MIRA INFORM REPORT

Report Date :

14.05.2014

IDENTIFICATION DETAILS

Name :	SUPREME PETROCHEM LIMITED
Registered Office :	612, Raheja Chambers, Nariman Point, Mumbai - 400 021, Maharashtra
Country :	India
Financials (as on) :	30.06.2013
Date of Incorporation :	14.12.1989
Com. Reg. No.:	11-054633
Capital Investment / Paid-up Capital :	Rs. 968.386 Millions
CIN No.: [Company Identification No.]	L23200MH1989PLC054633
TAN No.: [Tax Deduction & Collection Account No.]	MUMS01358A
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Styrene Monomer and Polystyrene.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 14110000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. Company has performed well. Overall financial position of the company appears to be decent. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular 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	FITCH
Rating	Long term rating A
Rating Explanation	Adequate credit quality and average credit risk.
Date	September, 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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-22-22883518)

LOCATIONS

Registered Office :	612, Raheja Chambers, Nariman Point, Mumbai - 400 021, Maharashtra, India
Tel. No.:	91-22-22883518-20
Fax No.:	91-22-22883521
E-Mail :	ravi_kuddyady@spl.co.in sl_mondkar@spl.co.in marketing@spl.co.in r_rangarajan@spl.co.in sara_dsouza@spl.co.in
Website :	http://www.supremepetrochem.com
Corporate Office :	Solitaire Corporation Park, Building No.11, 5^th Floor, Andheri – Ghatkopar Link Road, Chakala, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-67091900
Fax No.:	91-22-40055681
Factory 1 :	Amdoshi, Wakan Roha Road, Post : Patansai, Taluka Roha, District Raigad – 402 106, Maharashtra, India
Tel. No.:	91-2194-222540-2548
Fax No.:	91-2194-222337/ 2537/ 2617
E-Mail :	splw@bom7.vsnl.net.in
Factory 2 :	Ammulavoyil Village, Andarkuppam Post, Manali New Town, Chennai – 600 103, Tamilnadu, India
Marketing Office :	Located At: · Mumbai (Tel No. 91-22-67091977 / 1915 / 1917) · Delhi (Tel No. 91-11-25730405 / 25728636) · Chennai (Tel No. : 91-44-2231363 / 3670)

DIRECTORS

As on 30.06.2013

Name :	Mr. M. P. Taparia
Designation :	Chairman
Name :	Mr. Rajan B. Raheja
Designation :	Director
Address :	Rahejas GB Jukar Road, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	17.06.1954
Date of Appointment :	14.12.1989
DIN No.:	00037480
Name :	Mr. Aziz Parpia
Designation :	Director
Address :	9, Blooming Heights, 4, Pali Hill, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	83 Years
Qualification :	LLB
Experience :	Senior Solicitor and Advocate with long experience in legal field.
Date of Appointment :	14.12.1989
DIN No.:	00003289
Name :	Mr. B. L. Taparia
Designation :	Director
Name :	Mr. Satish Raheja
Designation :	Director
Address :	Case Postal 3153, 1211 Geneva 3, Switzerland
Date of Birth/Age :	48 Years
Qualification :	B. Sc. Business Management
Experience :	Is a Director of various Companies. He is a Non-resident Indian and has experience in Business Management.
Date of Appointment :	22.11.1993
DIN No.:	00927801
Name :	Mr. S. J. Taparia
Designation :	Director
Address :	Giri Kunj, NS Road, 71, Marine Drive, Mumbai – 400 020, Maharashtra, India
Date of Birth/Age :	66 Years
Qualification :	B. E. (Mechanical)
Experience :	Expertise and rich experience in technical, operational and marketing aspects of industrial products. Actively involved in industry forum.
Date of Appointment :	22.11.1993
DIN No.:	00112513
Name :	Mr. Hasmukh Shah
Designation :	Director
Address :	15, Dhanushya Society, Sama Road, Vadodara – 390 008, Gujarat, India
Date of Birth/Age :	77 Years
Qualification :	B. A.
Experience :	Long experience in industry and is the Ex-Chairman of IPCL besides being the Member of the Board of Directors of reputed Companies.
Date of Appointment :	17.10.1994
DIN No.:	00152195
Name :	Mr. M. S. Ramachandran
Designation :	Director
Address :	Q8, First Floor, Hauz Khas Enclave, New Delhi – 110016, India
Date of Birth/Age :	26.02.1945
Date of Appointment :	04.10.2007
DIN No.:	00943629
Name :	Mr. R. Kannan
Designation :	Director
Address :	21, Parthasarathy Puram, North Usman Road, T Nagar, Chennai – 600 017, Tamilnadu, India
Date of Birth/Age :	23.09.1947
Date of Appointment :	06.10.2009
DIN No.:	00380328
Name :	Mr. Nihalchand Chauhan
Designation :	Director
Address :	Shripati Arcade, 20^th Floor, Flat No. 4, August Kranti Marg, Nana Chowk, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	20.11.1935
Date of Appointment :	27.04.2006
DIN No.:	00021782
Name :	Mr. Viren Raheja
Designation :	Alternate Director to Satish Raheja
Address :	Rahejas GB Jukar Road, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	13.06.1984
Date of Appointment :	23.04.2008
DIN No.:	00037592
Name :	Ms. Ameeta Parpia
Designation :	Director
Date of Appointment :	24.04.2013

