1. Summary Information

		Country	India
Company Name	TREND ELECTRONICS LIMITED	Principal Name 1	Mr. Subhash Nabar
Status	Moderate	Principal Name 2	Mr. Vivek D. Dharm
		Registration #	11-052233
Street Address	20, K. M. Stone, Aurangabad-Beed Road, Village Bhalgaon, Aurangabad – 431210, Maharashtra
Established Date	16.06.1989	SIC Code	--
Telephone#	91-240-2644509	Business Style 1	Manufacturer
Fax #	91-240-2644506	Business Style 2	----
Homepage	http://trendelectronics.in	Product Name 1	VCRs
# of employees	1050 (Approximately)	Product Name 2	VCPs
Paid up capital	Rs. 1075,000,000/-	Product Name 3	Video Tape Deck Mechanisms (VTDM).
Shareholders	Promoter and Promoter Group 49.05%, Public shareholding 50.95%	Banking	State Bank of Hyderabad
Public Limited Corp.	YES	Business Period	25 Years
IPO	YES	International Ins.	-
Public Enterprise	YES	Rating	B (26)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.12.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	3,823,460,000	Current Liabilities	2,077,440,000
Inventories	3,897,120,000	Long-term Liabilities	7,251,670,000
Fixed Assets	2,571,020,000	Other Liabilities	42,230,000
Deferred Assets	0,000,000	Total Liabilities	9,371,340,000
Invest& other Assets	256,460,000	Retained Earnings	101,720,000
		Net Worth	1,176,720,000
Total Assets	10,548,060,000	Total Liab. & Equity	10,548,060,000
Total Assets (Previous Year)	10,731,570,000
P/L Statement as of	31.12.2013		(Unit: Indian Rs.)
Sales	14250,640,000	Net Profit	(500,490,000)
Sales(Previous yr)	14507,730,000	Net Profit(Prev.yr)	(415,710,000)

MIRA INFORM REPORT

Report Date :

09.10.2014

IDENTIFICATION DETAILS

Name :	TREND ELECTRONICS LIMITED (w.e.f.23.07.2007)
Formerly Known As :	VIDEOCON COMMUNICATIONS LIMITED (w.e.f.26.08.2003) VIDEOCON VCR LIMITED
Registered Office :	20, K. M. Stone, Aurangabad-Beed Road, Village Bhalgaon, Aurangabad – 431210, Maharashtra
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	16.06.1989
Com. Reg. No.:	11-052233
Capital Investment / Paid-up Capital :	Rs. 1075.000 Millions
CIN No.: [Company Identification No.]	L99999MH1989PLC052233
TAN No.: [Tax Deduction & Collection Account No.]	PNEV04500G
PAN No.: [Permanent Account No.]	AAACV5946R
Legal Form :	Public Limited Liability Company. The company's shares are listed on Stock Exchange
Line of Business :	The company is primarily engaged in manufacturing of electrical and electronics appliances.
No. of Employees :	1050 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4700000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There seems huge external borrowings recorded by the company. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Goyal
Contact No.:	91-240-2644509
Date :	20.09.2014

LOCATIONS

Registered Office/ Factory :	20, K. M. Stone, Aurangabad-Beed Road, Village Bhalgaon, Aurangabad – 431210, Maharashtra, India
Tel. No.:	91-240-2644509/ 10/ 12
Fax No.:	91-240-2644506
E-Mail :	contact@videoconmail.com secretarial1@gmail.com secretarial_trend@videoconmail.com
Website :	http://www.trendelectronics.in
Corporate Office :	Gut No. 350, Bhalgaon, Beed Road – 431201, Maharashtra, India
Tel. No.:	91-2431-251505
E-Mail :	kjung@videoconmail.com kljung@hotmail.com

DIRECTORS

AS ON 31.12.2011

Name :	Mr. Subhash S. Dayama
Designation :	Independent Director
Date of Birth/Age :	05.05.1961
Qualification :	B.Com
Date of Appointment :	30.03.2009
Name :	Mr. Vivek D. Dharm
Designation :	Independent Director
Date of Birth/Age :	22.11.1964
Qualification :	B.Com, LL.B.
Name :	Mr. Bhopinder K. Chopra
Designation :	Director

KEY EXECUTIVES

Name :	Kaustubha A. Sahasrabudhe
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2014

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	150	0.00
Bodies Corporate	3678955	49.05
Sub Total	3679105	49.05
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3679105	49.05
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2400	0.03
Financial Institutions / Banks	1575	0.02
Foreign Institutional Investors	367500	4.90
Sub Total	371475	4.95
(2) Non-Institutions
Bodies Corporate	481887	6.43
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1912248	25.50
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	894522	11.93
Any Others (Specify)	160763	2.14
Non Resident Indians	160763	2.14
Sub Total	3449420	45.99
Total Public shareholding (B)	3820895	50.95
Total (A)+(B)	7500000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	7500000	100.00

BUSINESS DETAILS

Line of Business :

The company is primarily engaged in manufacturing of electrical and electronics appliances.

