MIRA INFORM REPORT

Report No. :	493683
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	JINDAL POLY FILMS LIMITED
Formerly Known As :	JINDAL POLYESTER LIMITED (w.e.f.17.01.1995) JINDAL POLYESTER AND STEEL LIMITED HINDUSTAN PIPE UDYOG LIMITED
Registered Office :	19^th K M, Hapur, Bulandshahr Road, P.O. Gulaothi, Bulandshahr-245408, Uttar Pradesh
Mobile No.:	91-9871797523 (Ms. Sunita)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	09.09.1974
Com. Reg. No.:	20-003979
Capital Investment / Paid-up Capital :	INR 437.864 Million
CIN No.: [Company Identification No.]	L17111UP1974PLC003979
IEC No.: [Import-Export Code No.]	0588065781
TIN No:	09689400033
GSTIN : [Goods & Service Tax Registration No.]	09AAACJ7650E1ZL
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACJ7650E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of Manufacturer of Polyester (BOPET) and BOPP Films (Plain, Metalized and Coated) which are mainly used in the Flexible Packaging Industry. (Registered Activity)
No. of Employees :	1137 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 52390000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Jindal Group and it was incorporated in the year 1974. The company is engaged in manufacturing poly films. It offers PET films, coated films, and metalizes films. The firm also provides chemical coated films, opaque white films and matte films etc. As per the financial of March 2017, the company has registered decline in its revenue as compared to its previous year and reported a good revenue of 4.16%. Rating takes into consideration the company’s established track record of business operations marked by healthy networth along with strong debt coverage indicators and decent liquidity position. Rating continues to reflect market leadership in the domestic flexible packaging business segment and strong foothold in the overseas market and healthy operating efficiency. Rating also takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Shares are quoted high on stock exchanges. (Share are traded at a price of INR 339.60 against its face value of INR 10) However, rating strength partially offset by vulnerability to volatility in raw material prices and high debt following rom overseas acquisitions and investments in Jindal India Thermal Power Limited. As per unaudited quarterly financials of December 2017, the company has achieved a revenue of INR 7680.80 million and reported good profit margin of 5.12%. Payments are reported to be regular. In view of aforesaid, the company can be considered for business operations 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	10.09.2017

Rating Agency Name	CRISIL
Rating	Short Term Rating=A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	10.09.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 23.02.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

LOCATIONS

Registered Office :	19^th K M, Hapur, Bulandshahr Road, P.O. Gulaothi, Bulandshahr-245408, Uttar Pradesh, India
Tel. No.:	91-122-2312088 / 2311087 91-5732-229143 / 229105
Fax No.:	91-122-2312244
E-Mail :	info@jindalpolyester.com secretarial_polyester@jindalgroup.com cs-jpoly@jindalgroup.com sanjay_mittal@jindalgroup.com jindalpolyester@jindalgroup.com jindal_export@jindalgroup.com export.03@jindalgroup.com opp_mkt@jindalgroup.com pet_mkt@jindalgroup.com
Website :	http://www.jindalpoly.com
Corporate Office :	Plot No. 12, Sector B-1, Local Shopping Complex, Vasant Kunj, New Delhi – 110070, India
Tel. No.:	91-11 26139256 /265 (10 Lines) / 26121798 / 26125724 / 26125743 / 26125723
Fax No.:	91-11-26125739
Delhi Head Office:	E-3, 3^rd Floor, Qutab Hotel Compound, Qutab Instituaional Area, Katwariya Sarai, New Delhi - 110016, India
Tel. No.:	91-11-40044100
Mumbai Office:	B-102, Poonam Chambers, ‘B’ Wing, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
Factory 1:	28^th K.M. Stone, Nashik Igatpuri Road, NH-3, Village Mundegaon, Taluka Igatpuri, District: Nashik - 422403, Maharashtra, India
Factory 2 :	Unit No. I Sheetal Industrial Estate, Demani Road, Dadra–396193, Dadra & Nagar Haveli (U.T.), India
Factory 3 :	Roll Film Unit No. II, Sheetal Industrial Estate, Demani Road, Dadra–396193, Dadra & Nagar Haveli (U.T), India
Factory 4 :	PPD (Photographic Papers Division) Unit Sheetal Industrial Estate, Demani Road, Dadra–396193, Dadra & Nagar Haveli (U.T.), India
Factory 5 :	Samba Unit: J&K SIDCO, IGC, Samba, (JAMMU), Jammu and Kashmir, India

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Rathi Binod Pal

Designation :

Additional Director

Address :

D - 301, Ishwar Apartments, Sector - 12, Plot No. 4, Dwarka, New Delhi - 110075, India

Date of Appointment :

13.09.2017

DIN No.:

00092049

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U25193DL2011PLC214537	HALDIA SYNTHETIC RUBBER LIMITED	21/02/2011	-
U51109WB1996PTC078690	CANTON TRADERS PVT LTD	30/09/2010	-
U65100UP2011PLC044786	JINDAL POLY FINANCE LIMITED	13/05/2011	-
U70109WB2010PTC154911	COSMIC PROPBUILD PRIVATE LIMITED	23/11/2010	-
U74140WB1996PTC076375	SAGAR FINTRADE PVT.LTD.	30/09/2010	-

Name :

Mr. Radha Krishna Pandey

Designation :

Director

Address :

