MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	JASCH INDUSTRIES LIMITED
Registered Office :	43/5, Bahalgarh Road, P.O. Bahalgarh, District Sonepat - 131 021, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.12.1985
Com. Reg. No.:	05-022758
Capital Investment / Paid-up Capital :	Rs.113.300 Millions
CIN No.: [Company Identification No.]	L24302HR1985PLC022758
TAN No.: [Tax Deduction & Collection Account No.]	DELJ01886D
PAN No.: [Permanent Account No.]	AAACJ0766B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture of PU Coated Fabrics, Electronic Gauge, Synthetic Leather, etc.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitment. The company can be considered 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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

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

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	23.10.2013
Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	23.10.2013

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 PARTED BY

Name :	Mr. O. P. Garg
Designation :	Director
Contact No.:	91-11-28723745
Date :	12.06.2014

LOCATIONS

Registered Office/ Factory:	43/5, Bahalgarh Road, P.O. Bahalgarh, District Sonepat - 131 021, Haryana, India.
Tel. No.:	91-126-5431363/5423714/5418205 / 3053600 (100 lines)
Fax No.:	91-126-5435484 / 3053698
E-Mail :	skverma@jasch.biz
Website:	http://jaschindustries.com http://www.jaschindustries.com
Area:	10 acre
Location :	Owned
Corporate Office :	502, Block C, Ndm-2, Netaji Subhash Place, Pitampura, New Delhi - 110 034, Delhi, India
Tel. No.:	91-11-28723745 /46/47/49
Fax No.:	91-11-28723748 / 28723732
E-Mail :	Opgarg06@rediifmail.com manish@jaschgauging.com
Area:	1100 Sq. ft
Location :	Owned
Branch 1 :	Jasch House, Behind Khalsa Collage, 5105/01, Dev Nagar, Karol Bagh, New Delhi – 110 005, India.
Branch 2 :	107, Shivlok House-II, Karampura Commercial Complex, New Delhi - 110 015, India
Worldwide local Office:	Located At: · North America · Europe and East Asia · China · Australia · Sweden · South Africa · Brazil · Indev Gauging Systems · Europe and East Asia · Accutrol Automation Systems Pty. Limited

DIRECTORS

AS ON 31.03.2013

Name :	Mr. J. K. Garg
Designation :	Chairman and Managing Director
Date of Birth/Age :	67 years
Qualification :	Mechanical Engineer
Name :	Mr. Ramnik Garg
Designation :	Whole Time Director
Date of Birth/Age :	39 Years
Qualification :	B. Tech
Name :	Mr. Manish Garg
Designation :	Whole Time Director
Date of Birth/Age :	36 Years
Qualification :	M. Tech
Name :	Mr. Naveet Garg
Designation :	Whole Time Director
Date of Birth/Age :	34 Years
Qualification :	B. Tech
Name :	Mr. O. P. Garg
Designation :	Executive Director
Date of Birth/Age :	65 Years
Qualification :	B. Tech, MBA
Name :	Mr. Kamlesh Garg (MS)
Designation :	Director
Name :	Mr. S. K. Khandelwal
Designation :	Director
Name :	Dr. K. C. Varshney
Designation :	Director
Name :	Dr. Ashok Mittal
Designation :	Director
Name :	Mr. Kuldeep Singal
Designation :	Director
Name :	Mr. K L Khetarpaul
Designation :	Director

KEY EXECUTIVES

Name :	Mr. S. K. Verma
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6218097	54.88
Sub Total	6218097	54.88
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6218097	54.88
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1100	0.01
Sub Total	1100	0.01
(2) Non-Institutions
Bodies Corporate	336992	2.97
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2830279	24.98
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1803530	15.92
Any Others (Specify)	140002	1.24
Non Resident Indians	140002	1.24
Sub Total	5110803	45.11
Total Public shareholding (B)	5111903	45.12
Total (A)+(B)	11330000	100.00
) 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)	11330000	0.00

BUSINESS DETAILS

Line of Business :

Manufacture of PU Coated Fabrics, Electronic Gauge, Synthetic Leather, etc

Products :

