MIRA INFORM REPORT

Report Date :

04.12.2013

IDENTIFICATION DETAILS

Name :	KALPATARU POWER TRANSMISSION LIMITED (w.e.f. 20.12.1993)

Formerly Known As :	HT POWER STRUCTURE LIMITED

Registered Office :	Plot No.101, Part-III, G.I.D.C. Estate, Sector-28, Gandhinagar – 382028, Gujarat

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	23.04.1981

Com. Reg. No.:	04-004281

Capital Investment / Paid-up Capital :	Rs.306.921 Millions

CIN No.: [Company Identification No.]	L40100GJ1981PLC004281

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturer and Distributor of Power Transmission Towers and also engaged in Infrastructure EPC.

No. of Employees :	1900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (70)

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 73800000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is a well established company having a good track record. There appears slight dip in profitability during 2013. However, general financial strength seems to be strong. Liquidity position is good. Fundamental appers to be healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AA (Long Term Bank Facilities)
Rating Explanation	High degree of safety and very low credit risk.
Date	October 07, 2013

Rating Agency Name	CARE
Rating	A1+ (Short Term Bank Facilities)
Rating Explanation	Very strong degree of safet and lowest credit risk
Date	October 07, 2013

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/ Factory 1 :	Plot No.101, Part-III, G.I.D.C. Estate, Sector-28, Gandhinagar – 382028, Gujarat, India
Tel. No.:	91-79-23211951 / 23211955 / 23214000
Fax No.:	91-79-23211966 / 68 / 71
E-Mail :	kptlg@wilnetonline.com kptl@kalpatarupower.com bks@kptl.xeeahm.xeemail.ims.vsnl.net.in cs@kalpatarypower.com mktg@kalpatarupower.com
Website :	www.kalpatarupower.com www.jmcprojects.com www.kalpataru.com www.ssll.in
Area:	48000 sq.mts ( 12 Acres)

Corporate Office and International / Infrastructure Office :	101, ‘Kalpataru Synergy’, 8^th Floor, Opposite Grand Hyatt Hotel, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-30645000
Fax No.:	91-22-30642500 / 36712608 / 30643131

Factory 2 :	EOU Plant Plot No. A-4/1, A-4/2, A-5, G.I.D.C., Electronic Estate, Sector – 25, Gandhinagar – 382025, Gujarat, India
Tel. No.:	91-79-23214400
Fax No. :	91-79-23287215

Factory 3 :	Biomass Energy Division (Power Plant) 27BB, Tehsil Padampur, District Sri Ganganagar, Rajasthan, India
Tel. No.:	91-154-2473725
Fax No.:	91-154-2473724

Factory 4 :	Biomass Energy Division (Power Plant) Near Village Khatoli, Tehsil Uniara, District Tonk – 304024, Rajasthan, India
Tel. No.:	91-1436-260665
Fax No.:	91-1436-260666

Factory 5 :	Raipur Plant: Khasra No.1778, 1779, Old Dhamtari Road, Village : Khorpa, Tehsil : Abhanpur, District : Raipur, Chhattishgarh, India
Fax No.:	91-771-2446988

R and D Centre :	At Punadara Village, Near Talod Dam, Taluka – Prantij, District Sabarkatha, Gujarat, India
Tel. No.:	91-2770-255414

International Project Office :	Located At: · Algeria Congo Ethiopia Kenya Kuwait Philippines Qatar South Africa Srilanka Tanzania UAE Ukraine

DIRECTORS

As on 31.03.2013

Name :	Mr. Mofatraj P. Munot
Designation :	Chairman

Name :	Mr. Manish Mohnot
Designation :	Executive Director

Name :	Mr. Parag Munot
Designation :	Promoter Director

Name :	Mr. Sajjanraj Mehta
Designation :	Independent Director

Name :	Mr. K. V. Mani
Designation :	Non-Executive Director

Name :	Mr. S. P. Talwar
Designation :	Independent Director

Name :	Mr. Ranjit Singh
Designation :	Managing Director

Name :	Mr. Mahendra G. Punatar
Designation :	Independent Director

Name :	Mr. Vimal Bhandari
Designation :	Independent Director

Name :	Mr. Narayan Seshadri
Designation :	Independent Director

KEY EXECUTIVES

EXECUTIVE MANAGEMENT TEAM

Name :	Mr. Kamal K. Jain
Designation :	Director (Finance) and CFO

Name :	Mr. Dinesh B. Patel
Designation :	Director (Operations)

Name :	Mr. B. K. Satish
Designation :	President and CEO (Distribution Projects)

Name :	Mr. Sanjay Dalmia
Designation :	Head - International Business

Name :	Mr. Gyan Prakash
Designation :	President & CEO (Infrastructure Projects)

Name :	Mr. M. A. Baraiya
Designation :	Dy. President (HR and Admin)

Name :	Mr. Subhasish Mukherjee
Designation :	President (International TL Business)

Name :	Mr. S. Ayya. Durrai Pandian
Designation :	President (Construction)

Name :	Mr. Vinod Radadia
Designation :	President (Production)

Name :	Mr. Bajrang Ramdharani
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	31142867	20.29
Bodies Corporate	59791796	38.96
Sub Total	90934663	59.26
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	300000	0.20
Sub Total	300000	0.20
Total shareholding of Promoter and Promoter Group (A)	91234663	59.45
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	19093470	12.44
Financial Institutions / Banks	732732	0.48
Venture Capital Funds	7195000	4.69
Insurance Companies	8832052	5.76
Foreign Institutional Investors	15186833	9.90
Any Others (Specify)	7008	0.00
Foreign Financial Institutions	1000	0.00
Trusts	6008	0.00
Sub Total	51047095	33.26
(2) Non-Institutions
Bodies Corporate	1513292	0.99
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	8076095	5.26
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	539198	0.35
Any Others (Specify)	1050227	0.68
Clearing Members	104101	0.07
Non Resident Indians	946126	0.62
Sub Total	11178812	7.28
Total Public shareholding (B)	62225907	40.55
Total (A)+(B)	153460570	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	153460570	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Distributor of Power Transmission Towers and also engaged in Infrastructure EPC.

Products :

PRODUCTS DESCRIPTION	ITEM CODE
Transmission Line Towers	7308.20
Real Estate Division	-----
Power Generation – Conventional	-----

GENERAL INFORMATION

No. of Employees :

1900 (Approximately)

Bankers :

· Indian Bank

Oriental Bank of Commerce

Union Bank of India

State Bank of India

Indian Bank

Oriental Bank of Commerce

Union Bank of India

State Bank of India

DBS Bank

BNP Paribas, Abu Dhabi

HSBC, Qatar

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long term borrowings
Non-Convertible Redeemable Debentures	883.333	1325.000
Term Loans - Foreign Currency Loans
From Banks	624.081	737.550
Rupee Loans
From NBFC	2.499	19.672
From Banks	16.222	13.933
Short term borrowings
Working Capital Facilities from Banks	3112.482	661.978
Total	4638.617	2758.133

Note:

Long term borrowings

Foreign Currency Loans from Banks carries interest of 3M $ Libor + Spread and is repayable in 13 equal quarterly instalments starting from 21.10.2013. The loan is secured by charge over specific movable fixed assets financed through this loan.

Rupee Loans:

(a) Rupee loans from NBFC carries interest of 10.25% p.a. and is repayable in 35 equal monthly instalments along with interest. The loan is secured by hypothecation of specific moveable fixed assets of the Company.

(b) Rupee loans from Bank carries interest in the range of 6.99% - 10.85% p.a. and is repayable in 35 / 36 equal monthly instalments along with interest. The loan is secured by hypothecation of Vehicles.

Short term borrowings

Working Capital Facilities from Banks are secured in favour of consortium of bankers by hypothecation of stocks, stores and spares, books debts, bills receivables and all other movable assets on pari passu basis. Also secured by movable and immovable fixed assets (including land and building situated at Gandhinagar, Gujarat) of transmission and distribution division and infrastructure division of company, on which debenture holders have first exclusive charge to the extent of 1.25 times of outstanding NCDs.


