MIRA INFORM REPORT

Report No. :	317110
Report Date :	14.04.2015

IDENTIFICATION DETAILS

Name :	BUTTERFLY GANDHIMATHI APPLIANCES LIMITED
Registered Office :	143, Pudupakkam Village, Vandalur – Kelambakkam Road, Kelambakkam, Kancheerpuram – 603103 Tamilnadu
Tel. No.:	91-44-2747422
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.02.1986
Com. Reg. No.:	18-012728
Capital Investment / Paid-up Capital :	Rs.178.795 Million
CIN No.: [Company Identification No.]	L28931TN1986PLC012728
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEG00551F
PAN No.: [Permanent Account No.]	AAACG2038F
Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of comprehensive range of Home Appliances, Kitchen Products and Cookware.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects BGAL’s established brand presence supported by established business risk profile and diversified product profile of the company. Rating also reflects company’s healthy financial risk profile marked by adequate liquidity position and sound profitability margins of the company. Trade relations are reported as fair. Business is active payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term rating=A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	30.03.2015

Rating Agency Name	CARE
Rating	Short term rating=A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	30.03.2015

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 DENIED

Management Non Co-operative (91-44-67415590)

LOCATIONS

Registered Office / Factory :	143, Pudupakkam Village, Vandalur – Kelambakkam Road, Kelambakkam, Kancheerpuram – 603103 Tamilnadu, India
Tel. No.:	91-44-2747422 / 2747410
Fax No.:	91-44-27474126
E-Mail :	gmal@butterflyindia.com butterflyho@butterflyindia.com
Website :	www.gandhimathiappliances.com
Head Office:	No.34, 2^ndFloor, Rajiv Gandhi Salai, Egattur Village, Chennai – 603013, Tamilnadu, India
E-Mail :	gmal@butterflyindia.com
Corporate Office :	E-34, Sucons Oki Info Park, Rajiv Gandhi Salai, Kancheepuram District Navalur – 603103, Tamilnadu, India
Factory :	377, Anna Salai Teynampet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-24345313 / 24350685 / 24350682

DIRECTORS

AS ON 31.03.2014

Name :	Mr. V.M. Lakshminarayanan
Designation :	Chairman and Managing Director
Name :	Mr. V.M. Balasubramaniam,
Designation :	Vice Chairman and Director
Name :	Mr. V.M. Seshadri,
Designation :	Managing Director
Name :	Mr. V.M. Gangadharam
Designation :	Executive Director
Name :	Mr. V.M. Kumaresan,
Designation :	Executive Director-Technical
Name :	Mr. D. Krishnamurthy
Designation :	Executive Director-cum-Company Secretary
Name :	Mr. R. S. Parekh
Designation :	Nominee Director-Equity Investor
Date of Birth/Age :	12.05.1968
Qualification :	M. Com, Chartered Accountant And Cost And Works Accountant
Date of Appointment :	11.05.2012
Name :	Mr. V.R. Lakshminarayanan
Designation :	Independent Director
Date of Birth/Age :	15.03.1931
Qualification :	IPS (Retd)
Date of Appointment :	11.01.1993
Name :	Mr. K. Ganeshan
Designation :	Independent Director
Date of Birth/Age :	01.10.1931
Qualification :	B.COM, F.C.A
Name :	Mr. M. Padmanabhan
Designation :	Independent Director
Date of Birth/Age :	20.11.1949
Qualification :	B.COM, F.C.A
Date of Appointment :	30.01.1999
Name :	Mr. A. Balasubramanian
Designation :	Independent Director
Date of Birth/Age :	05.01.1949
Qualification :	Chartered Accountant
Date of Appointment :	14.11.2011
Name :	Mr. K.J. Kumar
Designation :	Independent Director
Date of Birth/Age :	01.04.1944
Qualification :	Diploma In Mechanical Engineering
Date of Appointment :	11.05.2012
Name :	Mr. G.S. Samuel
Designation :	Independent Director
Name :	T. R. Srinivasan
Designation :	Independent Director

SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	5091113	28.47
Bodies Corporate	6553665	36.65
Sub Total	11644778	65.13
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	11644778	65.13
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	650252	3.64
Financial Institutions / Banks	2000	0.01
Any Others (Specify)	2451000	13.71
Any Other	2451000	13.71
Sub Total	3103252	17.36
(2) Non-Institutions
Bodies Corporate	380650	2.13
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1981962	11.09
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	695017	3.89
Qualified Foreign Investor	73892	0.41
Sub Total	3131521	17.51
Total Public shareholding (B)	6234773	34.87
Total (A)+(B)	17879551	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)	17879551	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of comprehensive range of Home Appliances, Kitchen Products and Cookware.
Products/services	· Double Burner Salem Regular Friendly · Triple Burner Friendly · Four Burner · Single Burner Salem Regular Ideal
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

• State Bank of Travancore
• IDBI Bank
• Bank of Baroda
• Axis Bank
• ING Vysya Bank
• State Bank of India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term Loans from Banks (Secured by hypothecation of specific Plant and Machinery purchased out of the loan, and also by paripassu second charge on other fixed assets of the Company, Corporate Guarantee of an associate Company along with personal Guarantee of Promoter Directors)	35.685	0.000
Vehicle Loan (Secured by hypothecation of Vehicles purchased under loan)	10.556	13.033
From Fullerton India Credit Company Limited (Secured by Hypothecation of Immovable Property at Egattur)	43.407	50.405
Short Term Borrowings
Loan repayable on demand
Cash credit	1502.097	16.131
Working Capital Loan (Secured by hypothecation by way first charge of present and future Inventories, book debts and collateral paripassu charge of Land and Buildings, the title deeds of which are in the course of transfer in the Company’s name and also by the pari passu second charge on other fixed assets of the Company along with personal Guarantee of Promoter Directors)	75.000	301.592
Term Loan (Secured by hypothecation of specific Plant and Machinery purchased out of the loan, and also by paripassu second charge on other fixed assets of the Company, Corporate Guarantee of an associate Company along with personal Guarantee of Promoter Directors)	66.800	23.333
Vehicle Loan (Secured by hypothecation of Vehicles purchased under loan)	14.812	11.951
Plant and Machinery Loan (Secured by hypothecation of specific Plant and Machinery purchased out of loan)	0.083	1.972
From Fullerton India Credit Company Limited (Secured by Hypothecation of Immovable Property at Egattur)	15.839	15.839
Total	1764.279	434.256

Auditors :
Name :	Rudhrakumar Associates Chartered Accountants
Address:	11, Mangesh Street, T.Nagar Chennai – 600017, Tamilnadu, India
Tel No.:	91-44-24344746/24346586
Fax No.:	91-44-24336527
Email:	rkumar_associates@yahoo.com
Collaborators :	Not Divulged
Membership :	Not Divulged
Enterprises in which key management personnel and their Relatives have Significant influence:	· LLM Appliances Limited · Butterfly Constructions Limited · Butterfly Marketing Private Limited · V.M. Chettiar and Sons India Private Limited · Butterfly Quality Center Private Limited · Chrysalis Home Needs Private Limited · Swaminathan Enterprises Private Limited · Sivagurunathan Industries · East West Combined Industries · Vetrivel Transport · Mrinalini Industries

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs. 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17879551	Equity Shares	Rs.10/- each	Rs.178.795 Million

· Reconciliation of the shares outstanding at the beginning and at the end of the reporting period.

There is no change in the holding of the share capital during the year 2013-14.

· Rights, preferences and restrictions

The company has only one class of equity shares having a par value of Rs.10/- per share. Each member is entitled to one vote by show of hands and while on poll, every shareholders is entitled to vote in proportion to their holdings.

· Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares in Lakhs
LLM Appliances Limited	30.47
Butterfly Marketing Private Limited	28.35
Reliance Alternative Investments Services Private Limited	24.51
Mr. V.M. Seshadri	12.51
Mr. V.M. Lakshminarayanan	10.01

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	178.795	178.795	154.458
(b) Reserves & Surplus	2058.215	1834.073	601.726
(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)	2237.010	2012.868	756.184
(3) Non-Current Liabilities
(a) long-term borrowings	142.903	64.049	353.876
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	38.702	40.931	0.000
(d) long-term provisions	32.830	22.227	24.243
Total Non-current Liabilities (3)	214.435	127.207	378.119
(4) Current Liabilities
(a) Short term borrowings	1712.871	370.818	709.535
(b) Trade payables	2072.020	2204.049	729.332
(c) Other current liabilities	221.407	447.039	256.836
(d) Short-term provisions	269.012	253.663	74.314
Total Current Liabilities (4)	4275.310	3275.569	1770.017
TOTAL	6726.755	5415.644	2904.320
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1058.315	930.260	758.158
(ii) Intangible Assets	533.695	50.443	24.000
(iii) Capital work-in-progress	45.044	38.395	7.914
(iv) Intangible assets under development	0.000	0.000	12.777
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	3.188	33.725	45.520
(d) Long-term Loan and Advances	0.000	0.000	2.127
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1640.242	1052.823	850.496
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1672.261	1587.941	717.287
(c) Trade receivables	2793.358	1954.930	943.997
(d) Cash and cash equivalents	199.919	462.574	222.013
(e) Short-term loans and advances	420.975	357.376	170.527
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	5086.513	4362.821	2053.824
TOTAL	6726.755	5415.644	2904.320

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		7641.813	7253.619	5918.197
		Other Income		65.468	51.376	56.375
		TOTAL (A)		7707.281	7304.995	5974.572
Less	EXPENSES
		Cost of Materials Consumed		4835.767	4441.257	3385.55
		Purchase of Stock-in-trade		558.753	734.851	579.624
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(192.346)	(264.050)	(76.101)
		Employee Benefits Expenses		608.137	515.468	319.777
		Other Expenses		1336.787	1198.274	1133.596
		Insurance Claim received		0.000	0.000	(0.593)
		Gratuity provision reversed		0.000	0.000	(6.797)
		Excess provision reversed on Insurance claim		0.000	0.000	4.925
		Long term Repayment charges		0.000	8.717	0.000
		TOTAL (B)		7147.098	6634.517	5339.981
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			560.183	670.478	634.591
Less	FINANCIAL EXPENSES (D)			167.460	153.298	175.489
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			392.723	517.180	459.102
Less	DEPRECIATION/ AMORTISATION (F)			49.326	40.059	16.701
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			343.397	477.121	442.401
Less	TAX (H)			119.255	142.891	138.309
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			224.142	334.230	304.092
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			946.142	612.388	308.297
	BALANCE CARRIED TO THE B/S			1170.284	946.618	612.389
	EARNINGS IN FOREIGN CURRENCY ON FOB			74.291	64.741	70.368
	IMPORTS
			Raw Materials	414.435	142.357	9.208
			Components and spares parts	410.954	534.788	46.308
			Capital goods	5.655	37.619	28.139
			Finished Goods	326.655	531.013	1.858
	TOTAL IMPORTS			1157.699	1245.777	85.513
	Earnings Per Share (Rs.)			12.54	18.69	19.71

QUARTERLY RESULTS

(Rs. In Million)

Particulars	30.06.2014 (Unaudited)	30.09.2014 (Unaudited)	31.12.2014 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	1080.600	1560.800	1182.800
Total Expenditure	989.900	1459.500	1094.000
PBIDT (Excluding Other Income)	90.700	101.300	88.800
Other Income	3.900	3.300	3.400
Operating Profit	94.600	104.600	92.100
Interest	66.700	56.200	61.700
Exceptional Items	0.000	0.000	0.000
PBDT	27.900	48.400	30.400
Depreciation	25.300	25.800	26.000
Profit Before Tax	2.600	22.600	4.500
Tax	0.900	7.800	1.600
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	1.800	14.800	2.900
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	1.800	14.800	2.900