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	58712000	60.63
Sub Total	58712000	60.63
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	58712000	60.63
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	55742	0.06
Financial Institutions / Banks	25150	0.03
Foreign Institutional Investors	119117	0.12
Sub Total	200009	0.21
(2) Non-Institutions
Bodies Corporate	4403972	4.55
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	14081398	14.54
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	17989316	18.58
Any Others (Specify)	1451918	1.50
Trusts	123489	0.13
Non Resident Indians	1264714	1.31
Clearing Members	46848	0.05
Foreign Corporate Bodies	16867	0.02
Sub Total	37926604	39.16
Total Public shareholding (B)	38126613	39.37
Total (A)+(B)	96838613	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)	96838613	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Styrene Monomer and Polystyrene.

Products :

ITC Code	Product Descriptions
39031909	Polystyrene
39031100	Expandable Polystrene

GENERAL INFORMATION

No. of Employees :

Information denied by the management

Bankers :

• State Bank of India, Corporate Account Group Branch, Neville House, J N Heredia Marg, Mumbai – 400 001, Maharashtra, India
• AXIS Bank Limited
• Central Bank of India
• ICICI Bank Limited
• IDBI Bank Limited
• IndusInd Bank Limited
• ING Vysya Bank Limited
• The Karur Vysya Bank Limited
• Kota Mahindra Bank Limited
• HDFC Bank Limited
• The Hong Kong and Shanghai Banking Corporation Limited

Facilities :

SECURED LOANS	30.06.2013 (Rs. in Millions)	30.06.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loan	279.000	848.767
Total	279.000	848.767

NOTE:

Rupee Term Loans amounting to Rs. 648.767 million (Previous Year Rs.1234.767 million) from Banks are secured by a first charge by way of mortgage of the Company’s immovable properties including Plant and Machinery and by hypothecation of movable assets (except trade receivables) subject to prior charge in favor of Company’s Bankers for working capital facilities.

Working capital facilities (including letters of credit) from banks are secured by hypothecation of Company’s stocks and trade receivables and by second charge by way of mortgage of the Company’s Immovable properties including plant and machinery.

The future annual repayment obligations on secured Loans (Rupee Term Loans) principal amounts for the above long-term borrowings are as under : -

Financial Year	Rs. In Millions
2013-2014	369.767
2014-2015	186.000
2015-2016	93.000

The future annual repayment obligations on unsecured Loan principal amounts for the above long-term borrowings are as under : -

Financial Year	Rs. In Millions
2013-2014	56.173
2014-2015	37.645
2015-2016	4.300

Banking Relations :	--
Auditors :
Name :	Parikh and Shah Chartered Accountants
Address :	Mumbai, Maharashtra, India
PAN No.:	AAAFP1843M
Promoters :	v The Supreme Industries Limited v R. Raheja Investments Private Limited

