MIRA INFORM REPORT

Report Date :

15.05.2014

IDENTIFICATION DETAILS

Name :	GUJARAT FOILS LIMITED

Registered Office :	Plot No.3436-3449, Chhatral, G.I.D.C., Phase – IV, Taluka-Kalol, District – Gandhinagar – 382729, Gujarat

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	16.11.1992

Com. Reg. No.:	04-018570

Capital Investment / Paid-up Capital :	Rs.82.018 Millions

CIN No.: [Company Identification No.]	L28999GJ1992PLC018570

TAN No.: [Tax Deduction & Collection Account No.]	AHMG00263E

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturing and Supply of Aluminium Sheet, Foils (Bare, Coated or Laminated and Printed), Strips, Containers for Food, Pharmaceuticals and Packaging Applications.

No. of Employees :	468 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 3100000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Exist

Comments :	Subject is an established company having moderate track record. General financial position of the company seems to ne sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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

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	CARE
Rating	Long Term Bank Facilities: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	19.03.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	19.03.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY (General Details)

Name :	Mr. Karthik Mudaliyar
Designation :	Manager
Contact No.:	91-9033947139
Date :	13.05.2014

LOCATIONS

Registered Office/ Factory :	Plot No.3436-3449, Chhatral, G.I.D.C., Phase – IV, Taluka-Kalol, District – Gandhinagar – 382729, Gujarat, India
Tel. No.:	91-2712-233656/ 233657
Mobile No.:	91-9033947139 (Mr. Karthik Mudaliyar)
Fax No.:	91-2712-233657/ 58
E-Mail :	info@gujaratfoils.com divyang_oza@gujaratfoils.com richa.gole@topworthgroup.com jigna@gujaratfoils.com secretarial@topworthgroup.com karthik.mudaliyar@gujaratfoils.com
Website :	http://www.gujaratfoils.com
Location :	Owned

Corporate Office :	308, 3rd Floor, Ceejay House, Dr. Annie Besant Road, Worli, Mumbai- 400018, Maharashtra, India
Tel. No.:	91-22-24812000
Fax No.:	91-22-24812122
E-Mail :	shareholders@gujaratfoils.com

Media and Investor Queries/ Office Address :	102, 1st Floor, "Sumer Kendra", Off: P.B. Marg, Worli, Mumbai - 400018, Maharashtra, India
Tel. No.:	91-22-24823300
Fax No.:	91-22-24936966

Sales and other Enquiries/ Ahmedabad Office :	309, “Akashrath”, Opposite National Handloom corporation, Off C. G. Road, Law Garden, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-40073727
Fax No.:	91-79-40073728

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Abhay Lodha
Designation :	Executive, Chairman and Managing Director
Address :	603, Vaitarna, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai – 400030, Maharashtra, India
Date of Birth / Age :	01.06.1971
Date of Appointment :	14.07.2008

Name :	Mr. Satish Chander Gupta
Designation :	Non-Executive, Independent Director
Address :	A – 1/135, Inder Puri, New Delhi – 110012, India
Date of Birth / Age :	05.05.1947
Date of Appointment :	31.01.2009

Name :	Mr. Prasenjit P. Datta
Designation :	Executive, Whole Time Director

Name :	Mr. Kanchan Murarka
Designation :	Non-Executive, Non-Independent Director
Date of Birth / Age :	06.01.1966
Qualification :	C.A., C.S., ICWA, B.Com
Date of Appointment :	16.05.2011

Name :	Mr. Surender Kumar Tuteja
Designation :	Non-Executive, Independent Director
Date of Birth / Age :	15.06.1945
Qualification :	I.A.S., M.COM., F.C.S.
Date of Appointment :	11.04.2012

Name :	Mr. Rahul B. Chhajed
Designation :	Non-Executive, Independent Director
Date of Birth / Age :	08.01.1972
Qualification :	B.Com
Date of Appointment :	10.07.2012

Name :	Mr. Viresh Mathur
Designation :	Non-Executive, Independent Director
Date of Birth / Age :	09.04.1946
Qualification :	M.A., Fiscal Studies (Diploma) from University of Bath (U.K.)
Date of Appointment :	14.08.2012

