MIRA INFORM REPORT

Report No. :	357212
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	MACHINO PLASTICS LIMITED
Registered Office :	Plot No-3, Maruti Joint Venture Complex, Gurgaon – 122 015, Haryana
Tel. No.:	91-124-2341218 / 2340806 / 2346094 / 2347601
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	21.01.2003
Com. Reg. No.:	05-035034
Capital Investment / Paid-up Capital :	Rs. 61.368 Million
CIN No.: [Company Identification No.]	L25209HR2003PLC035034
IEC No.:	0588126918
TAN No.: [Tax Deduction & Collection Account No.]	RTKM01828B
PAN No.: [Permanent Account No.]	AAACM6984G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in Manufacturer and Distributor of Plastic Components, Instrument Panels and Radiators. (Registered Activity)
No. of Employees :	123 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in 1987, it was set up as a joint venture by the Machino group, Maruti Suzuki India Limited, and Suzuki Motor Corporation, Japan. The company is promoted by Mr. M D Jindal and his son, Mr. Sanjiv Jindal. In manufactures large plastic-moulded automobile components, especially for Maruti Suzuki India Limited (MSIL). The ratings takes into consideration healthy financial risk profile of the company comfortable debt protection metrics, established position in the plastic-moulded automobile components market and its strong relationship with MSIL. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In view of aforesaid, the company can be considered for business dealings with 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 ratings (BBB+)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	24, September 2015
Rating Agency Name	CRISIL
Rating	Short term ratings (A2)
Rating Explanation	Strong degree of safety and low credit risk.
Date	24, September 2015

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.

LOCATIONS

Registered Office / Factory 1 :	Plot No.3, Maruti Joint Venture Complex, Gurgaon – 122 015, Haryana, India
Tel. No.:	91-124-2341218 / 2340806 / 2346094 / 2347601
Fax No.:	91-124-2340692
E-Mail :	admin@machino.com sec.legal@machino.com machinopl@vsnl.com
Website :	http://www.machino.com
Factory 2 :	Plant II, Plot No.128 and 129. IMT Manesar, Gurgaon – 122 050, Haryana, India
Factory 3 :	Plot No.527, Industrial Area, Sector-3, Pithampur District – Dhar, Indore – 454 774, Madhya Pradesh, India (Under Construction)

DIRECTORS

As on: 31.03.2015

Name :	Mr. Murli Dhar Jindal
Designation :	Whole-Time Director
Address :	Jindal House, 8-A, Alipore Road, Kolkata-700027, West Bengal, India
Date of Birth/Age :	86 Years
Date of Appointment :	24.01.2003
DIN No.:	00017753
Name :	Mr. Sanjiv Jindal
Designation :	Managing Director
Address :	A-401 Ambience Island Apartments, NH-8, Gurgaon-122001, Haryana, India
Date of Appointment :	01.04.2006
DIN No.:	00017902
Name :	Mr. Ratan Lal Gaggar
Designation :	Director
Address :	11, Sarat Bose Road (Lansdown Road), Kolkata-700020, West Bengal, India
Date of Appointment :	24.01.2003
DIN No.:	00066068
Name :	Ratanlal Gaggar
Designation :	Director
Address :	11 Sarat Bose Road (Lansdown Road), Kolkata - 700020, West Bengal, India
Date of Appointment :	24.01.2003
DIN No.:	00322904
Name :	Anupam Gupta
Designation :	Director
Address :	20 , East Park Area, Karol Bagh, New Delhi-110005, Delhi, India
Date of Appointment :	30.05.2015
Date of Birth/Age :	50 Years
Qualification :	Graduate
DIN No.:	00335437
Name :	Rama Krishnan
Designation :	Director
Address :	G-17, Saket, New Delhi-110017, Delhi, India
Date of Appointment :	17.05.2010
DIN No.:	00546256
Name :	Ajay Kumar Tomer
Designation :	Nominee Director
Address :	Flat No 413, Sitaram Group Housing, Society Plot No 102, IP Extension Patpar Ganj, Delhi-110092, Delhi, India
Date of Birth/Age :	54 Years
Qualification :	B. Tech, Mechanical Engineer
Experience :	25 Years
Date of Appointment :	13.07.2007
DIN No.:	01990678
Name :	Sundaram Balasubramanian
Designation :	Director
Address :	E-103 Raheja Atlantis, Sector-31, Gurgaon-122001, Haryana, India
Date of Appointment :	28.05.2011
DIN No.:	02849971
Name :	Girish Chandra Dwivedi
Designation :	Director
Address :	N-43, South City-I, Phase-I, Gurgaon-122001, Haryana, India
Date of Appointment :	15.02.2011
DIN No.:	03428612
Name :	Masami Nishio
Designation :	Director
Address :	Room No. 205, Japanese Hostel, Opposites Signature Tower, Gurgaon - 120001, Haryana, India
Date of Appointment :	12.08.2014
DIN No.:	06514961
Date of Birth/Age :	54 Years
Qualification :	Graduate
Experience :	30 Years

