MIRA INFORM REPORT

Report Date :

03.07.2014

IDENTIFICATION DETAILS

Name :	SCHNEIDER ELECTRIC INFRASTRUCTURE LIMITED (w.e.f. 08.12.2011)
Formerly Known As :	SMARTGRID AUTOMATION DISTRIBUTION AND SWITCHGEAR LIMITED
Registered Office :	Milestone 87, Vadodara, Halol Highway, Village Kotambi, Post Office Jarod, Vadodara – 391510, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.03.2011
Com. Reg. No.:	04-064420
Capital Investment / Paid-up Capital :	Rs.478.210 Millions
CIN No.: [Company Identification No.]	L31900GJ2011PLC064420
PAN No.: [Permanent Account No.]	AAPCS6078Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The company is engaged in the business of Manufacturing, Designing, Building and Servicing Technologically Advanced Products and Systems for Electricity Distribution Including Products such as Distribution Transformers, Medium Voltage Switchgears, Medium and Low Voltage Protection Relays and Electricity Distribution and Automation Equipments.
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

sStatus :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of “SCHNEIDER ELECTRIC GROUP”, France. It is an established company having satisfactory track record. The company possesses a deteriorating financial profile marked by modest albeit decreasing position of reserves as a result of consecutive loss for past two years as on FY 14. More over the increase in gearing and high other current liabilities along with deterioration in its cash balance may slightly affect its liquiding profile during FY 14. The ratings also take into consideration the all-time high share price quoted at the Indian stock exchanges by the company as on July 01, 2014. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of the subject being in embryonic stage, along with the strong support from its group company, the subject can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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.

INFORMATION DENIED BY

Name :	Mr. Ramesh Chan
Designation :	Finance Department
Contact No.:	91-120-3940400
Date :	30.06.2014

LOCATIONS

Registered Office :	Milestone 87, Vadodara, Halol Highway, Village Kotambi, Post Office Jarod, Vadodara – 391510, Gujarat, India
Tel. No.:	91-120-3940400 / 3898703
Fax No.:	91-120-3898700
E-Mail :	company.secretary@schneider-electric.com conjeevaramsanthanam.ashokkumar@sehneiderelectric.com
Website :	www.schneider-infra.in
Corporate Office :	7^th Floor, Tower 3, IGL Complex, Plot 2B Sector 126, Noida – 201304, Uttar Pradesh, India
Factory 1:	Naini Works, P. O. Naini, Allahabad – 211006, Uttar Pradesh, India
Tel. No.:	91-532-2699990
Fax No.:	91-532-2699990
Factory 2:	Survey No. 215, Gagilapur Village, Qutbullapur Mandal. District Rangareddy, Hyderabad – 500043, Andhra Pradesh, India
Factory 3 :	PSS – 58, MIDC Satpur, Nasik – 422007, Maharashtra, India
Branch Office :	Technopolis, 3^rd Floor, Block BP, Sector V, Salt Lake City, Kolkata – 700091, West Bengal, India
Regional Office :	Located At: Noida Kolkata Mumbai Chennai
Branch Offices :	Located At: Jaipur Lucknow Bhuneshwar Guwahati Pune Vadodara Ahmedabad Bangalore Secunderabad

DIRECTORS

As on: 31.03.2013

Name :	Mr. Vinod Kumar Dhall
Designation :	Chairman (Non-Executive)
Name :	Mr. Prakash Kumar Chandraker
Designation :	Managing Director
Name :	Mr. Olivier Blum
Designation :	Director (Upto 01.03.2013
Name :	Mr. Anil Chaudhry
Designation :	Director
Name :	Mr. Ranjan Pant
Designation :	Director
Name :	Mr. Alexandre Tagger
Designation :	CFO and Whole Time Director
Name :	Mr. Rajani Kesari
Designation :	Director (w.e.f. 22.05.2013)
Name :	Mr. V S Vsudevan
Designation :	Director (w.e.f. 11.03.2013)

KEY EXECUTIVES

Name :	Mr. C. S. Ashok Kumar
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	168735367	70.57
Sub Total	168735367	70.57
(2) Foreign
Bodies Corporate	10592659	4.43
Sub Total	10592659	4.43
Total shareholding of Promoter and Promoter Group (A)	179328026	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13510512	5.65
Financial Institutions / Banks	10335	0.00
Central Government / State Government(s)	605	0.00
Insurance Companies	8285359	3.47
Foreign Institutional Investors	468313	0.20
Sub Total	22275124	9.32
(2) Non-Institutions
Bodies Corporate	11304294	4.73
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	20972499	8.77
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	3181812	1.33
Any Others (Specify)	2042280	0.85
Non Resident Indians	567274	0.24
Foreign Nationals	405	0.00
Trusts	4415	0.00
Clearing Members	1470186	0.61
Sub Total	37500885	15.68
Total Public shareholding (B)	59776009	25.00
Total (A)+(B)	239104035	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)	239104035	0.00