Name :	Mr. Sanjiv Goel
Designation :	Non-Executive, Non-Independent Director
Date of Birth / Age :	27.02.1958
Qualification :	B. Tech
Date of Appointment :	14.08.2012

KEY EXECUTIVES

Name :	Mr. Amit Kumar Gupta
Designation :	Company Secretary and Compliance Officer

Name :	Mr. Karthik Mudaliyar
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON – 31.03.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4041201	49.27
Bodies Corporate	792876	9.67
Sub Total	4834077	58.94

(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4834077	58.94

(B) Public Shareholding
(1) Institutions	--	--
(2) Non-Institutions
Bodies Corporate	884127	10.78
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	336964	4.11
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2138222	26.07

Any Others (Specify)	8420	0.10
Clearing Members	2143	0.03
Non Resident Indians	6277	0.08
Sub Total	3367733	41.06

Total Public shareholding (B)	3367733	41.06

Total (A)+(B)	8201810	100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00

Total (A)+(B)+(C)	8201810	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Supply of Aluminium Sheet, Foils (Bare, Coated or Laminated and Printed), Strips, Containers for Food, Pharmaceuticals and Packaging Applications.

Products :

ITC Code No.	Product Description
76071991	Aluminium Foil / Sheet / Strip
76061200	Aluminium Coil / Sheet / Strip
76069290	Aluminium Foil / Sheet / Strip

Exports :

Countries :

· Dubai

· Pakistan

Terms :

Selling :

L/C and Cheque

Purchasing :

L/C and Cheque

GENERAL INFORMATION

Customers :

Retailers

LUPIN

Sun Pharmaceutical Industries Limited

AUROBINDO

Cadila Pharmaceuticals Limited

MAXHEAL

Ayrton Drug

ISEAL

HITACHI

Positive Packaging

No. of Employees :

468 (Approximately)

Bankers :

· State Bank of India

Backbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai-400021, Maharashtra, India

· Allahabad Bank

Industrial Finance Branch, Parliament Street, New Delhi, India

· Oriental Bank of Commerce

Mumbai Overseas Branch, Nariman Point, Mumbai, Maharashtra, India

· Dena Bank

Corporate Business Branch, Bandra-Kurla Complex, Bandra – East, Mumbai, Maharashtra, India

· Union Bank of India

· Bank of India

· IDBI Bank

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loans -From Banks	267.697	351.999
Other loans and advances (Secured By Hypothecation of Motor Vehicle)	0.587	0.761

Short Term Borrowings
Loans repayable on demand -From banks	1039.350	1030.780

Total	1307.634	1383.540
NOTE: Long term Borrowings a) Term loan from State Bank of India and Dena Bank has been secured by first mortgage / equitable mortgage on pari-passu basis on the Land, Building, Plant and Machinery and other fixed asset of the Company situated on plot no 3436 to 3439 and 3442 to 3446 at Chattral Industrial Area of GIDC, Phase IV, Tal: Kalol, Dist. Gandhinagar, Gujarat and second pari-passu charge on all the Current Assets of the Company (excluding Current Assets relating to Aluminium Pharma Foil Project and Wind Mill). b) Term loan from Bank of India for Aluminium Pharma Foil Project has been secured by mortgage / equitable mortgage on exclusive basis on the Land, Building, Plant and and Machinery and other fixed asset of the Company situated on plot no 3440 to 3441at Chattral Industrial Area of GIDC, Phase IV, Tal: Kalol, District Gandhinagar, Gujarat. c) Car loans have been secured by hypothecation of respective cars. Short Term Borrowings a. Working Capital availed under the Consortium arrangement (Allahabad Bank, IDBI Bank, State Bank of India, Union Bank of India, Dena Bank and Oriental Bank of India) [excluding Working Capital limits availed from Bank of India for Aluminium Pharma Foil Project] of the Company is secured by way of first pari-passu hypothecation charge on all the Stocks, Receivable, Book Debts and other Current Assets of the Company and second pari-passu charge on entire Fixed Assets (excluding that of Aluminium Pharma Foil Project and Wind Mill ) of the Company. b. Working Capital availed from Bank of India for Aluminium Pharma Foil Project of the Company is secured by way of exclusive hypothecation charge on all the Stocks, Receivable, Book Debts and other Current Assets of the Aluminium Pharma Foil Project of the Company and also secured by mortgage / equitable mortgage on exclusive basis on the Land, Building, Plant and Machinery and other fixed asset of the Company situated on plot no 3440 to 3441 at Chattral Industrial Area of GIDC, Phase IV, Tal: Kalol, District Gandhinagar, Gujarat.


