MIRA INFORM REPORT

Report Date :

24.04.2012

IDENTIFICATION DETAILS

Name :	VOLTAMP TRANSFORMERS LIMITED (w.e.f. 22.02.2006)
Formerly Known As :	VOLTAMP TRANSFORMERS PRIVATE LIMITED
Registered Office :	Makarpura, Vadodara – 390 014, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.03.1967
Com. Reg. No.:	04-001437
Capital Investment / Paid-up Capital :	Rs.101.171 Millions
CIN No.: [Company Identification No.]	L31100GJ1967PLC001437
TAN No.: [Tax Deduction & Collection Account No.]	AHMV00819A BRDV01071A
PAN No.: [Permanent Account No.]	AAACV5048G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturer of oil filled and dry type power and distribution transformers for generation, transmission and distribution of electrical energy.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (69)

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

Maximum Credit Limit :	USD 14900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered/ Head Office/ Factory 1 :	Makarpura, Vadodara – 390 014, Gujarat, India
Tel. No.:	91-265-2646775 / 2642011 / 2642012 / 3041403
Fax No.:	91-265-2646774 / 2648454
E-Mail :	voltamp@voltamptransformers.com vnm_act@voltamptransformers.com
Website :	http://voltamptransformers.com
Factory 2 :	Village Vadadla, Tehsil Savli, District Vadodara, Gujarat, India
Regional Office :	202-203, Aditya - 6, Preet Vihar Commercial Complex, New Delhi – 110002, India Also Located at: · Chandigarh · Kolkata · Bhubaneshwar · Chennai · Secunderabad · Bangalore · Coimbatore · Mumbai · Pune · Ahmedabad · Indore · Nagpur

DIRECTORS

As on 31.03.2011

Name :	Mr. Lalitkumar H. Patel
Designation :	Chairman
Name :	Mr. Kunjal L. Patel
Designation :	Vice Chairman and Managing Director
Name :	Mr. Kanubhai S. Patel
Designation :	Chief Executive Officer and Managing Director
Name :	Mr. Kewalkrishna G. Tuli
Designation :	Director
Name :	Mr. Vasantlal L. Patel
Designation :	Director
Name :	Mr. Jagannath S. Aiyar
Designation :	Director
Name :	Mr. Arvind N. Shelat
Designation :	Director
Name :	Mr. Vallabh N. Madhani
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Vallabh N. Madhani
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholder	No. of Shares	Percentage of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	907,540	8.97
Bodies Corporate	3,751,540	37.08
Sub Total	4,659,080	46.05
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4,659,080	46.05
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	246,248	2.43
Financial Institutions / Banks	3,425	0.03
Foreign Institutional Investors	3,272,928	32.35
Sub Total	3,522,601	34.82
(2) Non-Institutions
Bodies Corporate	710,591	7.02
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	929,939	9.19
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	228,739	2.26
Any Others (Specify)	66,170	0.65
Non Resident Indians	48,466	0.48
Clearing Members	17,704	0.17
Sub Total	1,935,439	19.13
Total Public shareholding (B)	5,458,040	53.95
Total (A)+(B)	10,117,120	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	10,117,120	-

BUSINESS DETAILS

Line of Business :

Manufacturer of oil filled and dry type power and distribution transformers for
generation, transmission and distribution of electrical energy.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Transformer	8504

• Oil Filled Transformers
• Cast Resin (Dry Type) Transformers
• Unitised Sub-Station
• Induction Furnace Transformers
• Lighting Transformers

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Transformers	KVA	13000000	8973418
Transformers	No.	--	3055

GENERAL INFORMATION

No. of Employees :	1000 (Approximately)
Bankers :	· Axis Bank Limited, Vardhaman Complex, Opposite GEB Office, Race Course Circle, Vadodara – 390007, Gujarat, India · ICICI Bank Limited, Land Mark Building, Race Course Circle, Vadodara – 390007, Gujarat, India · Bank of Baroda, Sayajigunj Branch, Vadodara – 390005, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Chandulal M. Shah and Company Chartered Accountants
Address :	601, Samruddhi, Opposite Sakar III, Sattar Taluka Society, Ahmedabad – 380014, Gujarat, India
Associates :	· Patson Transformers Private Limited · Kunjal Investments Private Limited (Formerly Hari Steel Private Limited) · The Banyan Club