L-277, Sarita Vihar, New Delhi - 110044, India

Date of Appointment :

30.01.2007

DIN No.:

00190017

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L18209TG1985PLC005581	SANGHI INDUSTRIES LIMITED	30/04/2010	-
L26942AP1936PLC002379	ANDHRA CEMENTS LIMITED	30/12/2011	-
L27101DL1994PLC134282	KAMDHENU LIMITED	27/01/2009	-
L74940MH1993PLC074694	RICOH INDIA LIMITED	25/09/2017	-
U01100DL1979PLC010100	NORTHERN AROMATICS LIMITED.	31/08/2015	-
U22219DL1996PLC078374	A AND M PUBLICATIONS LIMITED	24/08/2007	-
U24233UP2010PLC040828	KANPUR FERTILIZERS & CEMENT LIMITED	29/11/2011	-
U24233UP2010PTC040827	JAYPEE UTTAR BHARAT VIKAS PRIVATE LIMITED	29/11/2011	-
U51109DL2008PTC183113	STEREN IMPEX PRIVATE LIMITED	27/09/2012	-

Name :

Mrs. Shakshi Gupta

Designation :

Director

Address :

KH. No. 123/13, Street No.:15, Sant Nagar, Burari, New Delhi - 110084, India

Date of Birth:

07.01.1989

Qualification:

Qualified Chartered Accountant since Nov 2011.

Date of Appointment :

12.01.2016

DIN No.:

07388012

Name :

Mr. Sanjeev Saxena

Designation :

Additional Director

Address :

C/O Jindal Poly Films Limited GM Block-C/2, 28 KM Stone, Nashik-Mundhe gaon, Nashik -422403, Maharashtra, India

Date of Appointment :

13.09.2017

DIN No.:

07899506

Name :

Mr. Prakash Matai

Designation :

Additional Director

Address :

202 Pharaoha Tower,Omaxe Nile Appts, Near Saidham Temple Sector-49, Sohna Road, Islampur-97, Gurg Aon South, Gurgaon - 122018, Haryana, India

Date of Appointment :

13.09.2017

DIN No.:

07906108

KEY EXECUTIVES

Name :	Mr. Vinay Jindal
Designation :	Chief Financial Officer
Address :	A/81, Rampuri Blak A, Rampuri Blak, Ghaziabad - 201001, Uttar Pradesh, India
Date of Appointment :	13.09.2017
PAN No.:	ACFPJ8673D
Name :	Mr. Sanjeev Kumar
Designation :	Company Secretary and Compliance Officer
Address :	H. No: 01, Samaspur (Sector-51), Gurgaon - 122001, Haryana, India
Date of Appointment :	20.09.2014
PAN No.:	ANFPK0203M
Name :	Mr. Manoj Gupta
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: DECEMBER 2017

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A) Promoter and Promoter Group	32641089	74.55
(B) Public	11145324	25.45
Total	43786413	10.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	2000	0.00
AAKRITI ANKIT AGARWAL	1000	0.00
BHAVESH JINDAL	1000	0.00
Any Other (specify)	32639089	74.54
CONSOLIDATED PHOTO & FINVEST LTD.	823289	1.88
CONSOLIDATED FINVEST AND HOLDINGS LIMITED	1564072	3.57
JINDAL PHOTO INVESTMENTS LTD.	11495410	26.25
RISHI TRADING COMPANY LTD	5224016	11.93
SOYUZ TRADING COMPANY LIMITED	12205344	27.87
BHAVESH TRUST	119000	0.27
AAKRITI TRUST	455525	1.04
SSJ TRUST	752433	1.72
Sub Total A1	32641089	74.55
A2) Foreign		0.00
A=A1+A2	32641089	74.55

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Mutual Funds/	154	0.00
Foreign Portfolio Investors	2199700	5.02
Financial Institutions/ Banks	18795	0.04
Sub Total B1	2218649	5.07
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	5137662	11.73
Individual share capital in excess of INR 0.200 Million	2610934	5.96
SEETHA KUMARI	996905	2.28
VIRENDRA JAIN	756740	1.73
NBFCs registered with RBI	10386	0.02
Any Other (specify)	1167693	2.67
Trusts	132	0.00
NRI	83509	0.19
Clearing Members	52957	0.12
NRI – Non- Repat	21260	0.05
Bodies Corporate	1009835	2.31
Sub Total B3	8926675	20.39
B=B1+B2+B3	11145324	25.45

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Manufacturer of Polyester (BOPET) and BOPP Films (Plain, Metalized and Coated) which are mainly used in the Flexible Packaging Industry. (Registered Activity)

Products:

Name and Description of main products	NIC Code of the Product/ Service
BOPP film, Flexible Packaging Film, BOPET Film, Metallized Films, Coated Films, Polyester Chips	22209 - Manufacture of other plastics products n.e.c.
Photo Graphic Color Paper	20294
Medical X- Ray	20294

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS: [NOT AVAILABLE]

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Available
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

1137 (Approximately)

Bankers :

· Punjab National Bank

· State Bank of India

· Axis Bank

· AKA Ausfuhrkr Edit-Gesellschaft Mbh, Germany

· ING Bank, Germany

· Export-Import Bank of India

· HDFC Bank

· ICICI Bank

· Deutsche Bank

· CITI Bank ‘Na’