Banking Relations :	--

Auditors :
Name :	H. R. Agarwal and Associates Chartered Accountants
Address :	Kolkata, West Bengal, India

CAPITAL STRUCTURE

(AS 27.09.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount

50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

33201810	Equity Shares	Rs.10/- each	Rs.332.018 Millions

(AS ON 31.03.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount

50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

8201810	Equity Shares	Rs.10/- each	Rs.82.018 Millions

(A) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Particulars

2012-13

No. of Shares

Shares outstanding at the beginning of the year

8201810

Shares outstanding at the end of the year

8201810

(B) Shares in the Company held by each shareholder holding more than 5% shares in the Company

Name of Shareholder	2012-13
	No. of Shares	% of Holding
Abhay Narendra Lodha	3047104	37.15
Parmod Jain	1260204	15.36
Akshata Realtors Private Limited	792876	9.67
Rockdude Financial Services Private Limited	718013	8.75
Ashwin Narendra Lodha	703994	8.58

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	82.018	82.018	82.018
(b) Reserves & Surplus	267.444	207.080	183.865
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	433.900	433.900	357.400
Total Shareholders’ Funds (1) + (2)	783.362	722.998	623.283

(3) Non-Current Liabilities
(a) long-term borrowings	626.410	724.538	530.137
(b) Deferred tax liabilities (Net)	67.711	62.889	40.732
(c) Other long term liabilities	153.592	99.065	91.547
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	847.713	886.492	662.416

(4) Current Liabilities
(a) Short term borrowings	1039.350	1030.780	548.318
(b) Trade payables	635.313	239.562	313.940
(c) Other current liabilities	100.179	98.801	108.777
(d) Short-term provisions	1.010	1.858	1.213
Total Current Liabilities (4)	1775.852	1371.001	972.248

TOTAL	3406.927	2980.491	2257.947

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1044.796	1145.403	861.040
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	80.126	80.072	284.414
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1124.922	1225.475	1145.454

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1072.154	783.912	470.687
(c) Trade receivables	1064.453	861.773	508.119
(d) Cash and cash equivalents	87.578	31.061	60.902
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	57.820	78.270	72.785
Total Current Assets	2282.005	1755.016	1112.493

TOTAL	3406.927	2980.491	2257.947

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	3443.319	2612.273	2251.353
		Other Income	0.000	0.000	0.000
		TOTAL (A)	3443.319	2612.273	2251.353

Less	EXPENSES
		Cost of materials consumed	2832.368	2191.703	1987.730
		Changes in inventories of finished goods work-in-progress and Stock-in-Trade	(120.105)	(153.418)	(98.332)
		Employee benefits expenses	81.547	33.432	17.218
		Other expenses	225.734	177.890	114.663
		TOTAL (B)	3019.545	2249.607	2021.279

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		423.774	362.666	230.074

Less	FINANCIAL EXPENSES (D)		230.900	209.495	110.002

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		192.874	153.171	120.072

Less/ Add	DEPRECIATION/ AMORTISATION (F)		111.201	97.793	79.227

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		81.673	55.378	40.845

Less	TAX (H)		21.308	32.164	22.191

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		60.365	23.214	18.654

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		109.185	85.971	67.317

	BALANCE CARRIED TO THE B/S		169.550	109.185	85.971

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	69.290	87.655	37.364
	TOTAL EARNINGS		69.290	87.655	37.364

	IMPORTS
		Raw Materials	118.220	287.488	135.038
		Capital Goods		13.147	34.788
	TOTAL IMPORTS		118.220	300.635	169.826

