MIRA INFORM REPORT

Report No. :	320419
Report Date :	08.05.2015

IDENTIFICATION DETAILS

Name :	BHANSALI ENGINEERING POLYMERS LIMITED
Registered Office :	Bhansali House, A-5, Off. Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra
Tel. No.:	91-22-26731779-84
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.04.1984
Com. Reg. No.:	11-032637
Capital Investment / Paid-up Capital :	Rs.169.906 Million
CIN No.: [Company Identification No.]	L27100MH1984PLC032637
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is engaged in manufacturing of ABS and SAN resins.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

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 31-03-2014.

LOCATIONS

Registered Office :	Bhansali House, 5-A, Off. Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26731779-84
Fax No.:	91-22-26731796
E-Mail :	abstron@bhansaliabs.com
Website :	http://www.bhansaliabs.com
Factory 1 :	Bhansali Nagar, Taluka Sausar, District Chhindwara-480108, Madhya Pradesh, India
Tel. No.:	91-7165-226376/79
Fax No.:	91-7165-226381
Website :	http://www.bhansaliabs.com
Factory 2 :	Plot No. SP-138-143, Ambaji Industrial Area, Abu Road-307026, Rajasthan, India
Tel. No.:	91-2974-226781-84
Fax No.:	91-2974-226737
Website :	http://www.bhansaliabs.com
Marketing Branches
Branch 1 :	Meera Classics, Shop No.B-7, Opp. Santosh Mandal Karyalaya, Bethika Nagar, Thergaon, Chinchwad, Pune-400033, India
Mobile No.:	91-9773333521
E-Mail :	ankitkothari@bhansaliabs.com
Branch 2 :	10-F, Aditya Complex, Mahivir Hall, Char Rasta, Ajwa Road, Baroda-390019 India
Mobile No.:	91-9904199917
E-Mail :	vyas@bhansaliabs.com
Branch 3 :	137/3, R.B.C. Road, Near Dum Dum Main Post Office, Kolkata-700028, India
Mobile No.:	91-9831021245
E-Mail :	tkganguly@bhasaliabs.com
Branch 4 :	Unit No.302, 3^rd Floor, Plam Court Buiding, 20/4, Sukhrali Chowk, Opp. Huda Park, Sector-14, Gurgaon-122001, Haryana, India
Tel. No.:	91-0124-4805880-84
E-Mail :	satendrapal@bhansaliabs.com
Branch 5 :	No. 3113/A, 18^th cross, 2^nd Main Road, Bhanashankari, 2^nd stage, off K.r. road banglore-560078, india
Tel. No.:	91-080-2679002/03/05
Fax No.:	91-080-26769903
E-Mail :	cksrinivas@bhansaliabs.com

DIRECTORS

Name :

Mr. M.C. Gupta

Designation :

Chairman

Address :

House No-771, Sector -15, Part-11, Gurgaon-122001, Haryana, India

Date of Birth/Age :

23.07.1938

Date of Appointment :

30.09.2002

DIN No.:

01362556

Name :

Mr. Babulal M Bhansali

Designation :

Managing Director

Address :

Plot No.22, Bhansali House JVPD Scheme, Gulmohar Road, Mumbai- 400049, Maharashtra, India

Date of Birth/Age :

05.03.1954

Date of Appointment :

03.01.1989

DIN No.:

00102930

Name :

Mr. Jayesh B Bhansali

Designation :

Executive Director

Address :

Plot No.22, Bhansali House JVPD Scheme, Gulmohar Road, Mumbai- 400049, Maharashtra, India

Date of Birth/Age :

25.07.1983

Date of Appointment :

24.06.2006

DIN No.:

01062853

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65921MH1988PTC048088	BHANSALI INNOVATIVE FINANCE PRIVATE LIMITED	Director	30/07/2004	30/07/2004	-	Active	NO
2	U28900MH1984PTC034016	BHANSALI ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	30/07/2004	30/07/2004	-	Active	NO
3	L24110MH1985PLC035396	BENTLEY COMMERCIAL ENTERPRISES LTD	Director	30/07/2004	30/07/2004	-	Active	NO
4	L51900MH1984PLC034503	SPEEDAGE COMMERCIALS LTD	Director	30/07/2004	30/07/2004	-	Active	NO
5	L45202MH1985PLC036920	SHERATON PROPERTIES AND FINANCE LTD	Director	30/07/2004	30/07/2004	-	Active	NO
6	U65990MH1987PTC044981	BHANSALI INDUSTRIAL INVESTMENT AND FINANCE PVT LTD	Director	30/07/2004	30/07/2004	-	Active	NO
7	U27200MH1983PTC031606	BHANSALI INTERNATIONAL PRIVATE LIMITED	Director	30/07/2004	30/07/2004	-	Active	NO
8	L27100MH1984PLC032637	BHANSALI ENGG POLYMERS LTD	Whole-time director	23/06/2012	24/06/2006	-	Active	NO
9	U93000HR2013PTC049920	BHANSALI NIPPON A&L PRIVATE LIMITED	Director	25/07/2013	25/07/2013	-	Active	NO