· IDFC Bank

· Wells Fargo Bank USA

· DZ Bank AG

· BNP Paribas Fortis SA

· Rabo Bank

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Non Current Portion
Secured Borrowings From Banks
Foreign Currency Loans	2486.010	2934.758
Rupee Loans	1650.413	766.250
Current Portion
Secured Borrowings From Banks
Foreign Currency Loans	712.358	436.570
Rupee Loans	501.420	202.500
Current Maturities of Long Term Debts	(1213.779)	(639.070)
Prepaid Fees	(3.733)	(2.981)
SHORT TERM BORROWINGS
From Banks	1326.164	939.930
From Banks	17.577	303.347
Total	5476.430	4941.304

Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	Unit No.1704, 17^th Floor, Tower B, World Trade Tower, DND Flayway, C-01, Sector – 16, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-2970005
Mobile No.:	91-9205575996
E-Mail :	newdelhi@singhico.com
Auditors :
Name :	Kanodia Sanyal and Associates Chartered Accountants
Internal Auditors :
Name :	B K Shroff and Company Chartered Accountants
Address:	Delhi, India
Secretarial Auditors
Name :	DMK Associates Practicing Company Secretaries,
Address:	Delhi, India
Memberships :	Not Available
Collaborators :	Not Available
Associates of the Reporting Entity:	· Rexor SAS (till 16th July, 2016) · Hindustan Powergen Limited (till Feb 2017
“Major shareholders of the reporting entity” and “Enterprise owned by major shareholders of the reporting entity”:	· Consolidated Finvest & Holdings Limited · Jindal Poly Investment & Finance Company Limited · Jindal India Limited · Anchor Image and Films Private Limited · Anchor Image and Films Pte Limited Singapore · Jindal Photo Investment Limited · Soyuz Trading Company Limited
Other Enterprises:	· Jindal India Powertech Limited · Jindal India Thermal Power Limited · Jumbo Finance Limited · Jupax Barter Private Limited · Jindal Photo Limited (Investment Division) · Consolidated Photo & Finvest Limited
Entities are member of the same group as per para 9(b)(i) of Ind AS 24 (Related Party Disclosure), where reporting entity is a member (comprising subsidiaries and fellow subsidiaries) :	· Jindal Films India Limited · Global Nonwovens Limited · JPF Netherland B.V. · JPF Dutch B.V. · JPF USA Holding LLC · Jindal Films America LLC · Films Macedon LLC · Jindal Films Europe Virton LLC · Jindal Films Europe Brindsi Srl · Jindal Films Europe Kerkrade B.V · Jindal Films Europe S.a.r.l · Jindal Films Singapore Pte. Limited · Jindal Films (Shanghai) Co. Ltd. · Jindal Films Europe Virton SPRL · Jindal Imaging Ltd · Jindal Photo Imaging Limited · Jindal Films Europe Services S.a.r.l · Jindal Packaging Trading DMCC (incorporated dated 25 August 2016, · Rexor SAS

Note:- Reporting entity for above related party disclosures refers Jindal Poly Films Limited.

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1500.00 (Lac)	Equity Shares	INR 10/- each	INR 1500.000 Million
300.00 (Lac)	Equity Shares Cumulative Redeemable Preference Shares Capital	INR 10/- each	INR 300.000 Million
	Total		INR 1800.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
437.86 (Lac)	Equity Shares	INR 10/- each	INR 437.864 Million

Ordinary Shares allotted as fully paid pursuant to contract(s) without payment being received in cash during the period of five years.

INR 1.739 million Equity Shares of INR 10/- each, issued pursuant to the Scheme of Arrangement between Jindal Photo Limited (Demerged Company) and Jindal Poly Films Limited (Resulting Company), for demerger of Business of Manufacture, production, sale and distribution of photographic products of demerged company into the Resulting Company.

Shareholders holding more than 5 percent Equity shares of the Parent Company*

Name of the Shareholders	31.03.2017
	No of Shares (Lac)	% Holding
Soyuz Trading Company Limited	122.05	27.87%
Jindal Photo Investments Limited	114.95	26.25%
Rishi Trading Company Limited	52.24	11.93%

*includes 17.39 Lacs Equity Shares of INR 10/- each, issued pursuant to the Scheme of Arrangement between Jindal Photo Limited (Demerged Company) and Jindal Poly Films Limited (Resulting Company), for demerger of Business of Manufacture, production, sale and distribution of photographic products of demerged company into the Resulting Company, being effective date 1st April 2014.

The Holding Company has bought back following equity shares during last five years:

Financial Year	No. of Shares (Lac)
2011-2012	30.20
2012-2013	9.74
2013-2014	--
2014-2015	--
2015-2016	--

Terms/ rights attached to Equity shares

Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. There is no restriction on distribution of dividend, however same is subject to the approval of the shareholders in the Annual General Meeting of the Holding Company.