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	2.93	4.61	5.14
Operating Profit Margin (PBDIT/Sales)	(%)	7.33	9.24	10.72
Return on Total Assets (PBT/Total Assets)	(%)	5.14	8.93	15.59
Return on Investment (ROI) (PBT/Networth)		0.15	0.24	0.59
Debt Equity Ratio (Total Debt /Networth)		0.83	0.22	1.41
Current Ratio (Current Asset/Current Liability)		1.19	1.33	1.16

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	154.458	178.795	178.795
Reserves & Surplus	601.726	1834.073	2058.215
Net worth	756.184	2012.868	2237.010
long-term borrowings	353.876	64.049	142.903
Short term borrowings	709.535	370.818	1712.871
Total borrowings	1063.411	434.867	1855.774
Debt/Equity ratio	1.406	0.216	0.830

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	5918.197	7253.619	7641.813
		22.565	5.352

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	5918.197	7253.619	7641.813
Profit	304.092	334.230	224.142
	5.14%	4.61%	2.93%

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
From directors	0.000	0.611
Aditya Birla Finance Limited	28.587	0.000
Religare Finvest Limited	24.668	0.000
Short Term Borrowings
Aditya Birla Finance Limited	31.719	0.000
Religare Finvest Limited	6.521	0.000
Total	91.495	0.611

REVIEW OF OPERATIOINS:

Total net Revenue grew by 5.5% on a year on year basis from Rs.7305.000 Million in financial year 2012-13 to Rs.7707.300 Million in financial year 2013-14. The Company opted for a lower share at Rs.20.400 Million of the Government order for supply of Tabic Top Wet Grinders during financial year 2013-14, against Rs.4284.000 Million in the financial year 2012-13, due to lower margins. The shortfall in revenue from Government orders was partly compensated by higher branded sales, which grew by 12.5% as compared to financial year 2012-13.

Sales of branded products would have been even higher, but for several challenges in the form of lackluster economic conditions, galloping inflation, unsettled political situation in Andhra Pradesh, impact of free distribution schemes by the Tamil Nadu government and overall weakness in consumer sentiments during the festive season.

Further, the company was focusing on good quality sales and, in view of the market conditions in the latter half of the fiscal, the Company had consciously moderated sales to primary channels, even though the off take to the secondary channels was fairly stable. This has enabled some destocking at the distributor levels and helped to avoid disproportionate rise in debtors.

During the year, the Company has made steady progress in its initiatives to enhance its Pan India sales and distribution network. It has also invested in marketing and brand awareness activities to increase its presence in the non-South regions of the country. Towards the end of the year, your Company acquired the domestic kitchen and domestic electrical appliances division of its associate Company, LLM Appliances Ltd. This acquisition has helped the company to add twelve new product categories and has added to its distribution strength. Most importantly, your Company has acquired the perpetual rights to the "BUTTERFLY'' brand for use in domestic kitchen and domestic electrical appliances globally. This has helped to significantly streamline its operations.

The cascading effect of increase in the cost of materials consumed, high volatility in foreign exchange rates and market pressure against price revision resulted in lower profitability. In addition, the initiatives taken towards widespread advertising and marketing to augment sales and distribution network have resulted in an increase in costs for the company. While these expenses are being incurred upfront, the benefits will accrue in later years through accelerated growth in sales. Hence, the management strongly believes that the compression in profit margins of the company is only temporary.

AWARDS AND RECOGNITION:

The Company was awarded the MSME National Award for the year 2012 for its outstanding performance in the MSME Sector by the Hon'ble Minister, MSME in the National Award Function in New Delhi held on 1st March 2014- Al the Non-Fuel Channel Partners'' Meet of 10CL recently held at Chail (near Simla) on 26th April, 2014, the Company was awarded a Certificate of Excellence for achieving on All India basis the second highest sales of LPG Stoves co-branded with (independence during the financial year 2013-14.

On the occasion of the Central Excise Day-2014, on 24th February, 2014, the Company was awarded a Certificate by the Chief Commissioner of Central Excise, Chennai Zone, for contribution to Revenue and showing a spirit of co-operation and voluntary compliance with the Law during the financial year 2013-14.