Name :

Mr. Bakhtiar S Bhesania

Designation :

Director

Address :

26.07.2003Nazir Building 5^th Floor Cumbala Hill, 139 August Kranti Marg, Mumbai- 400036, Maharashtra, India

Date of Birth/Age :

03.11.1933

Date of Appointment :

26.07.2003

DIN No.:

00026222

Name :

Mr. Dilip kumar

Designation :

Director

KEY EXECUTIVES

Name :	Mr. B.V. Kapadia
Designation :	Senior V.P (Operations)
Name :	Mr. D.N. Mishra
Designation :	VP (Legal) and Company Secretary
Name :	Mr. Kenji Asakawa
Designation :	Executive Director (Technical)
Name :	Mr. Satendra Pal
Designation :	Senior V.P. (Marketing)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	28965687	17.46
Bodies Corporate	50786552	30.61
Any Others (Specify)	3633612	2.19
Any Other	3633612	2.19
Sub Total	83385851	50.26
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	83385851	50.26
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6500	0.00
Financial Institutions / Banks	38500	0.02
Sub Total	45000	0.03
(2) Non-Institutions
Bodies Corporate	57778062	34.83
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	13350792	8.05
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	8813626	5.31
Any Others (Specify)	2532309	1.53
Non Resident Indians	62902	0.04
Clearing Members	184808	0.11
Market Maker	1452	0.00
Directors & their Relatives & Friends	600430	0.36
Hindu Undivided Families	1681717	1.01
Trusts	1000	0.00
Sub Total	82474789	49.71
Total Public shareholding (B)	82519789	49.74
Total (A)+(B)	165905640	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	165905640	0.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in manufacturing of ABS and SAN resins.
Products :	ABS and SAN resins
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS

INSTALLED CAPACITY:

Financial Year / Period	Installed Capacity (12 months Basis)
	(MT)
2004-05 (9 Months)	48000
2005-06 (12 Months)	48000
2006-7 (12 Months)	48000
2007-08 (12 Months)	48000
2008-09 (12 Months)	48000
2009-10 (12 Months)	48000
2010-11 (12 Months)	51000
2011-12 (12 Months)	51000
2012-13 (12 Months)	51000
2013-14 (12 Months)	51000

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Allahabad Bank, Industrial Finance Branch, Apeejay House No:3, Dinsha Wachha Road, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Long against purchase of vehicles from Bank and others NBFC’s	44.230	41.791
SHORT TERM BORROWINGS
Working capital facilities from Allahabad	539.351	255.858
Total	583.581	297.649

Note:

1. Vehicle loans are secured by hypothecation of vehicles average term ranges from 3-6 years.
2. The above Working Capital facilities is secured by a first charge on all the immovable assets of the Company and hypothecation of all movable properties, both present and future and guaranteed by the Managing director.

Auditors :
Name :	B. L. Dasharda and Associates Chartered Accountant
Address :	2, Shreyas, Ground Floor, J.P Road, Andheri (West), Mumbai- 400058, Maharashtra, India
PAN No.:	AAAFB2781M
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.1/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
165905640	Equity Shares	Rs.1/- each	Rs.165.906 Million

Terms / rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs 1/- per share. Each equity shareholder is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March, 2014 the amount of dividend, per share, recognised as distribution to equity shareholders is Re 0.10/- per share (year ended 31st March, 2013 Rs 0.10/- per share)

Details of shareholders holding more than 5% shares in the Company.

Equity Shares of Rs. 1/- each fully paid up.