KEY EXECUTIVES

Name :	Suryakant Agrawal
Designation :	Secretary
Address :	1277, Sector 21, Gurgaon-122016, Haryana, India
Date of Appointment :	09.10.2010
PAN	AATPA0948A
Name :	Aditya Jindal
Designation :	Chief Finance Executive
Address :	H. No. 401-402/A, Ambience Lagoon Apartments, Gurgaon-122001, Haryana, India
PAN	AGAPJ7289C
Date of Appointment :	26.05.2014
Name :	A K and Associates
Designation :	Company Secretary
Address :	New Delhi, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2015

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1211888	19.75
Bodies Corporate	2358493	38.43
Sub Total	3570381	58.18
(2) Foreign
Bodies Corporate	941700	15.35
Sub Total	941700	15.35
Total shareholding of Promoter and Promoter Group (A)	4512081	73.53
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	850	0.02
Sub Total	850	0.02
(2) Non-Institutions
Bodies Corporate	275866	4.56
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	726892	15.59
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	375232	6.11
Any Others (Specify)	11246	0.19
Non-Resident Indians	11146	0.19
Trusts	100	0.00
Sub Total	1389236	26.45
Total Public shareholding (B)	1390086	26.47
Total (A)+(B)	5902167	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5902167	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturer and Distributor of Plastic Components, Instrument Panels and Radiators. (Registered Activity)

Products :

Product Description	ITC Code
Automotive parts like Instrument Panels, Bumpers, Grills etc.	8708.10
Parts of Refrigerator	8418.90
Parts of Washing Machine	8450.90

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

123 (Approximately)

Bankers :

• The Bank of Tokyo-Mitsubishi UFJ Limited, Parliament Street, New Delhi, India
• Allahabad Bank, International Branch, Parliament Street, New Delhi, India
• Axis Bank, Gurgaon Branch

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Secured term loans from banks	0.000	123.766
Secured term loans from others	122.346	0.470
Short-term borrowings
Loan repayable on demand From banks Cash credit from banks (secured)	179.321	274.326
Total	301.667	398.562
Notes Secured term loans from banks a. Term loans are secured by way of pari passu first charge on company’s fixed assets excluding tools & dies, both present future and second charge on current assets b. The term loan taken from Allahabad Bank is Rs. 58.491 million (Previous year Rs. 86.132 million) which carries interest of 12.70% per annum c. The term loan taken from Axis Bank Limited is Rs. 63.802 million (Previous year Rs. 158.699 million) which carries interest of 13.50% per annum d. The term loan taken from TATA Capital Financial Services Limited is Rs. 150.000 million (Previous year Rs. Nil) which carries interest of 11.75% per annum e. The car finance taken from Kotak Mahindra Prime limited is Rs. 0.471 million (Previous year Rs. 0.780 miilion) which carries interest of 11.75% per annum Nature of securities The cash credit facilities are secured by way of pari passu first charge on entire current assets of the Company including stocks of raw material, goods in transit and book debts along with a pari passu charge on entire fixed assets of the Company * Cash credit facilities outstanding from The Bank of Tokyo-Mitsubishi UFJ, Limited is Nil (Previous year Rs. 49,196,450/-) carry interest of 14.50% computed on the daily basis on the actual amount utilized, and are repayable on demand. * Cash credit facilities outstanding from Allahabad Bank is Rs. 174.062 million (Previous year Rs. 166.094 million) carry interest of 12.70% computed on the daily basis on the actual amount utilized, and are repayable on demand. * Cash credit facilities outstanding from Axis Bank Limited is Rs. 5.259 million (Previous year Rs. 59.036 million) carry interest of 12.50% computed on the daily basis on the actual amount utilized, and are repayable on demand.

