MIRA INFORM REPORT

Report Date :

01.04.2013

IDENTIFICATION DETAILS

Name :	C.T.R. MANUFACTURING INDUSTRIES LIMITED
Registered Office :	Nagar Road, Pune - 411014 Maharashtra, India
Country :	India
Financials (as on) :	31.03.2012 [Profit and Loss Account]
Date of Incorporation :	18.12.1964
Com. Reg. No.:	11-013087
Capital Investment / Paid-up Capital :	Rs. 18.858 Millions
CIN No.: [Company Identification No.]	U29299MH1964PLC013087
PAN No.: [Permanent Account No.]	AAACC7256R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of wide range of Transformer Ancillary Products and Plastic Film Capacitors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2150000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old established company having a satisfactory track record. The company has recorded an increase in its sales turnover during the current year i.e.2012. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealings at usual trade term and conditions. Note: Balance Sheet for the year 2012 is not made available, only Profit and loss statement is available.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating : A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	December 2012

Rating Agency Name	ICRA
Rating	Short term rating : A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	December 2012

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 31-03-2012.

LOCATIONS

Registered Office/ Fire Systems/ Handling Equipment/ Intank Tapchanger/ International/ Petroleum Fire/ Railway Products/ Radiator/ Tapchanger Division :	Nagar Road, Pune - 411014 Maharashtra, India
Tel. No.:	91-20-26633402/ 3/ 4/ 5
Fax No.:	91-20-26633425
E-Mail :	fn.corporate@ctr.in ctrpune@sancharnet.in
Website :	www.ctr.in
Corporate Regional North :	506 International Trade Tower, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-26280821/ 22
E-Mail :	crn@ctr.in
Corporate Regional East :	"Avyarthana" 2nd Floor, 659, Kalikapur Road, E.M. Bypass (Besides Spencers Shopping Mall), Kolkata – 700099, West Bengal, India
Tel. No.:	91-33-64517992
Fax No.:	91-33-24848867
E-Mail :	cre@ctr.in
Tapchanger Zonal South Office:	208, Mota Chambers, 9 Millers Road, Bangalore - 560052, Karnataka, India Fax: 91-80-22374320 E-mail: tzs@ctr.in
Nasik Headquarters :	E-79 MIDC, Ambad, Nasik - 422010 Maharashtra, India Tel No.: 91-253-2380451 Fax No.: 91-253-2380452 E-mail: nsk@ctr.in
Export Office:	506, International Trade Center, Nehru Place, New Delhi - 110019, India Fax: 91-11-26280821/ 22 E-mail: exports@ctr.in
Electronics Division:	E1, Chikalthana, Aurangabad - 431006, Maharashtra, India Phone: 91-240-2485289/ 90 Fax: 91-240-2484128 E-mail: capacitors@ctr.in
Electronics Subcenter/ Safety Products Division :	B27, Chikalthana, Aurangabad - 431006, Maharashtra, India Phone: 91-240-2484929 Fax: 91-240-2484128 E-mail: esc@ctr.in
Electronics Zonal South Office:	27, 7^TH Cross, 6^TH Block, Kormangala, Bangalore - 560095, Karnataka, India Fax: 91-80-25633167 E-mail: ezs@ctr.in
Electronics Zonal West Office:	403 B, Turf Estate, Shakti Mills Lang, Off Dr. E. Moses Road, Mahalaxmi (West), Mumbai - 400001, Maharashtra, India Phone:91-22-24920454 Fax: 91-22 -24929549 E-mail: ezw@ctr.in
Tapchanger/ Radiator Subcentre :	E3, Chikalthana, Aurangabad - 431006, Maharashtra, India Phone : 91-240-2481469 Fax : 91-240-2480478 E-mail : tc2@ctr.in
Power Quality Division :	W-8 MIDC, Chikalthana, Aurangabad - 431006, Maharashtra, India Phone : 91-240-2485289/ 90 Fax : 91-240-2484128 E-mail : powerquality@ctr.in
Division Office :	Knowledge Outsourcing Division: A 401-408, Crystal Plaza, New Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India Fax: 91-22-40660707/ 08 E-mail: knowledgeoutsourcing@ctr.in