Name	31^st March, 2014
	Nos.	% Holding
B.M. Bhansali	15834197	9.54%
Bhansali International Private Limited	13333500	8.04%
Sheraton Properties and Finance Limited	11709000	7.06%
Bentley Commercial Enterprises Limited	8883152	5.35%
MKJ Enterprises Limited	8708043	5.25%

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	165.906	165.906	165.906
(b) Reserves & Surplus	1741.988	1944.791	2050.614
(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)	1907.894	2110.697	2216.520
(3) Non-Current Liabilities
(a) long-term borrowings	44.230	41.791	8.100
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	27.031	22.129	19.175
Total Non-current Liabilities (3)	71.261	80.559	27.275
(4) Current Liabilities
(a) Short term borrowings	539.351	255.858	550.535
(b) Trade payables	1207.732	1132.715	1352.813
(c) Other current liabilities	33.766	49.137	81.893
(d) Short-term provisions	28.200	24.741	21.985
Total Current Liabilities (4)	1809.049	1708.126	2007.226
TOTAL	3788.204	3899.382	4251.021
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1315.313	1554.115	1655.282
(ii) Intangible Assets	12.478	1.485	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	15.607	2.771	5.471
(d) Long-term Loan and Advances	31.490	18.535	14.157
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1374.888	1576.906	1674.910
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	906.793	387.663	419.022
(c) Trade receivables	1076.591	1561.703	1860.632
(d) Cash and cash equivalents	135.190	77.512	135.668
(e) Short-term loans and advances	293.264	252.941	155.430
(f) Other current assets	1.478	42.657	5.359
Total Current Assets	2413.316	2322.476	2576.111
TOTAL	3788.204	3899.382	4251.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	5069.212	4189.184	4144.005
		Other Income	11.840	9.177	7.009
		TOTAL (A)	5081.052	4198.361	4151.014
Less	EXPENSES
		Cost of Materials Consumed	4372.353	3540.404	3438.613
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(76.816)	(74.575)	(45.976)
		Employees benefits expense	171.696	159.159	130.216
		Other expenses	443.883	414.991	418.851
		TOTAL (B)	4911.116	4039.979	3941.704
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		169.936	158.382	209.310
Less	FINANCIAL EXPENSES (D)		98.175	112.573	134.280
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		71.761	45.809	75.030
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.893	43.642	57.029
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		27.868	2.167	18.001
Less	TAX (H)		13.060	(9.687)	7.118
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		14.808	11.854	10.883
	EARNINGS IN FOREIGN CURRENCY		11.514	181.183	69.688
	IMPORTS
		Raw Materials	4372.353	3540.404	3438.613
		Stores & Spares	19.248	20.548	18.722
	TOTAL IMPORTS		4391.601	3560.952	3457.335
	Earnings / (Loss) Per Share (Rs.)		0.09	0.07	0.07

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.29	0.28	0.26
Operating Profit Margin (PBDIT/Sales)	(%)	3.35	3.78	5.05
Return on Total Assets (PBT/Total Assets}	(%)	0.74	0.06	0.46
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.01
Debt Equity Ratio (Total Liability/Networth)		0.31	0.15	0.27
Current Ratio (Current Asset/Current Liability)		1.33	1.37	1.36

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	165.906	165.906	165.906
Reserves & Surplus	1944.791	1841.323	1741.988
Net worth	2110.697	2007.229	1907.894
long-term borrowings	58.430	41.791	44.230
Short term borrowings	501.533	255.858	539.351
Total borrowings	559.963	297.649	583.581
Debt/Equity ratio	0.265	0.148	0.306

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4144.005	4189.184	5069.212
		1.090	21.007

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4144.005	4189.184	5069.212
Profit	10.883	11.854	14.808
	0.26%	0.28%	0.29%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	---
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	---
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	---
26]	Buyer visit details	---
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS

LITIGATION DETAILS
Bench:- Bombay
Lodging No. :	COAPPL/96/2013	Failing Date:-	18/11/2013	Reg. No.	COAPP/6/2014	Reg. Date.	04/02/2014
Petitioner:-	MKJ ENTERPRISES LTD-		Respondent:-	BHANSALI ENGINEERING POLYMERS LTD-
Petn.Adv:-	KHAITAN AND CO (I955)		Resp. Adv.:	HOOSEINI DOCTOR AND ADVOCATE FOR
District:-	OUTSIDE MAHARASHTRA
Bench:-	SINGLE		Category:-	COMPANY APPEAL U/SEC 10F COMPANIES ACT
Status:-	Admitted (Unready)		Stage:-	COMPANY APPEALS FOR FINAL HEARING
Next Date:-	13/03/2015
Coram:-	HON’BLE SHRI JUSTICE S.J. KATHAWALLA
Last Date :-	29/04/2014		Stage:-	COMPANY APPEALS FOR ADMISSION
Last Coram :-	HON’BLE SHRI JUSTICE G.S. PATEL
Act. :-	Companies Act & Rules 1956		Under Section :-	10F

CORPORATE INFORMATION:

Bhansali Engineering Polymers Limited is a Public Listed company registered in India, incorporated under the provisions of the Companies Act,1956 and its shares are listed with NSE and BSE.

