MIRA INFORM REPORT

Report Date :

19.12.2014

IDENTIFICATION DETAILS

Name :	BAJAJ ELECTRICALS LIMITED
Registered Office :	45-47, Veer Nariman Road, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.07.1938
Com. Reg. No.:	11-009887
Capital Investment / Paid-up Capital :	Rs.199.938 Millions
CIN No.: [Company Identification No.]	L31500MH1938PLC009887
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	MUMB01798G / PNEB03717A / PNEB03465A / PNEB02841G
PAN No.: [Permanent Account No.]	AAACB2484Q / AAACB2484R
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Lighting Appliances and Fans.
No. of Employees :	Information Declined by Management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Bajaj Group. It is an established company having good track record. The company has incurred a loss during Fy 2014 however, net worth of the company is satisfactory. General financial position of the company is sound The rating also takes into consideration the company’s diversified business portfolio. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual trade terms and conditions.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans = A+
Rating Explanation	Adequate degree of safety and low credit risk
Date	November 2014

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Management Non Co- Operative (Tel No. 91-22-22045780)

LOCATIONS

Registered Office / Corporate Office :	45 – 47, Veer Nariman Road, Mumbai – 400 001, Maharashtra, India.
Tel. No.:	91-22-22823090 / 22043841 / 22045046 / 23765003
Fax No.:	91-22-22828250
E-Mail :	message@bajajelectricals.com legal@bajajelectricals.com amp@bajajelectricals.com amitjadhav@bajajelectricals.com
Website :	http://www.bajajelectricals.com
Location :	Owned
Head Office :	51, Mahatma Gandhi Road, Mumbai – 400 023, Maharashtra, India.
Tel. No.:	91-22-22043780 / 22875135 / 22043733
Fax No.:	91-22-22828250
Factory 1 :	Chakan Unit Mahalunge, Chakan Talegaon Road, Khed, Pune – 410 501, Maharashtra, India
Factory 2 :	Wind farm Village Vankusawade, Taluka Patan, District Satara - 415 206, Maharashtra, India
Factory 3 :	Ranjangaon Unit Village Dhoksanghvi, Taluka Shirur, Ranjangaon, District Pune - 412 210, Maharashtra , India
Factory 4 :	Kosi Unit 109 KM Stone, NH 2, Dautana, Chhata – 281 403, District-Mathura, Uttar Pradesh, India
Depots :	Located at: · Coimbatore · Dehradun · Goa · Kundli · Parwanoo · Ranchi · Zirakhpur
Showroom :	‘World of Bajaj Electricals’ Bajaj Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-20236626
Central Warehouse :	Located at: · Banur · Chennai · Daman · Mumbai
Branches :	Located at: · Ahmedabad · Bangalore · Bhubaneshwar · Chandigarh · Chennai · Cochin · Delhi · Guwahati · Hyderabad · Indore · Jaipur · Kolkata · kundil · Lucknow · Mumbai · Nagpur · Noida · Patna · Pune · Raipur
Regional Distribution Centers :	· Bangalore · Delhi · Kolkata