Products :

Item Code No. (ITC Code)	Product Description
8521.90	DVD
8528.72	Colour TV
8528.71	Set Top Box

Imports :

Products :

Raw Material

Countries :

v China

v Korea

v Hong Kong

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Wholesaler

No. of Employees :

1050 (Approximately)

Bankers :

v Central Bank of India

v Punjab National Bank

v ING Vysya Bank Limited

v Indian Bank

v Canara Bank

v State Bank of Hyderabad

Facilities :

SECURED LOANS	31.12.2013 (Rs. in Millions)	31.12.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee Term Loan from Banks	2174.830	0.000
Vehicles Loan from Banks	1.570	4.040
SHORT TERM BORROWINGS
Working Capital Laons From Banks	3049.270	3325.400
Total	5225.670	3329.440
Note : LONG TERM BORROWINGS a) Rupee Term Loan from Banks The company along with 12 other/entities (collectively referred to as ‘Obligors’ and individually referred to as ‘Borrower’) executed facility agreement with consortium of existing domestic rupee term lenders, in the obligor/co-obligor structure, wherein all the Rupee Term Loan of the Obligors are pooled together. The Borrower entities covered are Videocon Industries Limited(VIL), Value Industries Limited, Trend Electronics Limited, KAIL Limited, Millennium Appliances India Limited, Applicomp (India) Limited, Sky Appliances Limited, Techno Electronics Limited, Century Applicances Limited, PE Electronics Limited, Next Retail India Limited, Evans Fraser and Co. (India) Limited and Videocon International Electronics Limited. Rupee Term Loans from Banks are secured by first pari-passu charge on all present and future tangible/intangible assets ( excluding the Identified Properties) of each of the Borrower, first pari-passu charge on the Trust and Relation Accounts of the Borrowers, second pari-passu charge on Identified Assets of Videocon Hydrocarbon Holding Limited’s (VHHL) subsidiaries through pledge of entire shareholding of VHHL in these overseas subsidies, second charge on pledge of 100% shares of Videocon Oil Ventures Limited and VHHL held by VIL, second pari-passu charge on VHHL’s share of cash flows from Identified Assets and second pari-passu charge over current assets of each of the Borrowers. The Rupee Term Loans are also secured by first ranking pledge by the promoters over equity shares of Videocon Industries Limited, Trend Electronics Limited and Value Industries Limited held by them, the personal guarantees of Mr. Venugopal N. Dhoot, Mr. Pradipkumar N. Dhoot, Mr. Rajkumar N. Dhoot and first pari-passu charge on ‘Videocon brand’. However, charge has not been created in favor of such Consortium of banks (A) for the credit facility to the Obligors on the assets by way of pledge of shares of the subsidiaries of VIL viz. Videocon Mauritius Energy Limited and Videocon Mozambique Rovuma 1 Limited (VMRL), which have been pledged to Standard Chartered Bank for the loans availed by VHHL; (B) for any other receivables from VMRL; and (C) on any assets of VMRL b) Vehicle Loans from Banks are secured by way of hypothecation of vehicles acquired out of the said loan. SHORT TERM BORROWINGS Working Capital Loan from Banks are secured against hypothecation of the Company’s stock of raw materials, stock-in-process, finished goods, stores and spares, book debts and all other assets of the Company and personal guarantees of Mr. Venugopal N. Dhoot and Mr. Pradipkumar N. Dhoot.

