MIRA INFORM REPORT

Report Date :

20.05.2014

IDENTIFICATION DETAILS

Name :	TECHNICAL ASSOCIATES LIMITED (w.e.f. 25.09.2002)
Formerly Known As :	T. A. TRANSFORMERS LIMITED
Registered Office :	Triveni House No.1, Nawal Kishore Road, Hazratganj, Lucknow – 226001, Uttar Pradesh, India
Country :	India
Financials (as on) :	31.03.2013 (Profit and Loss A/c)
Date of Incorporation :	20.01.1988
Com. Reg. No.:	20-007884
Capital Investment / Paid-up Capital :	Rs.30.987 Millions
CIN No.: [Company Identification No.]	L31300UP1988PLC007884
TAN No.: [Tax Deduction & Collection Account No.]	LKNT02662C
PAN No.: [Permanent Account No.]	AABCT7365F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing Power and Distribution Transformers.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 4940000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2013 but the documents related to the financial are not available for any source. As per available financial record of 2012, general financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions. Note: Listed on UP Stock Exchange.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	29.08.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	29.08.2013

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.

INFORMATION DENIED BY

Name :	Mr. Sanjay Chatterjee
Designation :	Accounts Manager
Contact No.:	91-522-2721382
Date :	14.05.2014

LOCATIONS

Registered Office :	Triveni House No.1, Nawal Kishore Road, Hazratganj, Lucknow – 226001, Uttar Pradesh, India
Tel. No.:	91-522-2721382
Fax No.:	91-522-2721381
E-Mail :	office@techasso.com deeptimca21@rediffmail.com aka@techasso.com legal@vfl.co.in
Website :	http://www.techasso.com
Head Office/ Factory :	8th km, Faizabad Road, Ismailganj, Lucknow – 226016, Uttar Pradesh, India
Tel. No.:	91-522-4053600
Fax No.:	91-522-4053601/ 2721381
E-Mail :	contact@techasso.com
Sitarganj Works (EHV Plant) :	B-7, Eldeco Sidcul Industrial Park, Sitarganj, District U.S. Nagar – 262405, Uttarakhand, India
Tel. No.:	91-594-8256032
Fax No.:	91-594-8256031
E-Mail :	marketing@techasso.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Vishnu Agarwal

Designation :

Managing Director

Address :

1, Kishna Colony Faizabad Road, Lucknow – 226006, Uttar Pradesh, India

Date of Birth/Age :

19.11.1944

Date of Appointment :

01.01.2013

DIN No.:

00590634

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PLC041401	Technical Associates Infratech Limited	Director	06/09/1990	06/09/1990	-	Active	NO
2	U65993UP1992PTC014587	VIBHU ENTERPRISES PRIVATE LIMITED	Director	28/07/1992	28/07/1992	-	Active	NO
3	L45208UP1984PLC006925	TECHNICAL ASSOCIATES INFRAPOWER LIMITED	Managing director	01/10/1992	01/10/1992	-	Active	NO
4	U45202UP1989PLC010606	T A TRANSFORMERS LIMITED	Director	01/02/1996	01/02/1996	-	Active	NO
5	L31300UP1988PLC007884	TECHNICAL ASSOCIATES LIMITED	Managing director	01/01/2013	01/08/1996	-	Active	NO
6	U30007DL1999PTC098866	Prologix Private Limited	Director	04/04/1999	04/04/1999	-	Active	NO
7	U65910UP2002PTC026637	AGARWAL FIN-LEASE AND INVESTMENT PRIVATE LIMITED	Director	03/05/2002	03/05/2002	-	Active	NO
8	U99999MH1970GAP014629	INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION	Managing director	04/09/2006	04/09/2006	-	Active	NO
9	U65910UP2002PTC026638	VINAMRA FIN-LEASE AND INVESTMENT PRIVATE LIMITED	Director	29/09/2009	04/02/2009	-	Active	NO
10	U40300UP2010PTC041611	TA Greentech Private Limited	Director	06/08/2010	06/08/2010	-	Active	NO
11	U45400UP2012PTC049078	GANPATI INFRAESTATE PRIVATE LIMITED	Director	27/02/2012	27/02/2012	-	Active	NO
12	U45400UP2012PTC049105	VIBHUTI INFRAPROJECTS PRIVATE LIMITED	Director	28/02/2012	28/02/2012	-	Active	NO
13	U45400UP2012PTC049115	ADIDEV INFRADEVELOPERS PRIVATE LIMITED	Director	29/02/2012	29/02/2012	-	Active	NO
14	U45400UP2012PTC049173	MAHADEV INFRADEVELOPERS PRIVATE LIMITED	Director	02/03/2012	02/03/2012	-	Active	NO
15	U51909WB2010PTC149931	SS BARTER PRIVATE LIMITED	Additional director	26/03/2012	26/03/2012	-	Active	NO
16	U51909WB2010PTC149933	VJ SUPPLIERS PRIVATE LIMITED	Additional director	26/03/2012	26/03/2012	-	Active	NO
17	U74120UP2012PTC050526	TECHNICAL ASSOCIATES TRANSFORMERS PRIVATE LIMITED	Director	16/05/2012	16/05/2012	-	Active	NO