CURRENT YEARS OPERATIONS:

The Company has acquired from its associate, M/s. LLM Appliances Limited, the domestic kitchen and domestic electrical appliance products, hitherto marketed by them, on a going concern basis on ''slump] sale\ with the trade name and trade mark ''Butterfly'' for these products with effect from 29th March, 2014, This has widened the Company’s product range, which now includes LPG Stoves, Mixer Grinders, Pressure Cookers, Topic Top Wet Grinders, Cookware’s, Power Hobs, Rice Cookers, Water Heaters (Geysers), Air Coolers, Water Purifiers, Electric Water Kettle, Electric Sandwich Maker, Electric Bread Toaster and Fans.

The Research and Development wing of the Company has now been geared to launch premium quality LPG Stoves, Mixer Grinders and Table Top Wet Grinders in the near future.

The Pan India presence of the Company’s products has since been accomplished and the sales turnover from the non-South regions is gaining good momentum.

With the above effective steps towards notching up the sales turnover/profitability of the Company, your Directors are optimistic of better performance during the current financial year.

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 31^ST DECEMBER 2014

(Rs. In Million)

Particulars	Quarter Ended		Nine Months Ended
	31.12.2014	30.09.2014	31.12.2014
	UNAUDITED
1. a) Gross Sales/Income from operations	1285.335	1710.950	4135.747
Less: Excise Duty	112.587	156.712	338.518
Net sales/ Income from operation (net of excise duty)	1172.748	1554.238	3797.229
b) Other operating income	10.023	6.512	23.097
Total income from Operations(net)	1182.771	1560.750	3820.326
2.Expenditure
a) Cost of material consumed	463.989	625.794	1544.487
b) Purchases of stock in trade	293.520	156.472	503.148
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(50.161)	164.618	244.103
d) Employees benefit expenses	155.601	148.675	452.388
e) Depreciation and amortization expenses	25.983	25.844	77.089
f) Other expenditure	231.063	363.930	799.265
Total expenses	1119.995	1485.334	3620.479
3. Profit from operations before other income and financial costs	62.776	75.416	199.847
4. Other income	3.380	3.338	14.358
5. Profit from ordinary activities before finance costs	66.156	78.754	214.205
6. Finance costs	61.707	56.155	184.514
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	4.449	22.599	29.691
8. Exchange Currency Fluctuation Loss/ (Gain)	--	--	--
9. Profit from ordinary activities before tax Expense:	4.449	22.599	29.691
10.Tax expenses
-- Current Tax	--	--	--
-- MAT (Credit) / Reversal	--	--	--
-- Deferred Tax	1.547	7.844	10.290
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	2.902	14.755	19.401
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period (11 -12)	2.902	14.755	19.401
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	178.795	178.795	178.795
15. Reserve 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 and diluted	0.16	0.83	1.09
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	6234773	6234773	6234773
- Percentage of shareholding	34.87	34.87	34.87
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--	--	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--	--	--
Percentage of shares (as a % of total share capital of the company)	--	--	--
b) Non Encumbered
Number of shares	11644778	11644778	11644778
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	65.13	65.13	65.13
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	21
Disposed of during the quarter	21
Remaining unreserved at the end of the quarter	Nil

NOTES:

1. Supplies to Tamilnadu Civil Supplies Corporation included in Gross Sales for the quarters' ended on 31.12.2014 Rs. Nil, 30.09.2014 Rs. Nil, and 31.12.2013 Rs.1232.400 Million, and for nine months period ended on 31.12.2014 Rs. Nil, and 31.12.2013 Rs.2504.600 Million and for year ended 31.03.2014 Rs.3312.600 Million.

2. The above results, were reviewed by the Audit Committee of the Board and were approved by the Board of Directors at its meeting held on 13th February, 2015

3. The operation of the Company relates to only one segment, viz., Domestic appliances.

4. Limited Review of the above results has been carried out by the Company's Statutory Auditors and the Report is forwarded to the Stock Exchanges.