Item Code No (ITC Code)	Product Description
5903.10 and 5903.20	Polyvinyl Chloride and Polyurethane Coated Fabrics
90229090	Electronic Gauging and Control System
39211390	Cellular Plastic Sheet

Exports :

Products :

Finish Goods

Countries :

• Europe
• South Asia
• USA

Imports :

Products :

Chemicals

Countries :

• North America
• South Asia

Terms :

Selling :

L/C / Credit (90 Days)

Purchasing :

L/C / Credit (90 Days)

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Actual Production
Electronic Thickness Gauge (BTG) and Parts	Nos.	91 + 389
PU/PVC Leather Cloth (Coated Fabrics)	Lakh Mtrs.	24.40
Non Woven	Lakh Mtrs.	1.47
Needle Loom Felt	Lakh Mtrs.	0.02
Cellular Plastic Sheets	Lakh Mtrs.	5.92
PU Resin & Adhesive	Lakh Mtrs.	0.55
Various Cut Pieces	Lakh Mtrs.	1.82

GENERAL INFORMATION

Suppliers :

• LG Chemical, Korea
• BSA, Germany

Customers :

End Users and OEM’s

• Adidas
• ReeBank
• Bata

No. of Employees :

Information declined by the management.

Bankers :

• State Bank of India, Overseas Branch, Janpath, New Delhi 110001, India
• HDFC Bank Limited, New Delhi, India
• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

Cash Credit Rs.300.000 Millions

SECURED LOAN	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans From Bank	23.199	39.508
Loans For Vehicles (Banks)	1.741	2.986
SHORT TERM BORROWINGS
Working Capital Loan From Bank	108.152	118.170
Total	133.092	160.664

NOTE:

LONG TERM BORROWINGS

Term Loans From State Bank of India Secured by a first mortgage by deposit of title deeds of the Company's immovable properties both present and future ranking inter se and also personal guarantee of four directors.

Loans for Vehicles are Secured by Hypothecation of Respective Vehicle.

SHORT TERM BORROWINGS

Working Capital Loan (State Bank of India) is Secured of Hypothecation of present and future stock of raw materials, stock-in-process, finished goods, stores and spares, book debts, receivables, claims, materials in transit and personal guarantee of four Directors.

Auditors :
Name :	Arora and Choudhary Associates Chartered Accountants
Address :	8/28, W.E.A., Abdul Aziz Road, Karol Bagh, New Delhi – 110 005, India.
Wholly owned subsidiaries (WOS) :	Jasch North America Company (USA)
Other subsidiary :	Indev Gauging Systems, Inc. (WOS’s Subsidiary)
Enterprises owned or significantly influenced by KMP, directors or their relatives :	Jasch Europa BVBA

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11330000	Equity Shares	Rs.10/- each	Rs.113.300 Millions

There has been no movement in the shares outstanding from the prior year to the current year.

Terms / rights attached to Equity Shares :

Company has only one class of equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share. In the event of liquidaton of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The details of Shareholders holding more than 5% shares:

Name of the Shareholder	No. of Shares	% held
Mr. Jai Kishan Garg	2380049	21.01
Ms. Kamlesh Garg	605945	5.35
Mr. Manish Garg	846349	7.47
Mr. Ramnik Garg	788973	6.96

There were no instance of shares issued, on which there were any calls remaining unpaid or instances of any forfeitures during the years ended March 31, 2013 and 2012.

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	113.300	113.300	113.300
(b) Reserves & Surplus	149.389	131.259	102.363
(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)	262.689	244.559	215.663
(3) Non-Current Liabilities
(a) long-term borrowings	53.205	70.034	70.229
(b) Deferred tax liabilities (Net)	31.156	32.302	29.989
(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)	84.361	102.336	100.218
(4) Current Liabilities
(a) Short term borrowings	108.152	118.170	100.736
(b) Trade payables	144.436	128.119	134.188
(c) Other current liabilities	73.108	72.502	54.937
(d) Short-term provisions	16.382	14.389	33.042
Total Current Liabilities (4)	342.078	333.180	322.903
TOTAL	689.128	680.075	638.784
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	236.098	249.129	206.406
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	2.187	60.848
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	52.180	52.180	0.460
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.529	2.529	2.529
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	290.807	306.025	270.243
(2) Current assets
(a) Current investments	1.480	1.480	1.852
(b) Inventories	148.231	128.903	145.112
(c) Trade receivables	208.656	207.755	180.720
(d) Cash and cash equivalents	15.669	13.613	11.752
(e) Short-term loans and advances	19.388	17.402	24.208
(f) Other current assets	4.897	4.897	4.897
Total Current Assets	398.321	374.050	368.541
TOTAL	689.128	680.075	638.784