Financial Institution:	TATA Capital Financial Services Limited, One Forbes Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India
Statutory Auditors :
Name :	Goel Garg and Company Chartered Accountants
Address :	New Delhi, India
Internal Auditors:
Name :	KMGS and Associates Chartered Accountants
Address :	New Delhi, India
Cost Auditor
Name :	H. Tara and Company Cost Accountants
Address :	New Delhi, India
Memberships :	--
Collaborators :	--
Associate companies	· Maruti Suzuki India Limited Suzuki Motor Corporation, Japan
Enterprises over which key management personnel And their relatives are able to exercise significant influence	Machino Motors Private Limited Machino Techno Sales Limited Machino Transport Private Limited Machino Finance Private Limited Machino Media Private Limited Machino Auto Comp Tooling Private Limited Machino Polymers Limited Rajiv Exports Industries Private Limited Grandmaastters Mold Limited Pranaa Plastics Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
6,136,800	Equity Shares	Rs.10/- each	Rs.61.368 Million

a. Rights, preference and restrictions attached to equity shares

The Company has one class of equity share having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held with a right to receive per share dividend declared by the company. In the event of liquidation of the company, the holders of equity share shall be entitled to receive all of the remaining assets of the company, after distribution of all preferential amounts, if any. Such amount will be in the proportion to the number of equity shares held by stockholders.

b. Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Sanjiivv Jindal	559202	9.112
Aditya Jindal	647301	10.547
Machino Transport Private Limited	1416813	23.087
Maruti Suzuki India Limited	941700	15.345
Suzuki Motor Corporation	941700	15.345

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	61.368	61.368	61.368
(b) Reserves & Surplus	514.175	498.408	522.545
(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)	575.543	559.776	583.913
(3) Non-Current Liabilities
(a) long-term borrowings	122.346	124.236	245.749
(b) Deferred tax liabilities (Net)	30.922	51.032	66.649
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.074	0.418	0.334
Total Non-current Liabilities (3)	154.342	175.686	312.732
(4) Current Liabilities
(a) Short term borrowings	179.321	274.326	188.175
(b) Trade payables	8.673	64.865	9.893
(c) Other current liabilities	228.994	224.019	183.896
(d) Short-term provisions	23.044	0.010	0.012
Total Current Liabilities (4)	440.032	563.220	381.976
TOTAL	1169.917	1298.682	1278.621
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	825.094	862.101	936.337
(ii) Intangible Assets	0.016	0.886	1.308
(iii) Capital work-in-progress	69.972	135.776	59.739
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	12.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.313	3.310	2.828
(e) Other Non-current assets	12.525	12.525	0.000
Total Non-Current Assets	910.920	1014.598	1012.712
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	65.751	62.156	63.990
(c) Trade receivables	114.199	180.931	124.955
(d) Cash and cash equivalents	38.990	4.376	29.448
(e) Short-term loans and advances	40.057	36.621	47.516
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	258.997	284.084	265.909
TOTAL	1169.917	1298.682	1278.621

