MIRA INFORM REPORT

Report No. :	317840
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED
Registered Office :	Survey No.427 P/3-4 and 431 P/1-2, Sarkhej-Bavla Highway, Village Moraiya, Taluka Sanand, District Ahmedabad - 382213, Gujarat
Tel. No.:	91-2717-661661 (10 Lines)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.07.1994
Com. Reg. No.:	04-022460
Capital Investment / Paid-up Capital :	Rs.132.564 Million
CIN No.: [Company Identification No.]	L33121GJ1994PLC022460
TAN No.: [Tax Deduction & Collection Account No.]	AHMT00243F
PAN No.: [Permanent Account No.]	AAAFT9000B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Transformers.
No. of Employees :	1200 (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration TRIL’s long and established track record of operations as one of the leading domestic transformer manufacturers supported by sound financial risk profile and decent liquidity position of the company. 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.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB+ (Long Term Bank Facilities)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	July 07, 2014

Rating Agency Name	CARE
Rating	A3+ (Short Term Bank Facilities)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	July 07, 2014

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

Name :	Mr. Samkit Mehta
Designation :	Deputy Manager – Finance
Contact No.:	91-2717-661661
Date :	16.04.2015

LOCATIONS

Registered Office/ Factory 1 :	Survey No.427 P/3-4 and 431 P/1-2, Sarkhej-Bavla Highway, Village Moraiya, Taluka Sanand, District Ahmedabad - 382213, Gujarat, India
Tel. No.:	91-2717-661661 (10 Lines)
Fax No.:	91-2717-661716
E-Mail :	info@transformerindia.com cs@transfornerindia.com marketing@transformerindia.com purchase@transformerindia.com
Website :	http://www.transformerindia.com
Factory 2 :	Survey No. 344-350, Opposite PWD Store, Sarkhej Bavla Highway, Village Changodar, Taluka Sanand, Ahmedabad – 382210, Gujarat, India
Factory 3 :	Plot No.233, GVMSAV Limited, Odhav, Ahmedabad, Gujarat, India
Factory 4 :	Survey No.: 427/3/p, Village Moraiya, Ahmedabad, Gujarat, India
Factory 5 :	Changodar Unit Changodar, Ahmedabad, Gujarat, India
Factory 6 :	Fabrication Unit Odhav, Ahmedabad, Gujarat, India
Regional Offices :	Located At: · Bangalore · Chennai  · Hyderabad · Kolkata · New Delhi  · Raipur

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Jitendra U. Mamtora
Designation :	Chairman and Whole Time Director
Date of Appointment :	01.04.2007
DIN No.:	00139911
Name :	Mr. Satyen Jitendra Mamtora
Designation :	Managing Director
Date of Appointment :	01.04.2013
DIN No.:	00139984
Name :	Mrs. Karunaben Jitendra Mamtora
Designation :	Executive Director
Qualification:	M.B.A and Whole Time Director
Date of Appointment :	01.04.2014
DIN No.:	00253549
Name :	Mr. Vinod Masson
Designation :	Executive Director and Whole Time Director
Qualification:	B.E. Electrical
Date of Appointment :	11.04.2014
DIN No.:	00059587
Name :	Mr. Bhaskar Sen
Designation :	Independent Director
Date of Birth/Age:	72 Years
Qualification:	B.E Mechanical Engineering from Jadavpur University
Expertise in specific functional areas :	46 Years of working experience in switchgears, transformers, motor projects, REC equipment’s, etc.
Date of Appointment :	01.11.2008
DIN No.:	01776530
Name :	Mr. Rajendra Shantilal Shah
Designation :	Independent Director
Date of Appointment :	09.07.2007
DIN No.:	00061922
Name :	Mr. Harish Ranjit Rangwala
Designation :	Independent Director
Date of Birth/Age:	64 Years
Qualification:	B.E Mechanical Engineering from LE Engineering College Morbi
Expertise in specific functional areas :	Manufacture of small tools and engineering components.
Date of Appointment :	25.08.2005
DIN No.:	00278062
Name :	Mr. Sureshchandra Ramsaran Agarwal
Designation :	Independent Director
Qualification:	Mechanical Engineer
Date of Appointment :	13.09.2007
DIN No.:	00889931

