MIRA INFORM REPORT

Report No. :	353941
Report Date :	08.12.2012

IDENTIFICATION DETAILS

Name :	KABRA EXTRUSION TECHNIK LIMITED
Registered Office :	Kolsite House, Off Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra
Tel. No.:	91-22-26734822
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	21.10.1982
Com. Reg. No.:	11- 028535
Capital Investment / Paid-up Capital :	Rs. 159.512 Million
CIN No.: [Company Identification No.]	L28900MH1982PLC028535
IEC No.:	0388055154
TAN No.: [Tax Deduction & Collection Account No.]	MUMK11319A
PAN No.: [Permanent Account No.]	AAACK4289L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Importer of plastic extrusion machinery [Confirmed by management]
No. of Employees :	576 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the “Kolsite group”. It is a well-established company incorporated in the year 1982 having fine track. The company possesses a good financial profile marked by healthy networth base along with comfortable liquidity position and favorable gap between trade payables and trade receivables. Management has witnessed a decent revenue base as well as net profitability during FY 15. Moreover, this rating strength is partially offset by susceptibility to competition from imports and to cyclicality in investments in the plastic products industry Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of experienced promoters and established market position of the subject in the industry, it can be considered good 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating “AA-“
Rating Explanation	High degree of safety and very low credit risk
Date	December 04, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	December 04, 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Jayant Sarpotdar
Designation :	Chief Financial Officer
Contact No.:	91-22-66952697
Date :	04.12.2015

LOCATIONS

Registered Office / Head Office :	Kolsite House, Off Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-26734822-24 / 26367551 / 26330272
Mobile No.:	91-9322302755 (Mr. Anand Kabra)
Fax No.:	91-22-26735041/26367512/26326336
E-Mail :	sales@kolsitegroup.com sales@kmfm.kolsitegroup.com secretarial@kolsitegroiup.com
Website :	http://www.kolsite.com
Location:	Rented
Locality:	Commercial
Factory 1 :	Kachigam, Daman Industrial Estate, Plot No. 14 and 15, Kachigam, Daman– 396210, Daman and Diu, India
Tel. No.:	91-260-2241401-3/2242616
Fax No.:	91-260-2241965
E-Mail :	ket@kolsitegroup.com
Website:	http://www.kolsitegroup.com
Factory 2 :	259/260/265 (lll), Costal Highway, Dunetha, Daman– 396210, Daman and Diu, India
Branch/ Sales Office:	402, Lalita Opposite HDFC Bank, Narang pura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-26564828/ 26427281
Regional Office / Branch Office :	Located at: · Ahmedabad · Delhi · Kolkatta · Chennai · Bangalore · Hyderabad

DIRECTORS

AS ON 31.03.2015

Name :	Shreevallabh Gopilal Kabra
Designation :	Chairman and Managing Director
Name :	Satyanarayan G. Kabra
Designation :	Vice-Chairman and Managing Director
Name :	Anand S. Kabra
Designation :	Technical Director
Name :	Haridas S. Sanwal
Designation :	Independent Director (upto 15.05.2015)
Name :	Mahaveer Prasad Taparia
Designation :	Independent Director
Name :	Nihalchand C. Chauhan
Designation :	Independent Director
Name :	Yagnesh B. Desai
Designation :	Independent Director
Name :	Bajrang Lal Bagra
Designation :	Additional Director (w.e.f. 07.11.2014)
Name :	Varun S. Kabra
Designation :	Additional Director (w.e.f. 13.02.2015)
Name :	Jyoti V. Kabra
Designation :	Additional Director (w.e.f. 13.02.2015)

KEY EXECUTIVES

Name :	S. Shenoy
Designation :	Chief Executive Officer
Name :	Jayant Sarpotdar
Designation :	Chief Financial Officer
Name :	Y. D. Sanghavi
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 30.09.2015