DIRECTORS

As on. 31.07.2014

Name :	Mr. Shekhar Bajaj
Designation :	Chairman and Managing Director
Qualification :	B.Sc. (Hons.), M.B.A.
Date of Appointment :	01.04.1980
Name :	Mr. Harsh Vardhan Goenka
Designation :	Director
Name :	Mr. Ashok Jalan
Designation :	Director
Date of Birth/Age :	26.08.1943
Qualification :	B A (Hons) from Kolkata University
Experience :	69 years
Date of Appointment :	18.01.1989
Name :	Mr. Ajit Gulabchand
Designation :	Director
Name :	Mr. V. B. Haribhakti
Designation :	Director
Name :	Mr. Madhur Bajaj
Designation :	Director
Qualification :	B.com, MBA
Name :	Mr. Anant Bajaj
Designation :	Joint Managing Director (wef.1.4.2012)
Name :	Dr.(Mrs.) Indu Shahani
Designation :	Director
Date of Birth/Age :	60 years
Qualification :	Ph.D in Commerce
Name :	Dr. R P Singh
Designation :	Director
Date of Birth/Age :	17.07.1948
Qualification :	Post Graduate in Mechanical Engineering from BHU,
Experience :	64 years
Date of Appointment :	28.05.2009
Name :	P.S. Tondon
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. Mangesh Patil
Designation :	Company Secretary
Name :	Mr. C. G. S.Mani
Designation :	Executive Vice President and Head -Lighting BU
Name :	Mr. Atul Sharma
Designation :	Vice President - Human Resources and Administration
Name :	Mr. Prataprao S. Gharge
Designation :	Vice President and CIO
Name :	Mr. Rakesh Ashok Markhedkar
Designation :	President – Engineering and Projects BU
Name :	Mr. R. Sundararajan
Designation :	President – Luminaires BU
Name :	Mr Vaidyanathan Shankar
Designation :	Executive Vice President – Domestic Appliances
Name :	Mr .Anil Errol Shipley
Designation :	Executive Vice President – Supply Chain Management
Name :	Mr. Siddhartha Kanodia
Designation :	Executive Vice President – Corporate Services
Name :	Mr. Mangesh Patil,
Designation :	Vice President – Legal & Company Secretary
Name :	Mr. Shriram Amirchand Sehgal
Designation :	Vice President – Canteen Stores Department
Name :	Mr.Karunakar Hari Mowar
Designation :	Vice President – Morphy Richards and Inst. & Malls
Name :	Mr.Pradeep D. Patil
Designation :	Vice President – Kitchen Appliances
Name :	Mr.Anant M. Purandare
Designation :	Executive Vice President & Chief Financial Officer
Name :	Mr. Atul Pathak, Executive
Designation :	Vice President – Branch Sales Support
Name :	Mr.Sandeep Sharma
Designation :	Executive Vice President – Export & Import
Name :	Mr. Dileep Sharma
Designation :	Vice President – Customer Care
Name :	Mr.Beena Leji Koshy
Designation :	Vice President – Advertising & Brand Development
Name :	Mr.Rohit Kumar
Designation :	Vice President – Lighting BU
Name :	Mr.Sivakumar Balasubramanyam
Designation :	Vice President – HM & SL, E&P BU
Name :	Mr.Vijay Anant Bhat
Designation :	Sr.General Manager – Special Projects, E&P BU
Name :	Mr. Chiranjeev Subh Karan Soni
Designation :	General Manager – Internal Audit

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	22036778	21.88
Bodies Corporate	44043607	43.73
Sub Total	66080385	65.62
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	66080385	65.62
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5992017	5.95
Financial Institutions / Banks	48262	0.05
Foreign Institutional Investors	14113430	14.01
Sub Total	20153709	20.01
(2) Non-Institutions
Bodies Corporate	2047063	2.03
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	9703584	9.64
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1818427	1.81
Any Others (Specify)	903758	0.90
Clearing Members	323265	0.32
Non Resident Indians	573422	0.57
Trusts	7071	0.01
Sub Total	14472832	14.37
Total Public shareholding (B)	34626541	34.38
Total (A)+(B)	100706926	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)	100706926	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Anant Bajaj	41,11,823	4.08	4.08
2	Bajaj Auto Limited Employees Welfare Fund No 2	9,61,900	0.96	0.96
3	Bajaj Auto Limited Employees Welfare Fund No 1	5,00,000	0.50	0.50
4	Bajaj Auto Limited Employees Welfare Fund No 6	1,60,000	0.16	0.16
5	Bajaj Auto Limited Employees Welfare Fund No 5	1,60,000	0.16	0.16
6	Bajaj Auto Limited Employees Welfare Fund No 3	80,000	0.08	0.08
7	Deepa Bajaj	1,000	0.00	0.00
8	Geetika Bajaj	8,346	0.01	0.01
9	Kiran Bajaj	19,92,219	1.98	1.98
10	Kiran Bajaj	12,10,000	1.20	1.20
11	Kumud Bajaj	2,53,200	0.25	0.25
12	Madhur Bajaj	16,52,835	1.64	1.64
13	Madhur Bajaj	52,500	0.05	0.05
14	Madhur Bajaj	52,500	0.05	0.05
15	Minal Bajaj	3,67,200	0.36	0.36
16	Neelima Bajaj Swamy	20,000	0.02	0.02
17	Niraj Bajaj	11,19,035	1.11	1.11
18	Niraj Bajaj	4,66,200	0.46	0.46
19	Niravnayan Bajaj	1,000	0.00	0.00
20	Rahulkumar Bajaj	4,180	0.00	0.00
21	Sanjivnayan Bajaj	735	0.00	0.00
22	Shekhar Bajaj	48,40,535	4.81	4.81
23	Shekhar Bajaj	19,06,800	1.89	1.89
24	Shekhar Bajaj	2,40,600	0.24	0.24
25	Shekhar Ramkrishna Bajaj	30,000	0.03	0.03
26	Shekharkumar Ramkrishnaji Bajaj	2,30,200	0.23	0.23
27	Shekharkumar Ramkrishnaji Bajaj	1,73,200	0.17	0.17
28	Shekharkumar Ramkrishnaji Bajaj	1,40,300	0.14	0.14
29	Shekharkumar Ramkrishnaji Bajaj	1,35,500	0.13	0.13
30	Suman Jain	84,645	0.08	0.08
31	Suman Jain	15,000	0.01	0.01
32	Sunaina Kejriwal	9,65,325	0.96	0.96
33	Pooja Bajaj	1,00,000	0.10	0.10
34	Bachhraj Factories Private Limited	95,000	0.09	0.09
35	Bajaj Holdings & Investment Limited	1,66,97,840	16.58	16.58
36	Bajaj International Private Limited	8,00,000	0.79	0.79
37	Bajaj Sevashram Private Limited	9,85,000	0.98	0.98
38	Hind Musafir Agency Limited	20,28,000	2.01	2.01
39	Jamnalal Sons Private Limited	2,18,02,830	21.65	21.65
40	Jamnalal Sons Private Limited	6,00,000	0.60	0.60
41	Shekhar Holdings Private Limited	4,80,000	0.48	0.48
42	Hercules Hoists Limited	5,54,937	0.55	0.55
	Total	6,60,80,385	65.62	65.62