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells, Chartered Accountants
Address :	Ahmedabad, Gujarat, India

Legal Advisor :
Name :	Singhi and Company
Address :	Ahmedabad, Gujarat, India

Subsidiaries :	· JMC Projects (India) Limited Shree Shubham Logistics Limited Energy Link (India) Limited Amber Real Estate Limited Kalpataru Power Transmission (Mauritius) Limited Kalpataru South Africa (Pty) Limited Kalpataru Power Transmission Nigeria Limited Kalpataru Power Transmission USA INC Adeshwar Infrabuild Limited Jhajjer Power Transmission Private Limited * Kalpataru Power Transmission International BV Kalpataru Power Transmission Ukraine

Indirect Subsidiaries :	· JMC Mining and Quarries Limited Saicharan Properties Limited Brij Bhoomi Expressway Private Limited Wainganga Expressway Private Limited Kalpataru Power JLT Vindhyachal Expressway Private Limited Kalpataru Industria E comercia S.A.**

Enterprises under significant influence, which are having transaction with Companies :	· Kalpataru Properties Private Limited Kalpataru Theatres Private Limited Property Solution (India) Private Limited P.K. Velu and Company Private Limited Kalpataru Enterprises Kalpataru Limited Argos International Marketing Private Limited

Joint Ventures :	· Jhajjer KT Transco Private Limited Gestamp Kalpataru Solar Steel Structure Private Limited

* The Company has sold its stake on 13-03-2013

** Earlier known as Brafer Kalpataru Industria E Comercio S.A.

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

175,000,000	Equity Shares	Rs.2/- each	Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

153,460,570	Equity Shares	Rs.2/- each	Rs. 306.921 Millions

Reconciliation of the Equity Shares outstanding at the beginning and at the end of the reporting period

Equity Shares	31.03.2013
Equity Shares	Numbers	Rs. In Milllions
Shares outstanding at the beginning of the year	153,460,570	306.921
Shares outstanding at the end of the year	153,460,570	306.921

The Company has only one class of Equity Shares having par value of Rs.2/- per share. Each holder of Equity Shares is entitled to one vote per share. The dividend is declared and paid on being proposed by the Board of Directors after the approval of the Shareholders in the ensuing Annual General Meeting.

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 liabilities. The distribution will be in proportion to the number of Equity Shares held by the shareholders.

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

Equity Shares	31.03.2013
Equity Shares	No. of Shares held	% of Holding
Mofatraj P. Munot	12,306,553	8.02
Parag M. Munot	12,312,036	8.02
Kalpataru Construction Private Limited	23,350,000	15.22
K. C. Holding Private Limited	21,142,600	13.78
Kalpataru Properties Private Limited	13,646,196	8.89
ICICI Prudential Life Insurance Company	7,775,474	5.07
ICICI Prudential Mutual Fund	8,014,782	5.22

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	306.921	306.921	306.921
(b) Reserves & Surplus	18156.474	17122.164	15603.828
(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)	18463.395	17429.085	15910.749

(3) Non-Current Liabilities
(a) long-term borrowings	1526.135	2096.155	1561.702
(b) Deferred tax liabilities (Net)	118.110	98.151	106.651
(c) Other long term liabilities	6.875	9.510	8.238
(d) long-term provisions	669.153	618.839	530.093
Total Non-current Liabilities (3)	2320.273	2822.655	2206.684

(4) Current Liabilities
(a) Short term borrowings	3796.901	2377.208	2903.348
(b) Trade payables	11944.106	10484.780	8942.577
(c) Other current liabilities	4314.222	2607.156	3929.753
(d) Short-term provisions	747.251	791.195	965.396
Total Current Liabilities (4)	20802.480	16260.339	16741.074

TOTAL	41586.148	36512.079	348585.507

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5260.626	3891.484	3539.641
(ii) Intangible Assets	46.526	45.827	53.943
(iii) Capital work-in-progress	79.294	591.493	146.259
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3339.215	3287.957	2993.343
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5419.341	3525.927	3643.119
(e) Other Non-current assets	552.706	590.165	702.208
Total Non-Current Assets	14697.708	11932.853	11078.513

(2) Current assets
(a) Current investments	11.500	761.397	962.454
(b) Inventories	4439.671	3211.549	2410.372
(c) Trade receivables	12878.977	12625.081	13482.650
(d) Cash and cash equivalents	569.024	1045.496	1442.562
(e) Short-term loans and advances	4298.641	2994.206	1299.186
(f) Other current assets	4690.627	3941.497	4182.770
Total Current Assets	26888.440	24579.226	23779.994

TOTAL	41586.148	36512.079	348585.507

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	33353.973	30327.119	28781.790
		Other Income	477.251	511.833	469.525
		TOTAL (A)	33831.224	30838.952	29251.315

Less	EXPENSES
		Cost of Materials Consumed	16491.735	14885.798	12767.963
		Employee Benefits Expense	2006.396	1702.311	1870.601
		Other Expenses	12435.809	10312.838	10583.182
		(Increase) / Decrease in Stocks	(800.794)	133.702	125.415
		TOTAL (B)	30133.146	27034.649	25347.161

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3698.078	3804.303	3904.154

Less	FINANCIAL EXPENSES (D)		1220.106	1082.486	879.092

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2477.972	2721.817	3025.062

Less/ Add	DEPRECIATION/ AMORTISATION (F)		522.535	480.974	459.267

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1955.437	2240.843	2565.795

Less	TAX (H)		578.909	591.762	660.168

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1376.528	1649.081	1905.627

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7153.139	6130.898	4873.971

Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares [Dividend per Share Rs.1.50 (Previous year Rs. 1.50)]	230.191	230.191	230.191
		Corporate Tax on Proposed Dividend	31.990	31.649	33.509
		Transfer to Debentures Redemption Reserve	20.000	65.000	85.000
		Transfer to General Reserve	300.000	300.000	300.000
	BALANCE CARRIED TO THE B/S		7947.486	7153.139	6130.898

	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	8046.944	5881.686	5989.895
		Services	191.379	88.915	175.313
		Overseas Projects Earning	216.048	998.268	339.716
		Certified Emission Reduction (CER’s)	3.101	50.999	39.881
	TOTAL EARNINGS		8457.472	7019.868	6544.805

	IMPORTS
		Raw Materials	2501.928	1641.516	1458.607
		Stores, Spares and Tools	63.842	25.618	10.848
		Capital Goods	332.751	435.777	327.215
	TOTAL IMPORTS		2898.521	2102.911	1796.670

	Earnings / (Loss) Per Share (Rs.)		8.97	10.75	12.58

QUARTERLY RESULTS

PARTICULARS				30.06.2013
Type				1^st Quarter
Net Sales				8896.000
Total Expenditure				7976.200
PBIDT (Excl OI)				919.800
Other Income				133.400
Operating Profit				1053.200
Interest				382.500
Exceptional Items				0.000
PBDT				670.700
Depreciation				159.000
Profit Before Tax				511.700
Tax				165.000
Provisions and contingencies				0.000
Profit After Tax				346.700
Extraordinary Items				0.000
Prior Period Expenses				0.000
Other Adjustments				0.000
Net Profit				346.700