Banking Relations :	--
Auditors 1 :
Name :	Khandelwal Jain and Company Chartered Accountants
Address :	12-B, Baldota Bhavan, 117, Maharshi Karve Road, Opposite Churchgate Railway Station, Mumbai - 400020, Maharashtra, India
Auditors 2 :
Name :	Kadam and Company Chartered Accountants
Address :	Vedant, 8/9 Viraj Estate, Opposite Tarakpur Bus Stand, Ahmednagar – 414003, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs.250.000 Millions
10,000,000	Redeemables Preference Shares	Rs. 100/- each	Rs.1000.000 Millions
	Total		Rs. 1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75,00,000	Equity Shares	Rs. 10/- each	Rs.75.000 Millions
10,000,000	Non-Cumulative Redeemable Preferece Shares	Rs. 100/- each	Rs.1000.00 Millions
	Total		Rs. 1075.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013 (12 Months)	31.12.2012 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1075.000	1075.000
(b) Reserves & Surplus	101.720	602.210
(c) Money received against share warrants	0.000	0.000
(2) Shar30.170e Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1176.720	1677.210
(3) Non-Current Liabilities
(a) long-term borrowings	4202.400	3135.420
(b) Deferred tax liabilities (Net)	2.050	91.700
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	7.210	9.430
Total Non-current Liabilities (3)	4211.660	3236.550
(4) Current Liabilities
(a) Short term borrowings	3049.270	3325.400
(b) Trade payables	1841.560	1878.770
(c) Other current liabilities	233.830	582.850
(d) Short-term provisions	35.020	30.790
Total Current Liabilities (4)	5159.680	5817.810
TOTAL	10548.060	10731.570
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2570.930	2481.750
(ii) Intangible Assets	0.090	0.080
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	256.460	337.040
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	41.280	30.170
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2868.760	2849.040
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3897.120	3856.600
(c) Trade receivables	2787.290	2882.810
(d) Cash and cash equivalents	339.090	323.210
(e) Short-term loans and advances	628.590	795.480
(f) Other current assets	27.210	24.430
Total Current Assets	7679.300	7882.530
TOTAL	10548.060	10731.570

SOURCES OF FUNDS		31.12.2011 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		75.000
2] Share Application Money		1000.000
3] Reserves & Surplus		1017.920
4] (Accumulated Losses)		0.000
NETWORTH		2092.920
LOAN FUNDS
1] Secured Loans		2011.650
2] Unsecured Loans		4206.050
TOTAL BORROWING		6217.700
DEFERRED TAX LIABILITIES		230.360
TOTAL		8540.980
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2735.070
Capital work-in-progress		0.000
INVESTMENT		837.280
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3048.920
	Sundry Debtors	2879.850
	Cash & Bank Balances	313.920
	Other Current Assets	15.440
	Loans & Advances	1196.650
Total Current Assets		7454.780
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2316.910
	Other Current Liabilities	134.230
	Provisions	35.010
Total Current Liabilities		2486.150
Net Current Assets		4968.630
MISCELLANEOUS EXPENSES		0.000
TOTAL		8540.980

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013 (12 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
	SALES
		Income	14250.640	14507.730	16576.680
		Other Income	1.220	21.690	68.490
		TOTAL	14251.860	14529.420	16645.170
Less	EXPENSES
		Cost of Material Consumed	6267.110	6060.240	15275.350
		Purchase of Stock-in-Trade	7027.520	7750.780	0.000
		Salaries, Wages and Employees' Benefits	0.000	0.000	139.450
		Changes in inventories of finished goods, Work-in-Progress and Stock-in-Trade	(26.710)	(232.760)	0.000
		Employees Benefits Expenses	161.280	144.050	0.000
		Manufacturing and Other Expenses	448.050	410.900	369.830
		TOTAL	13877.250	14133.210	15784.630
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		374.610	396.210	860.540
Less	FINANCIAL EXPENSES		751.540	737.970	620.630
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(376.930)	(341.760)	239.910
Less/ Add	DEPRECIATION/ AMORTISATION		213.210	204.870	186.480
	PROFIT/ (LOSS) BEFORE TAX		(590.140)	(546.630)	53.430
Less	TAX		(89.650)	(130.920)	17.580
	PROFIT/ (LOSS) AFTER TAX (G-H)		(500.490)	(415.710)	35.850
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	323.590
Add	EXCESS/(SHORT) PROVISION OF INCOME TAX FOR EARLIER YEAR		NA	NA	16.630
Less	APPROPRIATIONS
		Proposed Dividend	NA	NA	0.000
		Transferred to General Reserve	NA	NA	5.000
		Tax on Dividend	NA	NA	0.000
	BALANCE CARRIED TO THE B/S		NA	NA	371.070
	IMPORTS
		Raw Materials	2501.970	2953.410	3493.480
		Capital Goods	2.700	1.170	16.260
	TOTAL IMPORTS		2504.67	2954.580	3509.740
	Earnings / (Loss) Per Share (Rs.)		(66.73)	(55.43)	7.00