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	HSBC Bank (Mauritius) Limited A/c Jwalamukhi Investment Holdings	1677732	1.67	1.67
2	Mondrian Emerging Markets Small Cap Equity Fund LP	2339462	2.32	2.32
3	Swiss Finance Corporation (Mauritius) Limited	1565547	1.55	1.55
4	HDFC Trustee Company Limited HDFC Prudence Fund	1830131	1.82	1.82
5	Ontario Pension Board Mondrian Investment Partners Limited	1155190	1.15	1.15
6	MFS International New Discovery Fund	2117960	2.10	2.10
7	SBI Magnum Midcap Fund	1697224	1.69	1.69
8	L AND T Mid Cap Fund	1605598	1.59	1.59
	Total	13988844	13.89	13.89

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Lighting Appliances and Fans.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers, End Users, OEM’s and Others

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

No. of Employees :

Information Declined by Management

Bankers :

· State Bank of Bikaner and Jaipur

· Bank of India

· Union Bank of India

· State Bank of India

· Yes Bank Limited.

· IDBI Bank Limited.

· HDFC Bank Limited.

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Zero Coupon Redeemable Non-Convertible Debentures	1000.000	0.000
Term Loans from Banks	0.000	12.000
Short Term Borrowing
Loans from Consortium Banks
Cash Credit	1715.996	443.971
Foreign Currency Loans	55.479	54.196
Total	2771.475	510.167

Auditors :
Name :	Dalal and Shah Chartered Accountants
Cost Auditors :
Name :	R Nanabhoy and Company Cost Accountants
Other related parties where control exists :	· Hind Lamps Limited · Bajaj Ventures Limited · Starlite Lighting Limited
Associates, Joint ventures, Investing Party :	· Jamnalal Sons Private Limited
Relatives of Key Management Personnel and their enterprises where transactions have taken place:	· Hind Musafir Agency Limited · Bajaj Auto Limited · Mukand Limited · Bajaj International Private Limited · Hindustan Housing Company Limited · Bajaj Allianz General Insurance Company Limited · Bajaj Allianz Life Insurance Company Limited · Bajaj Finance Limited · Bajaj Finserv Limited · Bajaj Financial Solutions Limited · Hercules Hoists Limited

CAPITAL STRUCTURE

As on. 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.2/- each	Rs.400.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99,969,178	Equity Shares	Rs.2/- each	Rs.199.938 Millions

Reconciliation of the number of shares outstanding is set out below:

Particulars	31.03.2014
	Nos.	(Rs. In millions)
Equity shares at the beginning of the year	99,755,331	1,99.511
Add : Shares issued on exercise of Employee Stock Option	213,847	0.427
Equity shares at the end of the year	99,969,178	1,99.938

The Details of Shareholders holding more than 5% Shares:

Particulars	31.03.2014
Name of the Shareholder	Nos.	% of Holding
Jamnalal Sons Private Limited	22402830	22.41
Bajaj Holdings and Investment Limited	16697840	16.70
Mr. Shekhar Bajaj	4,840,535	4.84

Equity Shares reserved for issue under options outstanding as at the end of the year on un-issued share capital :

The Company had reserved issuance of 7,688,341 (Previous year 7,183,341) Equity Shares of ` 2 each for offering to eligible employees of the Company under Employees Stock Option Scheme..