CAPITAL STRUCTURE

As on 30.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs. 1250.000 millions
25000000	Redeemable Cumulative Preference Shares	Rs.10/- each	Rs. 250.000 millions
	TOTAL		Rs. 1500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96838613	Equity Shares	Rs.10/- each	Rs. 968.386 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.06.2013	30.06.2012	30.06.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	968.386	968.386	968.386
(b) Reserves & Surplus	2559.630	2114.638	1958.455
(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)	3528.016	3083.024	2926.841
(3) Non-Current Liabilities
(a) long-term borrowings	320.945	940.857	1066.659
(b) Deferred tax liabilities (Net)	487.204	438.559	409.664
(c) Other long term liabilities	11.387	9.887	8.687
(d) long-term provisions	15.791	16.351	13.275
Total Non-current Liabilities (3)	835.327	1405.654	1498.285
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	4908.524	5039.559	4288.675
(c) Other current liabilities	603.760	659.785	731.814
(d) Short-term provisions	408.560	258.502	455.877
Total Current Liabilities (4)	5920.844	5957.846	5476.366
TOTAL	10284.187	10446.524	9901.492
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3636.123	3424.894	2355.203
(ii) Intangible Assets	21.785	23.671	24.417
(iii) Capital work-in-progress	314.319	555.251	968.841
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	82.169	115.166	369.929
(e) Other Non-current assets	50.328	61.071	48.999
Total Non-Current Assets	4104.724	4180.053	3767.389
(2) Current assets
(a) Current investments	0.000	0.000	0.284
(b) Inventories	2195.330	2634.592	2601.522
(c) Trade receivables	3265.956	2432.892	2188.956
(d) Cash and cash equivalents	277.393	365.136	418.804
(e) Short-term loans and advances	383.096	794.857	891.814
(f) Other current assets	57.688	38.994	32.723
Total Current Assets	6179.463	6266.471	6134.103
TOTAL	10284.187	10446.524	9901.492

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2013	30.06.2012	30.06.2011
	SALES
		Income	29681.818	22726.722	19436.987
		Other Income	43.624	64.876	86.692
		TOTAL	29725.442	22791.598	19523.679
Less	EXPENSES
		Cost of materials consumed	17959.723	13982.635	11965.802
		Purchase of stock-in-trade	8298.978	6023.927	4826.819
		Changes in inventories of finished goods and stock-in-process	(59.727)	207.524	(405.584)
		Employee benefits	239.984	218.010	219.187
		Other expenses	1668.933	1332.569	1227.091
		TOTAL	28107.890	21764.665	17833.315
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1617.552	1026.933	1690.364
Less	FINANCIAL EXPENSES		239.994	319.928	202.164
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1377.558	707.005	1488.200
Less/ Add	DEPRECIATION/ AMORTISATION		277.061	229.234	203.702
	PROFIT/ (LOSS) BEFORE TAX		1100.497	477.771	1284.498
Less	TAX		372.264	164.024	407.591
	PROFIT/ (LOSS) AFTER TAX		728.233	313.747	876.907
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		364.009	457.826	396.055
Less	APPROPRIATIONS
		Transfer to General Reserve	400.000	250.000	500.000
		Dividend	242.097	135.574	271.148
		Tax on Dividend	41.144	21.990	43.988
	BALANCE CARRIED TO THE B/S		409.001	364.009	457.826
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	5398.835	4353.319	4162.849
	TOTAL EARNINGS		5398.835	4353.319	4162.849
	IMPORTS
		Raw materials and Traded goods	23919.526	18398.960	16124.275
		Stores & Spares	30.166	19.621	18.383
		Capital Goods	87.125	126.962	86.445
	TOTAL IMPORTS		24036.817	18545.543	16229.103
	Earnings / (Loss) Per Share (Rs.)		7.52	3.24	9.05

KEY RATIOS

PARTICULARS		30.06.2013	30.06.2012	30.06.2011
PAT / Total Income	(%)	2.45	1.38	4.49
Net Profit Margin (PBT/Sales)	(%)	3.71	2.10	6.61
Return on Total Assets (PBT/Total Assets}	(%)	17.66	4.83	14.38
Return on Investment (ROI) (PBT/Networth)		0.31	0.15	0.44
Debt Equity Ratio (Total Debt/Networth)		0.09	0.30	0.36
Current Ratio (Current Asset/Current Liability)		1.04	1.05	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.06.2011	30.06.2012	30.06.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	968.386	968.386	968.386
Reserves & Surplus	1958.455	2114.638	2559.63
Net worth	2926.841	3083.024	3528.016
long-term borrowings	1066.659	940.857	320.945
Short term borrowings	0.000	0.000	0.000
Total borrowings	1066.659	940.857	320.945
Debt/Equity ratio	0.364	0.305	0.091

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.06.2011	30.06.2012	30.06.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	19436.987	22726.722	29681.818
		16.925	30.603

NET PROFIT MARGIN

Net Profit Margin	30.06.2011	30.06.2012	30.06.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	19436.987	22726.722	29681.818
Profit	876.907	313.747	728.233
	4.51%	1.38%	2.45%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	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