DIRECTORS

AS ON 20.06.2012

Name :	Mr. Kewal Krishan Nohria
Designation :	Chairman
Address :	11, Aryavarta, 351, N Dabholkar Raod, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	04.10.1932
Qualification :	MBA (UK)
Date of Appointment :	15.07.2004
DIN No.:	00060015
Name :	Mr. Anil Pratap Kumar
Designation :	Managing director
Address :	57, Viman Nagar Colony Road, Pune – 411014, Maharashtra, India
Date of Birth/Age :	16.05.1948
Qualification :	BSC (London), MBA (Harvard) AMIEE (USA), MIEE (London)
Date of Appointment :	01.11.1989
DIN No.:	00466438
Name :	Mr. Brij Mohan Suri
Designation :	Director
Address :	206, Daffodils, 56, Pali Hills, Bandra, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	12.04.1939
Qualification :	FCA-England, FCA-India
Date of Appointment :	15.07.2004
DIN No.:	00786408

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.06.2012

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 20.06.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	73.65
Directors or relatives of directors	16.71
Other top fifty shareholders	4.74
Others	4.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of wide range of Transformer Ancillary Products and Plastic Film Capacitors.

Products :

ITC Code	Product Descriptions
85320000	Plastic Film Capacitors
84240000	Fire Extinguishing Systems for Transformers
85040000	On Load Tapchanger for Transformers
85040000	Pressed Steel Radiator for Transformers

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Maharashtra, Camp Branch, Pune – 411001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	100.074	92.928
Working capital loans banks secured	247.143	200.147
Interest accrued due other debt secured	1.147	0.953
Total	348.364	294.028

Banking Relations :	--
Financial Institution :	IL and FS Trust Company Limited, Il and FS Financial Centre, Plot No C22, G Block, Bandra, Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India
Auditors :
Name :	A.A. Bhat and Company Chartered Accountants
Address :	6, Hormony House, 797/1a, Bhandarkar Institute Road, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-25674412
Income-tax PAN of auditor or auditor's firm :	AABCA8461B

CAPITAL STRUCTURE

AS ON 20.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
375,000	Equity Shares	Rs. 100/- each	Rs. 37.500 Millions
25,000	Preference Shares	Rs. 100/- each	Rs. 2.500 Millions
	Total		Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
188,409	Equity Shares	Rs. 100/- each	Rs. 18.841 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
375,000	Equity Shares	Rs. 100/- each	Rs. 37.500 Millions
25,000	Preference Shares	Rs. 100/- each	Rs. 2.500 Millions
	Total		Rs. 40.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
188,719	Equity Shares	Rs. 100/- each	Rs. 18.872 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
188,409	Equity Shares	Rs. 100/- each	Rs. 18.841 Millions
	Add: Forfeited Shares		Rs. 0.017 Million
	Total		Rs. 18.858 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		18.858	18.858
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		518.178	381.559
4] (Accumulated Losses)		0.000	0.000
NETWORTH		537.036	400.417
LOAN FUNDS
1] Secured Loans		348.364	294.028
2] Unsecured Loans		7.982	8.801
TOTAL BORROWING		356.346	302.829
DEFERRED TAX LIABILITIES		30.384	26.996
TOTAL		923.766	730.242
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		298.205	225.185
Capital work-in-progress		123.161	124.671
INVESTMENT		52.756	52.756
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	149.946	111.856
	Sundry Debtors	503.230	412.862
	Cash & Bank Balances	18.927	24.712
	Other Current Assets	0.000	0.000
	Loans & Advances	173.327	145.943
Total Current Assets		845.430	695.373
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	220.483	219.667
	Other Current Liabilities	84.952	61.704
	Provisions	93.587	86.372
Total Current Liabilities		399.022	367.743
Net Current Assets		446.408	327.630
MISCELLANEOUS EXPENSES		3.236	0.000
TOTAL		923.766	730.242