Summary of Stock Options as on 31.03.2014 :

Number of Stock Options granted (net of lapsation & cancellation)	5,878,109
Number of Stock Options Exercised	2,651,877
Number of Stock Options Vested and Exercisable	1,354,732
Number of Stock Options Unvested	1,871,500

Terms/Rights attached to equity shares:

The Company has only one class of equity shares having a par value of ` 2 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31 March 2014, the amount of per share dividend recognized as distribution to equity shareholders was ` 1.50 per share (31 March 2013, ` 2 per share) of Face value of ` 2 each. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Share Application money represents the application money received on 49,144 stock options exercised by an employee as on 31 March 2014 against which equity shares were pending allotment. Equity shares were allotted against these stock options subsequently on 21 April 2014.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	199.938	199.511	199.281
(b) Reserves & Surplus	6890.936	7086.878	6799.292
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	5.007	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7095.881	7286.389	6998.573
(3) Non-Current Liabilities
(a) long-term borrowings	1306.058	345.410	404.534
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.319	0.605	0.363
(d) long-term provisions	275.433	247.596	217.525
Total Non-current Liabilities (3)	1584.810	593.611	622.422
(4) Current Liabilities
(a) Short term borrowings	2137.378	1254.444	1633.396
(b) Trade payables	11996.899	9823.198	8222.092
(c) Other current liabilities	3461.955	2081.506	1464.160
(d) Short-term provisions	649.332	533.909	579.939
Total Current Liabilities (4)	18245.564	13693.057	11899.587
TOTAL	26926.255	21573.057	19520.582
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2492.034	2264.196	1840.214
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	25.598	58.677	29.625
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	673.110	297.557	440.557
(c) Deferred tax assets (net)	253.328	79.287	19.441
(d) Long-term Loan and Advances	827.550	726.166	913.181
(e) Other Non-current assets	3829.354	2649.010	1864.086
Total Non-Current Assets	8100.974	6074.893	5107.104
(2) Current assets
(a) Current investments	0.047	0.000	0.000
(b) Inventories	4467.032	4212.391	3552.405
(c) Trade receivables	12426.505	9379.284	9220.162
(d) Cash and cash equivalents	544.036	500.867	536.439
(e) Short-term loans and advances	1192.865	1405.622	1104.471
(f) Other current assets	194.796	0.000	0.000
Total Current Assets	18825.281	15498.164	14413.477
TOTAL	26926.255	21573.057	19520.581

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	40298.296	33773.396	30989.574
		Other Income	152.680	168.104	143.658
		TOTAL (A)	40450.976	33941.500	31133.232
Less	EXPENSES
		Cost of Materials Consumed	2373.617	1691.629	2214.260
		Purchases of Traded Goods	30057.961	25310.12	21908.267
		Changes in Inventories of Finished Goods, Work-in-Progress and Traded Goods	(415.947)	(454.515)	(476.793)
		Employee Benefit Expense	1860.238	1672.596	1496.010
		Other Expenses	5604.309	4444.796	3544.753
		Transferred to Contract Work-in-Progress	0.000	0.000	(68.310)
		TOTAL (B)	39480.178	32664.626	28618.187
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		970.798	1276.874	2515.045
Less	FINANCIAL EXPENSES (D)		782.962	689.847	630.372
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		187.836	587.027	1884.673
Less/ Add	DEPRECIATION/ AMORTISATION (F)		247.464	144.522	125.219
	Exceptional Items – Profit on sale of Investments		0.000	247.232	0.000
	PROFIT/LOSS BEFORE TAX (E-F) (G)		(59.628)	689.737	1759.454
Less	TAX (H)		(6.542)	177.654	580.670
	PROFIT/LOSS AFTER TAX (G-H) (I)		(53.086)	512.083	1178.784
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		315.464	286.895	434.732
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	250.000	1000.000
		Dividend	149.954	199.511	278.993
		Tax on Dividend	25.484	33.907	45.260
		Dividend paid on exercise of Stock Option along with Dividend Distribution Tax	0.000	0.096	2.368
	BALANCE CARRIED TO THE B/S		86.940	315.464	286.895
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of exports	349.467	387.864	22.627
		Freight & Insurance on exports	3.006	3.055	0.000
	TOTAL EARNINGS		352.473	390.919	22.627
	IMPORTS
		Raw Materials	86.542	69.944	157.255
		Capital Goods	84.314	24.173	121.164
		Finished Goods	2800.944	2870.824	2231.361
		Machinery Spares	0.954	1.505	0.653
	TOTAL IMPORTS		2972.754	2966.446	2510.433
	Earnings Per Share (Rs.)
	Basic		0.53	5.14	11.85
	Diluted		0.53	5.06	11.73

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(0.13)	1.52	3.80
Operating Profit Margin (PBDIT/ Sales)	(%)	2.41	3.78	8.12
Return on Total Assets (PBT/Total Assets}	(%)	(0.23)	3.26	9.25
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.09	0.25
Debt Equity Ratio (Total Debt /Networth)		0.49	0.22	0.29
Current Ratio (Current Asset/Current Liability)		1.03	1.13	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	199.281	199.511	199.938
Reserves & Surplus	6799.292	7086.878	6890.936
Share Application money pending allotment			5.007
Net worth	6998.573	7286.389	7095.881
long-term borrowings	404.534	345.410	1306.058
Short term borrowings	1633.396	1254.444	2137.378
Total borrowings	2037.930	1599.854	3443.436
Debt/Equity ratio	0.291	0.220	0.485