KEY EXECUTIVES

Name :	Mr. Chintan M. Trivedi
Designation :	Company Secretary
Name :	Mr. Rahul Shah
Designation :	Chief Financial Officer
Name :	Mr. Samkit Mehta
Designation :	Deputy Manager – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

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	9928415	74.90
Sub Total	9928415	74.90
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	9928415	74.90
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	422411	3.19
Financial Institutions / Banks	4325	0.03
Foreign Institutional Investors	9546	0.07
Sub Total	436282	3.29
(2) Non-Institutions
Bodies Corporate	180667	1.36
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2443080	18.43
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	44316	0.33
Any Others (Specify)	223651	1.69
Clearing Members	73220	0.55
Non Resident Indians	140000	1.06
Directors & their Relatives & Friends	10177	0.08
Trusts	254	0.00
Sub Total	2891714	21.81
Total Public shareholding (B)	3327996	25.10
Total (A)+(B)	13256411	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)	13256411	100.00

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP

No.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Jitendra Ujamshi Mamtora	88,58,992	66.83	2110000	23.82	15.92
2	Jitendra Ujamshi Mamtora HUF	6,82,931	5.15	0	0.00	0.00
3	Karunaben Jitendra Mamtora	2,67,736	2.02	0	0.00	0.00
4	Satyen Jitendra Mamtora	97,000	0.73	0	0.00	0.00
5	Janki Jitendra Mamtora	21,364	0.16	0	0.00	0.00
6	Dilip Ujamshi Mamtora	196	0.00	0	0.00	0.00
7	Bipin Ujamshi Mamtora	196	0.00	0	0.00	0.00
	Total	99,28,415	74.90	2110000	21.25	15.92

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PUBLIC AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES

No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	HDFC Trustee Company Limited HDFC Infrastructure Fund	422411	3.19
	Total	422411	3.19

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY

No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Nil	0	0.00
	Total	0	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Transformers.
Products :	Transformers
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit (30 days / 60 days / 90 days)
Purchasing :	Cash and Credit (30 days / 60 days / 90 days)

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	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 :

Reference :	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 :

1200 (Approximately)

Bankers :

Bank Name	State Bank of India Bank of Baroda Axis Bank Standard Chartered Bank IDBI Bank
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Term Loans for Vehicles	41.209	52.896
Term Loans from Bank	165.425	0.000
SHORT TERM BORROWINGS
Cash credit and short term loan from banks	1358.669	951.750
Total	1565.303	1004.646

Notes:

LONG TERM BORROWINGS

1. Secured by Hypothecation of specific fixed assets purchased under Term Loan Agreements.
2. Secured by charged on fixed assets purchased out of Term Loan and charge on office building located at Gurgaon and also 2^nd charge of fixed assets and current assets excluding fixed assets of Moraiya plant in addition to above secured by personal guarantee of some of the director.
3. Repayable in Equated Monthly Installments of Rs.2.430 Million (Previous year Rs.2.280 Million). And quarterly installment of Rs. 12.725 Million (Previous year Nil).

SHORT TERM BORROWINGS

Nature of Security:

The above cash credit and short term loan from banks are secured by hypothecation of current assets of the Company on paripassu basis and collaterally secured by residual value of net fixed assets of the Company excluding fixed assets of moraiya plant and also collaterally legal mortgage on paripassu basis on immovable properties situated at changodar, dhank and Ahmedabad and in addition to above secured by pledge of 2,110,000 equity shares of promoter and personal guarantees of some of the directors.