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	803.814	783.668	752.947
		Other Income	2.590	4.945	2.198
		TOTAL (A)	806.404	788.613	755.145
Less	EXPENSES
		Cost of Materials Consumed	589.402	566.056	544.238
		Change in Inventories of Finished Goods & Stock-in-Process	(15.031)	(8.934)	(7.773)
		Employee Benefits Expense	35.320	28.800	27.160
		Other Expenses	116.824	111.965	107.231
		TOTAL (B)	726.515	697.887	670.856
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		79.889	90.726	84.289
Less	FINANCIAL EXPENSES (D)		27.760	27.428	22.644
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		52.129	63.298	61.645
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.780	24.260	18.033
	PROFIT BEFORE TAX (E-F) (G)		27.349	39.038	43.612
Less	TAX (H)		9.039	10.143	15.992
	PROFIT AFTER TAX (G-H) (I)		18.130	28.895	27.620
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		128.259	99.364	87.955
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	3.000
		Dividend	0.000	0.000
		Provision for dividend including dividend distribution tax	0.000	0.000	13.211
	BALANCE CARRIED TO THE B/S		146.389	128.259	99.364
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export of Goods
		1. Electronic Thickness Gauge
		(Earning in US$ 1398550)	75.430	60.847	56.394
		(Earning in EURO 179080)	12.585	15.222	19.584
		2.Synthetic Leather & Allied Products
		(Earning in US$ 32672)	1.799	1.623	1.297
	TOTAL EARNINGS		89.814	77.692	77.275
	IMPORTS
		Raw Material & Consumables	229.563	226.651	231.216
		Capital Goods	1.829	0.498	53.314
	TOTAL IMPORTS		231.392	227.149	284.530
	Earnings Per Share (Rs.)		1.60	2.55	2.44

Particulars	31.03.2014
Sales Turnover	900.000

The above information has been parted by Mr. O. P. Garg (Director).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.25	3.66	3.66
Net Profit Margin (PBT/Sales)	(%)	3.40	4.97	5.79
Return on Total Assets (PBT/Total Assets}	(%)	4.29	6.26	7.58
Return on Investment (ROI) (PBT/Networth)		0.10	0.16	0.20
Debt Equity Ratio (Total Debt /Networth)		0.61	0.77	0.79
Current Ratio (Current Asset/Current Liability)		1.16	1.12	1.14

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	113.300	113.300	113.300
Reserves & Surplus	102.363	131.259	149.389
Net worth	215.663	244.559	262.689
long-term borrowings	70.229	70.034	53.205
Short term borrowings	100.736	118.170	108.152
Total borrowings	170.965	188.204	161.357
Debt/Equity ratio	0.793	0.770	0.614

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)
Revenue from operations	752.947	783.668	803.814
		4.080	2.571

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	752.947	783.668	803.814
Profit After Tax	27.620	28.895	18.130
	3.67%	3.69%	2.26%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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	---------
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 :

Particular	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Long Term Borrowings :
Loan From Directors	28.265	27.540
Total	28.265	27.540

INDEX OF CHARGE :

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10469224	14/03/2014 *	360,175,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India	C00325498

* Date of charge modification

PERFORMANCE DURING THE YEAR :

The Company has achieved gross sales of 895.075 Millions during 2012- 2013 which were 4% higher as compared with the sales of previous year. The sales of Synthetic Leather Division at 680.974 Millions during 2012-13 were 8.9 % higher as compared with the sales of previous year. However the sales of Electronic gauge Division at 2141.02 lakh during the year were 8.8% lower as compared with the previous year.

The Electronic gauge Division has achieved export of 860 lakh during the year as compared with export of 77.700 Millions during the previous year despite recessionary conditions in user industries such as Steel in international market.