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	30989.574	33773.396	40298.296
		8.983	19.320

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	30989.574	33773.396	40298.296
Profit	1178.784	512.083	(53.086)
	3.80%	1.52%	(0.13%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM BORROWINGS

Rs. In Millions

Particular	31.03.2014	31.03.2013	31.03.2012
Term Loans from Banks	12.000	40.000	40.000
Sales Tax Deferral Liability / Loan	28.941	19.124	12.609

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	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	----------------------
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	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 LOAN

(Rs. In Millions)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Sales Tax Deferral Liability / Loan (an incentive under 1993 Package Scheme of Incentives of SICOM - Interest free)	3,06.058	3,33.410
Other Short Term Loans	0.000	65.000
Foreign Currency Loans	3,65.903	6,91.276
Total	671.961	1089.686

RESULTS OF OPERATIONS:

The net revenue from operations increased by 19.3% to Rs.40799.800 Million, despite the industry-wide slow down but has resulted in a loss of Rs. 53.100 Million.

The drop in profit was the result of various factors, including a challenging business environment. The infrastructure sector saw a low-key investment, mainly due to environmental clearances and land acquisition issues. The other major challenges faced by the Company include weakening of rupee, right-of-way issues, commodity price fluctuations, high interest rates, cost & time overrun in some of the turnkey projects and low margins in power sector projects. Even the margins in both lighting and consumer durable business have come down.

During the year, the management has taken several measures to ensure better management of working capital, monitoring of project performance on continuous basis and completion of projects as per schedule to avoid cost and time over run.

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS REVIEW

The Company has entered into a Diamond Jubilee year of its incorporation. The Company has diversified interests in Lighting, Luminaires, Appliances, Fans, and Engineering and Projects.

The overall performance of the Company for the year 2013-14 has been severely impacted due to additional cost that had to be incurred to close the old projects and reduction in the margins of consumer durable and lighting business. The major hits taken by the Company while closing the number of project site will reflect in the positive EBIDTA from the project business in the year 2014-15. Also, the margins in Lighting and Consumer durable business are expected to be better in 2014-15. Further, the new government at the Centre and in most of the states is considered positive for the infrastructure sector and therefore to the Company, since the new government is expected to clear major projects, which have been on hold for long. The Government is expected to support the agricultural sector for the overall growth of the economy and therefore, if the monsoon for year is normal, it will fuel the growth for the lighting and consumer durable industry in the rural markets.

The Company continues to focus on enhancing revenue growth through introduction of new products at various price points / segments, expansion of the dealer and retailer network, rural penetration along with good brand building efforts, value engineering , credit control and cost control actions.

ENGINEERING & PROJECTS BUSINESS UNIT (E&P BU)

E&P BU has shown signs of recovery and is coming back on the performance track, the results of which will be visible in the coming years.

BU has achieved a turnover of Rs. 11500.000 Million with a growth of 66% over the last fiscal. BU has successfully closed 40 legacy project sites, as planned, by addressing the various issues which were bottlenecks in the completion of those projects.

FANS BU

The Fans BU has a wide and attractive range of ceiling, portable, fresh air & industrial air circulators and exhaust fans, in various sizes and colours, manufactured in plants having ISO 9001 / 9002 quality certifications. The BU is also marketing Portable Water lifting Pumps and Gas & Diesel Run Domestic Power Generators.

During the year under reporting, the BU has achieved sales turnover of Rs. 6200.000 Million with growth of 2% and CAGR of 7% though the industry has recorded only the marginal growth. The BU has a market share of about 16%. During the year under reporting, the BU introduced star rated ceiling fans.

In the current financial year, the BU has planned to introduce super energy efficient fans, few more models of fans in the premium category, new models of portable pumps and higher out-put portable power Generators.

According to Francis Kanoi Report 2012, Bajaj Fans is the best distributed fans, available in more than 80,000 outlets across the country, constituting 55% of Fans Selling Counters in the country. The BU enjoys leadership position in 12 major states and is among the top 3 player in 6 other states in the country.

LUMINAIRES BU

The BU markets a comprehensive range of luminaires (light fittings) covering, commercial lighting, industrial lighting, area lighting, roadway lighting, urban architectural lighting besides special luminaires for flame proof and increased safety applications. This BU is certified for ISO 9000 while the most of the products are manufactured in plants conforming to ISO 9000:2000 and select plants certified to ISO 14001 which sets out the criteria for an environmental management.