Name :

Mr. Vinamra Agaral

Designation :

Whole Time Director

Address :

1, Kishna Colony Faizabad Road, Lucknow – 226006, Uttar Pradesh, India

Date of Birth/Age :

23.07.1978

Date of Appointment :

01.01.2013

DIN No.:

00590859

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L45208UP1984PLC006925	TECHNICAL ASSOCIATES INFRAPOWER LIMITED	Director	23/03/1999	23/03/1999	05/11/2013	Active	NO
2	U65910UP2002PTC026638	VINAMRA FIN-LEASE AND INVESTMENT PRIVATE LIMITED	Director	03/05/2002	03/05/2002	-	Active	NO
3	U65910UP2002PTC026637	AGARWAL FIN-LEASE AND INVESTMENT PRIVATE LIMITED	Director	03/05/2002	03/05/2002	-	Active	NO
4	U65993UP1992PTC014631	CHINHAT LAND AND FINANCE PRIVATE LIMITED	Director	24/03/2003	24/03/2003	-	Active	NO
5	U45202UP1989PLC010606	T A TRANSFORMERS LIMITED	Director	16/10/2003	16/10/2003	-	Active	NO
6	L31300UP1988PLC007884	TECHNICAL ASSOCIATES LIMITED	Whole-time director	01/01/2013	01/11/2007	-	Active	NO
7	U51109WB1994PTC066582	MARWARI TRADERS PRIVATELIMITED	Additional director	09/02/2012	09/02/2012	-	Active	NO
8	U45400UP2012PTC049105	VIBHUTI INFRAPROJECTS PRIVATE LIMITED	Director	28/02/2012	28/02/2012	-	Active	NO
9	U45400UP2012PTC049115	ADIDEV INFRADEVELOPERS PRIVATE LIMITED	Director	29/02/2012	29/02/2012	-	Active	NO
10	U45400UP2012PTC049132	SADGURU KRIPA TRADERS PRIVATE LIMITED	Director	29/02/2012	29/02/2012	-	Active	NO
11	U45400UP2012PTC049153	CHIDANAND ENTERPRISES PRIVATE LIMITED	Director	01/03/2012	01/03/2012	-	Active	NO
12	U74120UP2012PTC050526	TECHNICAL ASSOCIATES TRANSFORMERS PRIVATE LIMITED	Director	16/05/2012	16/05/2012	-	Active	NO

Name :

Mrs. Saroj Agarwal

Designation :

Whole Time Director

Address :

1, Kishna colony Faizabad Road, Lucknow – 226006, Uttar Pradesh, India

Date of Birth/Age :

08.08.1947

Date of Appointment :

01.01.2013

DIN No.:

00590796

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993UP1992PTC014631	CHINHAT LAND AND FINANCE PRIVATE LIMITED	Director	10/08/1992	10/08/1992	-	Active	NO
2	U45202UP1989PLC010606	T A TRANSFORMERS LIMITED	Director	01/02/1996	01/02/1996	-	Active	NO
3	L31300UP1988PLC007884	TECHNICAL ASSOCIATES LIMITED	Whole-time director	01/01/2013	28/02/1996	-	Active	NO
4	U74899DL1990PLC041401	Technical Associates Infratech Limited	Director	20/05/1996	20/05/1996	-	Active	NO
5	U65910UP2002PTC026637	AGARWAL FIN-LEASE AND INVESTMENT PRIVATE LIMITED	Director	03/05/2002	03/05/2002	-	Active	NO
6	U45400UP2012PTC049078	GANPATI INFRAESTATE PRIVATE LIMITED	Director	27/02/2012	27/02/2012	-	Active	NO
7	U45400UP2012PTC049132	SADGURU KRIPA TRADERS PRIVATE LIMITED	Director	29/02/2012	29/02/2012	-	Active	NO
8	U51909WB2010PTC149931	SS BARTER PRIVATE LIMITED	Additional director	26/03/2012	26/03/2012	-	Active	NO
9	U51909WB2010PTC149933	VJ SUPPLIERS PRIVATE LIMITED	Additional director	26/03/2012	26/03/2012	-	Active	NO

Name :

Mr. Narendra Kumar

Designation :

Director

Address :

1/73, Vishwas Khand – I, Gomti Nagar, Lucknow – 226010, Uttar Pradesh, India

Date of Birth/Age :

10.09.1943

Date of Appointment :

30.09.2009

DIN No.:

00091645

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L31300UP1988PLC007884	TECHNICAL ASSOCIATES LIMITED	Director	30/09/2009	01/07/2008	-	Active	NO
2	L45208UP1984PLC006925	TECHNICAL ASSOCIATES INFRAPOWER LIMITED	Director	20/06/2013	20/06/2013	-	Active	NO

Name :

Mrs. Palanivel Mudaliar

Designation :

Director

Address :

65, Church Road, Vishnupur, Aliganj, Lucknow – 226021, Uttar Pradesh, India

Date of Birth/Age :

10.01.1948

Date of Appointment :

30.09.2010

DIN No.:

02348153

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L31300UP1988PLC007884	TECHNICAL ASSOCIATES LIMITED	Director	30/09/2010	02/12/2009	-	Active	NO
2	U65929DL1996PTC079905	VINDHYANCHAL FINLEASE PRIVATE LIMITED	Nominee director	14/08/2010	14/08/2010	-	Active	NO
3	L45208UP1984PLC006925	TECHNICAL ASSOCIATES INFRAPOWER LIMITED	Director	20/06/2013	20/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Chatterjee
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	49.53
Directors or relatives of Directors	49.99
Other top fifty shareholders	0.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing Power and Distribution Transformers.

GENERAL INFORMATION

Customers :

· ABB India

· Absolute Projects (India) Limited

· ACB (India) Limited

· Angelique International Limited

· Transmission Corporation of Andhra Pradesh Limited

· AREVA

· Ajmer Vidyut Vitran Nigam Limited

· Bajaj Electricals Limited

· Bajaj Hindusthan Limited

· Brihanmumbai Electric Supply and Transport

· Bharat Heavy Electricals Limited

· Capital Power Systems Limited

· Calcutta Electric Supply Corporation Limited

· DLF Estate Developers Limited

· Dakshinanchal Vidyut Vitran Nigam Limited

· Era Infra Engineering Limited

· Flovel Energy Private Limited

· Gujarat Energy Transmission Corporation Limited

· Grid Corporation of Orissa Limited

· Himachal Pradesh State Electricity Board

· Haryana Vidyut Prasaran Nigam Limited

No. of Employees :

Information denied by management

Bankers :

· Bank of Baroda, 4/A, Park Road, Narhi Branch, Lucknow – 226001, Uttar Pradesh, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	10.175	42.575
Short Term Borrowings
Working capital loans from banks	356.355	161.333
Total	366.530	203.908