The Company operating profit before interest, depreciation, income tax and deferred tax has declined by 11.9% to 79.890 Millions during 2012-13 as compared with 90.725 Millions during the previous year. The decline in the operating profit was due to higher cost of power and fuel, salary and wages and loss due to exchange fluctuation, which could not be offset fully due to almost stagnant sales and selling price. The interest and finance charges at 27.760 Millions were almost at the previous year level.

The gross profit before interest and depreciation has also decreased to 52.130 Millions which is 17.64% lower as compared to the previous year. After providing depreciation of 24.780 Millions and provision of income tax of 10.366 Millions and writing back of deferred tax of 1.146 Millions the company has earned net profit of 18.130 Millions, which is 37.4% lower as compared with the net profit of 28.895 Millions in the previous year.

Keeping in the view weak scenario in the economy resulting in stagnant sale and all around increase in the cost of inputs due to inflationary condition, the management considers overall performance to be satisfactory in a difficult year.

FUTURE PROSPECTS :

Market conditions for both PU/PVC Synthetic Leather and Electronic Gauge Division are tough due to difficult economic condition in both domestic and international market. Despite this the management has been able to maintain sales due to continuous modernization and development of innovative products. The Company has further widened its product range and geographical market reach and hence is hopeful of better sales and profit in the current year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

INDUSTRY STRUCTURE AND DEVELOPMENT:

PU/PVC Coated Fabric also known as Synthetic Leather is mostly used in Footwear Industry as raw material for Shoe-Upper, Lining, Insole, Chappal and Sandal Straps etc. It is also used in Garments as Lining Material, as Automobile seat cover and Furniture upholstery material, in Ladies and Gents Purses and Bags and in the manufacture of sports goods and Accessories.

Synthetic Leather Industry in India is badly fragmented and somewhat concentrated in Northern India and Western India. Most of the units are in small scale and unorganized sector manufacturing cheap quality products for small and unorganized sector. The Industry has not been able to achieve its full potential due to tough competition from imported material from China, Taiwan, Hong Kong and Korea, where there are very large units enjoying benefits of economies of scale. However, the company has been able to withstand competition from both domestic and abroad, as it is an integrated player with in-house manufacturing facility for PU Resin, which is main raw materials for PU coated Fabrics. Further, the company is continuously upgrading its technology and modernizing plant and machinery to maintain competitive edge in the market and hence despite tough competition in the market, its sales are growing every year. The company is now concentrating on PU Synthetic Leather where competition is somewhat less.

CONTINGENT LIABILITIES :

Rs. In Millions

Particular	31.03.2013	31.03.2012
(A) Claim against the company / disputed liabilities not acknowledged as debts	0.000	0.000
B) Guarantees
(I) Guarantees to Banks and Financial Institutions against credit facilities extended to third parties
a) In Respect of Wholly Owned Subsidiary ($ 3 Lakh @54.39)	16.317	15.348
b) In Respect of Others	0.000	0.000
(ii) Performance Guarantees (Margin Money with Bank Rs.358.500 Millions)	14.340	15.282
(iii) Outstanding guarantees furnished to Bank in respect of Letters of Credits (Margin Money with Bank Rs. 8.065 Millions)	76.951	74.830
C) Other Money for which the company is contingently liable
i) Liability in respect of bill discounted with bank	0.000	0.000
ii) Liability in respect of Sales Tax surety for third parties	0.800	0.800