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.07	5.35	6.51

Net Profit Margin (PBT/Sales)	(%)	5.86	7.39	8.91

Return on Total Assets (PBT/Total Assets}	(%)	5.12	6.87	8.09

Return on Investment (ROI) (PBT/Networth)		0.11	0.13	0.16

Debt Equity Ratio (Total Debt/Networth)		0.29	0.26	0.28

Current Ratio (Current Asset/Current Liability)		1.29	1.51	1.42

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
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 involved in	Yes
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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10430911	29/05/2013	1,540,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B77022440
2	10437989	28/05/2013	3,630,000.00	DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED	UNIT 202, 2ND FLOOR, CAMPUS 3B,RMZ MILLENNIA, BUSINESS PARK, NO.143, DR. M.G.R.ROAD,PERUNGUDI, CHENNAI - 600096, TAMILNADU, INDIA	B80106727
3	10432795	24/05/2013	1,015,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B77835858
4	10423957	13/04/2013	824,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B74504812
5	10423952	13/04/2013	907,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B74503806
6	10410461	19/02/2013	2,200,000.00	BMW INDIA FINANCIAL SERVICES PRIVATE LIMITED	TOWER C, 14TH FLOOR, BUILDING NO. 10, DLF CYBER CITY, PHASE-II, GURGAON, HARYANA - 122002, INDIA	B70307418
7	10400941	21/01/2013	1,325,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B67226548
8	10399244	31/12/2012	1,279,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B66553520
9	10399766	31/12/2012	11,220,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, AHMEDABAD, PARAMSIDDHI COMPLEX, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B66834722
10	10391446	01/12/2012	1,015,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B63923353
11	10391447	27/11/2012	2,330,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B63923833
12	10391444	24/11/2012	5,265,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B63922660
13	10385449	20/10/2012	1,300,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B61716692
14	10382558	24/09/2012	837,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B60470861
15	10371659	21/07/2012	740,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B56084734
16	10371654	20/07/2012	851,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B56084031
17	10354658	20/04/2012	531,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B39304696
18	10354648	20/04/2012	740,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B39301973
19	10354652	20/04/2012	740,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B39303250
20	10353213	12/04/2012	889,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B38779492
21	10353205	12/04/2012	972,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B38777538
22	10356340	02/04/2012	889,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B39858923
23	10356336	02/04/2012	972,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B39857644
24	10347006	27/03/2012	1,900,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B36779825
25	10347013	27/03/2012	1,900,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B36781193
26	10347016	27/03/2012	1,900,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B36781516
27	10336778	26/12/2011	737,550,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER, 25, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B32639643
28	10330588	23/12/2011	859,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B30159594
29	10323812	12/12/2011	982,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B28099232
30	10319395	11/10/2011	673,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B25924572
31	10302625	28/07/2011	745,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B18964676
32	10299179	09/07/2011	641,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B17665936
33	10299176	09/07/2011	752,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B17664970
34	10294021	15/05/2011	3,644,784.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B15737349
35	10294028	15/05/2011	3,786,952.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B15738834
36	10294029	15/05/2011	4,383,450.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B15739360
37	10294032	15/05/2011	4,383,450.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B15740095
38	10294034	15/05/2011	9,999,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B15740608
39	10294026	15/05/2011	19,998,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B15738289
40	10287479	29/04/2011	639,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B13034822
41	10275580	19/03/2011	1,501,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B08778193
42	10270483	18/02/2011	727,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B07464753
43	10269496	03/02/2011	649,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B06606313
44	10271671	28/01/2011	1,548,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B05321252
45	10245768	08/10/2010	554,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A96439005
46	10245797	08/10/2010	1,992,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A96438627
47	10242473	13/09/2010	737,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A94984119
48	10242472	13/09/2010	932,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A94983749
49	10241571	30/08/2010	1,198,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A94774742
50	10241957	19/08/2010	511,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A94776358
51	10241580	19/08/2010	543,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A94780012
52	10241583	19/08/2010	908,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A94781812
53	10241579	19/08/2010	4,523,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	A94779634
54	10232837	21/04/2012 *	51,250,000,000.00	INDIAN BANK	210, B - WING, MITTAL TOWER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B37963279
55	10233028	21/04/2012 *	700,000,000.00	UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES L IMITED	UTI TOWER GN BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	B39474432
56	10164549	21/04/2012 *	800,000,000.00	UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES L IMITED	UTI TOWER GN BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	B39474630
57	80016779	05/06/2009 *	32,550,000,000.00	INDIAN BANK	210, B-WING, MITTAL TOWER, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A63923403
58	80016799	02/02/1995	114,000,000.00	UNION BANK OF INDIA	SECTOR 17, PLOT NO 314, GANDHINAGAR - 382017, GUJARAT, INDIA	-
59	80016801	02/02/1995 *	25,500,000.00	UNION BANK OF INDIA	SECTOTR 17, GANDHINAGAR - 382017, GUJARAT, INDIA	-

* Date of Charge Modification

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 874 of 2008

Status: PENDING (Converted from : ST/1513/2008) CCIN No : 001092200800874

Last Listing Date: 09/02/2009

Coram: HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

HONOURABLE MR.JUSTICE AKIL KURESHI

S.NO.

Name of the Petitioner

Advocate On Record

COMMISSIONER OF INCOME TAX

MR SUDHIR M MEHTA for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

KALPATARU POWER TRANSMISSION COMPANY LIMITED

MR MANISH J SHAH for :Opponent(s) 1

Presented On : 24/04/2008 Registered On : 24/04/2008

Bench Category : SINGLE BENCH District : AHMEDABAD

Case Originated From: THROUGH ADVOCATE Listed : 2 times

Stage Name : FOR FINAL HEARING - TAX MATTERS

Classification - DB – OJ- TAX APPEAL – INCOME TAX ACT, 1961 – APPEAL TO HIGH COURT – U/S 260 OF

IT ACT – LONG TERM CAPITA GAIN – U/S 54EA

Act - INCOME-TAX ACT, 1961

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

15/08/2008

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
for RESPONDENT(s) 1

MR MANISH J SHAH:1

15/08/2008

VAKALATNAMA

MR SUDHIR M MEHTA ADVOCATE
for PETITIONER(s) 1

MR SUDHIR M MEHTA:1

04/05/2009

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
for RESPONDENT(s) 1

MR MANISH J SHAH:1

05/05/2012

APPEARANCE NOTE

MR SUDHIR M MEHTA ADVOCATE
for PETITIONER(s) 1

MR SUDHIR M MEHTA:1

Court Proceedings

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

09/02/2009

FOR FINAL HEARING - TAX MATTERS

RULE/ADMIT

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

HONOURABLE MR.JUSTICE AKIL KURESHI

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

TAX APPEAL/874/2008

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

HONOURABLE MR.JUSTICE AKIL KURESHI

01/04/2009

Certified Copy

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

MRS MAUNA M BHATT

ORDINARY

02/04/2009

O/10021/2009

01/04/2009

06/04/2009

08/04/2009

Delivered

CHARGES

ENTITY	PERSON	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
KALPATARU POWER TRANSMISSION LIMITED		CBEC	DEFAULTED IN PAYMENT OF CUSTOMS/EXCISE DUTIES	NOTICE ISSUED UNDER SECTION 142 OF CUSTOMS ACT, 1962 17-JUL-2009
KALPATARU POWER TRANSMISSION LIMITED		BSE	DID NOT SUBMIT SHAREHOLDING PATTERN UNDER PROVISIONS OF CLAUSE 35 FOR THE QUARTER ENDED 31-MARCH-2008	PUT UP ON BSE WEBSITE FOR PUBLIC NOTICE 17-JUL-2008	NOT APPEARING IN THE LIST FOR THE QUARTER ENDED 30-JUNE-2008

UNSECURED LOANS

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short term borrowings
Loans repayable on demand from Banks	684.419	1715.230
Total	684.419	1715.230

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

Post tough 2011, the year 2012 started on a very somber note. After a sharp slowdown in the global growth momentum in 2011 to 3.8% from 5.2% in 2010, most economists predicted a further slowdown to 3.3% with little

positive expectations from any major economy. Despite such low expectations, the global economy grew even a

tad lower at 3.2%, mostly due to sharp slowdown in the emerging economies during the year to 5.1% against the

projected growth of 5.4% at the start of the year.

On the positive side, after witnessing high volatility for nearly two years, timely policy actions after a leadership change in ECB and in a few of the Euro member countries brought much needed stability to region’s debt and currency market.

