time Technoplast Limited. offers a wide range of industrial packaging products like drums, containers, pails and PET sheets for varied packaging requirements. They work across all technologies of plastic processing such as blow molding, injection molding and extrusion. They have developed products in line with international requirements and specifications.

SHIFT TOWARDS POLYMER DRUM TO INTENSIFY WILL HELP TIMETECH:-

Large replacement market of Metal drums; Shift in demand towards usage of Polymer/ plastic drums instead of

Metal drums gaining strength.

• Huge opportunity available in Rest of the Asia as it is the most under Penetrated market as far as Polymer drums are concerned

• Polymer drums are replacing Metal containers due to

a) Competitive prices

b) Lower weight and better performance

Better quality (Polymer drums are seamless, hence better positioned for transportation and difficult material handling conditions)

d) No rust, dust and higher resale value

• For many products (esp. in Sp. Chemicals), polymer drums are preferred due to its non-reactive quality (inertness) towards the solutions.

INTERNATIONAL OPERATIONS:-

The Group has emerged as a game changer and thought leader especially in Asia has resulted over the years owing to its immaculate strategy and commercial intelligence that has forecasted needs, changes on the business dimensions and harnessed innovative technologies to offer quality coupled with excellent services consistently over the period.

Time Technoplast has expanded its manufacturing facilities to China, Indonesia, South Korea, Vietnam, Egypt, Taiwan, Thailand, UAE, Romania, Poland and Bahrain.

FIRST MOVERS’ ADVANTAGE AGAINST GLOBAL MAJORS

• TimeTech has first mover’s advantage in Asia vis-s-vis global industrial packaging majors like Mauser, Schutz and Greif.

• Established players in Developed markets have insignificant presence in emerging markets esp. Asia and ME.

• Shifting industrial production bases towards Asia in China, Indonesia, Vietnam, Egypt, Taiwan, Malaysia and Thailand,

• Polymer drums corners 50% market share in India (13% on global scale) while just 6% in Rest of the Asia

• IBC’s are under penetrated in Asia but gaining importance especially in bulk export.

• TimeTech has a huge addressable market available in absence of the global majors in Asia.

The future of global Packaging market and Technology will swell to $820 billion driven mainly by increasing demand for packaging in emerging and transitional economies, a 3% growth per annum will focus on board products and rigid plastics. With $77 billion collectively predicted growth by 2016 the future of global packaging market and technology estimate to 2016 provides market size and forecast broken down by packaging products, end user sector and topographical market. India will enter the top 10 packaging countries with its demand set to almost double in next 5 years to $24 billion.

INFRASTRUCTURE:

The infrastructure division has a comprehensive range of products catering to different demographic industries. The product array includes high pressure pipes, prefabricated shelters, waste/refuse bins and energy storage devices.

PE Pipes, high pressure pipes cater to the requirements of water supply management, sewerage and drainage systems, effluent treatment plants and telecom ducting etc. The Company has four strategic Manufacturing units at Silvassa, Gummidipoodi (Tamil Nadu), Amta (West Bengal) and Gadarpur (Uttarakhand) to offer the product at competitive costs in the regional markets, which is also considered to be strategically located catering the demand of all regions.

Prefab Shelters: The Shelter equipped with modern interiors and PVC profile false ceiling and PUF filled PVC doors and windows. The shelter has wide range of applications, such as site offices, security cabins, hospital units, portable canteens, exhibition office workshops, mobile shelters, and health center. The product has huge potential for supplies under social infrastructure schemes initiated by state governments. The Prefab shelters are gaining importance especially in Disaster

Management for Relief Camps.

Dumpo Bins are European designed and EN standards approved waste bins. They are first indigenously manufactured waste management bins in the country. Since waste management is the fundamental requirement for public health, Article 48-A of the Indian Constitution establishes the responsibility of the state to manage wastes properly. The importance of proper solid waste management is one of the prime functions of the civic body. Therefore they are very confident on the demand of Dumpo Bins in major cities of the India.