	Earnings / (Loss) Per Share (Rs.)		7.36	2.83	2.27

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.75	0.89	0.83

Net Profit Margin (PBT/Sales)	(%)	2.37	2.12	1.81

Return on Total Assets (PBT/Total Assets}	(%)	2.46	1.91	2.07

Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.07

Debt Equity Ratio (Total Debt/Networth)		2.13	2.43	1.73

Current Ratio (Current Asset/Current Liability)		1.29	1.28	1.14

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	82.018	82.018	82.018
Reserves & Surplus	183.865	207.080	267.444
Share Application money pending allotment	357.400	433.900	433.900
Net worth	623.283	722.998	783.362

long-term borrowings	530.137	724.538	626.410
Short term borrowings	548.318	1030.780	1039.350
Total borrowings	1078.455	1755.318	1665.760
Debt/Equity ratio	1.730	2.428	2.126

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	2,251.353	2,612.273	3,443.319
		16.031	31.813

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	2,251.353	2,612.273	3,443.319
Profit	18.654	23.214	60.365
	0.83%	0.89%	1.75%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

------------------------------------------------------------------------------------------------------------------------------

HIGH COURT OF GUJARAT

TAX APPEAL No. 916 of 2008

Status : PENDING

( Converted from : ST/1025/2008 )

CCIN No : 001092200800916

Last Listing Date:

01/04/2009

Coram

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

· HONOURABLE MR.JUSTICE AKIL KURESHI

S.NO.	Name of the Petitioner	Advocate On Record
1	THE COMMISSIONER OF INCOME TAX-II	MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1	GUJARAT FOILS LIMITED	RULE UNSERVED for :Opponent(s) 1


Presented On	: 24/03/2008	Registered On	: 24/03/2008
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 124 times
Stage Name	: FOR FINAL HEARING - TAX MATTERS


Act	INCOME-TAX ACT, 1961

Detention Details

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2008	VAKALATNAMA	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	-	MRS MAUNA M BHATT:1
2	15/08/2008	DOCUMENT	RULE UNSERVED for RESPONDENT(s) 1	-	RULE UNSERVED:1
3	01/12/2008	APPEARANCE NOTE	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	-	MRS MAUNA M BHATT:1
LINKED MATTERS

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/917/2008	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
2	TAX APPEAL/961/2008	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
3	TAX APPEAL/962/2008	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
4	TAX APPEAL/963/2008	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
5	TAX APPEAL/964/2008	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
6	TAX APPEAL/965/2008	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
COURT PROCEEDINGS

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

01/04/2009

FOR FINAL HEARING - TAX MATTERS

RULE/ADMIT

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

· HONOURABLE MR.JUSTICE AKIL KURESHI

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOAN

Particulars	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Other loans and advances
Other than Bank	358.126	371.778

Total	358.126	371.778
NOTE: a) Unsecured Loans other than bank are free of Interest

REVIEW OF OPERATIONS

During the year, the Company's Net Income from operations stood at Rs.3443.319 Millions as compared to Rs.2612.273 Millions in the previous year, thereby registering a growth of about 31.81%. Profit before finance cost and taxation for the year stood at Rs.312.573 Millions against Rs.264.873 Millions in the previous year, thereby registering a growth of about 18 %. Profit after Tax registered a growth of about 160 % and increased from Rs.23.214 Millions to Rs.60.365 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS

Industry Structure and Developments

Indian aluminium Industry is one of the industries in the Indian economy. The Indian aluminium industry in the previous decade experienced substantial success among the other industries. The Indian aluminium industry is developing fast and the advancement in its technologies are boosting the growth even faster. The Indian aluminium industry has a bright future as it can become one of the largest players in the global aluminium market because of consumption story. In India the consumptions are fairly low as compared to developed countries. However India has the fifth largest bauxite reserves with deposits of about 3 bn tones or 5% of world deposits and India's share in world aluminium capacity rests at about 3% only.

Aluminium Rolled Products i.e. “SHEET and FOIL” are commonly used by Pharma Industry, Food and Beverage Industry, Liquor Industry for packaging. It is important to note that Indian pharma market is expected to grow at 19% during the Financial Year 2013-14 and now India is among top 5 emerging Pharma markets in the world. As per Price Water House Coopers (PwC) report, Indian Pharma market is having a sales turnover of US$ 11 billion presently and the same is expected to be US$ 74 billion by the year 2020.