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	437.864	437.864	437.864
(b) Reserves & Surplus	17899.509	16826.285	14931.850
(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)	18337.373	17264.149	15369.714
(3) Non-Current Liabilities
(a) Long-term borrowings	4132.689	3698.027	2552.073
(b) Deferred tax liabilities (Net)	1948.667	1730.122	1672.545
(c) Other long term liabilities	1011.600	514.971	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	7092.956	5943.120	4224.618
(4) Current Liabilities
(a) Short term borrowings	1910.990	3174.927	2636.791
(b) Trade payables	1784.324	1422.186	2026.556
(c) Other current liabilities	2305.350	1761.880	1125.053
(d) Short-term provisions	95.672	70.568	60.313
Total Current Liabilities (4)	6096.336	6429.561	5848.713
TOTAL	31526.665	29636.830	25443.045
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14107.281	12752.755	11180.314
(ii) Intangible Assets	16.984	2.603	0.381
(iii) Capital work-in-progress	119.486	1652.053	804.926
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7379.723	7045.841	4323.041
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	101.809	101.111	192.512
(e) Other Non-current assets	237.301	75.908	182.231
Total Non-Current Assets	21962.584	21630.271	16683.405
(2) Current assets
(a) Current investments	1913.403	413.632	1257.752
(b) Inventories	2990.646	2745.310	2683.844
(c) Trade receivables	905.904	1206.577	1528.342
(d) Cash and cash equivalents	421.389	534.394	393.721
(e) Short-term loans and advances	1056.254	406.509	272.013
(f) Other current assets	2276.485	2700.137	2623.968
Total Current Assets	9564.081	8006.559	8759.640
TOTAL	31526.665	29636.830	25443.045

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	27302.545	29018.387	27562.211
		Other Income	268.647	268.792	402.848
		Other gains.(Losses) net	259.139	(174.876)	0.000
		TOTAL	27830.331	29112.303	27965.059
Less	EXPENSES
		Cost of Materials Consumed	16942.046	17159.512	18963.555
		Purchases of Stock-in-Trade	80.913	106.374	139.049
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(170.572)	(96.767)	390.429
		Employees benefits expense	697.493	627.462	458.510
		Excise duty expenses	2664.489	2576.582	0.000
		Exceptional items	(165.323)	15.830	29.835
		Other expenses	5028.590	4876.611	4742.426
		TOTAL	25077.636	25265.604	24723.804
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2752.695	3846.699	3241.255
Less	FINANCIAL EXPENSES		374.641	360.755	285.391
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2378.054	3485.944	2955.864
Less/ Add	DEPRECIATION/ AMORTISATION		696.618	565.046	576.875
	PROFIT BEFORE TAX		1681.436	2920.898	2378.989
Less	TAX		545.301	970.324	790.091
Add	PROFIT/(LOSS) FROM DISCONTINUING OPERATIONS		0.000	0.000	(56.773)
Add	TAX EXPENSE OF DISCONTINUING OPERATIONS		0.000	0.000	(2.500)
	PROFIT AFTER TAX		1136.135	1950.574	1588.898
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	NA	6944.064	6987.247
		Corporate Guarantee Fees	NA	48.563	178.062
		Software Services	NA	131.700	78.624
	TOTAL EARNINGS		NA	7124.327	7243.933
	IMPORTS
		Raw Materials	NA	1887.887	10286.949
		Components and Stores parts	NA	177.213	109.617
		Capital Goods	NA	1888.734	126.799
		Finished Goods	NA	25.231	26.999
	TOTAL IMPORTS		NA	3979.065	10550.364
	Earnings Per Share (INR)		25.95	44.55	35.05

QUARTERLY RESULTS

Particulars	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)	31.12.2017 (Unaudited)
	1^st Quarter	2^nd Quarter	3rd Quarter
Net Sales	7399.700	7266.100	7680.800
Total Expenditure	6864.900	6415.700	6930.500
PBIDT (Excl OI)	534.800	850.400	750.300
Other Income	157.000	104.900	164.900
Operating Profit	691.800	955.400	915.200
Interest	197.700	129.700	155.200
Exceptional Items	(108.600)	(77.100)	34.100
PBDT	385.500	748.600	794.100
Depreciation	223.000	239.300	244.100
Profit Before Tax	162.400	509.300	550.000
Tax	43.000	163.800	156.700
Provisions and contingencies	NA	NA	NA
Profit After Tax	119.400	345.400	393.300
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	119.400	345.400	393.300

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	1213.778	639.070	297.956
Cash generated from Operations	3224.153	3693.479	1561.716
Net cash generated/ (used in) from Operating Activities	3066.248	2687.314	825.733

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	12.11	15.18	20.24
Account Receivables Turnover (Income / Sundry Debtors)	30.14	24.05	18.03
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	38.26	30.06	38.72
Inventory Turnover (Operating Income / Inventories)	0.92	1.40	1.21
Asset Turnover (Operating Income / Net Fixed Assets)	0.19	0.27	0.27

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.36	0.36	0.34
Debt Equity Ratio (Total Liability / Networth)	0.40	0.44	0.36
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.33	0.37	0.38
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.78	0.83	0.78
Interest Coverage Ratio (PBIT / Financial Charges)	7.35	10.66	11.36

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	4.16	6.72	5.76
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.60	6.58	6.24
Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.20	11.30	10.34

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.57	1.25	1.50
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.08	0.82	1.04
G-Score Ratio Financial (Networth / Total Assets)	0.58	0.58	0.60
G-Score Ratio Debt (Debts / Equity Capital)	16.57	17.16	12.53
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.57	1.25	1.50

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10/-
Market Value	INR 339.60/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	437.864	437.864	437.864
Reserves & Surplus	14931.850	16826.285	17899.509
Share Application money pending allotment	0.000	0.000	0.000
Net worth	15369.714	17264.149	18337.373
long-term borrowings	2552.073	3698.027	4132.689
Short term borrowings	2636.791	3174.927	1910.990
Current Maturities of Long term debt	297.956	639.070	1213.778
Total borrowings	5486.820	7512.024	7257.457
Debt/Equity ratio	0.357	0.435	0.396