The company is engaged in manufacturing of ABS and SAN resins which is classified under the category of Highly Specialized Engineering Thermoplastics. The manufacturing facilities of the company is located at Abu Road, Rajasthan and Satnoor in Madhya Pradesh.

OPERATIONS AND FUTURE PLAN:

During the fiscal 2013-14, the overall performance of the company depicted considerable improvement in terms of

growth in sales revenue which was all time high at Rs 5688.400 Million an increase by 21% over the sales revenue of previous fiscal. Notwithstanding the gain in revenue, it’s getting translated into surplus got adversely affected due to spurt in international price of monomers. However, what was within the realm of management control, every factor thereof showed impressive improvement. This is evident from the fact that the key cost elements viz. energy, manpower and finance could be reduced in terms of percentage of sales turnover, to 0.35%, 0.42% and 0.74% respectively. This definitely is commendable due to high degree of inflation prevailing in the Indian economy. Had the company resorted to frequent price increase of its products, the strategy to penetrate deeper into the price sensitive automotive market segment would have been defeated. The Company is building strong base in this high growth oriented automotive ABS market segment which accounts for highest consumption when compared to other ABS market segments. Moreover, in consumer durable ABS market segment the Company is also getting empanelled as OEM supplier like in automotive sector. Esteemed customers in both these segments have carried out due diligence audit towards their respective TQM programme. The company has also been directing concerted efforts to implement TPM/TQM Programme at all levels of management and employees through structured programme under advisory/ consultancy wing of Confederation of Indian Industries (CII). The transformational effects of these programmes are distinctly visible.

It is fairly indicative that the weakening of rupee which occurred in the course of last two years is no longer a threat. On the contrary, rupee has started gaining strength and may recoup to mid-50 level, which may further improve the profitability of Company in the current financial year.

The future plan of the company which was highlighted in the Annual Report of the last fiscal is very much on track. Its first phase of establishing 67 KTPA of ABS and SAN will be a reality in the current financial year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

ECONOMIC OUTLOOK :

After almost two years of GDP growth rate slowing down to 5% level, now they see a silver lining in the cloud because of change in the political scenario of the country which is likely to accelerate the pace of reform leading to stimulating the growth of GDP to 7%-8 % level. Policy paralysis and unabated inflation caused gloomy picture,

Despite macro-economic fundamentals, on long term basis, remained strong. Short term redressal to control Current Account Deficit could be successfully carried out by change of Guard in the Reserve Bank of India. The new Governor could contain CAD at around 2% level, consequent where upon rupee is getting revitalized. Furthermore, inflation has been causing deep concern, specially at the consumer price level. This too has started showing sign of recovery. The new government will have to devise policy to work on the supply side to bring Consumer Price Index (CPI) down and give comfort to the consumers who otherwise have to face difficult times to meet their necessary expenditures. The company’s good time relates to higher disposable income; in other words, they can progress only when the country is in the high growth trajectory. It may take a year or two for the economy to return to 7%-8% GDP growth level but with better political management of the economy, this period could as well be shorter. In any case during the slow economic progress time, the two wheeler automotive sector showed buoyance and the four wheeler sector was sluggish. ABS consumed in two wheeler sector is relatively higher, therefore marketwise, the company did not face a difficult situation.

The unpalatable truth is that against the demand, ABS supply from two domestic manufacturers, is inadequate. And therefore, the capacity addition by the company needs attention. Presently the strategic direction of the company is to focus on high value added products and thereby carry out selective and niche marketing programme. Thereafter, the company will gradually expand its capacity, commensurate with growth in consumption by these remunerative market segments as almost 80% output of the company caters to these specialty segments from automotive, electronics and appliances sectors. Selective marketing is an imperative requirement because two locations manufacturing facility adversely affects the cost of logistics. Cost advantage enjoyed by the sole domestic competitor can be largely negated, by such selective marketing strategy.