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

Name of the Shareholder	Details of Shares held
	No. of Shares held	As a % of grand total
Schneider Electric Singapore PTE Limited	1,05,92,659	4.43
Energy Grid Automation Transformers and Switchgers India Limited	16,87,35,367	70.57
Total	17,93,28,026	75.00

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

Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
Reliance Capital Trustee Co Ltd A/c Reliance Tax Saver (Elss) Fund	7560000	3.16
The New India Assurance Company Limited	3891760	1.63
General Insurance Corporation of India	2400395	1.00
Regal Investment And Trading Company Private Limited	3113767	1.30
Napeon Trading and Investment Company Private Limited	3911871	1.64
Reliance Capital Trustee Company Limited A/c Reliance Equity Opportunities Fund	3817891	1.60
Total	24695684	10.33

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Manufacturing, Designing, Building and Servicing Technologically Advanced Products and Systems for Electricity Distribution Including Products such as Distribution Transformers, Medium Voltage Switchgears, Medium and Low Voltage Protection Relays and Electricity Distribution and Automation Equipments.

GENERAL INFORMATION

No. of Employees :	Information denied by the management
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	S.R Batliboi and Company Chartered Accountants
Address :	Golf View, Corporate Tower B, Sector 42, Sector Road, Gurgaon - 122002, Haryana-, India
Holding Company:	Alstom Grid SAS, France (Upto March 28, 2012), Energy Grid Automation Transformers and Switchgears India Limited (w.e.f. March 28, 2012)
Ultimate Holding Company:	Alstom Sextant 5 SAS, France a special purpose vehicle formed with Alstom Holdings and Schneider Electric Services International (Upto March 28, 2012)
Parent of holding company and Others	T and D Holding, France (parent of holding company) (upto March 28, 2012) Long and Crawford Limited (along with other promoters) (upto March 28, 2012)
Subsidiary company:	Energy Grid Automation Transformers and Switchgears India Limited (Upto January5, 2012)
Fellow Subsidiaries :	· Schneider Electric India Pvt Ltd, India · Schneider Electric Huadian Switchgear, China · Schneider Electric Protectionale, France · Schneider Electric East Mediterranean S.A.L, Jordan · Alstom T&D India Ltd, India (Upto February 14, 2013) · Schneider Electric Brasil Ltda., Brazil · Schneider Electric Sachsenwerk Gmbh, Germany · Areva Energietechnik Gmbh, Germany (Upto February 14, 2013) · Schneider Electric Energy, France · Schneider Electric Taiwan Co., Ltd., Taiwan · Schneider Electric Industries SAS, France · Alstom Switchgear, South Africa (Upto February 14, 2013) · Schneider Electric Service International Sprl, Belgium · Schneider Electric Energy De, Columbia · Schneider Electric Energy UK Ltd, UK · Schneider Electric It Business India Pvt Ltd, India · Schneider Electric Energy Poland Sp. Z O.O., · Poland Schneider Electric Mexico, Mexico · Schneider Electric Australia Pty Ltd, Australia · Areva Solar India Private Limited, India (Upto February 14, 2013) · Schneider Electric Industries, Malaysia · Areva T&D Uk Ltd Systems Produ, Uk (Upto February 14, 2013) · Schneider Electric Energy, Italy · Schneider Electric Sri Lanka( Pvt) Ltd, Sri Lanka · Schneider Switchgear (Suzhou) Co. Ltd, · China Alstom Transport SA, France (Upto February 14, 2013) · Alstom S A Transport Tarbes, France (Upto February 14, 2013) · Schneider Electric Vietnam., Ltd, Vietnam · Schneider Electric Nigeria Ltd., Nigeria · Schneider Electric (China) Investment Co. Ltd., Shanghai, China · Schneider Electric Canada Inc., Canada · Schneider Electric D.O.O., Croatia · Schneider Electric Sa, Uae Alstom Grid Sas, France (Upto February 14, 2013) · Alstom Projects India Ltd, India (Upto February 14, 2013) · Schneider Electric Sa, South Africa · Schneider Enerji Endustri, Turkey · Areva T&D Australia Limited, Australia (Upto February 14, 2013) · Schneider Electric Ftr, France · Alstom Grid Pte Ltd, Singapore (Upto February 14, 2013) · Areva T&D Sas, France (Upto February 14, 2013) · Alstom Grid Italy S.P.A., Italy (Upto February 14, 2013) · Alstom Grid Uk Ltd, (Upto February 14, 2013) · Power Measurement Ltd, Canada · Schneider Electric Telecontrol, France · Areva Renewable Energies Ltd, India (Upto February 14, 2013) · Areva Ert Tanzania, Tanzania (Upto February 14, 2013) · Schneider Electric(China), China · Schneider-Electric Energy, · Schneider Electric, Indonesia · Shanghai Schneider Electric Power Automation Co.,Ltd, China · Areva Suzhou High Voltage, Suzhou, China (Upto February 14, 2013) · Areva T&D Enerji Endustrisi A.S.Turkey (Upto February 14, 2013) · Areva T&D Malaysia Sdn Bhd-215632V, Malaysia (Upto February 14, 2013)