LITIGATION DETAILS

Case Details Bench :- Bombay
Presentation Date 2.03.2013
Stamp No.:- FAST/10368/2013 Filing Date:- 03.04.2013 Reg. No.:- FA/1176/2013 Reg. Date:- 30.08.2013
Petitioner:- M/S. MOREX INDUSTRIES PRIVATE LIMITED Petn.Adv.:- MR. A. M. SARAOGI (0) District:- MUMBAI	Respondent:- SUPREME PETROCHEM LIMITED – Resp. Adv.:- 0 (0)
Bench:- SINGLE Status:- admitted (Unready) Last Date:- 09.04.2014 Last Coram:- HON’BLE SHRI JUSTICE K. K. TATED	Stage:- APPEALS FOR ADMISSION – FRESH [CIVIL SIDE MATTERS]
Act :- C. P. C. – (Interlocutory Order) C. P. C. – (Non Interlocutory Order)

UNSECURED LOANS

PARTICULAR	30.06.2013 (Rs. in Millions)	30.06.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Fixed deposits	41.945	92.090
Total	41.945	92.090

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10463830	11/11/2013	400,000,000.00	ING VYSYA BANK LIMITED	185, ANNASALAI, CHENNAI, Tamil Nadu - 600006, INDIA	B90955121
2	10353936	30/10/2012 *	338,700,000.00	THE KARUR VYSYA BANK LIMITED	KAMANWALA CHAMBERS, SIR P.M. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B62284401
3	10330666	29/03/2012 *	600,000,000.00	STATE BANK OF INDIA	CAG BRANCH, VOLTAS HOUSE, 23, J N HEREDIA MARG, BALLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA	B39674890
4	10283106	16/12/2011 *	750,000,000.00	THE KARUR VYSYA BANK LIMITED	KAMANWALA CHAMBERS, SIR P M ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B31543341
5	10167911	16/12/2011 *	450,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP BRANCH, NEVILLE HOUSE, J N HEREDIA MARG, MUMBAI, Maharashtra - 400001, INDIA	B31683782
6	10133430	03/11/2008	200,000,000.00	ING VYSYA BANK LTD	PATEL CHAMBERS GROUND FLOOR, SANDHURST BRIDGE OPE RA HOUSE, MUMBAI, Maharashtra - 400007, INDIA	A52331469
7	10096096	27/10/2008 *	200,000,000.00	THE KARUR VYSYA BANK LIMITED	POST BOX NO.21,, ERODE ROAD, KARUR, Tamil Nadu - 639002, INDIA	A50150077
8	80022213	23/02/2006	200,000,000.00	UTI BANK LIMITED	FORT, P M ROAD, MUMBAI, Maharashtra - 400001, INDIA	-
9	80006091	28/11/2005	320,000,000.00	STATE BANK OF INDIA	NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
10	90230060	09/06/2006 *	493,080,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	-
11	90230011	04/10/2004	120,000,000.00	UTI BANK LTD.	131; MAKER TOWER; F; 13 TH FLOOR, CUFFE PARADE; COLOBA, MUMBAI, Maharashtra - 400005, INDIA	-
12	90283294	06/09/2005 *	65,000,000.00	ANDHRA BANK	MOUNT ROAD, 95; ANNA SALAI, CHENNAI, Tamil Nadu - 600002, INDIA	-
13	90229949	06/04/2004 *	200,000,000.00	THE KARUR VYSYA BANK LTD.	KAMANWALA CHAMBERS, SIR P.M. ROAD, MUMBAI, Maharashtra - 400001, INDIA	-
14	90229944	10/03/2004	200,000,000.00	ING VYSYA BANK LTD.	OPERA HOUSE, MUMBAI, Maharashtra, INDIA	-
15	90229925	29/12/2003	300,000,000.00	ING VYSYA BANK LTD.	PATEL CHEMBAER; GROUND FLOOR, OPERA HOUSE, MUMBAI, Maharashtra - 400007,INDIA	-
16	90281583	27/08/2003	50,250,000.00	BANK OF INDIA	CHENNAI CORPORATE BANKING BRANCH, TARAPORE TOWERS; ANNA SALAI, CALCUTTA, West Bengal - 600002, INDIA	-
17	90229891	21/11/2003 *	200,000,000.00	THE KARUR VYSYA BANK LTD.	KAMANWALA CHAMBERS, FORT BRANCH, MUMBAI, Maharashtra - 400001, INDIA	-
18	90229855	21/03/2003	150,000,000.00	ICICI LIMITED	FREE PRESS HOUSE, 215 NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
19	90229798	04/09/2002	100,000,000.00	INDUSIND BANK LIMITED	HOECHST HOUSE; 3RD FLOOR, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
20	90229673	17/04/2001	276,500,000.00	VYSYA BANK LTD.	OPERA HOUSE BRNACH, OPERA HOUSE, MUMBAI, Maharashtra - 400007, INDIA	-
21	90229630	16/12/2000	368,700,000.00	BANK OF INDIA	244-A; MITTAL COURT, A; WING ; NARIMAN POINT, MUMBAI, Maharashtra - 400021,INDIA	-
22	90229616	20/10/2000	540,000,000.00	STATE BANK OF INDIA	COMMERCIZL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra - 400023, INDIA	-
23	90229608	18/12/2000 *	367,500,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRNACH, M.G. ROAD; FORT, MUMBAI, Maharashtra - 400023, INDIA	-
24	90229606	22/09/2000	472,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH; BHARAT HOUSE', GROUND FLOOR; B.S. MARG, MUMBAI, Maharashtra - 400001, INDIA	-
25	90229599	20/06/2001 *	200,000,000.00	IDBI BANK LTD.	224; A- MITTAL COURT, A; WING; NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
26	90229597	03/01/2001 *	75,000,000.00	SICOM LIMITED	NIRMAL 1ST FLOOR, NARIMAN POINT, MUMBAI, Maharashtra - 40001, INDIA	-