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	1964.640	1663.864	1696.049
		Other Income	3.624	2.315	7.617
		TOTAL (A)	1968.264	1666.179	1703.666
Less	EXPENSES
		Cost of Materials Consumed	1327.262	1087.584	1106.944
		Prior period	0.000	(2.016)	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.216	2.582	(9.374)
		Operating Expenses	169.896	148.090	159.187
		Employee Benefits Expenses	148.188	141.508	131.023
		Other Expenses	137.090	149.317	147.383
		TOTAL (B)	1782.652	1527.065	1535.163
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		185.612	139.114	168.503
Less	FINANCIAL EXPENSES (D)		53.533	47.001	46.531
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		132.079	92.113	121.972
Less/ Add	DEPRECIATION/ AMORTISATION (F)		113.483	131.866	131.106
	PROFIT BEFORE TAX (E-F) (G)		18.596	(39.753)	(9.134)
Less	TAX (H)		(4.563)	(15.616)	4.140
	PROFIT AFTER TAX (G-H) (I)		23.159	(24.137)	(13.274)
	EARNINGS IN FOREIGN CURRENCY
		Export sales against plastic parts	2.115	3.216	0.521
		Export sales against molds	9.523	9.177	29.456
	TOTAL EARNINGS		11.638	12.393	29.977
	IMPORTS
		Raw Materials	28.104	35.658	47.739
		Components and Store Parts	0.386	0.605	0.808
		Capital Goods	5.420	298.651	51.130
	TOTAL IMPORTS		33.910	334.914	99.677
	Earnings/(Loss) Per Share (Rs.)		3.77	(3.93)	(2.16)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	150.417	121.375	105.361
Cash generated from operations	195.437	191.249	234.010
Net Cash flows from operating activities	194.757	189.154	231.293

QUARTERLY RESULTS

PARTICULARS	1 Quarter	2 Quarter
Unaudited	30.06.2015	30.09.2015
Net Sales	530.230	473.910
Total Expenditure	(480.630)	(423.840)
PBIDT (Excl OI)	49.600	49.600
Other Income	0.070	0.020
Operating Profit	49.670	49.62
Interest	(10.540)	(10.110)
Exceptional Items	NA	NA
PBDT	39.130	39.980
Depreciation	(25.820)	(26.970)
Profit Before Tax	13.300	13.010
Tax	(4.840)	(0.820)
Provisions and contingencies	NA	NA
Profit After Tax	8.460	12.190

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.18	(1.45)	(0.78)
Operating Profit Margin (PBIDT/Sales)	(%)	9.45	8.36	9.94
Return on Total Assets (PBT/Total Assets}	(%)	1.69	(3.42)	(0.76)
Return on Investment (ROI) (PBT/Networth)		0.03	(0.07)	(0.02)
Debt Equity Ratio (Total Debt /Networth)		0.79	0.93	0.92
Current Ratio (Current Asset/Current Liability)		0.59	0.50	0.70

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs.247/-

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	61.368	61.368	61.368
Reserves & Surplus	522.545	498.408	514.175
Net worth	583.913	559.776	575.543
long-term borrowings	245.749	124.236	122.346
Short term borrowings	188.175	274.326	179.321
Current Maturities of Long term debt	105.361	121.375	150.417
Total borrowings	539.285	519.937	452.084
Debt/Equity ratio	0.924	0.929	0.785

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	1696.049	1663.864	1964.640
		(1.898)	18.077

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	1696.049	1663.864	1964.640
Profit (loss)	(13.274)	(24.137)	23.159
	(0.78%)	(1.45%)	1.18%

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	No
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

The company has acquired 2 Acres leasehold land in Industrial Area in Pithampur (M.P) and has constructed factory building thereof to manufacture plastics molding components. However the company is yet to commence production from this location due to lack of adequate business to make this unit viable. During the year under review, the following are the highlights of your company:

1. Achieved a turnover of Rs. 1964.640 Million as compared to Rs. 1663.864 Million during 2013-14 reflecting an increase of 18.08%.
2. Profit before tax during 2014-15 is Rs. 18.597 Million against pretax loss during the year 2013-14 of (Rs. 39.753 Million)
3. Profit after tax during 2014-15 is Rs. 23.160 Million against post tax loss during the year 2013-14 of (Rs. 24.137 Million).
4. Cash profit of Rs. 132.080 Million during the year 2014-15 against cash profit during the year 2013-14 of Rs. 92.113 Million.