Energy Storage Devices compromised of VRLA batteries for the telecom sector and UPS, invertors, and hybrid batteries for industrial applications. There has been gradual de risking the dependencies on telecom segments by augmenting capacity for applications into industrial applications like Solar UPS, inverters and railways Batteries etc. Power is one of the key infrastructure elements supporting a nation’s growth. India has grappled with a power deficit situation for several decades now. In fact, the power generation capacity addition has rarely been able to keep pace with the demand for power. An outdated Transmission and Distribution (T and D) network also results in high Aggregate Technical and Commercial (AT and C) losses as well as poor power quality.

Currently well-established in India, the backup power industry has grown rapidly during the last decade. Demand for alternative/backup power sources in the form of generator sets, power inverters, UPS, battery, etc. is expected to rise further in coming years.

BRIGHT FUTURE OF SOLAR BATTERIES

After seeing success in the wind energy sector, in 2001, the Indian government initiated a nationwide programme to provide clean, off-grid and mostly solar-generated power in remote areas of the country. The solar power programme, now a part of the National Action Plan for Climate Change, started as an off-grid clean energy source to bring self-sufficiency and reduce the consumption of kerosene, particularly in the rural areas.

The Government launched the Jawaharlal Nehru National Solar Mission in the Eleventh Five Year Plan (FYP), which was an off-grid clean energy mission. The Mission sets the following target:

i. Enabling policy framework for deployment of 20,000 megawatt (MW) of solar power by 2022.

ii. To increase capacity of grid connected solar power to 1,000 MW by 2013 and an additional capacity of 3,000 MW by 2017.

iii. To create favourable conditions for developing solar manufacturing capability in the country.

iv. To promote deployment of 20 million solar lights by 2025. The mission aim is to make India a global leader in solar energy.

TECHNICAL PRODUCTS:

AUTOMOTIVE COMPONENTS:

Time Technoplast Limited. manufactures value added plastic auto components through innovation and technology conforming to international standards i.e. Anti-Spray Flaps, Plastic Fuel Tank (PFTs), De-aerating tanks (DAT) and Air Duct. They are focused on developing innovative solutions for the automotive industry across the following themes: Sustainability; Lightweighting; Cost; Safety; and Design. Plastics reduce weight and improve fuel economy and consequently reduce emissions. It is expected that high oil prices and strict CO2 standards will accelerate the growth for the use of plastic parts in the industry.

2. LIFESTYLE:

The Company is one of the leading players in the matting segment. The Company has been delivering value for many solutions across industries and customers, winning the trust of millions across the nation. These Lifestyle Products are not only functional but also add to the aesthetics.

They are currently supplying various products under this segment to IKEA, a Swedish company, which is the world’s largest furniture retailer through their Subsidiary in Poland for its stores located across Europe and USA.

They manufacture Regal, a premium range of garden furniture. It addresses the twin requirement of looks and convenience. Due care is taken to ensure that every piece of furniture is functional.

Through a comprehensive chain of more than 250 distributors, they supply their products to homes, hotels, restaurants, hospitals, clubs, airlines, auditoriums and tent houses and several other institutes across India. All their products are ergonomically designed and adhere to international standards. To cater the growing need of garden furniture market, they have state of the art manufacturing facilities in Silvassa and Pantnagar. Made from hi-strength HIPP-XR polymer, their range of furniture includes Sofas, five position Reclining Chair, Monobloc, Executive and Baby Chairs, Chairs with Writing Desk, Tables, Trolleys, and Stools. Available in an array of innovative designs and premium shades, they are easy to maintain.

Time Technoplasst technological capability, quality of goods coupled with an attractive price points prompts good volume for its product offering.

MATERIAL HANDLING PRODUCTS:

Time Technoplast in collaboration with Schoeller Arca, manufactures wide range of stackable, nestable and foldable containers, plastic pallets for use in various industries such as automotive, fruits and beverages, food processing. The products and solutions offers generate savings year after year due to its secure construction which offers it longer life and multiple uses. The solution offered reduces costs at various stages of the supply chain thus providing and excellent return on the investments.