Going forward, while there are several downside risks like US fiscal cliff, renewed setback in Euro area and Chinese slowdown that can derail the growth momentum, the global growth is expected to gradually strengthen. As per IMF projection, the global economy is expected to grow by 3.5% and 4.1% in 2013 and 2014, respectively.

Indian economic growth continued to remain weak and the economy grew at a decade low rate of less than 5%, much lower than the estimated growth rate of 6.7% at the start of the financial year.

Lately Government and Central Bank have taken policy decisions to attract foreign inflows, boost investors sentiment and increase infrastructure spending, therefore, it is expected that the growth momentum will be back on track in near future.

INDUSTRY OVERVIEW

TRANSMISSION AND DISTRIBUTION

GLOBAL

Globally, nations are committing increasing investments to develop modern, efficient, reliable, secure and wellnetworked transmission infrastructure. The key factors that are driving investment demand of transmission infrastructure in the developed economies include integration of lower carbon fuel and renewable energy plants. The thrust is also on enhancement of grid reliability and security. Developing economies and many countries in the Middle East region are expanding the capacity of their transmission networks to increase penetration and meet growing demand of their people. Many African economies are also investing in new electricity networks to serve growing demand of their population and also to efficiently utilize the regional energy resources. As per Global Transmission research (Jan 2013 research report), over the next three years, globally around 316,775 km of new transmission lines (of over 220 kV and above voltage levels) are likely to be built.

NORTH AMERICA

In North America, due to expected decline in electricity consumption over the next few years, high profile projects

have been deferred. Over the longer term, the region is expected to make considerable investment to build its inter-regional transmission link. Over the next three years, around 20,349 km of additional lines are expected to

be added in the region including 634km of cross border lines.

ASIA

In Asia, around 63% of the total estimated transmission lines between 2013-15 are expected to be added. Many of these are inter-regional projects that are trying to connect huge hydro-electric power generation capacity of surplus central Asian countries with power deficit South-East Asian countries through regional links. The changing regulatory environment, unshackling of transmission network away from utilities and unbundling of fixed tariff structure is resulting in increasing participation of private companies in the region. Overall around 200,304 km of transmission lines are expected to be added in the region of which around 760km are expected to be cross-border transmission lines.

AFRICA

In Africa, countries are investing to build their intra-regional network and cross-border projects. The region is also

witnessing increase in overall electricity consumption, which is also driving the demand for new transmission network. A total of 23,274 km of transmission line length is expected to be added during the period 2013-15. This

includes around 5,830 km of cross-border line addition.

MIDDLE EAST

Soaring demand and rapid industrial development enabled the countries in the Middle East region to continue in their sphere as the most dynamic power sectors in the world. The consumption of electricity in the Middle East region has been growing continuously and is further poised to grow at even faster pace in the next decade.

The governments in these countries have liberalized policies pertaining to the electricity sector and are currently in the process of formulating privatization strategies. This has attracted significant investments in the private sectors of the Middle East countries. The privatization of the electricity sector will not only strengthen their power

generation infrastructure, but will also facilitate towards efficient management of transmission and distribution, providing a desired balance between power demandsupply mechanisms. New transmission lines of 8,769 km are expected to be added during the period between 2013-15.

CIS

Energy is a key sector with important implications for growth and macroeconomic stability in several CIS countries. Over the last few years, several processes have been shaping the internal dynamics of energy sector development in the CIS, macroeconomic outcomes in these countries and prospects for co-operation in the energy sphere between the EU and CIS. The CIS energy sector has attracted substantial FDI inflows, in many countries being the primary target of foreign investors.

Europe and CIS, countries are to build single Europe union

wide energy market by 2014, to achieve this goal cross border electricity connection has been planned. Large work on developing and strengthening the integrating processes between CIS states has been carried out, which will assist in stabilizing the situation.

DOMESTIC

In India, the government has moved its focus from increasing the generation capacity of power to improve the efficacy of Transmission and Distribution (TandD). Government’s higher thrust on TandD is also justifiable via the 12th five year plan. In this plan, the TandD spend has been increased to 56% from 51% in XI Plan, on the total spending on power sector. Earlier, lower TandD infrastructure investments have led to high power losses to the tune of around 30%.

The investment target for the transmission segment alone for the Twelfth and Thirteenth Five-Year plan has been increased to INR 1.8 Tn and INR 2.3 Tn, respectively. Of this, around INR 1 Tn of investment is expected from PGCIL alone in the Twelfth Five-Year plan. PGCIL plans to increase its transmission capacity from 28GW in FY’12 to 63GW by FY’17.

During the year, the cabinet committee of economic affairs (CCEA) approved restructuring of state electricity boards. The 1.9 lakh crore debt restructuring would help to turn around near - bankrupt power Distribution Company. In June 2013, Tamil Nadu became the first state to restructure debt of its power distribution companies and issued bonds worth INR 6,144 crore in the first phase of restructuring.

Also, to tap increasing disparity in the regional demandsupply, there has been a gradual movement towards creating a strong inter-regional high voltage transmission backbone. To boost this momentum and create Transmission Super Highways, the government has allowed private sector participation in the transmission sector. State level utilities have been encouraged to develop the intra state transmission system under Viability Gap Funding Scheme of central government through Public Private Partnership. The government has been enabling private participation in the sector through Joint Venture (JV) Partner and Independent Private Transmission Company (IPTC) Route. In case of JV CTU/STU shall own at least 26% equity while for IPTC 100% equity would be owned by private entity.

Considering the Central Government focused approach to bring back economy on track, infrastructure spending should go up and in turn it will lead to resolving the issues of coal supplies, land acquisition, tariff revision etc., hence spending on transmission and distribution will again pick up as country like India cannot sustain slowdown because of its demography, population and consumption needs for which infrastructure is the backbone

OIL AND GAS PIPELINE

Globally, countries are now favoring pipeline to transfer oil, gas and other products. While pipeline infrastructure calls for much higher initial capex, it lowers the cost of transportation and transit loses. It is also more reliable, environment friendly and energy efficient than the other modes of transportation. As per the estimates of a global

research firm, GlobalData, the global oil and gas trunk pipeline length is expected to increase by 104,884 km during 2011–2015. Around half of this planned addition would come from just five countries viz. Russia, India, USA, China and Canada.

India is among the top four energy consumers in the world. According to PwC Petrotech October 2012 report, India has a pipeline infrastructure of 19,300 km for crude oil, 16,293 km for gas and 15,903 km for other products. India has one of the least penetrated gas pipeline networks in the world. The pipeline spread in India is just 0.003km/sq, which is much lower than 0.19 km/sq in US and 1.08 km/ sq in UK. India’s gas pipeline infrastructure is expected to increase to 31,000 km by 2017.

In the XII plan, the planning commission have nearly trebled the planned spend for Oil and Gas Pipelines to INR 1,489 Bn from INR 507 Bn in the XI plan and against actual spend of INR 625 Bn. The actual spend in X plan was INR 234 Bn.

RAILWAYS

While during the six decades post Independence there has not been much new additions to the Indian Railways, the Indian Railways intends to expand railway infrastructure by nearly 40% by 2020. The high estimated expenditure of INR 5.19 lakh crore would be funded through a mix of government funding and Public Private Partnerships (PPP). During the fiscal, the railway ministry announced highest ever plan outlay of INR 633.6 Bn and a target to add 500 km new lines, 750km doubling, 450 km gauge conversion and 1200 km electrification. The ministry earmarked a target investment of INR 10 Bn each for Rail Land Development Authority and IR Station Development Corporation and plans to raise the same through PPP route. The budget also introduced train protection warning signal on automatic signaling system and plan to set up a modern signaling equipment facility at Chandigarh through PPP route. As per the railway budget, the railway is likely to award a civil construction contract to cover around 1,500 km of Eastern and Western Freight Corridors during the financial year 2013-14.