27	90229567	11/04/2000	100,000,000.00	UCO BANK	BALDOTA BHAVAN; QUEEN'S ROAD BRNACH, MAHARASHI KARVE ROAD, MUMBAI, Maharashtra - 400020, INDIA	-
28	90229535	01/03/2001 *	126,750,000.00	STATE BANK OF INDORE	NANABHAI LANE, FORT, MUMBAI, Maharashtra - 400001, INDIA	-
29	90229530	07/04/2000 *	390,000,000.00	ICICI LIMITED	FREE PRESS HOUSE, 215; NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
30	90232526	25/11/1999	1,486,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra - 400023, INDIA	-
31	90229517	01/03/2001 *	110,000,000.00	BOMBAY MERCANTILE CO-OP; BANK LTD.	CORPORATE FINANCE OFFICE, P.D. MELLO ROAD, MUMBAI, Maharashtra - 400009, INDIA	-
32	90229508	03/01/2001 *	150,000,000.00	IDBI BANK LTD.	IDBI TOWER, COLOBA, MUMBAI, Maharashtra - 400005, INDIA	-
33	90229497	21/12/1999 *	100,000,000.00	CENTRAL BANK OF INDIA	M.G. ROAD, FORT, MUMBAI, Maharashtra - 400021, INDIA	-
34	90229476	08/07/1999	241,500,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRNACH, M.G. ROAD; FORT, MUMBAI, Maharashtra - 400023, INDIA	-
35	90229460	06/05/1999	150,000,000.00	IDBI BANK LTD.	IDBI TOWER, COLOBA, MUMBAI, Maharashtra - 40005, INDIA	-
36	90229457	09/04/1999	100,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRNACH, M.G. ROAD; FORT, MUMBAI, Maharashtra - 400023, INDIA	-
37	90229429	20/10/1999 *	123,500,000.00	IDBI BANK LTD.	224; A- MITTAL COURT, A; WING; NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
38	90229416	29/12/1998	67,000,000.00	STATE BANK OF INDORE	INDUSTRIAL FINANCE BRNACH; 10; NAHABHAI LANE, MUMBAI, Maharashtra - 400001, INDIA	-
39	80022212	10/01/2006 *	4,100,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, VAIDYA MARG, MUMBAI, Maharashtra - 400023, INDIA	-
40	90229410	30/10/2012 *	7,650,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP BRANCH, NEVILLE HOUSE, 23, J N HEREDIA MARG, MUMBAI, Maharashtra - 400001, INDIA	B62165162
41	90229363	20/06/2001 *	190,000,000.00	BANK OF INDIA	INDUSTRIAL FINANCE BRANCH;. BARODA HOUSE, C.P. ST REET FORT, MUMBAI, Maharashtra - 400001, INDIA	-
42	90232506	23/01/1998	1,075,000,000.00	ING BANK NV	7TH FLOOR; HOECHSTR HOUSE, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
43	90229292	19/02/1999 *	100,000,000.00	ICICI LIMITED	163; BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400020, INDIA	-
44	90229261	23/01/1998 *	45,000,000.00	IDBI BANK LTD.	IDBI TOWER, COLOBA, MUMBAI, Maharashtra - 400005, INDIA	-
45	90229251	08/04/1996 *	100,000,000.00	ICICI LIMITED	163; BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400020, INDIA	-
46	90229055	23/01/1998 *	90,000,000.00	IDBI BANK LTD.	IDBI TOWER, COLOBA, MUMBAI, Maharashtra - 400005, INDIA	-
47	90229043	23/03/2005 *	870,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRNACH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra - 400023, INDIA	-
48	90242072	14/09/2012 *	7,650,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP BRANCH, NEVILLE HOUSE, 23, J N HEREDIA MARG, MUMBAI, Maharashtra - 400001, INDIA	B60547056
49	90228993	06/09/1996 *	160,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH; BHARAT HOUSE', GROUND FLOOR; B.S. MARG, MUMBAI, Maharashtra - 400001, INDIA	-
50	90228955	14/11/1995 *	50,000,000.00	ICICI LIMITED	163; BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400020, INDIA	-
51	90228882	26/07/2001 *	525,600,000.00	ICICI LIMITED	163; BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400021, INDIA	-
52	90228871	24/10/1998 *	168,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRNACH; BHARAT HOUSE;, GROUND FLOOR; B.S. MARG, BOMBAY, Maharashtra - 400001, INDIA	-
53	90228846	14/11/1995 *	50,000,000.00	BANK OF BARODA	INDUSTRIAL FINANCE BRANCH, BARODA HOUSE; C.P. STREET, MUBAI, Maharashtra - 400001, INDIA	-
54	90281797	10/10/1994 *	2,000,000.00	INDUSTRIAL RECONSTRUCTION BANK OF INDIA	19; NETHAJI SUBASH ROAD, CALCUTTA, West Bengal - 700007, INDA	-
55	90281790	10/10/1994 *	6,500,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER; CUFFE PARADE, COLABA, BOMBAY, Tamil Nadu - 400005, INDIA	-
56	90281761	27/08/2003 *	47,000,000.00	BANK OF INDIA	CHENNAI CORPORATE BANKING BRANCH, TARAPORE TOWERS; ANNA SALAI, CALCUTTA, West Bengal - 600002, INDIA	-
57	90228265	05/09/2001 *	870,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRNACH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra - 400023, INDIA	-