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10117120	Equity Shares	Rs.10/- each	Rs.101.171 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		101.171	101.170	101.170
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3635.041	3223.410	2545.570
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3736.212	3324.580	2646.740
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		3.255	0.000	0.000
TOTAL		3739.467	3324.580	2646.740
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		558.465	437.382	180.390
Capital work-in-progress		8.706	35.322	143.840
INVESTMENT		1001.601	1059.536	1352.520
DEFERREX TAX ASSETS		0.000	1.930	4.620
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	881.809	605.253	522.690
	Sundry Debtors	1444.811	1304.306	1018.530
	Cash & Bank Balances	285.132	410.727	60.640
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	120.071	112.552	62.640
Total Current Assets		2731.823	2432.838	1664.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.642	76.706
	Current Liabilities	285.564	314.829	423.700
	Provisions	213.922	250.893	275.430
Total Current Liabilities		561.128	642.428	699.130
Net Current Assets		2170.695	1790.410	965.370
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3739.467	3324.580	2646.740

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5262.933	5419.704	6489.100
		Other Income	182.650	230.926	228.900
		TOTAL (A)	5445.583	5650.630	6718.000
Less	EXPENSES
		Raw Materials Consumed (including movement in inventory)	4307.368	4111.106	4977.900
		Employee Costs	159.314	154.915
		Administration Expenses and selling expenses	128.434	95.699
		TOTAL (B)	4595.116	4361.720	4977.900
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		850.467	1288.910	1740.100
Less	INTEREST (D)		7.510	6.205	6.490
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		842.957	1282.705	1733.610
Less/ Add	DEPRECIATION/ AMORTISATION (F)		74.962	59.705	44.650
	PROFIT BEFORE TAX (E-F) (G)		767.995	1223.000	1688.960
Less	TAX (H)		250.186	397.690	540.940
	PROFIT AFTER TAX (G-H) (I)		517.809	825.310	1148.020
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		123.019	145.177	145.110
	APPROPRIATIONS
		Proposed Dividend	91.054	126.464
		Corporate Dividend Tax	15.124	21.004	1293.130
		Transfer to General Reserve	400.000	700.000
	BALANCE CARRIED TO THE B/S		134.650	123.019	NA
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB value	3.486	1.192	NA
	TOTAL EARNINGS		3.486	1.192	NA
	IMPORTS
		Raw Materials	77.984	62.500	NA
		Capital Goods	51.324	2.066	NA
	TOTAL IMPORTS		129.308	64.566	NA
	Earnings Per Share (Rs.)		51.18	81.58	113.47

QUARTERLY RESULTS

PARTICULARS	30.06.2011 1^st Quarter	30.09.2011 2^nd Quarter	31.12.2011 3^rd Quarter
Type	UnAudited	UnAudited	UnAudited
Net Sales	941.460	1355.130	1454.990
Total Expenditure	853.000	1230.110	1414.900
PBIDT (Excl OI)	88.460	125.020	40.090
Other Income	64.930	29.670	30.490
Operating Profit	153.390	154.690	70.580
Interest	1.420	1.440	2.190
Exceptional Items	0.000	0.000	0.000
PBDT	151.970	153.250	68.390
Depreciation	20.250	20.960	19.960
Profit Before Tax	131.720	132.290	48.430
Tax	38.920	38.270	13.010
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	92.800	94.020	35.420
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	92.800	94.020	35.420

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.50	14.60	17.09
Net Profit Margin (PBT/Sales)	(%)	14.59	22.56	26.03
Return on Total Assets (PBT/Total Assets}	(%)	23.34	42.61	91.55
Return on Investment (ROI) (PBT/Networth)		0.20	0.36	0.64
Debt Equity Ratio (Total Liability/Networth)		0.15	0.19	0.26
Current Ratio (Current Asset/Current Liability)		4.86	3.78	2.38

LOCAL AGENCY FURTHER INFORMATION

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	No
8) No. of employees	Yes
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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
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	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	No

PERFORMANCE REVIEW

The sales in terms of volume decreased and stood at 8973 MVA as compared to 10009 MVA in the previous year. Sales and other income for the year were lower at Rs.5450.000 Millions compared to Rs.5650.000 Millions in the previous year. Profit before tax was lower at Rs.770.000 Millions compared to Rs.1220.000 Millions in the previous year. Profit after tax has declined to Rs.520.000 Millions compared to Rs.830.000 Millions in the previous year. Profitability of the Company was affected due to stiff competition in the market and continuous increase of prices of key input materials.