KEY RATIOS

PARTICULARS		31.12.2013 (12 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
PAT / Total Income	(%)	(3.51)	(2.86)	0.22
Net Profit Margin (PBT/Sales)	(%)	(4.14)	(3.77)	0.32
Return on Total Assets (PBT/Total Assets}	(%)	(5.73)	(5.26)	0.52
Return on Investment (ROI) (PBT/Networth)		(0.50)	(0.33)	0.03
Debt Equity Ratio (Total Debt/Networth)		6.16	3.85	2.97
Current Ratio (Current Asset/Current Liability)		1.49	1.35	3.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1075.000	1075.000
Reserves & Surplus	602.210	101.720
Net worth	1677.210	1176.720
long-term borrowings	3135.420	4202.400
Short term borrowings	3325.400	3049.270
Total borrowings	6460.820	7251.670
Debt/Equity ratio	3.852	6.163

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	16576.680	14507.730	14250.640
		(12.481)	(1.772)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	16576.680	14507.730	14250.640
Profit	35.850	(415.710)	(500.490)
	0.22%	(2.87%)	(3.51%)

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	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10414632	31/07/2014 *	201,950,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, Maharashtra - 400005, INDIA	C15443062
2	10394852	13/12/2012	5,000,000,000.00	ALLAHABAD BANK	Industrial Finance Branch, 2nd Floor, 37,, Mumbai  Samachar Marg, Fort,, Mumbai, Maharashtra - 40002  3, INDIA	B65124083
3	10393333	17/11/2012	3,000,000,000.00	BANK OF INDIA	SUSHILP, 1290, SHIVAI NAHAR, OPP HOTEL SWAN INN,  OFF- JUNGALEE MAHARAJ ROAD, PUNE, Maharashtra - 41  1005, INDIA	B64658016
4	10362313	14/06/2012	25,000,000,000.00	CENTRAL BANK OF INDIA	IFB, Chander Mukhi,, Ground Floor, Nariman Point,  , Mumbai, Maharashtra - 400021, INDIA	B42306225
5	10352241	30/04/2012	6,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Guj  arat - 390015, INDIA	B38403564
6	10353445	24/04/2012	7,500,000,000.00	STATE BANK OF INDIA	Corporate Accounts Group Branch, Neville House,,  3rd Floor, J. N. Heredia Marg, Ballard Estate,, Mu  mbai, Maharashtra - 400001, INDIA	B38855318
7	10337611	18/02/2012	30,250,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maha  rashtra - 400005, INDIA	B32982407
8	10300909	16/07/2011	3,825,576.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, Maharashtra - 400013, INDIA	B18313767
9	10300913	16/07/2011	5,201,607.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, Maharashtra - 400013, INDIA	B18314039
10	90235132	28/03/2012 *	6,050,000,000.00	STATE BANK OF HYDERABAD	SHAHGUNJ MAIN BRANCH, AURANGABAD, Maharashtra - 43  1001, INDIA	B36553162

UNSECURED LOANS

PARTICULAR	31.12.2013 (Rs. in Millions)	31.12.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Foreign Currency Loans from Banks	405.280	0.000
Sales Tax Deferral	620.720	731.380
From Others	1000.000	2400.000
Total	2026.000	3131.380
Note : The company has availed interest free Sales Tax Deferral under package incentive scheme of 1993. The sales tax collected the deferral period is payable in five installments, after completion of ten years from the year in which the tax was collected.

BUSINESS PERFORMANCE

During the year, the Indian economy went through upheavals owing to global distress and persistent domestic turbulence. The major challenges were inflation, high fiscal deficit, lack of liquidity, policy uncertainty and currency volatility. India''s Gross Domestic Product (GDP) growth rate moderated in the year 2013, owing to the underperformance by almost all sectors of the economy. In addition, the Rupee''s historic plunge against the US Dollar has made the markets jittery.

During the year, the Company has earned a total income of Rs. 14,251.86 Million as against Rs.14,529.42 Million for the previous year. Total expenditure amounted toRs.14,842.00 Million as against Rs.15,076.05 Million for the previous year. The Company has incurred a net loss of Rs. 500.49 Million as against a net loss of Rs. 415.71 Million for the previous year.

The Company believes that it is the only Set Top Box manufacturer in India. The Government of India through its mandate of implementation of Digital Addressable System (DAS), which envisages the mandatory transformation of the entire television distribution system through a digital pipe by December 2014, has offered a landmark opportunity for the Company

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014

(Rs. In Millions)