Banking Relations :	--
Auditors :
Name :	P. Tandon and Company Chartered Accountant
Address :	Shanti Nikunj, 15 New Civil Lines, Near Ram Vatika, Gate No. 3, Bareilly – 243001, Uttar Pradesh, India
Tel. No.:	91-581-2510022/2511237
PAN No.:	AAFFP7729Q
Subsidiaries :	TA Greentech Private Limited CIN No.: U40300UP2010PTC041611

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3098653	Equity Shares	Rs.10/- each	Rs.30.987 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.987	30.986
(b) Reserves & Surplus	1,203.751	1,048.318
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1,234.738	1,079.304
(3) Non-Current Liabilities
(a) long-term borrowings	10.175	42.575
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	10.175	42.575
(4) Current Liabilities
(a) Short term borrowings	356.355	161.333
(b) Trade payables	473.098	523.194
(c) Other current liabilities	64.188	74.271
(d) Short-term provisions	11.415	10.044
Total Current Liabilities (4)	905.056	768.842
TOTAL	2,149.969	1,890.721
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	702.751	517.676
(ii) Intangible Assets	2.165	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.200	0.180
(c) Deferred tax assets (net)	52.888	26.115
(d) Long-term Loan and Advances	117.627	34.669
(e) Other Non-current assets	2.049	2.049
Total Non-Current Assets	877.680	580.689
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	449.452	469.661
(c) Trade receivables	178.662	281.034
(d) Cash and cash equivalents	462.883	429.073
(e) Short-term loans and advances	173.539	121.762
(f) Other current assets	7.753	8.502
Total Current Assets	1,272.289	1,310.032
TOTAL	2,149.969	1,890.721

Note: Balance sheet as on 31.03.2013 is not available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1,245.571	1,692.359	1,848.592
		Other Income	43.427	39.510	31.435
		TOTAL (A)	1,288.998	1,731.869	1,880.027
Less	EXPENSES
		Cost of Materials Consumed	1,006.145	1,385.501	1,523.415
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(34.336)	(60.366)	(170.353)
		Employees benefits expense	68.525	64.865	59.148
		Other expenses	92.452	104.615	86.810
		TOTAL (B)	1,132.786	1,494.615	1,499.020
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		156.212	237.254	381.007
Less	FINANCIAL EXPENSES (D)		49.681	41.216	17.811
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		106.531	196.038	363.196
Less/ Add	DEPRECIATION/ AMORTISATION (F)		75.637	54.019	49.957
	PROFIT BEFORE TAX (E-F) (G)		30.894	142.019	313.239
Less	TAX (H)		(20.448)	(2.049)	(54.741)
	PROFIT AFTER TAX (G-H) (I)		51.342	144.068	367.980
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	13.138	3.040
Less/ Add	EXCESS PROVISION WRITTEN BACK		NA	NA	0.041
Add	DEFERRED TAX LIABILITIES		NA	NA	11.521
Less	APPROPRIATIONS
		Transfer to General Reserve			260.000
		Dividend			9.296
		Tax on Dividend			3.329
	BALANCE CARRIED TO THE B/S		NA	NA	13.138
	Earnings Per Share (Rs.)		6.19	36.53	79.70

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.98	8.32	19.57
Net Profit Margin (PBT/Sales)	(%)	2.48	8.39	16.94
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.77	16.80
Return on Investment (ROI) (PBT/Networth)		NA	0.12	0.29
Debt Equity Ratio (Total Debt /Networth)		NA	0.30	0.19
Current Ratio (Current Asset/Current Liability)		NA	1.41	1.70

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions
Share Capital	30.986	30.987
Reserves & Surplus	1048.318	1203.751
Net worth	1079.304	1234.738
long-term borrowings	42.575	10.175
Short term borrowings	161.333	356.355
Total borrowings	203.908	366.530
Debt/Equity ratio	0.189	0.297

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	1,848.592	1,692.359	1,245.571
		(8.451)	(26.400)

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	1,848.592	1,692.359	1,245.571
Profit	367.980	144.068	51.342
	19.91%	8.51%	4.12%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	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

LITIGATION DETAILS:

HIGH COURT OF JUDICATURE AT ALLAHABAD

Pending

FIRST APPEAL FROM ORDER : 471 OF 2010 [LUCKNOW]