The luminaires are offered to suit a wide variety of light sources ranging from LED, CFL, FTL and HID lamps of various types and Reliance Industries for 304 High masts at J3, Jamnagar. 33 ratings. The BU has a Lighting Development Centre (LDC) and Lighting Design & Marketing Services (LDMS) to carry out scientific illumination layouts for various applications and a well-equipped laboratory approved by the Department of Science & Technology of Government of India. The BU is developing a new generation of energy saving luminaires with LEDs and Induction lamps. The BU is working seamlessly to develop energy efficient, environment friendly lighting system employing the latest technology such as LED and Induction lamp and also contributing significantly to improve lighting design practice by creating landmark lighting installation.

During the year, the BU has achieved a turnover of ` 4000.000 Millions with a growth of 10% despite the industry in India went through a tough phase. It holds an overall No.2 position in the Indian market with leadership in area and roadway lighting. The BU is now in the process to strengthen its presence in workspace lighting segment to gain leadership status in Indoor lighting segment.

The use of renewable lighting sources has become inevitable in the current environmental conditions. With power saving and energy conservation being the key to achieve environmental balance, renewable energy sources like solar power in lighting applications has emerged as the need of the hour. The BU has taken lead in the industry by launching solar street lighting range of luminaires. In comparison with CFL based street light luminaires, solar LED based luminaires has potentially saved approx. 55% of energy consumption. During the year, the BU has saved energy of about 5,03,700 KWh by marketing its solar street light luminaires. The saving in energy consumption has resulted in reduction of electricity cost by Rs. 40.29 Millions , reduction in emission of Carbon Di-oxide by 347 metric ton (equivalent to removal of 1,05,145 small cars from street) and saving of 3,49,74,72,000 gallons of water from being contaminated due to Mercury.

The BU has entered into an agreement with CREE Lighting of USA, Disano and Mareco Luce of Italy for offering an excellent outdoor street lighting and landscape lighting solutions and with Delta Controls of Canada, Securiton of Switzerland for offering Integrated Building Management Systems. The BU has executed supplies to large power plants i.e, NPCIL (Nuclear) for Gujarat & Rajasthan Projects, NTPC (Thermal) Projects in Solapur and Mauda apart from Ultra Mega Thermal Power Project at Reliance, Sassan through L&T and BGR.

This BU is now fully equipped to provide end-to-end solutions in total energy management, lighting and controls of Buildings and facilities.

LIGHTING BU

The Lighting BU markets a wide range of light sources and domestic luminaires. The light sources include General Lighting Service (GLS) lamps, Fluorescent Tube Lights (FTL), Compact Fluorescent Lamps (CFL) and special purpose lamps. Keeping in line with the objective of the Company to lay special emphasis on the green, environment – friendly technologies and products, the BU made a major foray into LED based products through introduction of LED bulbs, Panel Lights, Downlighters, LED Tube lights and portable lanterns & torches. A strong distribution network exists for marketing these products both in urban and rural areas and the special focus is on rural penetration.

The manufacturing of GLS and FTL lamps is undertaken at Hind Lamps, an associate of the Company, located in U.P. The Starlite Lighting plant makes world class products on one of its kind Swiss ‘Falma’ and GE Chains. The introduction of T3 CFLs made on the world’s fastest GE chain at Starlite has added teeth to the already robust sale of CFLs, since they are compact in size and come with an aesthetic.

The Lighting BU has done well despite intense competition and rapidly changing market dynamics. It has achieved a turnover of ` 553 crore with a growth of 11.7% and a CAGR of 17%. The CFL segment continues to register a strong growth due to greater adoption of energy saving lamps by individuals and the government bodies. The CFL sales as a product segment, has exceeded ` 365 crore mark during the year. The year also saw consolidation of Bajaj iLED range of high-end LED products which score on aesthetics, long life and energy saving.

The BU has continued to improve its retail presence by expanding its network and continues to reach close to 3.50 lac outlets both in urban and rural areas. The BU has recently embarked on the RREP (Retail Reach Expansion Program) to take its reach and range spread to a much higher level, the benefits of which will accrue in coming years.

The Lighting BU with its improved distribution network, wide product range, and efficient sourcing strategies is poised for a betterthan- the-industry growth in the future.