Particulars				Quarter ended		Six months ended
				30.06.2014	31.03.2014	30.06.2014
				Unaudited	Unaudited	Unaudited
1.			Income from operations
			a) Net sales/income from operations (net of excise duty)	3681.400	3625.500	7306.900
			b) Other operating income	1.000	0.000	1.000
			Total income from operations (net)	3682.400	3626.300	7308.700
2.			Expenses
			a) Cost of material consumed	1567.200	1631.700	3198.900
			b) Purchases of stock-in-trade	1897.300	1660.300	3557.600
			c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	14.700	108.300	123.000
			d) Employee benefits expense	48.800	40.600	89.400
			e) Depreciation and amortisation expenses	56.000	55.700	111.700
			f) Other expenses	64.100	97.200	161.300
			Total expenses	3648.100	3593.800	7241.900
3.			Profit/(Loss) from operations before other income, finance costs and exceptional items (1-2)	34.300	32.500	66.800
4.			Other income	20.300	0.100	20.400
5.			Profit/(Loss) from ordinary activities before finance costs and exceptional items (3+4)	54.600	32.600	87.200
6.			Finance costs	171.600	170.800	342.400
7.			Profit/(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	(117.000)	(138.200)	(255.200)
8.			Exceptional items	--	---	--
9.			Profit/(Loss) from ordinary activities before tax (7+8)	(117.000)	(138.200)	(255.200)
10.			Tax expense	(30.300)	(33.800)	(64.100)
11.			Net Profit/(Loss) from ordinary activities after tax (9-10)	(86.700)	(104.400)	(191.100)
12.			Extraordinary items (net of tax expenses)	--	--	---
13.			Net Profit/(Loss) for the period (11-12)	(86.700)	(104.400)	(191.100)
14.			Paid-up equity share capital (FV Rs.10/- per share)	75.000	75.000	75.000
15.			Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i.			Earnings per share (before extraordinary items) (of Rs. 10/- each) (not annualised)
			a) Basic	(11.56)	(13.92)	(25.48)
			b) Diluted	(11.56)	(13.92)	(25.48)
16.ii. Earnings per share (after extraordinary items) (of Rs. 10/- each) (not annualised)
		a) Basic		(11.56)	(13.92)	(25.48)
		b) Diluted		(11.56)	(13.92)	(25.48)
A.	PARTICULARS OF SHAREHOLDING
1.	Public shareholding
	- Number of equity shares			3820895	3820895	3820895
	- Percentage of equity shareholding			50.95%	50.95%	50.95%
2.	Promoters and promoter group shareholding
	a) Pledge/Encumbered
	- Number of shares			-	-	-
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)			0.00%	0.00%	0.00%
	- Percentage of shares (as a % of the total share capital of the Company)			0.00%	0.00%	0.00%
	b) Non-encumbered
	- Number of shares			3,679,105	3,679,105	3,679,105
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)			100.00%	100.00%	100.00%
	- Percentage of shares (as a % of the total share capital of the Company)			49.05%	49.05%	49.05%

Particulars	Quarter ended 30.06.2014
B. INVESTOR COMPLAINTS (Nos.)
Pending at the beginning of the quarter	2
Received during the quarter	15
Disposed off during the quarter	15
Remaining unresolved at the end of the quarter	2

Notes:

1. The Statutory Auditors have carried out limited review of the above results and the same have been reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on August 14, 2014.

2. Tax expense includes provision for current tax, deferred tax and net of MAT credit entitlement.

3. The Company has only one segment viz “Consumer electronics and components/parts thereof as per Accounting Standard on Segment Reporting (AS) 17 of ICAI.

4. The figures of the previous periods/year have been regrouped/reclassified wherever necessary to make them comparable.

STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	30.06.2014 Unaudited
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1075.000
(b) Reserves & Surplus	-89.400
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	985.600
(3) Non-Current Liabilities
(a) long-term borrowings	4121.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	7.900
Total Non-current Liabilities (3)	4128.900
(4) Current Liabilities
(a) Short term borrowings	3702.300
(b) Trade payables	1592.700
(c) Other current liabilities	315.900
(d) Short-term provisions	39.000
Total Current Liabilities (4)	5649.900
TOTAL	10764.400
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2464.800
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	456.500
(c) Deferred tax assets (net)	62.000
(d) Long-term Loan and Advances	34.600
(e) Other Non-current assets	0.000
Total Non-Current Assets	3017.900
(2) Current assets
(a) Current investments	0.000
(b) Inventories	3876.600
(c) Trade receivables	2832.800
(d) Cash and cash equivalents	360.800
(e) Short-term loans and advances	651.500
(f) Other current assets	24.800
Total Current Assets	7746.500
TOTAL	10764.400

FIXED ASSETS

Ø Freehold Land

Ø Building

Ø Plant and Machinery

Ø Electrical Equipments

Ø Computers

Ø Furniture and Fixtures

Ø Office Equipments

Ø Vehicles

Ø Computer Software

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. 61.46
UK Pound	1	Rs. 98.77
Euro	1	Rs. 77.65

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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. S	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.