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, Near Gujarat Vidhyapith, Ahmedabad – 380014, Gujarat, India
Subsidiaries :	· Transweld Mechanical Engineering Works Limited · Transpares Limited · TARIL Infrastructure Limited
Associate Company :	Savas Engineering Company Private Limited
Enterprises over which key Managerial Personnel is able to exercise significant Influence :	Benchmark HR Solutions (India) Private Limited Transpower Skytrek Tours and Travels Jitendra U. Mamtora (HUF)
Memberships :	--
Collaborators :	--

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs.10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,256,411	Equity Shares	Rs.10/- each	Rs. 132.564 Million

(i) Reconciliation of the number of Equity Shares outstanding at the beginning and at the end of the reporting period

Particulars	31.03.2014
At the Beginning of the period	12923611
Issued during the period	332800
Outstanding at the end of the period	13256411

(ii) Details of shareholders holding more than 5% of equity shares

	31.03.2014
	Nos.	% Holding
Jitendra U. Mamtora	8,858,992	66.83%
Jitendra U. Mamtora (HUF)	682,931	5.15%

(iii) Details of Equity Shares allotted as fully paid up by way of bonus shares, shares issued for consideration other than cash (During last 5 years immediately preceding reporting date)

	31.03.2014
Equity shares allotted as fully paid bonus shares	332,800

(iv) Rights of Equity Shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to approval of the shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	132.564	129.236	129.236
(b) Reserves & Surplus	3225.034	3191.775	3155.619
(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)	3357.598	3321.011	3284.855
(3) Non-Current Liabilities
(a) long-term borrowings	206.634	52.896	0.000
(b) Deferred tax liabilities (Net)	117.220	92.801	73.641
(c) Other long term liabilities	158.947	280.289	61.539
(d) long-term provisions	6.384	6.317	7.656
Total Non-current Liabilities (3)	489.185	432.303	142.836
(4) Current Liabilities
(a) Short term borrowings	1359.918	951.750	400.423
(b) Trade payables	2212.423	977.981	792.883
(c) Other current liabilities	423.764	486.325	575.423
(d) Short-term provisions	16.344	15.527	0.558
Total Current Liabilities (4)	4012.449	2431.583	1769.287
TOTAL	7859.232	6184.897	5196.978
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1428.498	1430.599	979.193
(ii) Intangible Assets	9.184	11.036	14.158
(iii) Capital work-in-progress	256.828	170.532	272.203
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	23.619	23.619	21.119
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	113.230	99.674	97.702
(e) Other Non-current assets	34.879	43.337	68.751
Total Non-Current Assets	1866.238	1778.797	1453.126
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1195.069	1029.457	940.503
(c) Trade receivables	3810.947	2285.192	1741.423
(d) Cash and cash equivalents	194.423	301.649	779.802
(e) Short-term loans and advances	427.672	340.381	244.763
(f) Other current assets	364.883	449.421	37.361
Total Current Assets	5992.994	4406.100	3743.852
TOTAL	7859.232	6184.897	5196.978

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	7182.584	5096.832	5137.587
		Other Income	40.636	52.256	66.623
		TOTAL (A)	7223.220	5149.088	5204.210
Less	EXPENSES
		Cost of Raw Materials Consumed	6023.245	4236.110	4246.922
		(Increase)/Decrease in Stock of Finished Goods and Process Stock	(93.042)	(8.589)	(3.476)
		Manufacturing Expenses	0.000	0.000	232.739
		Employee Benefits Expense	237.457	192.052	165.428
		Other Expenses	652.792	496.665	287.827
		TOTAL (B)	6820.452	4916.238	4929.440
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		402.768	232.850	274.770
Less	FINANCIAL EXPENSES (D)		233.332	102.272	81.806
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		169.436	130.578	192.964
Less/ Add	DEPRECIATION/ AMORTISATION (F)		92.784	69.808	61.136
	PROFIT BEFORE TAX (E-F) (G)		76.652	60.770	131.828
Less	TAX (H)		28.601	13.442	39.998
	PROFIT AFTER TAX (G-H) (I)		48.051	47.328	91.830
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	290.941	211.143	473.568
	IMPORTS
		Raw Materials	407.823	229.876	282.392
		Capital Goods	10.588	35.788	30.350
	TOTAL IMPORTS		418.411	265.664	312.742
	Earnings Per Share (Rs.)		3.62	3.57	7.11

Expected Sales ( 2014-2015 ) : Rs.9000.000 Million

The above information has been parted by Mr. Samkit Mehta.