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	27562.211	29018.387	27302.545
		5.283	(5.913)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	27562.211	29018.387	27302.545
Profit	1588.898	1950.574	1136.135
	5.76%	6.72%	4.16%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	437.864	437.864
(b) Reserves & Surplus	23327.004	21723.834
(c) Money received against share warrants	0.000	0.000
(d) Share Application money pending allotment	0.000	0.000
(2) Minority Interest	7273.708	6991.325
Total Shareholders’ Funds (1) + (2)	31038.576	29153.023
(3) Non-Current Liabilities
(a) long-term borrowings	10930.287	12261.796
(b) Deferred tax liabilities (Net)	4168.994	4376.723
(c) Other long term liabilities	1525.088	1042.225
(d) long-term provisions	1341.013	1633.131
Total Non-current Liabilities (3)	17965.382	19313.875
(4) Current Liabilities
(a) Short term borrowings	5506.997	5317.905
(b) Trade payables	7110.432	5973.141
(c) Other current liabilities	7250.028	6124.242
(d) Short-term provisions	717.532	794.688
Total Current Liabilities (4)	20584.989	18209.976
TOTAL	69588.947	66676.874
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30196.092	30072.745
(ii) Intangible Assets	889.067	71.761
(iii) Capital work-in-progress	3160.907	3887.684
(iv) Intangible assets under development	0.000	0.000
(v) Goodwill Consolidation	0.000	0.000
(b) Non-current Investments	7010.125	6563.264
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	719.519	172.046
Total Non-Current Assets	41975.710	40767.500
(2) Current assets
(a) Current investments	1998.156	707.841
(b) Inventories	11594.929	11090.418
(c) Trade receivables	6639.451	7323.372
(d) Cash and cash equivalents	1067.966	1582.729
(e) Short-term loans and advances	911.343	107.984
(f) Other current assets	5401.392	5097.030
Total Current Assets	27613.237	25909.374
TOTAL	69588.947	66676.874

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Revenue from Operations	72939.322	74875.505
	Other Income	295.393	118.965
	Other gains.(Losses) net	300.991	(159.501)
	TOTAL	73535.706	74834.969
Less	EXPENSES
	Cost of Materials Consumed	37516.881	37701.138
	Purchases of Stock-in-Trade	1097.524	1958.555
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(721.999)	(302.751)
	Excise duty expenses	2768.608	2627.491
	Exceptional items	(247.227)	(86.666)
	Share of Net Profit	(5.594)	(23.976)
	Employees benefits expense	9699.124	9008.343
	Other expenses	15774.721	14141.700
	TOTAL	65882.038	65023.834
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	7653.668	9811.135
Less	FINANCIAL EXPENSES	1001.856	994.962
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6651.812	8816.173
Less/ Add	DEPRECIATION/ AMORTISATION	2781.962	2452.863
	PROFIT/ (LOSS) BEFORE TAX	3869.850	6363.310
Less	TAX	1116.191	1805.492
	TOTAL PROFIT (LOSS) FOR PERIOD	2753.659	4557.818
	Earnings / (Loss) Per Share (INR)	44.17	77.16

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	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

COMPANY INFORMATIONS

The Company is a leading producer of Polyester (BOPET) and BOPP films (plain, metalized and coated) which are mainly used in the flexible packaging industry. The Company’s manufacturing facility at Nasik is the world’s single largest location factory for producing these packaging films. The manufacturing units are amongst the most modern facilities available and are capable of producing high quality products. Company is also engaged in manufacturing of photographic Products with plant located in Dadri.

Jindal Poly Films Limited is a company limited by shares, incorporated and domiciled in India and the equity shares of the Company are listed on the Indian Stock Exchanges (National Stock Exchange & Bombay Stock Exchange).

FINANCIAL PERFORMANCE

Jindal Poly Films reported Standalone gross revenue of INR 27302.500 million as compared to INR 29018.400 million in previous year. The Profit after Tax stood at INR 1136.100 million (Last year INR 1950.600 million) giving an EPS of INR 2.595 million (last year was INR 4.455 million.) Further during the year gross consolidated revenue of INR 72829.555 million as compared to INR 74826.430 million in previous year. The Profit after Tax (attributable to owners of the Parents, after allocating profit proportion of NON controlling interest) is INR 1934.030 million (Last year INR 3378.754 million), giving an EPS of INR 441.700 (last year was INR 7.716 million.)

PERFORMANCE HIGHLIGHTS

During the year, the Total Turnover/Sales of the Company was INR 27285.191 million as against INR 28984.905 million during the previous financial year.

The operating profit (EBITDA) before exceptional item was INR 2587.372 million as against INR 3862.530 million.

The Company is taking various measures to retain and increase its market share and also improve margins.

Further during the year consolidated financial Turnover/Sales was INR 72829.555 million and Net Profit after Tax (attributable to owners of the Parents, after allocating profit proportion of non-controlling interest) was INR 1934.030 million. Earning per Equity Share (Consolidated) was INR 44.17 per Equity share against the INR 77.16 of Previous year.