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	10830800	33.95
Bodies Corporate	7089660	22.22
Sub Total	17920460	56.17
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	17920460	56.17
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4400	0.01
Financial Institutions / Banks	600	0.00
Sub Total	5000	0.02
(2) Non-Institutions
Bodies Corporate	630554	1.98
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5095143	15.97
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3367530	10.56
Any Others (Specify)	4883633	15.31
Non Resident Indians	417313	1.31
Others	4466320	14.00
Sub Total	13976860	43.81
Total Public shareholding (B)	13981860	43.83
Total (A)+(B)	31902320	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)	31902320	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of plastic extrusion machinery [Confirmed by management]
Products :	Plastic Extrusion Machinery
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
	Plastic Extrusion Machinery
	Sri Lanka UAE Iraq South Africa Saudi Arabia Oman
Imports :
Products :	Raw Materials
Countries :	European Countries Asian Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Mahindra Sanyo Special Steel Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users

Reference :	Supreme Industries Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

576 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	D.N. Road Branch, Fort, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-22-22160915 (Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Working Capital = Rs.130.000 Million
Account Operation	Not Available
Remarks (If any)	Not Available

Banker Name	Kotak Mahindra Bank Limited
Branch Address	Lokhandwala Andheri (W), Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Loans repayable on demand
Cash Credit From Banks	133.811	169.580
Bills Discounted	76.116	1.146
Total	209.927	170.726

Note :

SHORT-TERM BORROWINGS

Above credit facilities from the banks are secured by first pari passu charge created in their favour on entire current and fixed assets of the company (both present and future) and further secured by equitable mortgage on first pari passu basis, by deposit of title deeds of plot of land situated at Village Kachigam, Daman

Auditors :
Name :	Kirtane and Pandit LLP Chartered Accountants
Address :	Pune, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associate / Promoter Company:	Plastiblends India Limited
Enterprise over which Executive Directors of the Company exercise significant influence :	Kolsite Industries Maharashtra Plastics and Industries Kolsite Corporation LLP Rambalab Ramnaran Kabra Gloucester Engineering Limited Kolsite Packaging Systems Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.5/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31902320	Equity Shares	Rs.5/- each	Rs.159.512 Million

Of the above shares 23180160 Shares of Rs. 5/- each were allotted as fully paid up bonus shares in 2010-11.

Reconciliation of number of equity shares outstanding at the beginning and at the end of the year

Particular	As at 31 March 2015
Number of shares outstanding as at the beginning of the year	31902320
Number of shares outstanding as at the end of the year	31902320

The company has only one class of share having par value of Rs. 5/-. Each holder of equity share is entitled to one vote per share.

Shares in the company held by each shareholder holding more than 5% shares

Particular	31 March 2015
Name of the share holder	Number of Shares held in The company	% of shares held
Anand Kabra	2541784	7.97
Satyanarayan G Kabra	2073528	6.50
Saritadevi S Kabra	1670988	5.24
Varun S Kabra	1670884	5.24
Battenfeld Extrusiontechnik GMBH	3600000	11.28
Kolsite Corporation LLP	6262288	19.63

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	159.512	159.512	159.512
(b) Reserves & Surplus	1266.493	1128.679	1042.536
(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)	1426.005	1288.191	1202.048
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	48.809	52.973	56.444
(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)	48.809	52.973	56.444
(4) Current Liabilities
(a) Short term borrowings	209.927	173.301	155.464
(b) Trade payables	328.978	204.664	228.613
(c) Other current liabilities	453.647	399.905	224.096
(d) Short-term provisions	143.716	116.635	129.516
Total Current Liabilities (4)	1136.268	894.505	737.689
TOTAL	2611.082	2235.669	1996.181
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	674.212	396.926	418.920
(ii) Intangible Assets	25.766	51.945	78.125
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	277.065	368.190	274.170
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	31.762	134.131	134.208
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1008.805	951.192	905.423
(2) Current assets
(a) Current investments	139.912	209.780	250.000
(b) Inventories	620.016	580.606	544.075
(c) Trade receivables	537.025	251.134	155.654
(d) Cash and cash equivalents	17.222	10.521	12.752
(e) Short-term loans and advances	288.102	232.436	128.277
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1602.277	1284.477	1090.758
TOTAL	2611.082	2235.669	1996.181