COMPOSITE CYLINDERS:

Composite Gas cylinder offers incredible business opportunity across the globe but specifically in Asia and Middle East where Time Technoplast has received its regulatory approval from Petroleum Explosive and Safety Organization (PESO) and The Emirates Authority for Standardization and Metrology (ESMA). Superior quality performance of composite cylinder such as its explosion proof, lighter weight, translucent, non-corrosive, these high tech composite cylinders are all set to replace metal cylinders due to its quality and health and safety reasons. The major Gas distributors in India and other Asian Countries, Middle East and Far East have exhibited huge interest in introducing composite cylinders as a replacement of metal cylinders. Time Technoplast has instigated manufacturing set up in India and Bahrain and has requisite product approval as mentioned from international testing/accreditation agencies for making supplies of cylinders.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

1. Letter of credit issued by banks on behalf of the Company Rs. 871.247 Millions (Previous year Rs. 821.994 Millions).

2. Guarantee given by the banks on behalf of the Company Rs. 134.205 Millions (Previous Rs. 45.321 Millions).

3. Disputed Direct Taxes Rs. 6.330 Million (Previous Year Rs. 0.759 Million).

4. Disputed Indirect Taxes Rs. 1.129 Millions (Previous Year Rs. 1.129 Millions).

5. Corporate Guarantees give to banks for Loans taken by Subsidiaries / Joint Venture companies Rs. 6306.900 Millions against which outstanding as on 31st March 2013 is Rs. 3803.600 Millions.

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31^ST MARCH 2014

Rs. in Millions

Sr. No.		Particulars	Quarter Ended		Year Ended
			31.03.2014	31.12.2013	31.03.2014
1	a	Income from Operations
		Gross Sales	3775.293	3514.152	13507.960
		Less: Excise Duty	368.435	348.174	1327.698
		Net Sales / Income from Operations	3406.859	3165.978	12180.263
	b	Other Operating Income	0.000	0.000	0.000
		Total Income( a+b )	3406.859	3165.978	12180.263
2		Expenditure :-
	a	Consumption of Raw Materials	2466.343	2182.804	8539.736
	b	Purchase of Stock-in-trade	0.000	0.000	0.000
	c	Change in inventories of finished goods, work-in-progress & stock-in-trade	(84.022)	(7.530)	(123.145)
	d	Employees Cost	125.187	116.622	453.640
	e	Depreciation	117.796	110.160	439.802
	f	Other Expenditure	415.418	381.675	1478.023
		Total Expenditure	3040.722	2783.731	10788.056
3		Profit from Operations before Other Income, Interest & Exceptional Items (1-2)	366.137	382.247	1392.207
4		Other Income	214.473	0.000	234.849
5		Profit before Interest & Exceptional Items ( 3+4)	580.610	382.247	1627.056
6		Interest ( Net )	160.452	154.140	613.974
7		Profit after Interest but before Exceptional Items (5-6)	420.158	228.107	1013.082
8		Exceptional Items	0.000	0.000	0.000
9		Profit From Ordinary Activities Before Tax (7-8)	420.158	228.107	1013.082
10		Tax Expenses	59.299	57.401	209.704
11		Net Profit from Ordinary Activities after tax (9-10)	360.859	170.706	803.378
12		Extraordinary Item (Net of Tax Expenses Rs Nil)	0.000	0.000	0.000
13		Net Profit For the period (11 -12)	360.859	170.706	803.378
14		Paid -up equity share capital (Face Value of Rs. 1/-)	210.118	210.118	210.118
15		Reserve excluding Revaluation Reserves	--	--	7480.997
16		Earnings Per Share ( EPS )
		Before & After Extraordinary items
	a	Basic	1.72	0.81	3.82
	b	Diluted	1.70	0.80	3.74

FIXED ASSETS

· Land

· Factory Buildings

· Office Premises

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Computers

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.59.34
UK Pound	1	Rs.99.18
Euro	1	Rs.80.76

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	RAS
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.