SCHEME OF AMALGAMATION BETWEEN GLOBAL NONWOVENS LIMITED AND JINDAL POLY FILMS LIMITED AND THEIR RESPECTIVE SHAREHOLDERS AND CREDITORS:

Board of Directors of the Company in its meeting held 23rd August, 2016, has approved a Scheme of Amalgamation of Global Nonwovens Limited (wholly owned subsidiary) with Jindal Poly Films Limited. (Holding Company). A Petition was filed with Hon’ble High Courts, Allahabad and Mumbai; later on matter was transferred to NCLT, Allahabad Bench and Mumbai Bench by respective High Courts.

The Hon’ble National Company Law Tribunal, Allahabad Bench in its hearing held on 7th April, 2017 has sanctioned the Scheme; however, the Scheme is now subject to Sanction of Hon’ble National Company Law Tribunal, Mumbai Bench.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

The Company (JPFL) is a leading producer of Polyester (BOPET) and BOPP films (plain, metalized and coated) which are mainly used in the flexible packaging industry. The Company’s manufacturing facility at Nasik is the world’s single largest location factory for producing plastic films. The manufacturing units are amongst the most modern facilities available and are capable of producing high quality products. After acquiring the BOPP films division of Exxon Mobil (w.e.f. 01.10.2013), through its Subsidiary JPF Netherland “BV”, JPFL has become one of the largest producers of BOPP films globally with a combined capacity of 4,66,000 TPA, including the new capacity addition in July 2016. The Company along with its subsidiaries have Six manufacturing locations - two in USA., three in Europe (in Italy, Belgium and Netherlands) and one in Nashik in India.

The Company is also a leading supplier of specialty and top coated BOPP films to the leading global brand owners in food, beverage and confectionery.

The company is also a leading player in manufacturing of PP based nonwoven with a capacity of 18,000 TPA.

Rexor SAS, France based Company is a Step down subsidiary of the Company which is engaged in the coating and metalizing of Polyester film. Rexor SAS specializes in complex BOPET FILM coating technologies and in metalizing, demetallising and micro-slitting BOPET Films apart from selling a broad range of metallized and coated BOPET Films for preserving food products.

INDUSTRY, STRUCTURE & DEVELOPMENTS

Flexible Packaging Film

Flexible packaging typically includes materials such as plastic films, paper and aluminum foil. Over the years, BOPET Film and BOPP Film (forms of plastic-based flexible packaging film) have become the preferred choice for packaging consumer articles including food, personal products and clothing.

The Company maintains a strong presence as a key exporter from India to several countries. Flexible packaging film follows a business-to-business model, supplying base film to key converters/processors - who in turn sell the value added product to end users.

BOPET Film

BOPET Film is a versatile product and is classified into two types according to thickness of the film. Thick Films (50-350 microns in thickness) find application in photographic / X-ray, electronics, printing, textile, for photo voltaic cells used for generating solar power motor insulations, and document lamination. Thin Films (upto 50 microns in thickness) are used in flexible packaging, metallic yarn, cables, transformers, hot stamping foils, release films, decorative ribbons and labels.

BOPP Film

Better moisture retention properties render BOPP Film more suitable for food products like snack foods, biscuits, pasta, dried foods and woven polypropylene bags. Further, BOPP Film also finds application in over wrapping of cigarettes, perfume cartoons, ready-made garment bags, adhesive tapes and print lamination.

Metalized Films

Vacuum deposition of Aluminum on BOPET and BOPP films increases the barrier properties of such films. In the last few years metalized BOPET film has found application in sequences for the textile industry for sarees and dress material for women’s wear. However the largest application of metalized BOPET and BOPP films continue to be in the flexible packaging segment.

Polyester Chips

JPFL has the in-house ability to manufacture polyester (BOPET) chips as per the product requirement, for its BOPET Film business.

Nonwoven Material Fabrication

SSS (spunbond+ spunbond+spunbond) and SSMMS nonwoven roll goods (S = Spunbond, M = Meltblown), used for manufacture of consumer products catering to hygiene and medical end uses. The hygiene segment end-products primarily consist of diapers, sanitary napkins, adult incontinence and wipes whereas the medical segment end-products consist of masks, caps, drapes, gowns, covers and shoe covers made of polypropylene spun bond fabric & spun melt (non-woven fabric)

OUTLOOK

Flexible Packaging Film

India is leading the growth in the global flexible packaging films, growing at above 9% per annum over the last few years. This growth is powered by increased penetration of packaged food and personal products in to the semi urban and rural segment. In tier 2 and tier 3 cities, the average pack sizes are usually smaller than the pack sizes in tier 1 cities. This results in increased use of flexible packaging consumption in the FMCG industry. As the Government is increasing its spending in the rural economy, increased demand for FMCG products is experienced in the hinter lands of India. The growth is likely to intensify in the next 2- 3 years.

Growth in the flexible packaging industry is also aided by increase in the export of packaging material to high cost countries in Europe and the U.S.A.

BOPET Films

Over the last ten years, the dominance of the four leading producers - TORAY, DUPONT-TEIJIN, MITSUBISHI and SKC has been challenged by a new emerging breed of producers in India and China. These companies including Jindal Poly Films have identified an opportunity to gain market position through investment in low cost and highly efficient modern thin film extrusion plants and in doing so, have found their way in to the exclusive club of large producers.