IDUSTRY STRUCTURE AND DEVELOPENT:

In the text of previous Annual Report, they have elaborately presented the strategic direction which the company has adopted, in the wake of the growth of Indian ABS Market, which has been well maintained on an average basis in a span of last 15 years. However during past two/three years, when GDP growth rate fell below 7%, it affected adversely the ABS Market demand. The relationship between GDP growing at or over 7% per annum and consumption of ABS supporting manufacture of lifestyle goods is quite visible because it relates to disposable

Income available in the hands of middle income group consumers. Therefore, it is quite obvious that higher GDP

Growth rate by attracting foreign investments in infrastructure sector will accentuate this phenomenon and thereby push the consumption of lifestyle goods; consequently the demand for ABS will substantially increase. In a nutshell, there is no change in the picture that was presented to you in the text of previous Annual Report and they continue with our approach to position JV products viz. Kralastic, Techniace and Unibrite in the emerging automotive and appliances sectors which is expected to improve financial performance substantially in the fiscal

SEGMENT WISE PERFORMANCE:

The company deals into one business segment consisted of ABS & SAN Polymers. During Fiscal year 2013-14,

the total sales of ABS resins amounted to 5015.300 Million as against 3989.500 Million during last fiscal registering a growth of 25% and sale of SAN resins amounted Rs. 673.000 Million as against Rs.567.400 Million in the last fiscal registering a growth of 18%.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90243687	31/07/2013 *	2,100,000,000.00	ALLAHABAD BANK	Industrial Finance Branch, 2ND FLOOR, Allahabad,  Bank Building, 37 Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, INDIA	B82769738

* Date of charge modification

STANDALONE UNAUDITED FINANCIAL RESULTS (REVIEWED) FOR THE QUARTER AND NINE MONTH ENDED 31^st December 2014

(Rs. In Million)

Sr. No.	Particular	Quarter Ended		Nine Months Ended
		31.12.2014	30.09.2014	31.12.2014
		(Unaudited)	(Unaudited)	(Unaudited)
1.	Income from Operation
	Gross Sales	1507.035	1843.353	5042.437
	Less: Excise duty	161.118	195.427	526.509
	Net Sales/Income from Operations	1345.917	1647.926	4515.928
2.	Expenditure
	Change in inventories of Finished Goods and stock in process	(73.022)	100.298	16.697
	Consumption of raw materials	1228.148	1328.861	3895.632
	Employee benefits expenses	45.942	51.367	143.632
	Power and fuel	0.000	0.000	0.000
	Depreciation and amortization expenses	15.771	11.724	39.101
	Other expenses	104.778	116.800	318.095
	Total Expenses	1321.617	1609.070	4413.157
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	24.300	38.856	102.750
4.	Other Income	5.646	5.401	15.164
5.	Profit Before Interest and Exceptional Items (3+4)	29.946	44.257	117.914
6.	Financial Costs	14.117	22.700	73.145
7.	Profit After Interest but before Exceptional Items (5-6)	15.829	21.557	44.769
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	15.829	21.557	44.769
10.	Tax	0.265	1.603	1.868
11.	Net Profit from Ordinary Activities after Tax (9-10)	15.564	19.954	42.901
12.	Paid-up Equity Share Capital (Face Value of Re.1/- Each)	165.906	165.906	165.906
13.	Reserves Excluding Revaluation Reserve		-
14.	Basic and Diluted Earning Per Share (EPS) (Rs. 1)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	0.09	0.12	0.26
	b) Basic and diluted EPS after extraordinary items	0.09	0.12	0.26
15.	Public Shareholding
	-Number of Shares	83060049	83060049	83060049
	- Percentage of Shareholding	50.06%	50.06%	50.06%
19.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	50000000	50000000	50000000
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	60.35%	60.35%	60.35%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	30.14%	30.14%	30.14%
	b) Non Encumbered
	- Number of Shares	32855591	32855591	32855591
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	39.65%	39.65%	39.65%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	19.80%	19.80%	19.80%

Particulars	3 Months Ended 31.12.2014
Pending at the beginning of the quarter	Nil
Received during the quarter	6
Disposed of during the quarter	6
Remaining unresolved at the end of the quarter	Nil

Note :

1. The Company operates in a single segment only.

2. Figures for the previous Period/ Year have been re-grouped/ reworked/ re-arranged wherever necessary.

3. Provision for Current Tax and Deferred Tax, will be made at the year end.

4. The auditors of the Company have carried out a "Limited Review" of the above financial results viz. for the Quarter and Nine months ended December 31, 2014 in terms of Clause 41 of the listing agreement with stock exchanges.

5. The useful life of the assets has been revised In accordance with the Schedule II of the Companies Act, 2013 which is applicable to Company from accounting period commencing on or after April 01, 2014. The impact of same is that depreciation for the quarter & nine months ended December 31, 2014 is higher by Rs. 40.41 lacs.

6. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 07, 2014.

FIXED ASSETS

• Plant and machinery
• Computer software and licenses
• Office equipment
• Vehicles
• Furniture and fixture
• Land and building

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.63.88
UK Pound	1	Rs.97.20
Euro	1	Rs.72.51

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYTK

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	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.