5. Figures for Previous year and previous quarters/nine months have been regrouped, wherever necessary.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10552128	09/02/2015	250,000,000.00	AXIS BANK LIMITED	MID CORPORATE III, GROUND FLOOR, KARUMUTTU NILAYAM, NO.192, ANNA SALAI,, CHENNAI, TAMIL NADU - 600002, INDIA	C45114907
2	10552029	05/03/2015 *	250,000,000.00	AXIS BANK LIMITED	MID CORPORATE III, GROUND FLOOR, KARUMUTTU NILAYAM, NO.192, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	C47048517
3	10543222	24/11/2014	90,000,000.00	FULLERTON INDIA CREDIT COMPANY LIMITED	3RD FLOOR, OLD NO.307, NEW NO.165,, MEGH TOWERS, P.H.ROAD, MADURAVOYAL,, CHENNAI, TAMIL NADU - 600095, INDIA	C40548661
4	10513999	09/08/2014 *	210,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 416001, INDIA	C16295123
5	10479083	19/02/2014	600,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, NO.86.RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA	B96992441
6	10444086	31/07/2013	300,000,000.00	STATE BANK OF TRAVANCORE	NO.556, JEEVAN ANAND,, TEYNAMPET,, CHENNAI, TAMILNADU - 600018, INDIA	B82589342
7	10401411	15/12/2012	50,000,000.00	ING VYSYA BANK LIMITED	185,ANNA SALAI ,, NEAR TVS,, CHENNAI, TAMIL NADU - 600006, INDIA	B67413666
8	10379448	25/11/2013 *	950,000,000.00	AXIS BANK LIMITED	GROUND FLOOR, KARUMUTTU NILAYAM,, NO.192, ANNA SALAI,, CHENNAI, TAMIL NADU - 600002, INDIA	B91983791
9	10346288	21/04/2014 *	3,880,000,000.00	STATE BANK OF TRAVANCORE	COMMERCIAL BRANCH, JEEVAN ANAND,, NO.556, MOUNT ROAD, TEYNAMPET,, CHENNAI, TAMIL NADU - 600018, INDIA	C05951025
10	10322680	23/11/2011	1,760,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B27689371
11	10315378	24/10/2011 *	75,000,000.00	STATE BANK OF TRAVANCORE	JEEVAN ANAND BUILDING, NO.556, MOUNT ROAD, TEYNAMPET, CHENNAI, TAMIL NADU - 600018, INDIA	B25326414
12	10259840	10/12/2010	9,744,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B03287307
13	10213605	21/09/2012 *	460,000,000.00	IDBI BANK LTD.	115, ANNA SALAI,, SAIDAPET,, CHENNAI, TAMIL NADU - 600015, INDIA	B60079183
14	90285092	25/10/1994	10,000,000.00	STATE BANK OF TRAVANCORE	IND. FINANCE BRANCH 816/817 POONAMALLEE, HIGH ROAD, MADRAS, TAMIL NADU, INDIA	-
15	90285844	26/10/1993	196,000.00	CITI BANK N A	766 ANNA SALAI SHAKTI TOWN, MADRAS, TAMIL NADU - 600002, INDIA	-
16	90285060	16/08/1993	736,385.00	INDIA EQUIPMENT LEASING LTD.	21 PATULLOS ROAD, MADRAS, TAMIL NADU - 600002, INDIA	-
17	90284953	29/05/1987	1,200,000.00	INDIAN OVERSEAS BANK	TIRUVATTIYUR, MADRAS, TAMIL NADU, INDIA	-
18	90284939	05/01/1987	2,495,000.00	INDIAN OVERSEAS BANK	TIRUVATTIYUR, MADRAS, TAMIL NADU - 600019, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Dies and Tools

· Electrical Machinery

· Computers

· Office Equipments

· Vehicles

· Furniture and Fittings

· Trade Mark and License

· 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.62.37
UK Pound	1	Rs.91.60
Euro	1	Rs.66.49

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.