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	2712.754	2231.629	1799.416
	Other Income	85.152	19.175	50.516
	TOTAL (A)	2797.906	2250.804	1849.932
Less	EXPENSES
	Cost of Materials Consumed	1760.693	1458.773	1184.681
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(20.142)	(22.014)	(6.850)
	Employees benefits expense	256.209	200.068	176.736
	Other expenses	420.138	361.508	280.801
	TOTAL (B)	2416.898	1998.335	1635.368
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	381.008	252.469	214.564
Less	FINANCIAL EXPENSES (D)	34.408	18.430	27.781
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	346.600	234.039	186.783
Less/ Add	DEPRECIATION/ AMORTISATION (F)	76.095	59.286	58.394
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	270.505	174.753	128.389
Less	TAX (H)	46.516	32.624	19.771
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	223.989	142.129	108.618
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	592.886	521.043	460.649
Less	APPROPRIATIONS
	Transfer to General Reserve	22.500	14.300	10.900
	Proposed Dividend	63.804	47.853	31.902
	Tax on Dividend	13.351	8.133	5.422
	Depreciation Transitional Provision Effect	9.020	0.000	0.000
	Total (K)	108.675	70.286	48.224
	Balance Carried to the B/S (I+J-K)	708.200	592.886	521.043
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	871.045	750.770	631.812
	Interest	0.000	0.000	8.826
	TOTAL EARNINGS	871.045	750.770	640.638
	IMPORTS
	Purchase of stores, spares and Raw Materials	336.872	261.300	161.567
	TOTAL IMPORTS	336.872	261.300	161.567
	Earnings / (Loss) Per Share (Rs.)	7.02	4.46	3.40

Expected Sales (2015-2016): Rs.3000.000 Million

The above information has been parted by Mr. Jayant Sarpotdar (Chief Executive Officer).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash generated/used in investing activities	8.231	(45.815)	(160.035)

QUARTERLY RESULTS

PARTICULARS	30.06.2015	30.09.2015
Unaudited	1^st Quarter	2^nd Quarter
Net Sales	477.240	598.370
Total Expenditure	448.720	541.300
PBIDT (Excl OI)	28.520	57.070
Other Income	5.970	78.150
Operating Profit	34.490	135.220
Interest	5.670	7.320
Exceptional Items	NA	NA
PBDT	28.820	127.900
Depreciation	21.380	21.500
Profit Before Tax	7.440	106.400
Tax	1.200	20.800
Provisions and contingencies	NA	NA
Profit After Tax	6.240	85.600
Extraordinary Items	NA	(185.000)
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	6.240	(99.400)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	8.26	6.37	6.04
Operating Profit Margin (PBIDT/Sales)	(%)	14.05	11.31	11.92
Return on Total Assets (PBT/Total Assets}	(%)	11.59	9.36	7.46
Return on Investment (ROI) (PBT/Networth)		0.19	0.14	0.11
Debt Equity Ratio (Total Debt /Networth)		0.15	0.13	0.13
Current Ratio (Current Asset/Current Liability)		1.41	1.44	1.48

STOCK PRICES

Face Value	Rs.5.00/-
Market Value	Rs.103.40/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	159.512	159.512	159.512
Reserves & Surplus	1042.536	1128.679	1266.493
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1202.048	1288.191	1426.005
long-term borrowings	0.000	0.000	0.000
Short term borrowings	155.464	173.301	209.927
Total borrowings	155.464	173.301	209.927
Debt/Equity ratio	0.129	0.135	0.147

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1799.416	2231.629	2712.754
		24.020	21.559

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1799.416	2231.629	2712.754
Profit	108.618	142.129	223.989
	6.04%	6.37%	8.26%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	-----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Loans and advances from related parties
Inter Corporate Deposits	0.000	2.575
Total	0.000	2.575

CONTINGENT LIABILITIES NOT PROVIDED FOR:

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
Bank Guarantee and Counter guarantees(Letter of Credit) given by the Company for the guarantees issued by Company’s bankers	130.355	33.798
Fixed deposits shown under the head cash and bank balances include deposits pledged with the banks as margin to secure letters of credit and guarantees issued by banks	9.805	4.653
Net amount	120.550	29.145
Service Tax matter under dispute	12.447	12.447
	NA	140.553

OPERATIONS AND OUTLOOK:

The Company has achieved Operational and Other Income for the year at Rs. 2797.906 Million as against the previous years’ Operational and Other income of Rs. 2250.804 Million. The profit before tax amounts to Rs. 270.505 Million against the previous years’ profit of Rs. 174.753 Million. Net Profit of the Company after tax, deferred tax amounts to Rs. 223.989 Million as against Rs. 142.129 Million of the previous year.