Petitioner:	COMMISSIONER OF CENTRAL EXCISE
Respondent:	M/S TECHNICAL ASSOCIATES LIMITED, FAIZABAD ROAD
Counsel (Pet.):	RAJESH SINGH CHAUHAN
Counsel (Res.):
Category:	Civil Jurisdiction First Appeal From Order-Miscellaneous
Date of Filing:	15/04/2010
Last Listed on:	27/07/2010 in Court No. 27

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE:

The company has been manufacturing Power and Distribution transformers for over 36 years. Manufactures a broad range of oil filled transformers for meeting diverse needs of electricity grids – from distribution transformers in 11 and 33 kV upto High Voltage and Extra High Voltage Transformers upto 220 kV all built as per IEC 6076, and rigorously tested internally and from globally reputed 3rd party testing houses like CPRI. TAL’s product range also includes aluminium conductors for distribution networks, Power and Control Cables and Intelligent Power

Distribution solutions for Rural Load Management System (RLMS) applications.

Intelligent Power Distribution System

Intelligent solutions to optimize electricity delivery in rural areas Surmount Supply-Demand gap of power to ensure rural households/ commercial establishments get at least 18 hours of electricity every day even at current generation levels Inexpensive – builds intelligence at Distribution Transformer – higher sustainability than separate feeders Technical Road Load Management Solution:

Builds Intelligence at the Distribution Transformer (DT) Allows loads to be split up into RDL and IP – availability of power to RDL and IP can be controlled remotely through DT without physically manipulating feeders Can be used to stagger availability of power to IPs on single feeder When used on multiple feeders, allows RDLs to get maximum available power and IPs to get power as per predetermined schedule Allows metering/ remote monitoring/ management at every DT – helps data collection and identification of revenue leaders/ losers Convenient – each RLM unit designed for physical mounting on DT – saves cost of additional poles/ supporting frames/ etc. Inexpensive – requires minimal modification of existing distribution system Immediate delivery – can start providing 18-24 hours of electricity to rural domestic loads immediately post installation Rugged – designed for outdoor usage with capacity to withstand extreme weathers

OUTLOOK:

Establishment of New Factory at Sitarganj, Uttarakhanj

The manufacturing plant at Sitarganj is spread out over 12.5 acres and is fully equipped to Manufacture EHV Power transformers up to the 400 kV voltage class. The manufacturing sheds occupy a total covered area of approx. 23000 sq. mtrs ranging from 4 mtrs. To 24 meters in height, and spans of 16 mtrs to 24 mtrs. The plant has been designed for optimal material and flow, and Integrated manufacturing operations with separate bays planned for : Single phase and Three phase 11 kV Distribution Transformers Three phase 33 kV Distribution Transformers Three phase 66 & 132 kV Power Transformers Single phase and Three phase 220 & 400 kV Power Transformers Coil Winding Insulation processing Core Slitting, Annealing and Cutting Mild Steel Fabrication Impulse Testing Laboratory For our next stage of growth - our attempt is to leverage our past experience, knowledge and credentials, to benchmark ourselves against global leaders, and to build continuous value for our Customers, Employees, Vendors and Shareholders .

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10038154	29/12/2006	20,000,000.00	Bank of Baroda	Narhi Branch, 4 - A,, Park Road, Narhi, Lucknow, Uttar Pradesh - 226001, India	A10981298
2	90275947	09/04/2010 *	1,900,000,000.00	Bank of Baroda	Narhi Branch, 4 - A,, Park Road, Narhi, Lucknow, Uttar Pradesh - 226001, India	A85510634
3	90279434	24/02/2002 *	70,000,000.00	Bank of Baroda	Narhi Branch, 4 - A,, Park Road, Narhi, Lucknow, Uttar Pradesh - 226001, India	-
4	90278698	24/02/2002 *	6,000,000.00	Bank of Baroda	Narhi Branch, 4 - A,, Park Road, Narhi, Lucknow, Uttar Pradesh - 226001, India	-

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Computer

· Office Equipments

· Furniture and Fixture

· Vehicle

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.58.43
UK Pound	1	Rs.98.28
Euro	1	Rs.8012

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.