ECONOMIC SCENARIO, FUTURE OUTLOOK AND SECTOR OVERVIEW

India's economic growth rate in 2013-14 has been estimated at 4.9%, a faster pace than in the previous year, mainly on an improved performance in the agriculture and allied sectors as per the estimates released by the Central Statistics Office (CSO). Manufacturing, however, is expected to register a contraction of 0.2% compared with growth of 1.1% in the previous year. The services sector, including finance, insurance, real estate and business services sectors, is likely to grow at 11.2% as compared to 10.9% in 2012-13. Growth in construction is likely to improve to 1.7% from 1.1 % in 2012-13.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particulars	31.03.2014	31.03.2013
Claims against the Company not acknowledged as debts	1,38.639	1,39.115
Net of tax	91.516	91.830
Guarantees / Letter of Comfort given on behalf of Companies `Rs.13,56.053 Millions (Previous Year `Rs.1056.053 Millions )	971.162	9,75.706
Liability towards Banks in respect of Bill Discounting / Channel Finance Facility	238.737	155.977
Excise and Customs demand - matters under dispute and Claims for refund of Excise Duty, if any, against Excise Duty Refund received in the earlier year	2.548	3.274
Net of tax	1.682	2.161
Service Tax matters under dispute and Claims	13.468	0.000
Net of tax	8.890	0.000
Income Tax matters - Appeal by company	47.976	48.030
Sales Tax matters under dispute	2,79.795	74.721
Net of tax	184.693	49.323
Penalty/damages/interest, if any, due to non-fulfillment of any of the terms of works contracts	Liability unascertained	Liability unascertained
(ii) Uncalled liability in respect of partly paid Shares held as investments	0.720	0.720

The Company has arranged channel finance facility for its dealers and distributors from Axis Bank Limited. The outstanding in respect of this facility as at Balance Sheet date is Rs.559.387 Millions (Previous Year Rs.498.754 Millions ). Accordingly, Trade Receivables at the end of the year stands reduced by the said amount. However, the Company has provided a recourse of 33% of the outstanding that may be overdue and irrecoverable from the dealers, which works out to Rs.0.744 Millions (Previous Year `Rs.1.564 Millions )

The Company has been sanctioned Sales Bills / Receivables Factoring facility by few banks for discounting the bills raised on its customers. The said facilities are with full recourse to the Company. The outstanding in respect of this facility as at Balance Sheet date is Rs.237.993 Million (Previous Year Rs.154.413 Millions). Accordingly, Trade Receivables at the end of the year stands reduced by the said amount.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10488986	25/03/2014	1,000,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,  Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C03053568
2	10240258	19/07/2013 *	14,967,100,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER "E" CUFFE PARADE, COLABA, MUMBAI,  Maharashtra - 400005, INDIA	B81952178
3	10127278	10/10/2008	1,600,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A49175995
4	80014433	26/03/2009 *	400,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWER, 15, ASHOK MARG, LUCKNOW, LUCKNOW, Uttar Pradesh - 226001, INDIA	A60432283

* Date of charge modification

FIXED ASSETS

· Freehold and Leasehold Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Offices Equipment

· Leasehold Improvements

· Temporary structure

· Roads and Culverts

· Computers

· Dies and Jigs

· Plant and Machinery

· Goodwill

· Computers Software

· Trade Marks

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 30^th SEPTEMBER, 2014

Rs. In Millions

	Quarter Ended
	30.09.2014 (Unaudited)	30.06.2014 (Unaudited)
Income from Operations
(a) Net Sales / Income from Operations (Net of Excise duty)	10286.300	8859.600
(b) Other operating Income	8.600	16.500
Total Income from Operations (net)	10294.900	8876.100
Expenses
(a) Cost of materials consumed	681.900	581.900
(b) Purchases of traded goods	7794.600	6281.600
(c) Changes in inventories of finished goods, work-in-progress and traded goods	(575.900)	(117.200)
(d) Employee benefits expense	710.800	473.100
(e) Depreciation and amortisation expense	72.100	8.200
(f) Other expenses	1585.200	1288.200
Total Expenses	10268.700	8589.600
Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2)	26.200	286.500
Other Income	28.700	22.800
Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4)	54.900	309.300
Finance costs	257.900	233.200
Profit / (Loss) from ordinary activities after finance costs but before exceptional Items (5 - 6)	(203.000)	76.100
Exceptional Items	0.000	0.000
Profit / (Loss) from ordinary activities before tax (7 + 8)	(203.000)	76.100
Tax Expenses	60.900	19.800
Net Profit / (Loss) from ordinary activities after tax (9-10)	142.100	56.300
Extraordinary Items (Net of Tax)	0.000	0.000
Net Profit / (Loss) for the period (11-12)	142.100	56.300
Paid-up equity share capital (Face Value of Rs. 2/- each)	201.400	200.500
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	0.000	0.000
Debenture Redemption Reserve	250.000	250.000
Earnings per share (before extraordinary items) (of Rs. 2/- each) (not Annualised):
(a) Basic	(1.42)	0.56
(b) Diluted	(1.42)	0.55
Earnings per share (after extraordinary Items) (of Rs. 2/- each) (not Annualised):
(a) Basic	(1.42)	0.56
(b) Diluted	(1.42)	0.55
See accompanying notes to the financial results
PART II
Public Shareholding
- Number of shares	34626541	34192929
- Percentage of Shareholding Promoters and promoter group Shareholding	34.38	34.10
a) Pledged / Encumbered
- Number of shares	Nil	Nil
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	Nil	Nil
- Percentage of shares (as a% of the total share capital of the company)	Nil	Nil
b) Non-encumbered
- Number of shares	66080385	66080385
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00
- Percentage of shares (as a% of the total share capital of the company)	65.62	65.90