From the report it is evident that Indian Pharma market will continue to register a strong double digit growth rate till the year 2020.

Based on above report, they assume that current foil requirement by Indian Pharma industry is at 72,000 MT per annum and the same is expected to increase to 5,00,000 MT per annum by the year 2020.

Further due to rapid urbanisation, nuclear family concept and increase in population of higher income groups in Indian context, it is further leading to increase in massive demand for product like ready to eat food products, frozen yogurt, packed juices, milk, liquid products, premium chocolates etc. This would also result in increase of demand for packaging materials like light and medium gauge foils.

Structural demand drivers for this growth are:

a) Rising household income levels,

b) Increasing prevalence of lifestyle related diseases,

c) Improving healthcare infrastructure/delivery systems and

d) Rising penetration in smaller towns and rural areas.

These have continued to support long-term growth of Indian aluminium foil industry. In the last decade it has witnessed a very high capacity utilisation. 7 Major players of aluminium foil industry with installed capacity of 72,000 MT per annum are catering to the total demand of around 120,000 MT per annum in pharmaceuticals, FMCG, and other packaging Industries. The balancing factor of demand and supply resulted in increase in the imports of aluminium foil. Last financial year witnessed import of light gauge foil at approx 60,000 MT.

Considering such a favourable market situation some new capacities had been added in last financial year by new entrant but these capacities are very small to bridge the demand supply gap. This gap leaves an opportunity for all of us to add new capacities, improve the productivity and profitability in near distinct future.

In view of the above facts, Gujarat Foils Limited (GFL) is considering to add State of Art foil rolling capacity to take the advantage of existing demand supply gap.

The Aluminium Foil based Consumer Products which includes Housefoil Packs and Semi Rigid Containers (SRC), are very big markets in developed countries and are growing fast across developing countries. It is estimated that the market has crossed 15,000 MT per annum. In India, the market for both these products is over two decades old with organised players making foray from year 2002. Over the last decade many new small players were entered in this segment. The Company through its Consumer Product Business (“CPB”) divisions catering to this segment.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10395459	11/12/2012	140,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, 37, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B65311078
2	10312834	24/09/2011	50,000,000.00	DENA BANK	CORPORATE BUSINESS BRANCH, C-10, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	B23446248
3	10299386	30/07/2011	70,000,000.00	IDBI BANK LIMITED	INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA	B17757527
4	10254397	08/07/2013 *	1,750,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, 37, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B83723361
5	10250353	15/02/2012 *	366,000,000.00	BANK OF INDIA	AHMEDABAD MID CORP BR FIRST FLOOR, BOI BUILDING, NR SWASTIK CROSS RD, C. G. ROAD, NAVRANGPURA, AHME DABAD, GUJARAT - 380009, INDIA	B34644328
6	10230714	31/01/2012 *	366,000,000.00	BANK OF INDIA	AHMEDABAD MID CORP BR FIRST FLOOR, BOI BUILDING, NR SWASTIK CROSS RD, C. G. ROAD, NAVRANGPURA, AHME DABAD, GUJARAT - 380009, INDIA	B34643882
7	10219776	20/11/2010 *	240,000,000.00	IDBI Bank Limited	INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA	A99507683
8	10217745	16/02/2013 *	310,000,000.00	UNION BANK OF INDIA	YASHWANT BHAWAN, PANDURANG BHUDKAR MARG,, LOWER PAREL, MUMBAI, MAHARASHTRA -400013, INDIA	B70392048
9	10184139	01/06/2011 *	195,000,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH,, RAHEJA CHAMBERS, NAR IMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B14537443
10	10164111	31/07/2009 *	100,000,000.00	DENA BANK	CORPORATE BUSINESS BRANH, C-10, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA	A68311125
11	10145782	31/07/2009 *	150,000,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS,, FRE E PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A67831362
12	10145771	31/07/2009 *	220,000,000.00	DENA BANK	CORPORATE BUSINESS BRANCH, GROUND FLOOR,, C-10, G BLOCK, BANDR-KURLA COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA	A68191444

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Non Factory building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office equipment

· Computer

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.59.88
UK Pound	1	Rs.100.98
Euro	1	Rs.82.40

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	KAR

Report Prepared by :	NIT

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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--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.