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.2/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
239104035	Equity Shares	Rs.2/- each	Rs.478.210 Millions

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	478.210	478.210	1.000
(b) Reserves & Surplus	1906.850	2191.440	(0.160)
(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)	2385.060	2669.650	0.840
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	244.660	206.100	0.000
Total Non-current Liabilities (3)	244.660	206.100	0.000
(4) Current Liabilities
(a) Short term borrowings	2341.380	2248.170	0.000
(b) Trade payables	6154.590	4867.630	0.170
(c) Other current liabilities	1767.110	2096.230	0.010
(d) Short-term provisions	158.060	332.530	0.000
Total Current Liabilities (4)	10421.140	9544.560	0.180
TOTAL	13050.860	12420.310	1.020
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1932.590	2072.690	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	56.510	13.450	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	114.230	82.390	0.020
(d) Long-term Loan and Advances	88.750	85.790	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2192.080	2254.320	0.020
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1497.200	1639.370	0.000
(c) Trade receivables	8089.880	7262.540	0.000
(d) Cash and cash equivalents	43.940	107.720	0.000
(e) Short-term loans and advances	1088.070	943.120	1.000
(f) Other current assets	139.690	213.240	0.000
Total Current Assets	10858.780	10165.990	1.000
TOTAL	13050.860	12420.310	1.020

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	13104.130	13491.920	0.000
		Other Income	68.310	43.090	0.000
		TOTAL	13172.440	13535.010	0.000
Less	EXPENSES
		Cost of raw material and components consumed	9073.920	9289.020	0.000
		(Increases/ Decreases in inventories of finished goods and work in progress	(92.540)	252.460	0.000
		Employee benefits expenses	1482.690	1224.380	0.000
		Exceptional Item	100.000	0.000	0.000
		Other expenses	2311.202	1782.730	0.180
		TOTAL	12875.270	12548.590	0.180
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		297.170	986.420	(0.180)
Less	FINANCIAL EXPENSES		259.510	215.010	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		37.660	771.410	(0.180)
Less/ Add	DEPRECIATION/ AMORTISATION		318.340	158.470	0.000
	PROFIT BEFORE TAX		(280.680)	612.940	(0.180)
Less	TAX		3.910	215.290	(0.020)
	PROFIT AFTER TAX		(284.590)	397.650	(0.160)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		246.560	(0.160)	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	39.770	0.000
		Dividend	0.000	95.640	0.000
		Tax on Dividend	0.000	15.520	0.000
	BALANCE CARRIED TO THE B/S		(38.030)	246.560	(0.160)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value Export	1039.900	648.380	0.000
		Other Services Income	315.070	0.000	0.000
	TOTAL EARNINGS		1354.970	648.380	0.000
	IMPORTS
		Raw Materials	2061.850	1759.750	0.000
		Components and Spares parts	1.120	4.340	0.000
		Capital Goods	9.310	87.730	0.000
	TOTAL IMPORTS		2072.280	1851.820	0.000
	Earnings Per Share (Rs.)		(1.19)	1.66	(0.31)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(2.16)	2.94	0.00
Net Profit Margin (PBT/Sales)	(%)	(2.14)	4.54	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(2.18)	4.97	(18.00)
Return on Investment (ROI) (PBT/Networth)		(0.12)	0.23	(0.21)
Debt Equity Ratio (Total Debt /Networth)		0.98	0.08	0.00
Current Ratio (Current Asset/Current Liability)		1.04	1.06	5.55