Particulars (Nos.)	31.03.2014
INVESTOR COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	2
Disposed of during the quarter	2
Remaining unresolved at the end of the quarter	Nil

SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 30^th SEPTEMBER, 2014

Rs. In Millions

Particulars		Quarter Ended
		30.09.2014 (Unaudited)	30.06.2014 (Unaudited)
		Unaudited	Unaudited
1	Segment Revenue
	a Lighting	2259.500	1686.400
	b Consumer Durables	4657.400	5046.000
	c Engineering and Projects	3372.900	2142.300
	d Others	5.100	1.400
	Total	10294.900	8876.100
	Less: Inter-Segment revenue	--	--
	Net Sales I Income from Operations	10294.900	8876.100
2	Segment Results Profit I (Loss) (before tax, finance cost and exceptional items) from Segment
	a Lighting	64.200	24.900
	b Consumer Durables	278.200	346.300
	c Engineering and Projects	(281.200)	(59.300)
	d Others	2.800	(0.200)
	Total	64.000	311.700
	Less:
	a) i) Finance costs	257.900	233.200
	b) ii) Other un-allocable expenditure net off un-allocable income l expenditure	9.100	2.400
	Total Profit(Loss) before Tax	(203.000)	76.100
3	Segment Capital employed
	a Lighting	557.100	796.200
	b Consumer Durables	705.700	699.900
	c Engineering and Projects	7639.400	6858.200
	d Others	30.200	25.700
	e Others Unallocated	3142.000	2939.200
	Total Segment Capital Employed	12074.400	11319.200

STANDALONE / CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

Rs. In Millions

Particulars		As at 30.09.2014
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	201.400
	b) Reserves & Surplus	6899.800
	Sub Total- Shareholders funds	7101.200
2	Non-current liabilities
	(a) Long term borrowings	1714.600
	(b) Other long term liabilities	57.700
	(c) Long term provisions	311.900
	Sub Total- Non Current Liabilities	2084.200
3	Current liabilities
	(a) Short term borrowings	3200.400
	(b) Trade Payables	10507.100
	(c) Other current liabilities	5043.300
	(d) Short term provisions	536.300
	Sub Total- Current Liabilities	19287.100
	TOTAL-EQUITY AND LIABILITIES
B	ASSETS
1	Non-current assets
	(a) Fixed assets	2515.400
	(b) Non-current Investment	673.100
	(c) Deferred tax assets (net)	366.800
	(d) Long term loans and advances	1003.800
	(e) Other non-current assets	4433.500
	Sub-Total- Non current assets	8992.600
2	Current assets
	a) Current Investments	0.000
	b) Inventories	4977.400
	c) Trade Receivables	12372.900
	d) Cash and cash equivalents	268.800
	(e) Short term loans and advances	1502.300
	(f) Other current assets	358.500
	Sub-Total- current assets	19479.900
	TOTAL ASSETS	28472.500

Notes:

1. The Company has identified its Business Segments as its Primary reportable segments, which comprise of Lighting, Consumer Durables, Engineering and Projects and Others. 'Lighting' includes Lamps, Tubes, Luminaries, 'Consumer Durables includes Appliances and Fans, ‘Engineering and Projects’ includes Transmission Line Towers, Telecommunications Towers, Highmasts, Poles and Special Projects including Rural Electrification Projects and Others' includes Wind Energy.

2. During the quarter, the Company has issued and allotted 433612 Equity shares of Rs.2 each, pursuant to exercise of stock options by eligible employees and the said shares are ranking pari – passu in all respects including dividend entitlement.

3. The figures of the previous year / period have been regrouped wherever necessary.

4. The above results have been reviewed by the Audit Committee, approved by the Board of Directors of the Company at their meeting held on 13 November 2014 and subjected to a “Limited Review” by the Statutory Auditors.

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.63.58
UK Pound	1	Rs.99.98
Euro	1	Rs.79.39

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	Yes
--LISTED	YES/NO	Yes
--OTHER MERIT FACTORS	YES/NO	Yes
DEFAULTER
RBI	YES/NO	No
EPF	YES/NO	No
TOTAL		54

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.