The current year has begun with lower order backlog of Rs.3270.000 Millions (5692 MVA). The orders were booked with very low prices, in view of intense competition in market. Of course, the order availability in market has improved compared to last year but price realization remains very low and as such the Company is very selective in taking orders and hence it seems difficult to plan for volume growth during the current year. The present challenge is managing orders within the budgeted costs and high volatility in the prices of major raw materials like copper, electrical steel sheets, transformer oil, steel and related components.

For detailed analysis of the performance, please refer to the management discussion and analysis section of the annual report.

IMPULSE TESTING SYSTEM

During the year Company has installed most modern State-of-the-art lightning impulse testing system, fully automatic, including automatic chopping gap and digital impulse analysis system from HIGH VOLTS, GERMANY. This is installed in a completely enclosed earthed hall with excellent earthing system and metallic side wall and roof which are also earthed so that the high energy will not cause external interference. The generator has capacity of 1800 kVp / 180 kJ. With this system, they can test up to 550 kV class Power Transformers and allied equipment using latest technology.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMY OVERVIEW

The Industry and infrastructure sectors of the economy remained adversely impacted during the year 2010-11. Projects come up for execution at their customers' end could not progress as per the schedule due to issues involve like land acquisition, allocation of coal blocks, financial closure, environmental clearance etc. Looking to the Government initiatives for power sector, long term outlook for the transformers industry remains positive, in spite of near term concern about overcapacity in the Industry.

OUTLOOK FOR THE COMPANY

The fast increasing trend of some customers to buy on turn key basis, through EPC contractors, has impacted the volume, price level and margin realization. Further, regular practice of many MNCs Companies operating in project business and sourcing transformers from outside vendors is on chase, as most of them are going ahead with plan to have captive units to manufacture transformers. This will adversely impact business volume from those MNCs in the long term.

As on date, orders available for execution in the current year amount to Rs.3270.000 Millions, totaling 5692 MVA. Pressure on product prices in view of sizable un-utilized capacity in the Industry, leading to immense competition amongst industry players and high volatility in the prices of major raw materials like copper, electrical steel sheets, transformer oil, steel and related components will continue to impact realizations, both at gross and net level, in the near future.

FINANCE

The Company continued to focus on optimizing its working capital. However higher inventories level due to increased prices of key input materials and delay in lifting of finished transformers by customers and also higher investment in receivable continues to remain area of concern. The Company continue to remain debt free during the year. The Company could leverage its cash availability position to get better terms from suppliers. Company invests surplus funds available, in the debts schemes of mutual funds, fixed deposit with banks, debentures and bonds etc. to earn market return on it. As in the past, the Company has maintained excellent relationship with the bankers and was able to negotiate favorable terms for various banking facilities.

Contingent Liabilities

a) Counter Guarantee given to the Banks for Bank guarantees issued – Rs.1423.625 Millions

b) Claims against the Company, not acknowledged as debts

- Others – Rs.1.654 Millions

- Excise Duty – Rs.1.075 Millions

c) The Company has received demand notice from the Central Excise Department, raising the demand of duty of Rs.0.891 Million and penalty of Rs.0.891 Million for the year 2007-08 and 2008-09. The said demand is raised for claim of Modvat credit on process loss of about 4 % to 5% resulted during conversion of copper in to copper wires and strips.

d) The Company has received demand notice from the Central Excise Department, raising the demand of duty of Rs.13.057 Millions and penalty of Rs.13.057 Millions for the period from April 2004 to May 2009. The said demand is raised for claim of Modvat Credit on scrap / waste generated in the process of job work carried out by the outside job work parties who have retained the scrap / waste generated in the process.

UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2011

(Rs. in Millions)