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 30.09.2013

Rs. In Millions

Sr. no	Particulars	Quarter Ended		Nine Months Ended
		30.09.2013	30.06.2013	30.09.2013
		(Unaudited)	(Unaudited)	(Unaudited)
1	Income from Operations
	(a) Net Sales/income from operations (Net of excise duty)	226.562	182.256	408.818
	(b) Other operating income	0.364	0.187	0.551
	Total income from operations (net)	226.926	182.443	409.369
2	Expenses
	(a) Cost of materials consumed	153.956	137.173	291.129
	(b) Purchase of Stock-in-trade	--	--	--
	(c) Change in inventories of finished goods, work-in-progress and stock-in-trade	(5.765)	(9.183)	(3.418)
	(d) Employee benefits expense	9.864	8.970	18.834
	(f) Depreciation & amortization expenses	6.031	6.318	12.349
	(g) Power and Fuel	12.093	9.519	21.612
	(f) Other expenses	25.544	17.978	43.522
	Total Expenses	213.253	170.775	384.028
3	Profit / (Loss) from operations before other income, finance costs and exceptional item (1 - 2)	13.673	11.668	25.341
4	Other income	0.077	0.174	0.251
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4)	13.750	11.842	25.592
6	Finance Costs	5.665	5.538	11.203
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional item (5 - 6)	8.085	6.304	14.389
8	Exceptional Items	--	--	--
9	Profit / (Loss) from ordinary activities before tax (7 + 8)	8.085	6.304	14.389
10	Tax Expense	3.372	1.576	4.948
11	Net Profit / (Loss) from ordinary activities after tax (9- 10)	4.713	4.728	9.441
12	Extraordinary items (net of tax expense Rs. -Millions)	--	--	--
13	Net Profit / (Loss) for the period (11 - 12)	4.713	4.728	9.441
14	Share of profit / (loss) of associates	-	--	--
15	Minority interest	--	--	--
16	Net Profit / (Loss) after taxes, minority interest and share of profit / (loss) of associates (13 - 14 - 15)	4.713	4.728	9.441
17	Paid-up equity share capital (Face value of the Share shall be indicated)	113.300	113.300	113.300
18	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	158.830	154.117	158.830
19	Non-annualised basic and diluted earnings per share of Rs 10/- each (i) before and (ii) after extraordinary items.	0.042	0.042	0.083

SELECT INFORMATION FOR THE QUARTER

ENDED 30.09.2013

Rs. In Millions

	Particulars	Quarter Ended	Year Ended
		30.09.2013	30.06.2013
A	PARTICULARS OF SHARE HOLDING
1	Public shareholding
	- Number of Shares	51,31,345	51,31,345
	- Percentage of shareholding	45.29%	45.29%
	Promoters and Promoter Group Shareholding
	a) Pledged / Encumbered
	- Number of shares	20,00,000	20,00,000
	- Percentage of shares (as a % of the total shareholding or promoter and promoter group)	32.27%	32.27%
2	- Percentage of share (as a % of total share capital of the company)	17.65%	17.65%
	b) Non-encumbered
	- Number of shares	41,98,655	41,98,655
	- Percentage of shares (as a % of the total shareholding or promoter and promoter group)	67.63%	67.63%
	- Percentage of share (as a % of total share capital of the company)	37.06%	37.06%

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

AS AT 30.09.2013

Rs. In Millions

	Particular	30.09.2013 (Unaudited)
A	EQUITY AND LIABILITIES
1	Shareholders; Funds
	(a) Share Capital	113.300
	(b) Reserve and surplus	158.830
	(c) Money received against share warrants	0.000
	Sub-total-Shareholders' funds	272.130
2	Share application money pending allotment
3	Minority interest
4	Non-current liabilities
	(a) Long-term borrowings	53.088
	(b) Deferred tax liabilities (net)	31.156
	(c) Other long-term liabilities	0.000
	(d) Long-term provisions	0.000
	Sub-total-Non-current liabilities	84.244
5	Current liabilities
	(a) Short-term borrowings	124.158
	(b) Trade payables	122.642
	(c) Other current liabilities	64.937
	(d) Short-term provisions	11.304
	Sub-total-Current liabilities	323.041
	TOTAL - EQUITY AND LIABILITIES	679.415
B	ASSETS
1	Non-current assets
	(a) Fixed assets	229.352
	(b) Goodwill on consolidation	0.000
	(c) Non-current investments	52.180
	(d) Deferred tax assets (net)	0.000
	(e) Long-term loans and advances	2.529
	(f) Other non-current assets	0.000
	Sub-total-Non-current assets	284.061
2	Current assets
	(a) Current investments	1.480
	(b) Inventories	161.627
	(c) Trade receivables	199.924
	(d) Cash and cash equivalents	14.096
	(e) Short-term loans and advances	13.331
	(f) Other current assets	4.896
	Sub-total-Current assets	395.354
	TOTAL - ASSETS	679.415