MANAGEMENT ANALYSIS & DISCUSSION REPORT

Industry Structure and Development

The Company is mainly engaged in the manufacture of large size injection moulded automotive components i.e. bumpers, instruments panels, grills etc. as original equipments and for spare parts market primarily for Maruti Suzuki India Limited (MSIL). The company also manufactures various automotive small components for MSIL and others.

The company can be classified as the automotive components manufacturer in view of the application of product made. From manufacturing process involved it may be classified as a plastic part manufacturer. The company has 41 nos. injection moulding machines, sizes ranging from 100 Ton to 3150 Ton clamping force. The company has been dealing in bulky plastic automotive components which can be supplied by setting production facility next door to automobile industries.

The automotive sector was witnessing stagnation in volumes for passenger cars. However from 2014-15, scanerio is looking positive.

OUTLOOK

The year 2014-15 was marked by global up liftman and growth in the Indian economy and automobiles sales increased in 2015 over 2014.

The future growth expected in the domestic automobile industry will give a fillip to the auto component sector after a growth in the last year. The Indian automobile industry as the whole offers great potential considering the low penetration along with rising income levels and rapidly growing middle class. These factors will witness a boost in demand for vehicles passenger cars and two wheelers. With automobiles industry fast growing in terms of volume and number of players, your company foresees a bright future.

The Manesar Plant of the company is now the focus area for all future growth of the company.

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10535612	15/06/2015 *	150,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001,  Maharashtra, INDIA	C58927567
2	10276570	04/06/2015 *	100,000,000.00	Axis Bank Limited	SHOP NO. 1- 6 & 8 -10, GROUND FLOOR, SUN CITY, NINEX TIME CENTRE, SECTOR-54, GOLF COURSE ROAD, GURGAON - 122002, Haryana, INDIA	C57607582
3	10240040	15/06/2015 *	88,000,000.00	ALLAHABAD BANK	INTERNATIONAL BRANCH, 17, PARLIAMENT STREET, NEW  DELHI - 110001, INDIA	C58394461

* Date of charge modification

CONTINGENT LIABILITIES:

Contingent liabilities and commitments (to the extent not provided for):

(i) Contingent liabilities not provided for

a) Demand under the Central Excise Act of Rs. 111.535 million (Previous year Rs. 111.535 million).

b) Demand under the Income Tax Act of Rs. 2.183 million (Previous year Rs. 1.647 million).

c) Demand under the Sales Tax Act of Rs. 0.622 million (Previous year Rs.0.622 million).

(ii) Guarantees

In respect of bank guarantees: Rs.1.558 million (Previous year Rs. 1.558 million)

(iii) Commitments

a) Estimated amount of contracts, remaining to be executed on capital account (net of advances)

Rs.30.307 million (Previous year Rs. 3.582 million).

b) The Hon’ble High Court of Punjab and Haryana has awarded enhanced compensation to land looser in respect of land acquired by HSIIDC, A Government Agency, from whom the company has purchased on 16th March 2005, four acres of land for its factory at Manesar. In turn HSIIDC has demanded a sum of Rs.42.320 million in respect of land allotted to the company. The company haspaid Rs 39.361 Million (inclusive of all interest due to delay payment) and the said enhancement have formed the cost of free hold land at Manesar. The company has received an additional notice from HSIIDC dated 29th August 2014 demanding additional cost / charges in respect of Plot No 128 & 129, Sector 8, and IMT Manesar amounting to Rs 23.184 million. The company has paid Rs 4.753 million (inclusive of all interest due to delay payment) in respect of additional demand.

FIXED ASSETS:

· Land (Lease Hold)

· Buildings

· Plant and Machinery

· Moulds

· Moulds on Finance lease

· Furniture, Fixtures and Office Equipment

· Motor Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS ON 30.09.2015

[RS. IN MILLION]