Sr. No.	Particulars	Quarter Ended On 31.12.2011 Unaudited	Quarter Ended On 30.09.2011 Unaudited	Nine Months Ended On 31.12.2011 Unaudited
1	INCOME
	Gross Sales / Income from operations	1619.876	1510.205	4184.706
	Less: Excise Duty	164.885	155.076	433.123
	Net Sales / Income from operations	1454.991	1355.129	3751.583
2	EXPENDITURE
	a) (Increase) / Decrease in stock	68.519	(194.850)	(366.473)
	b) Consumption of raw materials	1269.787	1352.218	3649.402
	c) Employee cost	45.810	48.320	136.934
	d) Depreciation	19.961	20.964	61.174
	e) Other expenditure	30.781	24.421	78.147
	f) Total	1434.858	1251.073	3559.184
3	Profit from operations before other income and interest (1-2)	20.133	104.056	192.399
4	Other Income	30.488	29.667	125.080
5	Profit before interest (3+4)	50.621	133.723	317.479
6	Interest & Bank Charges	2.188	1.442	5.051
7	Profit from ordinary activities before tax (5-6)	48.433	132.281	312.428
8	Tax expenses	13.012	38.266	90.194
9	Net profit for the period (7-8)	35.421	94.015	222.234
10	Paid up equity capital (face value of Rs. 10/- each)	101.171	101.171	101.171
11	Reserve excluding revaluation reserves	—	—	—
12	Basic and diluted EPS for the period, for the year to date and for the previous year (not annualized)	3.50	9.29	21.97
13	Public Shareholding
	- Number of shares	5458040	5458040	5458040
	- Percentage of shareholding	53.95	53.95	53.95
14	Promoter and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Share (as a % of the total
	Shareholding of promoters and promoter group)	Nil	Nil	Nil
	- Percentage of Share (as a % of the total share
	capital of the company)	Nil	Nil	Nil
	b) Non-encumbered
	- Number of shares	4659080	4659080	4659080
	- Percentage of shares (as a % of the total
	Shareholding of promoters and promoter group)	100.00	100.00	100.00
	- Percentage of Shares (as a % of the total share
	capital of the company)	46.05	46.05	46.05

Notes:

1) The above results, for the quarter ended 31st December, 2011, have been reviewed by the Audit Committee and approved by Board of Directors at their meeting held on 13th February, 2012.

2) The Statutory Auditors of Company have carried out limited review of the above results.

3) The activities of the Company relate to only one segment i.e. Electrical Transformers.

4) Number of complaints during the Third Quarter ended 31st December, 2011: Opening- Nil, Received - Nil, Disposed off - Nil, Pending - Nil.

5) Previous period figures have been regrouped / rearranged, whenever necessary.

FIXED ASSETS

· Freehold Land

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Computer Equipment

· Motor Vehicle

· Technical Know How

· Computer Software

BUSINESS DESCRIPTION

Subject is an India-based company. The Company is engaged in manufacturing of transformers. The Company has installed facility to manufacture oil filled power and distribution transformers up to 160 megavolt ampere, 220 kilovolt class, Resin impregnated Dry type Transformers up to 5 megavolt ampere, 11 kilovolt class (In Technical collaboration with Mora, Germany) and cast resin dry type transformers up to 12.5 megavolt ampere, 33 kilovolt class (in technical collaboration with HTT, Germany). The Company has four independent units each for oil filled power transformer, oil filled distribution transformer, resin impregnated dry type transformer and cast resin type transformer. The Company's plants are located at Makarpura, Vadodara, Gujarat and Village Vadadla, Jarod-Samlaya Road.Tehsil Savli, District Vadodara, Gujarat. For the nine months ended 31 December 2010, Subject. revenues increased 3% to RS3.91B. Net income decreased 41% to RS328.1M. Revenues reflect an increase in gross sales/income from operations, rise in other sources of income and decrease in interest and bank charges. Net income was offset by an increase in other expenditure, a rise in employee cost, higher consumption of materials and increase in stock expenditure.

BOARD OF DIRECTORS

Kunjal L. Patel (Vice Chairman of the Board, Managing Director)

Shri. Kunjal L. Patel is Vice Chairman of the Board, Managing Director of subject. He is an electrical engineer from M.S. University, Vadodara, Gujarat. He has 14 years of experience in production, marketing and general management. He is in charge of general management comprising of purchase and planning, technical aspects of quality control, manufacturing and design aspects of transformers.

Jagannath S. Aiyar (Independent Non-Executive Director)

Shri. Jagannath S. Aiyar is Independent Non-Executive Director of subject. He is an electrical and mechanical engineer from the Pune University. He acquired training from Siemens Schuckert Werke, GmbH, Germany and C.E.G.B, U.K. He has 37 years experience to his credit with Gujarat Electricity Board in generation, transmission and distribution of electricity. He has held the posts of Chief Engineer, Executive Director in Planning and Projects Department in Gujarat Electricity Board and had been involved in operation and management of power stations and transmission lines. He was also a technical advisor to Gujarat Mineral Development Corporation and was advisor to Gujarat Torrent Energy Corporation, M/s. Letap Consultancy, M/s. Eashan Consultancy.