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.000	478.210	478.210
Reserves & Surplus	(0.160)	2191.440	1906.850
Net worth	0.840	2669.650	2385.060
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	2248.170	2341.380
Total borrowings	0.000	2248.170	2341.380
Debt/Equity ratio	0.000	0.842	0.982

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	13491.920	13104.130
			(2.874)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	13491.920	13104.130
Profit	(0.160)	397.650	(284.590)
		2.95%	(2.17%)

LOCAL AGENCY FURTHER INFORMATION

NOTE: Current Maturities of Long Term Debts is Not Available.

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	No
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	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

UNSECURED LOAN:

Particulars	31.03.2013 [Rs. in Millions]	31.03.2012 [Rs. in Millions]
Short Term Borrowing
Loans from banks repayable on demand	0.000	740.020
Short term loans from bank	1175.000	740.000
Short term foreign currency loan from banks	166.380	768.150
Short term loan from Schneider Electric IT Business India Private Limited	1000.000	0.000
Total	2341.380	2248.170

INDEX OF CHARGES

No Charges Exist for Company

PERFORMANCE REVIEW

PERFORMANCE ANALYSIS

Despite challenging market conditions in 2012-13, The Company has shown resilience and a strong execution of its strategy in managing maintaining a leadership position in the medium voltage electrical infrastructure sector. The Infrastructure market overall has decreased in value as investment in key sectors such as Power Generation and Renewable have slowed down. Their orders have decreased by 7.7%. The order Intake rested at 13115 MINR compared to 14214 MINR last year. Their sales only decreased 2.8% thanks to a strong backlog, better execution and customer intimacy. The Sales valued at 13104 MINR compared to 13492 MINR in the previous year.

PERFORMANCE HIGHLIGHTS

The Company has strengthened its position in the Infrastructure business as a key player with a strong portfolio of 'Smart' products and solutions. They have also worked for further collaboration with the Schneider Electric Group to both widen their scope of offer, market coverage and also apply best practices to improve efficiency and decrease costs.

The company continued its focus on innovation, customer satisfaction, strengthening the local manufacturing / R and D capabilities and has built a new factory at Poonamallee, Chennai for Energy Automation. The Company has won several prestigious contracts in Utility, Industry including in new segments like Transport, IT, Building etc. The Company is also involved in the execution of Smart Grid projects including the prestigious project

The operating performance of the business during the year has been stable. However, it has been impacted by separation and integration costs incurred as a result of the legal framework they operate in, as well as further provisioning of older receivables, whose recoverability in the current market environment has become more challenging.

They believe they have dealt with most of the major issues, however, some operational or separation steps may still be required as per the governance process or legal framework, and may necessitate further extraordinary expenses. involving an advanced distribution management system for Temple city Puri.

During the year, the company launched several initiatives on employee engagement, training and development, etc. to further improve employee competencies. The Company's energized and committed workforce is one of the most important assets that creates values for their customers and stake holders.

In a nutshell, the company continues to remain focused on generating sustainable and profitable growth for its shareholders, and would sincerely like to thank all the stake-holders, customers, and employees for their continued support and confidence in Schneider Electric Infrastructure Limited.

MANAGEMENT DISCUSSIONS

MARKET OVERVIEW

India is ranked as the fifth largest power producing and fifth largest power consuming country in the world (Source: IEA - Key World Energy Statistics, 2010).

Power generation capacity in India has increased substantially over recent years and as of October 31, 2011 India had a total installed capacity of 182,689.6 MW. The proposed capacity addition for power generation during the XI Five-year Plan (2007-12) is 78,700.4MW and tentative capacity addition of approximately 100,000 MW has been envisaged under the XII Five-year Plan (2012-17) (Source: CEA Monthly Review, October 2011). However, supply has not kept pace with the rapid growth of the Indian economy, despite relatively low per capita electricity consumption in comparison to other major economies.

OUTLOOK

The energy infrastructure market is on an upward trajectory. Power and Infrastructure sector continue to be a priority sector for the government. In view of Government of India’s announcement of increasing investments in the Infrastructure and the Industry segments, it is expected that the energy infrastructure market in India will double in the next five years. With the synergies accruing from its integration with Schneider Electric India, the company is in a perfect position to cater to Infrastructure market solutions leveraging on expertise in the field of Power, Infrastructure, Buildings, and Industry and IT businesses.