Note: Balance Sheet for the year 2012 is not made available, only Profit and loss statement is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1472.591	1363.200	1119.507
		Other Income	11.129	6.415	4.777
		TOTAL (A)	1483.720	1369.615	1124.284
Less	EXPENSES
		Cost of materials consumed	791.182	796.969
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	12.253	(17.081)
		Employee benefit expense	185.592	162.980
		Other expenses	180.434	147.210
		Exceptional items	13.347	8.071
		TOTAL (B)	1182.808	1098.149	893.995
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		300.912	271.466	230.289
Less	FINANCIAL EXPENSES (D)		53.147	30.626	25.604
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		247.765	240.840	204.685
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.552	20.436	18.606
	PROFIT BEFORE TAX (E-F) (G)		226.213	220.404	186.079
Less	TAX (H)		71.965	75.736	66.030
	PROFIT AFTER TAX (G-H) (I)		154.248	144.668	120.049
Add	PRIOR PERIOD ADJUSTMENT		N.A.	(0.263)	(0.124)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.037	14.674	11.466
Less	APPROPRIATIONS
		Transfer to General Reserve	N.A.	135.000	110.104
		Dividend		6.594	5.652
		Tax on Dividend		1.088	0.961
		Transfer to Reserve for Doubtful Debts		1.360	0.000
	BALANCE CARRIED TO THE B/S		N.A.	15.037	14.674
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	N.A.	18.081	45.642
	Earnings Per Share (Rs.)		818.69	767.84	637.17

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.40	10.56	10.68
Net Profit Margin (PBT/Sales)	(%)	15.36	16.17	16.62
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	19.27	20.21
Return on Investment (ROI) (PBT/Networth)		N.A.	0.41	0.46
Debt Equity Ratio (Total Debt/Networth)		N.A.	0.66	0.76
Current Ratio (Current Asset/Current Liability)		N.A.	2.12	1.89

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	No
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	--
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	No
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	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Deferred sales tax loan unsecured	7.982	8.801
Total	7.982	8.801

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29299MH1964PLC013087
Name of the company	C.T.R. MANUFACTURING INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Nagar Road, Pune - 411014 Maharashtra, India Email: fn.corporate@ctr.in
This form is for	Modification of charge
Charge identification number of the modified	10313387
Type of charge	Movable property (not being pledge)
Particular of charge holder	IL and FS Trust Company Limited, Il and FS Financial Centre, Plot No C22, G Block, Bandra, Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India Email: itclroc@ilfsindia.com CIN No.: U66020MH1995PLC095507
Nature of description of the instrument creating or modifying the charge	Unattested Deed of Hypothecation
Date of instrument Creating the charge	16.04.2012
Amount secured by the charge	Rs. 1000.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement with individual bank offering facilities. Terms of Repayment As per agreement with individual bank offering facilities. Margin As per agreement with individual bank offering facilities. Extent and Operation of the charge As per agreement with individual bank offering facilities.
Short particulars of the property charged	Hypothecation of All movable plant & Machinery, Capital equipment, together with accessories, computer hardware & software, electronics spares, machinery spares, tools & accessories both present & future whether installed or lying loose or in cases or which are lying or stored in, to be stored in premises, warehouses, stockyards and godowns etc. Hypothecation of both present and future book debts, receivables and fixed deposits.
Particulars of the present modification	By this present modification Company hereby Hypothecates its movable assets, Stocks, Debtors by way of 1st charge in favour of Security Trustee.

FIXED ASSETS

Ø Freehold Land

Ø Leasehold Land

Ø Building

Ø Office Equipment

Ø Plant and Machinery

Ø Wind Turbine Generator

Ø 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 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. 54.39
UK Pound	1	Rs. 82.32
Euro	1	Rs. 69.54

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.