EXPORTS:

Exports during the year is Rs. 909.386 Million as against previous years’ export of Rs. 813.377 Million and is about 34.09 % of total sales turnover.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENTS:

Kabra Extrustiontechnik (KET) is the flagship company of Kolsite group and one of the largest players in the plastic extrusion machinery known for its innovative offerings.

KET specializes in providing plastic extrusion machinery for manufacturing pipes and films. It has two manufacturing locations in Daman. The plastic extrusion machinery industry’s prospects appear positive in the long term.

BUSINESS OVERVIEW AND OUTLOOK:

The Company has technical collaboration with Battenfeld Cincinnati GmbH and has access to its technology for manufacturing Pipe Extrusion Lines. The Company also has access to technology of Gloucester Engineering Company Inc. USA (GEC) to manufacture high-end Blown Film Plants which find application in packaging for lamination, shrink and stretch wraps.

The Company also offers cPVC pipe extrusion lines in single as well as dual strand with Battenfeld Cincinnati technology. The Company manufactures round and flat drip lines having application in the irrigation field.

The extrusion machines supplied by KET facilitate space savings, lower energy consumption and high quality output for its customers.

The Company continued its focus on marketing activities and strengthening its agent network by participating in various trade fairs and exhibitions. It has made significant inroads in many new markets.

During the financial year 2014-15, the Company participated in various exhibitions at Saudi Arabia, China, Argentina, Iran, Vietnam, Myanmar, Eurasia, Indonesia, Bangladesh, PlastIndia - 2015 and IPlex – Hyderabad to showcase its product portfolio to strengthen its geographical base as well as clientele.

KET’s COMPETITIVE POSITIONING:

KET’s competitive positioning lies in its understanding of the indigenous markets with strong client relationships coupled with continuous efforts at enhancing its technological expertise.

Being a market leader over five decades of promoter experience in the industry, it has a strong brand loyalty and customer base.

The Technological collaborations forged by Company over a period of time have helped it to capture the import market in India and expand its geographical base to more than 70 countries including new countries like Egypt, Malaysia, Tunisia, Turkey and Indonesia.

In recognition of KET’s effort in technology innovation, the Company has been awarded the prestigious National Award under the industry category of “Innovation of Polymer Processing Machinery and Equipments” for its flagship product – High Speed Inline Flat Drip Tube Extrusion Line.

This award was presented by Shri Ananth Kumar, Hon’ble Minister for Chemicals and Fertilisers, Government of India, during a grand function organized at Bengaluru on 21st February, 2015. Kabra’s Drip Lines, both flat and cylindrical are widely recognized for their reliability, efficiency and advance technology.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10445921	24/08/2015 *	100,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	C64510043
2	90222571	13/03/2014 *	344,700,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR,,  WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI , MAHARASHTRA - 400005, INDIA	C04672754

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON

30.09.2015

(RS. IN MILLION)

		Particulars	Quarter Ended		Half - Year Ended
			30.09.2015	30.06.2015	30.09.2015
1	Income from Operations
	a) Net Sales/Income from Operations (net of excise duty)		594.894	473.239	1068.133
	b) Other Operating Income		3.481	4.001	7.482
	Total Income from Operations (Net)		598.375	477.240	1075.615
2	Expenses
	a)	Cost of Materials consumed	452.358	331.405	783.763
	b)	Purchase of stock in-trade	0.000	0.000	0.000
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(78.733)	(36.398)	(115.131)
	d)	Employee benefit expenses	71.338	66.835	138.173
	e)	Depreciation and amortization expense	21.501	21.382	42.883
	f)	Other expenses	96.343	86.873	183.216
	Total Expenses		562.807	470.097	1032.904
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	35.568	7.143	42.711
4	Other Income		78.148	5.970	84.118
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	113.716	13.113	57.439
16	Finance Costs		7.315	5.671	12.986
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	106.401	7.442	113.843
8	Exceptional Items		0.000	0.000	0.000
9	Profit /(Loss) from ordinary activities before tax		106.401	7.442	113.843
10	Tax Expense		20.800	1.200	22.000
11	Net Profit /(Loss) from ordinary activities after tax (9-10)		85.601	6.242	91.843
12	Extraordinary items (net of tax expense)		(185.000)	--	(185.000)
13	Net Profit /(Loss) for the period (11-12)		(99.399)	6.242	(93.157)
14	Paid up equity share capital (Eq. shares of Rs.5/- each)		159.512	159.512	159.512
15	Reserve excluding revaluation reserves
16		Earnings per share (before/after extraordinary items) of Rs.5/- each
		Basic	2.68	0.20	2.88
		Diluted	2.68	0.20	2.88
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	13981860	13981860	13981860
		- Percentage of Shareholding	43.83	43.83	43.83
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	17920460	17920460	17920460
		- 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)	56.17	56.17	56.17