* Date of charge modification

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OVERVIEW

The Indian economy is currently going through a difficult phase. Domestic as well as global issues have slowed the economic growth to a decade low of 5% for the financial yea 2012-13. Inflation coupled with sharp rupee depreciation dampened the consumer confidence leading to slow market growth. The year has been a year of economic uncertainties and weak sentiments. The Company’s performance for the year must be viewed in the background of the above said economic environment and consumer sentiment.

The domestic Polystyrene (PS) industry faced difficult business environment during the year. The contributory factors were the increasing Styrene Monomer (main raw material) prices compounded by the weakening rupee against the dollar which lead to high Polystyrene prices. This adversely affected quantitative sales, though with increasing sales revenue. High prices of Polystyrene increased usage of reprocessed Polystyrene by certain consumer segments. The situation was further compounded by the poor off take from major Polystyrene consuming segments like refrigerators and TV. The fall in demand from TV segment was due to switch over to LCD/LED TVs from conventional CTVs and also increased imports under FTAs. All these resulted in DE growth in domestic demand by about 3.5% over the previous year.

Exports continue to remain sluggish as a result of uncertain political and economic situation in the Company’s major international markets. Startup of new Polystyrene plants in Egypt and Saudi Arabia exerted pressure on margins due to enhanced competition. Exports to Turkey a major market for the Company have slowed down due to bilateral trade agreements entered into between Turkey and South Korea which allows imports of South Korean Polystyrene into Turkey on duty free basis. The company managed to retain volumes and reasonable margins by servicing large number of small and medium sized customers over different markets. With this change in marketing strategy for exports the Company could increase the volumes marginally by 3%.

Customs tariff on imports of polymers was increased to 7.5% from 5% towards the end of the year. However, in view of the various FTAs entered into by Government of India particularly with Singapore the Company will not get any significant advantage of the same in respect of Polystyrene.