LOGISTICS AND WAREHOUSING

The Indian logistics industry is growing by 10%-12% per annum and is currently estimated at USD 100-125 Bn. The warehousing is a key logistics segment. As of March 2011, India had a warehouse space of around 1,800-2,000 million sq. ft. Most of these were less than 10,000 sq. ft. much lesser than the common size of 250,000 to 1 million sq. ft. in US and Europe.

The logistic cost in India at 13% of GDP is much higher than 5%-7% of the GDP in the developed countries and highlights the inefficiencies within the industry. Unlike most developed countries, where most food wastage happens at the end consumer level, in India there is a loss of around INR 50 - 60 Bn of food grains, oil seeds, pulses, vegetables, fruits during transit and inadequate and improper storage facilities. In 2013 budget, the government has sanctioned INR 5,000 crore through NABARD for financing construction of warehouses, godowns, silos and cold storage units designed to store agricultural produce, both in the public and the private sectors. The earlier measures taken by the government such as implementation of warehousing act 2007 and introduction of GST should provide further fillip to the sector.

SEGMENT WISE OPERATIONAL PERFORMANCE

The Company has two primary business segments: Transmission and Distribution and Infrastructure EPC.

The revenue of the Company can be divided geographically in two different segments - Sales within India and Sales outside India. Out of the total revenue (Net of Excise Duty) of INR 33.35 Bn for FY’13, revenue from India is INR 20.41 Bn (61%) and revenue from outside India is INR 12.94 Bn (39%).

Other segments mainly include generation and sale of power being produced from two power generation plants in

Rajasthan, which has contributed a revenue of INR 541 Mn during the last year.

Transmission and Distribution Segment (T and D) :

Segment’s revenue was higher by 12% at INR 29.57 Bn.

TandD is the core business segment of the Company contributing 89% of the total revenue of the Company. Division has been performing consistently well and sustaining Company’s growth trajectory and going forward also it will remain the core area for growth.

At the operational level, the following are the major highlights for this segment:

• Production (including outsourced) and dispatches of transmission line towers were at an all-time high of 151,772 MT and 142,745 MT, respectively

• Over 105,000 MT of transmission towers were erected at various domestic and international locations

• Over 1400 CKM of stringing work done to connect the grid to sub-station or sub-station to sub-station

The segment has secured following prestigious projects during the reporting period:

• Supply and installation of 800 KV HVDC, 238 kms transmission Line from PGCIL.

• Supply and installation of two projects of 132 KV D/C, 420 kms transmission line in Uganda.

• Supply and installation of 230 KV S/.C, 228 kms transmission line in Armenia (CIS country).

• Supply and installation of 138 KV S/C, 80 kms transmission line in Philippines.

• Supply and Erection of 400 KV transmission lines of 160 kms in Bhutan. The project is funded by Government of India.

• Supply and Erection of 220 KV transmission line of 152 kms in Tajikistan. The project is funded by Asian Development Bank.

• Supply and Construction of 500Kv MAC MOH 3 THA TAKO Transmission line in Thailand.

• Supply and Erection of 765 Kv S/C and D/C Gwalior-Jaipur Transmission Line from PGCIL.

• Supply and Erection of Towers Package for 765 KV D/C Kurnool-Thiruvalam Transmission Line from PGCIL.

This business segment has secured orders worth INR 30 Bn during year. The order book position can be divided into 40:60 for domestic and international. Out of this, majority of orders are backed by price escalation clauses, which will to a large extent protect them in the present uncertain market conditions.

The Company has commenced commercial production at its Greenfield state-of-the-art facility at Raipur, Chhattisgarh, to annually manufacture 55,000 MT of power transmission towers. With this expansion, the Company’s total production capacity has reached over 180,000 MT and the Company has become one of the largest tower manufacturing Company of the world.

The Company has also made successful entry into 6 new countries namely Saudi Arabia, Tajikistan, Uganda, Bhutan, Thailand and Armenia and continues to keep its focus on new markets and territories to expand its presence. The Company is also focusing on sub-station EPC as part of TandD only and recently got initial success.

Infrastructure Segment

The year remained challenging for this segment on account of intense competition in domestic market and limited number of tenders in international market.

During the year, the Company has received orders worth INR 2.81 Bn for this segment.

With competition being intense in core area of expertise, they have geared to enter into the promising work of submarine pipelines, floating production and storage systems, offshore pipeline services, process facilities and plants and fabrication yards; all of which will help them in expanding their breadth and width in this business. Apart from the domestic market, they are continuously focusing on the overseas market.

The revenue in this segment was reduced to INR 3.24 Bn as against revenue of INR 3.39 Bn in the previous fiscal year.

Transmission BOOT Project

The first intra state transmission DBFOT(Development of a 400 kV/220 kV transmission system for the evacuation of electricity from the 2 x 660 MW thermal power plant at Jhajjar, Haryana) project for Harayana Vidhyut Prasaran Nigam Ltd has been commissioned by SPV of the Company and is running successfully above the committed load level.

The Company is successful in securing one more DBFOT project from Madhya Pradesh State Electricity Board to built, own, operate and transfer 240 Kms, 400 KV Double Circuit Power Transmission line between Satpura to Ashta, under Viability Gap Funding for concession period of 25 years with construction period of 15 months with optional extension of 10 years on annuity basis.

SUBSIDIARIES

JMC Projects (India) Limited and its subsidiaries (JMC):

JMC has reported consolidated revenue of Rs.25.56 billion (USD 470 million) as against Rs.20.76 billion (USD 407 million), which is 23% higher than the previous year. Profit before tax as well as profit after tax stood at Rs.62 million and Rs.86 million as against Rs.576 million and Rs.452 million respectively.

JMC is executing 4 road projects on DBFOT basis, out of which 3 are for NHAI and one for MPRNL. Out of 4 projects, 2 are expected to be commissioned in financial year 2013-14 and other 2 are expected to be commissioned in financial year 2014-15. JMC has a strong order book exceeding Rs. 56 billion (USD 1.03 billion). The company has invested Rs. 2.19 billion in JMC and holds 67.19% stake.

Shree Shubham Logistics Limited (SSLL):

In reporting period, SSLL has achieved a turnover of Rs. 2.43 billion as against Rs. 2.04 billion, registering a growth of 19%. SSLL reported profit of Rs. 146 million as against Rs. 32 million.

SSLL has signed an agreement with Tano India Private Equity Fund II to raise Rs. 0.8 billion to fund its capacity expansion plan. Tano made a choice of SSLL as it follows a differentiated and scalable model in the agri-logistics space.

Currently, SSLL is operating and managing 90 warehouses (owned and leased) with storage capacity of around 1.1 million Metric Tonnes and total floor plate area of around 6.0 Million Sq. Ft in the states of Rajasthan, Gujarat and Madhya Pradesh. The company will expand this capacity to 1.5 million Metric Tonnes by end of this financial year and to nearly 2 million Metric Tonnes over the next two to three financial years with a pan India presence. At the year end, investment of the Company in SSLL was Rs.2.11 billion as equity shares, preference share capital and loan. SSLL is an 85% subsidiary of the Company.

Energylink (India) Ltd (ELL):

ELL plans to foray into real estate business for which ELL has formed 100% subsidiary namely, Saicharan Properties Limited which has land to implement commercial cum residential project in Indore. This project is expected to commence construction during financial year 2013-14.

At the year end, investment of the Company in ELL was Rs.1.67 billion as capital and loan. ELL is a Wholly Owned Subsidiary of the Company.

Amber Real Estate Limited (Amber):

Amber has created a 0.32 Million Sq. Ft. of leasing space for IT/ Software Technology Park at Thane, Mumbai at cost of Rs.1.60 billion, which has recently got occupancy certificate. At the year end, investment of the Company in Amber was Rs.1.33 billion as capital and loan and it is a Wholly Owned Subsidiary of the Company.