PARTICULARS	3 Months Ended		6 Months Ended
	30.09.2015 [Unaudited]	30.06.2015 [Unaudited]	30.09.2015 [Unaudited]
Income from Operations
(a) Net sates/income from operations (Net of excise duty)	529.711	473.374	1003.085
(b) Other Operating Income	0.518	0.540	1.058
Total income from operations (net)	530.229	473.914	1004.143
Expenses
(a) Cost of materials consumed	349.092	304.385	653.477
(b) Purchases of stock-in trade	0.000	0.000	0.000
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(1.660)	0.767	(0.893)
(d) Employee benefits expense	39.747	39.199	78.946
(e) Depreciation and Amortization Expenses	25.822	26.972	52.794
(f) Other Expenses	46.092	41.690	87.782
(g)Foreign Exchange	47.359	37.798	85.157
Total expenses	506.452	450.811	957.263
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	23.777	23.103	46.880
Other Income	0.066	0.015	0.081
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	23.843	23.118	46.961
Finance Costs	10.539	10.111	20.650
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	13.304	13.007	26.311
Exceptional items	0.000	0.000	0.000
Profit/ (Loss) from ordinary activities before tax (7+8)	13.304	13.007	26.311
Tax expenses	4.842	0.822	5.664
Net Profit / (Loss) from ordinary activities after tax (9-10)	8.462	12.185	20.647
Extraordinary item (net of tax expense)	0.000	0.000	0.000
Net Profit / (Loss) for the period (11-12)	8.462	12.185	20.647
Share of profit' (loss) of associates
Minority Interest
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)
Paid up equity share capital (Face Value of Rs 10/-each)	61.368	61.368	61.368
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	- -	--	- -
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):	-	-	-
(a) Basic	1.38	1.99	3.36
(b) Diluted	1.38	1.99	3.36
PARTICULARS OF SHAREHOLDING
A. Public Shareholding
- Number of shares	1624694	1626794	1626794
- Percentage of shareholding	26.47	26.51	26.51
Promoters and Promoter group shareholding
a) Pledged / Encumbered
- Number of shares	-	-	-
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	-	-	-
- Percentage of shares (as a % of the total Share Capital of the Company)	-	-	-
b) Non Encumbered
- Number of shares	4512106	4510006	4510006
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100.00	100.00	100.00
- Percentage of shares (as a % of the total Share Capital of the Company)	73.53	73.49	73.49

	PARTICULARS	3 Months Ended 30.09.2015
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	-
	Received during the Quarter	-
	Disposed of during the quarter	-
	Remaining unresolved at the end of the quarter	-

1. The above unaudited financial results for the quarter ended 30th Sep, 2015 were reviewed by the audit committee and were taken on record by the Board of Directors in their meeting held on 08th November,2015.

2. Prices fixed with customers are subject to changes.

3. The company is exclusively engaged in the business of manufacturing of plastic moulded parts for automotive, appliances and industrial application and allied products, which is considered as the only reportable segment referred to in statement on Accounting Standard (AS) -17 "Segmental Reporting” The geographical segmentation is not relevant, as there is insignificant export.

4. Previous period figures have been recast wherever considered necessary.

(RS. IN MILLION)

SOURCES OF FUNDS	30.09.2015 [Unaudited]
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	61.368
(b) Reserves & Surplus	534.824
Total Shareholders’ Funds	596.192
(2) Share Application Money Pending Allotment	0.000
(3) Non-Current Liabilities
(a) long-term borrowings	105.555
(b) Deferred tax liabilities (Net)	24.002
(c) Other long term liabilities	0.000
(d) long-term provisions	1.074
Total Non-current Liabilities (3)	130.631
(4) Current Liabilities
(a) Short term borrowings	210.662
(b) Trade payables	19.130
(c) Other current liabilities	175.931
(d) Short-term provisions	12.688
Total Current Liabilities (4)	418.411
TOTAL	1145.234
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	880.326
(b) Non-current Investments	12.525
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	3.413
(e) Other Non-current assets	0.000
Total Non-Current Assets	896.264
(2) Current assets
(a) Current investments	0.000
(b) Inventories	62.991
(c) Trade receivables	144.997
(d) Cash and cash equivalents	8.928
(e) Short-term loans and advances	32.054
(f) Other current assets	0.000
Total Current Assets	248.970
TOTAL	1145.234

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.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41

INFORMATION DETAILS

Analysis Done by :	KNL
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--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	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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.