Government of India has entered into various FTAs under which aggressive imports of household appliances on duty free basis has affected local production thus making an adverse impact on local consumption of Polystyrene. Imports of Polystyrene and also household appliances under FTAs particularly with countries like Singapore, Thailand and ASEAN Nations are contributing to lower capacity utilization of domestic Polystyrene industry. In near future may also affect employment opportunities in India. The first phase of debottlenecking of the Polystyrene plant to increase the proportion of value added grades by 40,000 TPA within the overall installed capacity of 27,000 TPA was completed in August 2012. The second phase of debottlenecking to increase the production capacity of value added grades by another 10,000 TPA has been deferred due to sluggish domestic market.

Expandable Polystyrene demand in the country grew by 6% due to increased usage in cold storage, construction industry and packaging. The Company with its increased capacity was able to capture the growth in demand and significantly improve its market participation. The shutdown of Expandable Polystyrene operations during the year by one of the Company’s competitors with Western Region has also helped the Company gain market share and become a market leader.

Food Grade Expandable Polystyrene has been well accepted in both domestic and export market. Exports of food grade EPS has shown encouraging volume growth. There however remains large scope to increase volumes in export market. Domestic demand for same is not showing any appreciable volume jump. The Company has therefore decided to enhance the standard EPS capacity within the overall capacity.

The Specialty Polymers and Compound (SPC) market continued to be sluggish. While the number of water filter producers increased during the year, low volumes for appliance sector due to overall economic situation, adversely affected off-take of specialty compounds. Special Compounds developed by the company for Telecom and Railway batteries have been well accepted by customers. Many low margin products have been withdrawn from the market to enhance profitability of business even with muted volumes. Exports of SPC recorded a marginal increase in volumes despite difficult business environment in the international market

Focus of the company to develop retail network on pan-India basis to make Extruded Polystyrene Insulation Board (Brand name INSUboard) available to consuming public is continuing at brisk pace. Continuous efforts are being made to create awareness by participating in seminars, exhibitions, road shows etc. Results are encouraging. New products are being introduced based on customer feedback and special requirements. Several technical innovations have been initiated to reduce cost and improve product quality. The company has gained acceptance with HVAC (Heating Ventilation Air Conditioning) consultants which resulted in inclusion of INSUboard in the user’s handbook of ISHRAE (Indian Society of Heating Refrigerating and Air Conditioning Engineers).

The gas based Captive Power Plant of 4000 KVA was commissioned in September, 2012. This has helped the Company to schedule drawal of power from the grid at non-peak hours thus reducing overall per unit cost of power.

FINANCE

The Company’s total debt stands reduced to Rs.746.884 millions as on June 30, 2013. Total borrowings have been brought down by about Rs. 676.180 millions during the year. As on June 30, 2013 the Company has a very healthy debt to equity ratio of 0.21 and total outside liability to networth ratio of 1.78.

OUTLOOK

Polystyrene: The domestic PS market is expected to grow by 4% in 2013-14. This is based on the demand growth expected mainly from rigid transparent sheets, water filters, refrigerators, air conditioners and PS Foam food service ware. On the export front the Company may face competitive pressures due to various bilateral trade agreements entered into by South and North East Asian Countries with major PS consuming countries like Turkey and European Union. However, excellent brand image enjoyed by the Company in many countries, customer loyalty and strong distribution network will to a large extent mitigate such competitive pressures.

Expandable Polystyrene: The domestic EPS sale is expected to grow by about 11% in 2013-14. Though the main applications of EPS have traditionally been in packaging more growth is expected from block applications i.e. in cold storages and construction industry where sandwich panels and 3 D panels are expected to do well as stated in their previous years report. Use of EPS for construction in India continues to be low and is therefore a growth opportunity for the Company.

Specialty Polymers and Compounds: The Company is strengthening its value added compounds portfolio particularly in the area of engineering compounds. This will help in improving the bottom line though the volumes may not see quantum jump in the immediate near future. Sales force has been strengthened to explore new markets and applications, both in domestic market as well as export market.

Extruded Polystyrene Insulation Board (XPS): Demand from retail segment for XPS insulation Board is showing encouraging results in the recent months. The Company is putting up a large distributor network to improve availability and awareness about the product to the retail sector. XPS market has a new entrant who has put up a XPS plant in Hyderabad. This is a welcome development since two domestic players will help in developing the market faster. They expect the demand to grow with increased product awareness.