However there are many challenges which may impact the growth of the Company in the short run. To control the high inflation, RBI the central bank of India had followed a monetary policy of liquidity tightening and raising interest rates. Aggressive competition might put strong price pressure and affect profitability. Schneider Electric Infrastructure’s management team will remain completely focused to meet these challenges and continue to deliver the best value for its shareholders.

FIXED ASSETS:

œ Freehold Land

œ Leasehold Land

œ Buildings

œ Plant and Equipments

œ Furniture and Fixtures

œ Office Equipments

œ Motor Vehicles

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED

31^ST MARCH, 2014

		Particulars	Quarter Ended		Nine Month
			31.03.2014	31.12.2013	31.03.2014
1	Income from Operations
	a) Net Sales/Income from Operations (net of excise duty)		2603.300	4138.600	12087.900
	b) Other Operating Income		7.100	21.700	68.600
	Total Income from Operations (Net)		2610.400	4160.300	12156.500
2	Expenses
	a)	Cost of Materials consumed	2012.600	2769.800	8817.600
	b)	Purchase of stock in-trade	0.000	--	--
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(157.400)	343.000	(120.800)
	d)	Employee benefit expenses	345.400	380.500	1434.700
	e)	Depreciation and amortization expense	53.400	58.300	227.100
	f)	Other expenses	854.500	816.600	2864.200
	Total Expenses		3108.500	4368.200	13222.800
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	(498.100)	(207.900)	(1066.300)
4	Other Income		431.800	6.100	450.300
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	(66.300)	(201.800)	(616.000)
6	Finance Costs		77.800	62.400	260.300
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	(144.100)	(264.200)	(876.300)
8	Exceptional Items		214.000	159.000	373.000
9	Profit /(Loss) from ordinary activities before tax		(358.100)	(423.200)	(1249.300)
10	Tax Expense		0.000	--	--
11	Net Profit /(Loss) from ordinary activities after tax (9-10)		(358.100)	(423.200)	(1249.300)
12	Extraordinary items (net of tax expense)		0.000	--	--
13	Net Profit /(Loss) for the period (11-12)		(358.100)	(423.200)	(1249.300)
14	Paid up equity share capital (Eq. shares of Rs.10/- each)		478.200	478.200	478.200
15	Reserve excluding revaluation reserves		--	--	657.600
16		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic	(1.50)	(1.77)	(5.22)
		Diluted	(1.50)	(1.77)	(5.22)
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	59776009	52296831	59776009
		- Percentage of Shareholding	25.00	21.90	25.00
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	--	--	--
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	--	--	--
		- Percentage of shares (as a % of the total share capital of the Company)	--	--	--
		b) Non- encumbered
		- Number of shares	179328026	186807204	179328026
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00	100.00	100.00
		- Percentage of shares (as a % of the total share capital of the Company)	75.00	78.10	75.00

	Particulars		Quarter ended 31.03.2014
B		Investor Complaints
		Pending at the beginning of the quarter	--
		Received during the quarter	1
		Disposed during the quarter	1
		Remaining unresolved at the end of the quarter	--

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

Particular	31.03.2014
EQUITY AND LIABILITIES
Shareholders’ funds
(a) Share capital	478.200
(b) Reserves and surplus	657.600
Sub-total - Shareholders' funds	1135.800
Non-current liabilities
(a) Long-term borrowings	1900.000
(b) Deferred Tax Liabilities (Net)	0.000
(c) Other Long Term Liability	0.000
(d) Long Term Provision	428.300
Sub-total - Non-current liabilities	2328.300
Current liabilities
(a) Short -term borrowings	696.600
(b) Trade payables	6522.700
(c) Other Current Liability	1725.800
(d) Short-term provision	157.100
Sub-total - Current liabilities	9102.200
TOTAL - EQUITY AND LIABILITIES	12566.300
ASSETS
Non-current assets
(a) Fixed assets	1946.400
(b) Deferred tax Assets (net)	114.200
(c) Trade Receivable	402.900
(d) Long-term loans and advances	224.800
Sub-total - Non-current assets Current assets	2688.300
Current assets
(a) Inventories	1799.300
(b) Trade receivables	6811.000
(c) Cash and cash equivalents	11.200
(d) Short-term loans and advances	916.800
(e) Other current assets	339.700
Sub-total - Current assets	9878.000
TOTAL - ASSETS	12566.300

NOTE:

1. The above Financial Results were reviewed by the Audit Committee and taken on record by the Board of Directors at the meeting held on May 22, 20