Adeshwar Infrabuild Limited(Adeshwar):

Adeshwar was incorporated to venture into new areas of business which can be conveniently or advantageously run by company in the coming years which may include mining, cement, etc. At the year end, investment of the Company in Adeshwar was Rs. 2.55 million as capital and loan. It is a Wholly Owned Subsidiary of the Company.

Kalpataru Power Transmission-USA, INC.

This company was incorporated to increase its focus on American markets with local presence. Total income of the company for the year was Rs. 21.44 million with Loss of Rs. 9.87 million. The Company has invested Rs. 22.82 million as capital and loan in this company. It is a Wholly Owned Subsidiary of the Company.

Kalpataru SA (Proprietary) Limited:

This Company was formed in South Africa to bid for EPC Power Transmission jobs in South Africa. The Company has invested Rs.6.40 million towards equity capital in this company. It is a Wholly Owned Subsidiary of the Company.

Kalpataru Power Transmission Nigeria Limited:

This Company was incorporated to explore the Power Transmission market in Nigeria. The company has invested Rs. 8.25 million towards equity capital and loan in this company. It is a Wholly Owned Subsidiary of the Company.

Kalpataru Power Transmission (Mauritius) Limited (KPTML):

This Company was incorporated to engage in investment holding activities. The Company has invested Rs. 35.42 million as capital and loan in this Company. It is a Wholly Owned Subsidiary of the Company. KPTML has a 100% wholly owned subsidiary in Dubai, namely Kalpataru Power JLT in DMCC of UAE. KPTML has invested Rs. 32.64 million as capital and loan in this company.

Kalpataru Power Transmission International BV, Netherland (KPTIBV). :

This Company was incorporated as financial holding company. The Company has Rs. 34.80 million as capital and loan in this Company. It is a Wholly Owned Subsidiary of the Company. During the year, this company has formed a 100% wholly owned subsidiary in Brazil, namely Kalpataru Industria E Commercio S.A., Brazil, in which KPTIBV has invested Rs. 24.10 million as capital.

Kalpataru Power Transmission Ukraine:

This Company was incorporated to explore and execute Power Transmission contracts in Ukraine. The company made an investment of Rs.2.73 million towards equity capital in this Company. It is a Wholly Owned Subsidiary of the Company.

BOARD OF DIRECTORS

Mr. Mofatraj P. Munot – Chairman

He is the promoter and chairman of Kalpataru Power Transmission Limited He also serves as the Chairman of Kalpataru Limited, Kalpataru Construction Overseas Private Limited and Caprihans India Limited He has a vast industry experience of close to five decades in Real Estate and Property Development, Civil Contracting and EPC across the industry spectrum. He founded the Kalpataru Group in 1969 and has been the guiding force behind the Group’s stellar success.

Mr. Parag Munot - Promoter Director

He has been serving as a Director since 1991. He is the Managing Director of Kalpataru Limited, the flagship real estate arm of the Group. He is responsible for Group’s Real Estate and Property Development business. At Group level, he provides strategic support and drives new business initiatives.

He holds a degree in Bachelor of Commerce and is a M.B.A. from the Carnegie Mellon University, USA.

Mr. K. V. Mani - Non-Executive Director

He is a seasoned professional in Transmission and Distribution business with more than four decades of unparallel experience in Construction, Project Management and Overseas Marketing. He has been associated with the Company for over a decade and has served as the Managing Director from 2001 to 2009. Since June 2009, he has been serving the Company as a Non-Executive Director.

He holds a degree in Engineering and is a M.B.A from IMD, Switzerland.

Mr. Ranjit Singh – Managing Director

Managing Director since November 2012, he is a strategy and leadership expert, with more than three decades of rich and extensive experience in international and multicultural business environment. His expertise includes New Business Development, Strategy and Planning, Thought Leadership, People Management, Investor Relations,

Supply Chain and Operational Management.

He holds a degree in Mechanical Engineering (BITS, Pilani) and PGDBM (IIM-Ahmedabad).

Mr. Manish Mohnot - Executive Director

He has been the Company’s Executive Director since November 2006 with almost two decades of experience in areas related to power, oiland gas, infrastructure, consulting, banking and business development. He has also been associated with reputed multinational banks and consulting firms.

He serves on the Board of various subsidiaries of the Company, namely JMC Projects (India) Limited and Shree Shubham Logistics Limited He is a qualified Chartered Accountant and a Cost Accountant.

Mr. Sajjanraj Mehta - Independent Director

He has been serving the Company as an Independent Non-Executive Director since July, 1998. A renowned senior professional and expert in the field of Accounting, Tax and Corporate law; he has over 37 years of experience and serves as consultant in the field of Foreign Exchange, Taxation and Corporate Affairs to well-known companies.

He is a Chartered Accountant by profession and has an independent consultancy firm.

Mr. S. P. Talwar - Independent Director

He is a prominent name in the banking industry and has served as chairman of Oriental Bank of Commerce, Union Bank of India and Bank of Baroda and as the Deputy Governor of RBI for a period of 7 years. He is currently serving as the senior advisor to YES Bank and is on the Board of various well-known listed companies.

He has an experience of more than 40 years in Operational and Policy formulation. He is an expert in the matters of Banking, Economics, Policy and Planning.

Mr. Mahendra G. Punatar - Independent Director,

With a career spanning more than 50 years in transmission line, he is an industry veteran and has been instrumental in the growth of KPTL in its initial years from 1986 to 2001 having served as the Managing Director. From 2001 till 2009 he has served as a Vice Chairman (Executive and Non Executive) of KPTL. He is also an Independent Director of JMC Projects (India) Limited since January, 2006. He holds Masters in Structural Engineering from University of Michigan, U.S.A.

Mr. Vimal Bhandari - Independent Director

He has over 25 years of experience in financial services industry. He is currently serving as the Managing Director and Chief Executive Officer of Indostar Capital Finance Private Limited, prior to which he was the Country Head of AEGON N.V. He has also served as an Executive Director of ILandFS Limited for a period of 12 years and is also on the Board of many prominent Indian companies.

He is Commerce Graduate from Mumbai University and a Chartered Accountant by qualification. He attended Advanced Management Programs at the International Institute of Management, Lausanne, Switzerland, as a part

of his continuing professional education.

Mr. Narayan Seshadri - Independent Director

He has over 25 years of consulting experience in the field of finance, accounts, tax and business strategy. He was

KPMG India’s Managing Partner heading the Business Advisory practice.

He is the founder of Tranzmute Capital and Management Private Limited, established with the objective of providing new ideas, management and capital to first generation entrepreneurs and family businesses. He is also on the Board of many prominent Indian companies.

He is a Science Graduate and a qualified Chartered Accountant.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2013	31.03.2012
i) Bank guarantees given by the Company	176.047	46.611
ii) Claims against Company not acknowledged as debt	248.263	40.701
iii) Bonds/Undertakings given by the Company to Customs for Exemption / concessional duty	348.569	161.109
iv) Notices / Demands by Excise / Income Tax / Stamp Duty and other Tax/ Revenue Authorities, disputed by the company	346.766	4.351
v) Demand of Service Tax & Penalty disputed before Appellate authority already stayed unconditionally	175.770	175.770
vi) VAT/WCT demands disputed in Appeals	24.544	40.456
vii) Bills Discounted	826.329	754.778
viii) Guarantees and Letter of Comfort on behalf of a Subsidiary Company	0.000	100.000

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2013

(Rs.In Millions)

Sr. No.		Particulars	Standalone
			For Quarter Ended		For Half Year Ended
			30.09.2013	30.06.2013 (Unaudited)	30.09.2013