Vallabh N. Madhani (Vice President - Commercial, Compliance Officer, Company Secretary, Director)

Shri. Vallabh N. Madhani is Vice President - Commercial, Compliance Officer, Company Secretary, Director of subject. He has B.Com; LL.B. (Special); D.T.R and A.C.S. He has over 19 years experience in the field of Company Law matters, Banking and Finance, Fund Management, Legal Compliance, Insurance, etc. He has been working with the Company since 1997. Shri Vallabh N. Madhani was appointed as an Additional Director of the Company by Board of Directors at their meeting held on 08th May, 2008. He shall hold office up to the date of ensuing Annual General Meeting of the Company.

Kanubhai S. Patel (Chief Executive Officer, Chief Financial Officer, Managing Director, Director)

Shri. Kanubhai S. Patel is Chief Executive Officer, Chief Financial Officer, Managing Director, Director of subject. He is associated with the Company since more than 29 years. He holds a commerce degree from The M. S. University, Vadodara and is a fellow Member of the Institute of Chartered Accountants of India and also the Institute of Company Secretaries of India. He has experience in the field of Finance and Marketing and also the General Management of the Company.

Vasantlal L. Patel (Independent Non-Executive Director)

Shri. Vasantlal L. Patel is Independent Non-Executive Director of subject. He is a mechanical and electrical engineer from the Gujarat University. He has a wide experience in the field of material management and engineering services. He has worked with Gujarat State Fertilizers and Chemicals Limited (GSFC) from the year 1967 to February, 2003 and was Executive Director for a period of one year before his retirement. His scope of work in GSFC included project procurement and implementation of power plants and headed the designing, engineering services and operation and maintenance, construction and technical department. He was also a member of the Board of Directors of Effluent Channel Project.

Arvind Natwarlal Shelat (Independent Non-Executive Director)

Shri. Arvind Natwarlal Shelat is Independent Non-Executive Director of subject. He is a Bachelor of Arts degree holder from the Gujarat University. He started his career in 1959 with Dena Bank and later joined Bank of Baroda in 1962. He held the post of Chief Manager in Bank of Baroda at the time of retirement in 1995. He has a experience to his credit with respect to administration, inspection, and audit of Banks. He has worked with various branches in India as officer, branch manager and chief manager and held positions with administrative wing of the Bank like inspection and audit, training programmes etc.

Kewalkrishna G. Tuli (Independent Non-Executive Director)

Shri. Kewalkrishna G. Tuli is Independent Non-Executive Director of subject. He is an engineer from M.S. University, Vadodara Gujarat. He is the Promoter and Managing Director of Paramount Limited, which is engaged in the business of environment engineering field. He has also founded the Paramount Charity Trust, which is actively involved in providing medical, educational and living support to weaker sections of the society.

PRESS RELEASES

Updates on Outcome of AGM

India, September 08 -- Voltamp Transformers Limited has submitted to BSE a copy of the minutes of the 44th Annual General Meeting (AGM) of the members of the Company held on August 12, 2011.

Board Meeting re-scheduled on May 30, 2011

India, May 09 -- With reference to the earlier announcement dated April 29, 2011 regarding Board to consider Dividend, Voltamp Transformers Limited has now informed BSE that a Meeting of the Board of Directors of the Company will be held on May 30, 2011 instead of May 10, 2011, to consider the following:1. Approval of Audited Financial Results of the Company for the Financial Year ended on March 31, 2011.2. Approval of Annual Accounts for the Financial Year ended March 31, 2011.3. Recommendation of Dividend for the Financial Year 2010-11.

Fire at Savli Factory

India, April 15 -- Voltamp Transformers Limited has informed BSE that there was fire at the Company’s Savli Factory situated at Village Vadadla, Tehsil Savli, Dist. Vadodara on April 13, 2011 at around 6.00 p.m. which was brought under control within one hour of its occurrence and was completely extinguished by 9.00 p.m. Further the Company have full coverage of insurance for the above said factory. The Company is in process of ascertaining likely losses due to fire.

Voltamp Transformers reports fire incident at the company's Savli Factory

India, April 15 -- Voltamp Transformers has reported an incident of fire at its Savli Factory situated at village Vadadla, Tehsil Savli, District Vadodara on April 13, 2011. The fire was completely extinguished and brought under control within one hour of its occurrence. The company has full coverage of insurance for the above said factory and is in process of ascertaining likely losses due to fire. Voltamp Transformers is engaged in manufacturing of various types of transformers. The company has installed capacity to manufacture oil filled power and distribution transformers up to 50 MVA, 132 KV class, resin impregnated dry type transformers up to 5 MVA, 11 KV class and cast resin dry type transformers up to 7.5 MVA, 33 KV class.

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 records 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.52.23
UK Pound	1	Rs.84.16
Euro	1	Rs.68.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		69

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.