2. The Company had entered into transactions of purchase and sale of goods and availing and rendering of services with a company covered under section 297 of the Companies Act, 1956. The Company has received approval from Central Government for goods transactions starting from March 6 2013 and services transactions starting April 1, 2013. Pending Government approval on compounding the goods transactions prior March 6 2013 and services transaction prior April 1, 2013, no adjustments have been considered in financial results as Management is of the view that it will not have any material impact on the results. Auditors have also drawn attention on this matter in their audit report and their opinion is not qualified In respect of this matte

3. The Company has only one business segment. i.e. business relating to product and systems for electricity distributors, and accordingly disclose requirements as per accounting standard - 17 on Segment Reporting are not applicable.

4. In order to achieve minimum 25% public shareholding in the Company in terms of Rule 19(2)(b) and 19A of the Securities Contracts (Regulation) Rules, 1957, read with Clause 40A (14) (c) of the Listing Agreement, Energy Grid Automation Transformers and Switchgears India Limited (promoter) sold 7,479,178 equity shares of the Company (3.13%) in the secondary market by way of "Offer for Sale" of shares through the Stock exchange mechanism in the month of January,

5. Exceptional items represent cost incurred on account of rationalization of Company's transformer business in respect of Nalni Unit.

6. Other Income includes subvention received from corporate for operational financial support – Rs. 421.200 Millions

7. The figures of the last quarter are the balancing figures between audited figures in respect of the full financial year up to March 31, 2014 and the unaudited published year-to-date figures up to December 31, 2013, being the date of the end of the third quarter of year which were subject to limited review.

8. Prior period figures have been reclassified / regrouped wherever necessary for comparative purposes.

PRESS RELEASES

Schneider Electric says will remain focused on India

French major sees opportunity in dismal distribution network

June 7, 2014

Schneider Electric Infrastructure, part of the euro 24-billion French Schneider Electric Group, wants to remain focused on high-end power distribution equipment and solutions in India. The company sees an opportunity in the high transmission and distribution (T&D) losses in India.

“A third of the energy in India is wasted in T&D losses,” Prakash Chandraker, vice-president and managing director of infrastructure business at Schneider Electric Infrastructure said.

Chandraker refused to share or give any indication of the outlook on the company’s India revenues in the current year or its plan to add manpower in the country. 

He said the company’s interest was backed by government policies aimed at deploying smart-grid solutions to bring down losses. The company, in India for 50 years, is providing smart-grid solutions in Bihar, Kerala, Jammu and Kashmir and Odisha.

The company supplies medium voltage switch gear and transformers apart from digitised substations, network automation systems and renewable integration systems.

Schneider Electric employs 29,000 in 33 factories in India. Chandraker said the company had added enough capacity for expansion. “Most investment required for hardware has been done. We are investing in integration capabilities on the smart-grid side.”

Chandraker said there were no constraints for growth “but some policy change is required for demand growth. We see there is potential to reduce losses by 10 to 15 per cent.” He added the company saw opportunity also because of the new government’s 10-point agenda that focused on energy.

Volumes jump at Schneider Electric Infrastructure counter

June 5, 2014

Praj Industries, Edelweiss Financial Services, Havells India and Greaves Cotton are among the other stocks to see a surge in volumes on BSE today, 5 June 2014.

Schneider Electric Infrastructure clocked volume of 9.02 lakh shares by 13:43 IST on BSE, a 28.51-times surge over two-week average daily volume of 32,000 shares. The stock lost 1.1% at Rs 121.90.

Praj Industries notched up volume of 2 crore shares, a 28.32-fold surge over two-week average daily volume of 7.10 lakh shares. The stock tumbled 5.18% at Rs 73.20.

Edelweiss Financial Services saw volume of 1.65 crore shares, a 24.61-fold surge over two-week average daily volume of 6.71 lakh shares. The stock surged 8.28% at Rs 58.20

.

Havells India clocked volume of 6.74 lakh shares, a 19.71-fold surge over two-week average daily volume of 34,000 shares. The stock jumped 9.22% at Rs 1161.

Greaves Cotton saw volume of 12.22 lakh shares, a 13.01-fold rise over two-week average daily volume of 94,000 shares. The stock rose 6.28% at Rs 105.

CMT REPORT (Corruption, Money Laundering and 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.5997
UK Pound	1	Rs.102.90
Euro	1	Rs.82.02

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis done by :	SUB
Report Prepared by :	ANK

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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 and 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.