		PART-I STATEMENT OF FINANCIAL RESULTS
1		Income from Operations
		(a) Net Sales/Income from Operations (Net of Excise duty)	9453.600	8795.900	18249.500
		(b) Other Operating Income	168.400	100.100	268.500
		Total Income from Operations (net)	9622.000	8896.000	18518.000
2		Expenses
		Cost of materials consumed	4625.100	4124.900	8750.000
		Purchase of stock-in-trade	0.000	0.000	0.000
		Changes in inventories of finished goods, Work-in-Progress and Stock-in-trade	133.500	(226.800)	(93.300)
		Erection & Sub-Contracting Expenses	2217.200	2436.200	4653.400
		Employee Benefits Expense	592.100	581.500	1173.600
		Depreciation & Amortisation Expense	173.400	159.000	332.400
		Other Expenditure	1142.800	1060.400	2203.200
		Total Expenses:	8884.100	8135.200	17019.300
3		Profit/(Loss) from Operations before Other Income, finance cost and Exceptional Items (1-2)	737.900	760.800	1498.700
4		Other Income	141.200	133.400	274.600
5		Profit/(loss) from ordinary activities before finance cost and Exceptional Items (3+4)	879.100	894.200	1773.300
6		Finance Costs	410.000	382.500	792.500
7		Profit/(Loss) from ordinary activities after finance cost but before Exceptional Items (5-6)	469.100	511.700	908.800
8		Exceptional Items	0.00	0.000	0.000
9		Profit/(Loss) from Ordinary Activities before Tax (7-8)	469.100	511.700	980.800
10		Tax Expense	159.200	165.000	324.200
11		Net Profit /(Loss) from Ordinary Activities after Tax (9-10)	309.900	346.700	656.600
12		Extraordinary Items (net of tax expense Rs. In millions)	0.000	0.000	0.000
13		Net Profit(+)/Loss(-) for the period (11-12)	309.900	346.700	656.600
14		Paid Up Equity Share Capital (Face Value of Rs. 2/- each)	306.900	306.900	306.900
15		Reserve excluding Revaluation Reserves as per Balance sheet of previous accounting year
16.i		Earnings Per Share (EPS) (before extraordinary items) (of Rs. 2/- each) (not annualised)
		(a) Basic	2.02	2.26	4.28
		(b) Diluted	2.02	2.26	4.28
16.ii		Earnings Per Share (EPS) (after extraordinary items) (of Rs. 2/- each) (not annualized)
		(a) Basic	2.02	2.26	4.28
		(b) Diluted	2.02	2.26	4.28

	PART-II SELECT INFORMATION FOR THE QUARTER ENDED 30.09.2013
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		No. of Shares	62225907	64399376	62225907
		Percentage (%) of Shareholding	40.55	41.97	40.55
2		Promoters and Promoter Group Shareholding
		a)Pledge/Encumbered
		No. of Shares	47524601	46424601	47524601
		Percentage of Shares (as a % of the total Shareholding of promoter and promoter group)	52.09	52.13	52.09
		Percentage of shares (as a % of the total Share Capital of the Company)	30.97	30.25	30.97
		b)Non-encumbered
		No. of Shares	43710062	42636593	43710062
		Percentage of Shares (as a % of the total Shareholding of promoter and promoter group)	47.91	47.87	47.91
		Percentage of shares (as a % of the total Share Capital of the Company)	28.48	27.78	28.48

	Particulars	3 months ended 30.09.2013
	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	Nil
	Received during the quarter	1
	Disposed of during the quarter	1
	Remaining unresolved at the end of the quarter	Nil

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH SEPTEMBER, 2013

(Rs. In millions)

Sr. No.	Particulars	Standalone
		For Quarter Ended		For Half Year Ended
		30.09.2013	30.06.2013 (Unaudited)	30.09.2013
A	Segment Revenue
	a) Transmission & Distribution	8905.700	8226.200	17131.900
	b) Infrastructure EPC	556.300	548.000	1104.300
	c) Others	160.000	121.800	281.800
	TOTAL:	9622.000	8896.000	18518.000
	Less: Inter Segment Revenue
	Net Sales / Income from Operations	9622.000	8896.000	18518.000
B	Segment Results Profit (+) / Loss (-) before tax & Finance cost
	a) Transmission & Distribution	866.900	830.500	1697.400
	b) Infrastructure EPC	(144.900)	(67.600)	(212.500)
	c) Others	16.300	0.600	16.900
	TOTAL:	738.300	763.500	520.000
	Less: Finance cost	4.100	382.500	792.500
	Add: Other un-allocable income net off un-allocable expenditure	140.800	130.700	271.500
	Total Profit Before Tax	469.100	511.700	980.800
C	Capital Employed [Segment Assets -Segment Liabilities]
	a) Transmission and Distribution	15567.600	14575.800	15567.600
	b) Infrastructure EPC	3878.400	3838.500	3878.400
	c) Others	554.700	662.300	554.700
	d) Unallocable	7455.500	7439.400	7455.500
	TOTAL	27456.200	26516.000	27456.200

SATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

SOURCES OF FUNDS	30.09.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	306.900
(b) Reserves & Surplus	18713.500
(c) Money received against share warrants
Sub-total-Shareholders' funds	19020.400

(2) Share Application money pending allotment	--
(3) Minority Interest	--

(4) Non-Current Liabilities
(a) long-term borrowings	1062.200
(b) Deferred tax liabilities (Net)	70.200
(c) Other long term liabilities	8.400
(d) long-term provisions	619.700
Sub-total-Non-current liabilities	1760.500

(5) Current Liabilities
(a) Short term borrowings	6419.800
(b) Trade payables	10228.500
(c) Other current liabilities	5234.600
(d) Short-term provisions	751.00
Sub-total-Current liabilities	22633.900

TOTAL -EQUITY AND LIABILITIES	43414.800

II. ASSETS
(1) Non-current assets
(a) Fixed Assets	5709.500
(b) Non-current Investments	3339.700
(c) Long-term Loan and Advances	4679.200
(d) Other Non-current assets	480.100
Sub-total-Non-Current assets	14208.500

(2) Current assets
(a) Current investments	11.500
(b) Inventories	4448.500
(c) Trade receivables	14335.800
(d) Cash and cash equivalents	659.500
(e) Short-term loans and advances	3968.000
(f) Other current assets	5783.000
Sub-total-Current asset	29206.300

TOTAL ASSETS	43414.800

Note:

1. The above results were reviewed by the Audit Committee and recommended for approval of the Board and approved by the Board at their meeting held on 30st October, 2013.

2. The Statutory Auditors of the Company have conducted a "limited review" of the above financial results.

3. The previous Period's/Year's figures have been regrouped/ rearranged wherever considered necessary.

4. ISCR = Earning before interest and tax / Interest Expenses. DSCR = Earning before interest and tax / (Interest + Principal Repayment of long term debt during the period/ year). Debt Equity Ratio = Loan Fund / Share Capital and Reserves.

FIXED ASSETS

v Tangible Assets

Leasehold Land

Freehold Land

Buildings

Plant and Equipment

Electric Installation

Furniture and Fixtures

Office Equipments

Vehicles

v Intangible Assets

Software (Other than internally generated)

PRESS RELEASES

Mumbai, November 25, 2013:

Kalpataru Power Transmission Limited (KPTL), a leading global EPC player in the power and infrastructure contracting sector has secured following new orders worth over Rs 10000.000 Millions:

Execution of Suez Gulf/Samalaut 500 KV D/C over-head transmission line worth Rs 6300.000 Millions in Egypt

Supply and Installation of 220 KV transmission systems worth Rs 2460.000 Millions in Rwanda and D. R. Congo

Installation of cross-country pipeline worth Rs 1310.000 Millions from HPCL

Commenting on the announcements, Mr Ranjit Singh (Managing Director) said :

“The order inflow for the year to date is satisfactory having received orders over Rs 27500.000 Millions, with international segment being major contributor. We are expecting similar traction going forward”.