BOPP Films

The BOPP film market in India is increasing owing to increased consumption in food packaging and large growth in textile packaging. Almost two thirds of the world’s production of BOPP is consumed in food packaging. In India the consumption for food packaging is only one third of production. This gap is rapidly being bridged as the customers are increasing displaying a strong preference for hygienically packed food products. Combined with a robust growth in ready to wear apparels, the Indian BOPP film industry is expected to grow at over 12% per annum over the next 3 years.

Medical X-Ray Films (Super RX and Super HR-U)

After Demerger of Manufacturing Division of Jindal Photo Ltd and its merger with Jindal Poly Films Ltd., the Company continues to carry forward the legacy of FUJIFILM brand of Medical X-ray exclusively with its commitment towards the Indian consumer.

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G40749541	100089172	ICICI BANK LIMITED	30/03/2017	-	-	500000000.0	ICICI Bank Tower, Near Chakli Circle,Old Padra Road Vadodara GUJARAT 390007 INDIA
2	G36155281	100077791	AXIS TRUSTEE SERVICES LIMITED	07/02/2017	-	-	3108900000.0	AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLI MUMBAI MAHARASHTRA 400025 INDIA
3	G30311989	100066764	AXIS BANK LTD.	01/12/2016	-	-	500000000.0	2ND FLOOR, RED FORT CAPITAL, PARSVNATH TOWERS,GOLE MARKET, BHAI VEER SINGH MARG,NEW DELHI 110001 INDIA
4	G37216041	100056935	THE SOUTH INDIAN BANK LIMITED	29/09/2016	08/02/2017	-	750000000.0	A-301, Third Floor Statesman House 148Barakhamba Raod, New Delhi New Delhi 110001 INDIA
5	G37214202	10595304	Axis Bank Limited	16/09/2015	08/02/2017	-	1250000000.0	2nd Floor, Red Fort Capital Parsvnath Tower,Bhai Veer Singh Marg, Near Gole Market New Delhi 110001 INDIA
6	C75476820	10607610	ING BANK	10/08/2015	05/01/2016	-	921951472.05	Hamburger Alee I, 60486, Frankfurt am Main Federal Republic of Germany NA60486DE
7	C76684026	10578446	ICICI BANK LIMITED	30/06/2015	05/01/2016	-	280000000.0	LANDMARKRACE COURCE CIRCLEALKAPURIBARODA GUJARAT 390015 INDIA
8	C79114203	10551998	EXPORT-IMPORT BANK OF INDIA.	19/12/2014	04/01/2016	-	1500000000.0	CENTRE ONE BUILDING, FLOOR 21WORLD TRADE CENTRE COMPLEX, CUFFE PARADE MUMBAI MAHARASHTRA 400005 INDIA
9	G07147283	10536729	HDFC BANK LIMITED	20/10/2014	07/06/2016	-	978750000.0	A Block, Vatika Atrium, Golf Course RoadSector 53, Gurgaon GURGAON HARYANA 122002 INDIA
10	C65174310	10488261	HDFC BANK LIMITED	06/05/2014	19/08/2015	-	1466250000.0	A Block, Vatika Atrium, Golf Course Road Sector 53, Gurgaon Gurgaon HARYANA 122002 INDIA

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
SHORT TERM BORROWINGS
From Banks	567.249	1860.289
From Body Corporate	0.000	71.361
Total	567.249	1931.65

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS 31^ST DECEMBER 2017

(INR In Million)

Particulars	Quarter ended	Quarter ended	9 Months ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
1. Income from Operations
Net Sales/income from operations	7680.800	7266.100	22346.600
Other Operating Income	164.900	104.900	449.600
Total income from operations (net)	7845.700	7371.000	22796.200
Expenses
Cost of materials consumed	5080.500	4840.700	14556.700
Purchases of stock-in trade	136.100	0.600	144.300
Changes in inventories of finished goods. work-in-progress and stock in trade	19.800	44.500	63.300
Employee benefits expense	208.300	198.600	610.600
Depreciation and Amortization Expenses	244.100	239.300	729.200
Other Expenses	1485.800	1331.300	4191.600
Finance Costs	155.200	129.700	482.700
Excise Duty	0.000	0.000	644.700
Total expenses	7329.800	6784.700	21423.100
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items	515.900	586.300	1373.100
Exceptional items	(34.100)	77.100	151.700
Profit/ (Loss) from ordinary activities before tax	550.000	509.200	1221.400
Tax expenses	156.700	163.800	363.400
Net Profit / (Loss) from ordinary activities after tax	393.300	345.400	858.000
Extraordinary item (net of tax expense)	0.000	0.000	0.000
Net Profit / (Loss) for the period	393.300	345.400	858.000
Comprehensive Income	0.000	0.000	(0.100)
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates	393.300	345.400	857.900
Paid up equity share capital (Face Value of INR 10/-each)
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	437.9	437.9	437.9
Earnings per share (before extraordinary items) of INR 10/- each (not annualized):
(a) Basic	8.98	7.89	19.59

CONTINGENT LIABILITIES:

Particulars	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
Claims against company not acknowledged as debts	55.624	46.902
Demand raised by authorities against which, Company has filed appeals:
Income Tax	158.744	91.287
Excise Duties/Customs/Service Tax	249.162	291.529
Sales Tax	14.145	102.696
Guarantees
Corporate Guarantee given to banks on behalf of following Subsidiary Companies :
Global Nonwovens Limited (wholly owned subsidiary)	3310.000	488.760
Jindal Films India Limited (wholly owned subsidiary)	450.000
JPF Netherland B V *
Securities and Pledge of Fixed Deposits on behalf of following companies
Jindal India Thermal Power Limited	185.200	335.000
Global Nonwovens Limited (subsidiary)		89.300
Other money for which the Company is contingently liable
Bank Guarantees to Various authorities/Others	109.749	271.248
Outstanding Letters of Credit (Including Capital Goods)	1084.368	808.049
* During the year 2015-16, the overseas subsidiaries has refinanced their existing loan covenants from earlier borrowings from SBI and Exim Banks to a non-recourse refinance of loan from the consortium of some banks/institutions, which resulted in release of the corporate guarantees given by the company to the banks and present loan has now been secured by the assets of the overseas subsidiaries. The company is hopeful of favourable decisions and expect no outflow of resources, hence no provision is booked in the books of account.

STATEMENT OF STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR QUARTER ENDED AND NINE MONTHS 31^ST DECEMBER 2017

(INR In Million)

Particulars	3 Months		9 Months
	31.12.2016	30.09.2016	31.12.2016
	[Unaudited]	[Unaudited]	[Unaudited]
1. Segment Revenue
a) Packing Films	6912.100	6519.600	20077.700
b) Photgraphic Products	306.400	221.400	769.900
c) Nonwoven Fabrics	462.200	525.100	1499.000
Total	7680.800	7266.100	22346.600
Less : Inter Segment Revenue
Net Sales	7680.800	7266.100	22346.600
2. Segment Result
Profit before tax and interest from each segment
a) Packing Films	634.300	549.100	1505.200
b) Photgraphic Products	43.600	35.600	100.200
c) Nonwoven Fabrics	27.100	54.200	98.800
Total	705.200	638.900	1704.100
Less : Interest	155.200	129.700	482.700
Exceptional Item - Foreign Exchange Gain/(Loss)	0.000	0.000	0.000
Profit from ordinary activities before tax	550.000	509.300	1221.400
3. Segment Assets
a) Packing Films	30556.400	31466.300	30556.400
b) Photgraphic Products	873.300	718.000	873.300
c) Nonwoven Fabrics	4522.400	3711.600	4522.400
Unallowable	0.000	0.000	0.000
Total	35952.100	35895.900	35952.100
4. Segment Liabilities
a) Packing Films	13737.300	14104.100	13737.300
b) Photgraphic Products	179.300	255.800	179.300
c) Nonwoven Fabrics	3216.400	3071.200	3216.400
Unallowable	0.000	0.000	0.000
Total	17133.000	17431.100	17133.000

NOTE:

1. Financial Results has been prepared in accordance with The Indian Accounting Standards (“Ind AS”) prescribed under section 133 of the Companies Act 2013 read with the relevant rules issued thereunder.
2. The above results were reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors at their respective meetings held on 14th February 2018 and limited review of these results has been carried out by the Statutory Auditors of the Company.
3. Pursuant to the scheme of amalgamation of Global Nonwovens Limited (Amalgamating company), a wholly owned subsidiary with the Company, as sanctioned by the National Company Law Tribunal of Judicature Allahabad Bench and Bombay Bench vide their order dated 12th April, 2017 and 22nd June, 2017 respectively, the assets and liabilities of the amalgamating company were transferred to and vested with the Company with effect from the appointed date, April 1, 2015. The amalgamating company is engaged in the business of manufacture and sale of Nonwoven Fabric products. The amalgamation being a common control transaction has been accounted for under the ‘Pooling of interest’ method as prescribed by Ind AS 103 on Business Combinations. Accordingly, the scheme of amalgamation has been given effect to retrospectively from April 1, 2015. In view of the above, already published previous quarter/period and year ended audited figures have been recasted incorporating financial results of the amalgamating Company.
4. In earlier years, Jindal Poly Films Limited (JPFL) has invested in Zero Percent Redeemable Preference Shares/ Optionally Convertible Preference Shares having carrying value as at 31st December 2017 of INR 6506.500 Million of Jindal India Powertech Limited (JIPL) which was the holding company of Jindal India Thermal Power Limited (JITPL). JITPL operates thermal power plant (1200 MW) located in Angul Orissa. In June 2017, the lenders of JITPL have invoked the pledged equity shares to the extent of 51 % holding, consequent thereof, JITPL ceased to be a subsidiary of JIPL. In view, JPFL is evaluating and assessing impact of this development on its investments in JIPL and shall make necessary adjustment in the value of investment, required if any, after completion of assessment.
5. Exceptional items represents gain / (loss), net, being exchange differences on translation / settlement of long term foreign currency loans for acquiring fixed assets.
6. Operating segments comprise Packaging Films, Photographic Products and Nonwoven Fabrics being performance measure of the Company, as required under Ind AS 108 (Operating Segments).
7. The Board of Directors in its meeting held today has approved in principle, expansion plans for Poleyster Line (BOPET) at a cost of INR 2250.000 Million.
8. Figures for the previous quarters/period have been regrouped /rearranged wherever required, to make them comparable.

FIXED ASSETS:

· Land (Freehold)

· Factory Buildings

· Other Buildings

· Plant & Machinery

· Furniture & Fixture

· Office Equipment

· Computers

· Vehicles

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	INR
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.83

INFORMATION DETAILS

Analysis Done by :	VVK
Report Prepared by :	MTN

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.