SEGMENTWISE REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED

FOR THE PERIOD ENDED ON 30.09.2013

Rs. In Millions

Sr. No.	Particulars	Un-audited Financial Results
		For the Quarter Ended		Year Ended
		30.09.2013	30.06.2013	30.09.2013
1	Segment Revenue
	a) Electronic Thickness Gauge (BTG)	62.672	40.387	103.059
	b) Synthetic Leather & Allied Products	188.793	164.465	353.249
	Sub Total	251.456	204.852	456.308
	Less : Inter-segment Revenue/E. Duty	24.453	22.235	46.688
	Net Sales / Income From Operations	227.003	182.617	409.620
2	Segment Results (Profit (+)/Loss (-) before Tax and Interest
	a) Electronic Thickness Gauge (BTG)	11.191	5.259	16.450
	b) Synthetic Leather & Allied Products	2.559	6.583	9.142
	Sub Total	13.786	11.842	25.592
	Less : (i) Interest	5.665	5.538	11.203
	(ii) Other un-allocable expenditure
	Total Profit Before Tax	8.085	6.304	14.389
3	Capital Employed (Segment Assets-Segment Liabilities)
	a) Electronic Thickness Gauge (BTG)	55.501	47.768	55.501
	b) Synthetic Leather & Allied Products	300.873	301.234	300.873
	Total Capital Employed	356.374	349.002	356.374

Notes:

1. Previous Years/Period Figures have been regrouped wherever necessary.
2. The results have been reviewed by the Audit Committee and approved at the Board Meeting held on 26.10.2013.
3. Non promoter's Shareholding in the Company as on 30.09.2013 was 5131345 equity shares representing 45.29% of total equity capital of the Company.
4. Except Rs.2.000 millions equity shares of the Company (Rs.0.900 million, Rs,0.700 million and Rs.0.400 million numbers held by the promoters Mr. J.K. Garg, Mr. Ramnik Garg and Mr. Navneet Garg respectively) which are pledged with State Bank of India by way of securing for financial assistance to the Company, no other share held by the promoters is under pledge.
5. Investor’s complaint : pending at the beginning of the quarter 1, received during the quarter 0, disposed of during the quarter 1 and remaining unresolved at the end of the quarter 0.
6. The Auditors have carried out a limited review of the above results.

FIXED ASSETS:

· Land

· Building

· Furniture and Fittings

· Plant and Machinery

· Vehicles.

· Fire Fighting

· Equipments

· Air Conditioners

· Computers

· Generator Set

· Office Appliances

WEBSITE DETAILS

PROFILE

Jasch Industries Limited is an ISO 9001:2008 Certified Company. We are pioneers in the field of manufactures of PU and PVC coated fabrics and radiation-based nucleonic gauges.

PU and PVC coated fabrics manufactured by us run into several hundred of colors, coating thicknesses and back-fabric. We also manufacture tailor-made coated fabrics. Coated fabrics mainly find application in footwear, sports, garments, upholstery and leather piece goods industry. Prestigious brand owners that use our products are Bata, Liberty, Reebok, Lakhani and so on.

Besides coated fabrics, Jasch Industries Limited also manufactures radiation based on-line nucleonic gauges. These gauges are used by paper, steel, aluminum, plastics, textiles and other flat-web product manufacturers and galvanizing industry for measuring the thickness, coating, basis weight, moisture and filler content of products. To name a few prestigious manufacturers, ArcelorMittal (Belgium and Kazakhstan), Isbir Industries (Turkey), Kandil Steel (Egypt), Mittal Steels (South Africa) are Company’s valued clients. To visit our website exclusively dedicated to Nucleonic Gauges.

In the year 2011, Jasch acquired a US-based Company, namely, INDEV Gauging Systems Inc through the mechanism of a newly-formed Special Purpose Vehicle - Jasch North America Company (a wholly owned subsidiary of Jasch). The combined company now has manufacturing facilities in the US and India along with additional service and support offices in Belgium, Netherlands, Brazil, Singapore, Taiwan and Japan. This addition brings a World Class manufacturing and support capability second to none within the combined industries.

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. 59.48
UK Pound	1	Rs. 100.63
Euro	1	Rs. 80.71

INFORMATION DETAILS

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

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.