KPTL ACHIEVED REVENUE GROWTH OF 27%

KPTL ACHIEVED NET PROFIT GROWTH OF 27%

JMC PROJECTS ACHIEVED REVENUE GROWTH OF 19%

KPTL AND JMC WON NEW ORDERS IN EXCESS OF RS 15000.000 MILLIONS

CONSOLIDATED ORDER BOOK IN EXCESS OF RS 124000.000 MILLIONS

Gandhinagar, July 25, 2013

Kalpataru Power Transmission Limited (KPTL), a leading global EPC player in power T&D sector has announced its results for quarter ended June 30, 2013. Below are the key highlights of the results

KPTL

· Revenue for the quarter is Rs 8896.000 millions as compared to Rs 6994.000 millions in the corresponding quarter of previous year, an increase of 27%.

Earning Before Interest, Depreciation, Tax and Ammortisation (EBIDTA) excluding other income is Rs 920.000 millions as compared to Rs 728.000 millions in the corresponding quarter of previous year, an increase of 26%.

Profit before tax for the quarter is Rs 512.000 millions as compared to Rs 401.000 millions in the corresponding quarter of previous year, an growth of 28%.

JMC Projects

· Revenue for the quarter is Rs 6767.000 millions as compared to Rs 5684.000 millions in the corresponding quarter previous year, an increase of 19%.

Earning Before Interest, Depreciation, Tax and Ammortisation (EBIDTA) excluding other income is Rs 325.000 millions as compared to Rs 273.000 millions in the corresponding quarter of previous year, an increase of 19%.

Profit before tax for the quarter is Rs 38.000 millions as compared to Rs 31.000 millions in the corresponding quarter of previous year, an growth of 21%.

Shree Shubham Logistics Limited

· Revenue for the quarter is Rs 651.000 millions as compared to Rs 379.00 millions in the corresponding quarter of previous year, an increase of 72%.

Earning Before Interest, Depreciation, Tax and Ammortisation (EBIDTA) excluding other income is Rs 940.000 millions as compared to Rs 51.000 millions in the corresponding quarter of previous year, an increase of 86%.

Profit after tax for the quarter is Rs 68.000 millions as compared to Rs 40.000 millions in the corresponding quarter of previous year, an increase of over 14 times.

Order Book

As on June 30, 2013, company has consolidated order book of above Rs 124000.000 millions

· KPTL has order book of over Rs 73000.000 millions including new orders worth over Rs 11300.000 millions received during the quarter

JMC Projects has order book of over Rs 51000.000 millions including new orders worth over Rs 3500.000 millions received during the quarter

Other Developments

· Company has signed transmission agreement with MP Power Transmission Company Limited (MPPTCL) to develop a transmission line BOOT project. The project scope involves designing, financing, construction, commissioning, operate, and maintenance of 240 kms of 400 KV Satpura – Ashta transmission line for the period 25 years with an extension of 10 years on annuity basis.

KPTL’s subsidiary Shree Shubham Logistics Limited has received Rs 800.000 millions from Tano India Private Equity Fund II to fund its capacity expansion plans.

Company’s latest tower manufacturing plant with a capacity of 55,000 MTs p.a. at Raipur is operating at full load. Company plans to manufacture over 50,000 MTs in the current year i.e. first year of commercial operation.

Commenting on the results, Mr Manish Mohnot (Executive Director) said :

“Our first quarter results are in-line with estimates, with a decent growth in revenues along with a healthy margin. We have been successful in expanding our international order book which today accounts for more than 50% of KPTL’s order book”.

COMPANY RECEIVED NEW ORDERS OF OVER RS 11300.000 MILLIONS

Mumbai, June 27, 2013

KPTL SIGNED TRANSMISSION AGREEMENT FOR DEVELOPMENT OF 400 KV SATPURA – ASHTA DCDS TRANSMISSION LINE UNDER PPP MODEL.

Kalpataru Power Transmission Limited (KPTL), a leading global EPC player in power and infrastructure contracting sector has secured new orders worth over Rs 11300.000 millions, the brief details are as follows

· Supply and Erection of two projects consisting 330 KV transmission line of 466 kms of over Rs 5000.000 millions in Zambia

Supply and Erection of 765 KV D/C transmission line of 140 kms of around Rs 3300.000 millions from PGCIL

Supply and Erection of 400 KV Satpura – Ashta DCDS transmission line of around 240 kms of over Rs 3000.000 millions from company’s 100% SPV to construct transmission line for Madhya Pradesh Transmission Company Limited (MPPTCL), Jabalpur, MP

The company has signed transmission agreement with MP Power Transmission Company Limited (MPPTCL) to develop a transmission line BOOT project. The project scope involves designing, financing, construction, commissioning, operate, and maintenance of 240 kms of 400 KV Satpura – Ashta transmission line for the period 25 years with an extension of 10 years on annuity basis.

Commenting on the announcements, Mr Ranjit Singh (Managing Director) said :

“We continue to hold strong presence in Africa region by winning the latest Zambia project, along with maintaining a good share in PGCIL contracts. The MP TL BOOT project holds strategic importance for the company’s growth plans in terms of improving ROE’s, sustainable growth and right asset allocation. Our judicious approach in taking BOOT projects is evident from the fact that, we have taken second project only after successfully starting operations of first project”

KPTL (CONSOLIDATED) ACHIEVED REVENUE GROWTH OF 15% IN FY13

JMC PROJECTS ACHIEVED REVENUE GROWTH OF 23%

KPTL AND JMC WON NEW ORDERS IN EXCESS OF RS 18000.000 MILLIONS IN Q4FY13

CONSOLIDATED ORDER BOOK IN EXCESS OF RS 124000.000 MILLIONS

Mumbai, May 16, 2013

Kalpataru Power Transmission Limited (KPTL), a leading global EPC player in power T&D sector has announced its results for quarter and year ended March 31, 2013.

KPTL Consolidated results – FY13

· Revenue for the year is Rs 60850.000 millions as compared to Rs 53020.000 millions in the previous year.

Profit after tax for the year is Rs 1345.000 millions as compared to Rs 2040.000 millions in the previous year.

KPTL Standalone results – FY13

· Revenue for the year is Rs 33354.000 millions as compared to Rs 30327.000 millions in the previous year.

Profit after tax for the year is Rs 1377.000 millions as compared to Rs 1649.000 millions in the previous year.

JMC Projects (67% subsidiary) Standalone results – FY13

· Revenue for the year is Rs 25419.000 millions as compared to Rs 20703.000 millions in the previous year.

Profit after tax for the year is Rs 183.000 millions as compared to Rs 519.000 millions in the previous year.

Shree Shubham Logistics Ltd (85% subsidiary) – FY13

Revenue for the year is Rs 2319.000 millions as compared to Rs 2030.000 millions in the previous year, growth of 14%.

Profit after tax for the year is Rs 146.000 millions as compared to Rs 32.000 millions in the previous year, growth of 5 times.

Order Book

As on March 31, 2013, company has consolidated order book of above Rs. 124000.000 millions.

KPTL has order book of over Rs 6,800 crore including new orders worth over Rs. 8000.000 millions received during the quarter. Company has entered into 2 new countries i.e. Bhutan and Tajikistan.

JMC Projects has order book of over Rs 56000.000 millions including new orders worth Rs 10100.000 millions received during the quarter. Company has forayed into international markets by securing a road EPC contract in Ethiopia.

Other Developments

· KPTL has expanded manufacturing capacity to 180,000 MT’s per annum by setting up green-field tower manufacturing plant of 55,000 MT’s at Raipur.

KPTL’s subsidiary Shree Shubham Logistics Limited, has signed an agreement with Tano India Private Equity Fund II to raise Rs 800.000 millions to fund its capacity expansion plans.

Commenting on the results, Mr Manish Mohnot (Executive Director) said “Our focus in this year is to maintain growth momentum with better profitability and to improve ROCE. For the purposes a lot of steps has been taken, which will start yielding results very soon”.

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.62.34
UK Pound	1	Rs.102.06
Euro	1	Rs.84.46

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		70

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.

MIRA INFORM REPORT

4.07

5.86

5.12

0.11

0.29

1.29

Unit