	Particulars		Quarter ended 30.09.2015
B		Investor Complaints
		Pending at the beginning of the quarter	Nil
		Received during the quarter	Nil
		Disposed during the quarter	Nil
		Remaining unresolved at the end of the quarter	Nil

Note:

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 07.11.2015.

2. These accounts have been subjected to a 'Limited Review" by the Statutory Auditors of the Company.

3. Company had invested Rs.229.500 Million in Gloucester Engineering Company Inc. USA (GEC), a US based company engaged in manufacture of high-end high-output multilayer blown film plants. Consequent recent disposal of certain assets/liabilities of blown-film division by GEC, a provision for diminution in value of investment amounting to Rs.185.000 Million has been made.

4. Provision for Deferred Tax and Warranty, retirement benefits, reinstatement of monetary assets / liabilities held in foreign currency will be ascertained at the end of Financial Year.

5. Prior period figures have been regrouped / restated wherever necessary to make them comparable.

6. The Company is operating only in one segment i.e. Plastic Extrusion Machinery and Allied Equipments.

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Particular	30.09.2015 (Rs. In Million)
EQUITY AND LIABILITIES
Shareholders’ funds
(a) Share capital	159.512
(b) Reserves and surplus	1195.340
Sub-total - Shareholders' funds	1354.852
Non-current liabilities
(a) Long-term borrowings	0.000
(b) Deferred Tax Liabilities (Net)	48.809
(c) Other Long Term Liability	0.000
(d) Long Term Provision	0.000
Sub-total - Non-current liabilities	48.809
Current liabilities
(a) Short -term borrowings	109.597
(b) Trade payables	287.029
(c) Other Current Liability	340.686
(d) Short-term provision	107.814
Sub-total - Current liabilities	845.126
TOTAL - EQUITY AND LIABILITIES	2248.787
ASSETS
Non-current assets
(a) Fixed assets
(i) Tangible Assets	666.728
(ii) Intangible Assets	0.000
(iii) Capital work in Progress	0.000
(iv) Intangible assets under development / R and D	0.000
(b) Non-current investment	91.042
(c) Deferred tax assets (net)	0.000
(d) Long-term loans and advances	39.758
(e) Other non-current assets	0.000
Sub-total - Non-current assets Current assets	797.528
Current assets
(a) Current Investment	260.021
(b) Inventories	747.327
(c) Trade receivables	244.544
(d) Cash and cash equivalents	21.217
(e) Short-term loans and advances	178.150
(f) Other current assets	0.000
Sub-total - Current assets	1451.259
TOTAL - ASSETS	2248.787

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer

PRESS RELEASE

KABRA EXTRUSIONTECHNIK ENTERS INTO 50:50 JV WITH PENTA SRL, ITALY

Kabra Extrusiontechnik, a leading manufacturer of Plastic extrusion machinery in India, has entered into a 50:50 joint venture (JV) with Penta SRL, Italy, a company engaged in manufacturing and distribution of auto feeding systems.

Penta, a Piovan group company has 7 production facilities, 24 subsidiaries and70 distributors across the world. Penta's products and solutions are targeted to PVC dry blend manufacturers and compounders within the extrusion sector. Their product range include silos, storage units, debagging units, conveying systems, filters, sieves, pneumatic and mechanical extruder feeding, plant supervision systems.

Shares of the company gained Rs 0.85, or 1.13%, to settle at Rs 75.75. The total volume of shares traded was 10,567 at the BSE (Monday). - See more at: http://www.myiris.com/news/company/kabra-extrusiontechnik-enters-into-5050-jv-with-penta-srl-italy/20150629170502199#sthash.RFOggfBM.dpuf

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 records 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.66.63
UK Pound	1	Rs.100.65
Euro	1	Rs.72.40

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.