AWARDS AND RECOGNITION

The Company has achieved the following recognitions and awards during the period:

Greentech Safety Award 2012 – From Greentech Foundation, New Delhi for outstanding achievement in Safety Management.

FIXED ASSETS

· Land (Freehold)

· Buildings

· Plant and Machinery

· Office Equipments

· Computers

· Air conditioners

· Vehicles

· Furniture and Fixtures

· Computer Software

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED

31^ST DECEMBER, 2013

		Particulars	3^rd Quarter Ended 31.03.2014	2^nd Quarter Ended 30.12.2013	3^rd Quarter Ended 31.03.2014
1	Income from Operations
	a) Net Sales/Income from Operations (net of excise duty)		8160.698	8069.802	2406.6164
	b) Other Operating Income		73.371	70.716	227.448
	Total Income from Operations (Net)		8234.069	8140.518	24293.612
2	Expenses
	a)	Cost of Materials consumed	5322.317	4851.868	15222.932
	b)	Purchase of stock in-trade	1987.417	2360.446	6771.516
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	147.194	613.977	141.645
	d)	Employee benefit expenses	69.764	68.339	219.550
	e)	Depreciation and amortization expense	70.687	71.803	213.653
	f)	Other expenses	442.781	337.795	1251.127
	Total Expenses		8040.160	8304.228	23820.423
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	193.909	(163.710)	473.189
4	Other Income		10.648	17.875	43.118
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	204.557	(145.835)	516.307
6	Finance Costs		59.592	61.467	180.747
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	144.995	(207.302)	335.560
8	Exceptional Items (Prior Period Adjustment)		1.440	(0.228)	(0.901)
9	Profit /(Loss) from ordinary activities before tax		146.435	(207.530)	334.659
10	Tax Expense
	Current tax		50.502	(72.787)	107.985
	Short/(Excess) provision of taxes for earlier years		(1.878)	--	(1.878)
11	Net Profit /(Loss) from ordinary activities after tax (9-10)		97.811	(134.743)	228.552
12	Extraordinary items (net of tax expense)		--	--	--
13	Net Profit /(Loss) for the period (11-12)		97.811	(134.743)	228.552
14	Paid up equity share capital (Eq. shares of Rs.10/- each)		968.386	968.386	968.386
15	Reserve excluding revaluation reserves
16		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic	1.01	(1.39)	2.72
		Diluted	1.01	(1.39)	2.72
		Cash EPS after extraordinary	1.74	(0.65)	4.57
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	38126613	38126613	38126613
		- Percentage of Shareholding	39.37%	39.37%	39.37%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	--	--	--
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	--	--	--
		- Percentage of shares (as a % of the total share capital of the Company)	--	--	--
		b) Non- encumbered
		- Number of shares	58712000	58712000	58712000
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00	100.00	100.00
		- Percentage of shares (as a % of the total share capital of the Company)	60.63%	60.63%	60.63%

	Particulars		3 Months Ended 31.03.2013
B		Investor Complaints
		Pending at the beginning of the quarter	0
		Received during the quarter	50
		Disposed during the quarter	50
		Remaining unresolved at the end of the quarter	0

NOTES

1. Domestic Polystyene demand continues to remain under pressure resulting in a shrinking of market by 14% in the nine months ending March 31, 2014. This is mainly on account of contraction in demand of consumer durables by 12.5% during this period and also general slowness in the economy. .

2. The Board of Directors have approved the buy-back of the Company's Equity Shares for a price not exceeding Rs. 70/- per share from the open market up to 8 maximum of Rs. 337.500 millions.

3. Styrenics is the primary business segment of the Company. The secondary segment (Geographical) is as under

(Rs In Millions)

Particulars	3^rd Quarter Ended 31.03.2014	2^nd Quarter Ended 30.12.2013	3^rd Quarter Ended 31.03.2014
(a) Net Sales/Income from Operations:
Within India	6114.060	6233.540	18216.135
Outside India	2120.009	1906.978	6077.477
	8234.069	8140.518	24293.612
(b) All the Assets of the Company are within India except these Debtors	590.992	407.802	590.992

4. Tax expenses include current tax and deferred lax.

5. Figures of the previous year/ periods are regrouped, wherever necessary.

6. The above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on April 21, 2014 and subjected lo limited review by the statutory auditors.

CMT REPORT (Corruption, Money Laundering and 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.59.88
UK Pound	1	Rs.100.98
Euro	1	Rs.82.40

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	ANK

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		50

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 and 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.