QUARTERLY RESULTS

PARTICULARS	31.12.2014	30.09.2014	30.06.2014
	Unaudited	Unaudited	Unaudited
Net Sales	1074.900	1240.400	1467.300
Total Expenditure	1018.800	1242.700	1350.900
PBIDT (Excl OI)	56.100	(2.300)	116.400
Other Income	8.900	8.700	6.600
Operating Profit	65.000	6.400	123.000
Interest	56.400	75.000	81.900
Exceptional Items	0.000	0.000	0.000
PBDT	8.600	(68.600)	41.100
Depreciation	31.200	29.600	27.600
Profit Before Tax	(22.600)	(98.200)	13.500
Tax	(6.800)	(32.200)	4.400
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(15.800)	(66.000)	9.100
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	(15.800)	(66.000)	9.100

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.67	0.93	1.79
Operating Profit Margin (PBIDT/Sales)	(%)	5.61	4.57	5.35
Return on Total Assets (PBT/Total Assets}	(%)	1.01	1.01	2.69
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.04
Debt Equity Ratio (Total Debt/Networth)		0.47	0.30	0.12
Current Ratio (Current Asset/Current Liability)		1.49	1.81	2.12

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	129.236	129.236	132.564
Reserves & Surplus	3155.619	3191.775	3225.034
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3284.855	3321.011	3357.598
long-term borrowings	0.000	52.896	206.634
Short term borrowings	400.423	951.750	1359.918
Total borrowings	400.423	1004.646	1566.552
Debt/Equity ratio	0.122	0.303	0.467

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	5137.587	5096.832	7182.584
		(0.793)	40.923

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	5137.587	5096.832	7182.584
Profit	91.830	47.328	48.051
	1.79%	0.93%	0.67%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Million)
Current maturities of long-term debt	61.850	27.359	0.000
Total	61.850	27.359	0.000

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10547488	30/01/2015	2,439,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, IN  DIA	C42715060
2	10527545	12/09/2014	975,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	C30808505
3	10527343	09/09/2014	2,150,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	C30814669
4	10507227	14/06/2014	975,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	C09999285
5	10502295	15/05/2014	1,950,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	C06250138
6	10419198	01/04/2013	5,470,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B73030447
7	10419321	01/04/2013	7,294,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B73060774
8	10418385	25/03/2013	7,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B72779325
9	10424726	25/03/2013	9,200,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B74758061
10	10371120	03/08/2012	28,200,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B55864540

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loan from Director	1.249	0.000
Total	1.249	0.000

CONTINGENT LIABILITIES IN RESPECT OF

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Disputed demand of Central Excise/Income Tax Department	80.049	24.722

REVIEW OF OPERATIONS

For the year ended 31st March, 2014, the Company has reported standalone total revenue and net profit after taxation of Rs. 7223.220 Million and Rs. 48.051 Million. Respectively as compared to last year''s total revenue and net profits of Rs. 5149.088 Million and Rs. 47.328 Million, respectively. For the F.Y. 2013-14, total revenue increased by 40% on year-on-year basis, Net Profit increased marginally due to increase in Raw material cost, finance cost and higher depreciation provisions.

MVA PRODUCTION

During the year 2013-14, the Company has manufactured 20650 MVA, out of which Changodar unit produced 7480 MVA, Moraiya unit produced 12458 MVA and Odhav unit produced 712 MVA, against the last year''s total of

13217 MVA.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMIC OUTLOOK

The Performance of Indian Economy remained weaker from very first quarter of FY 2013-14 when it recorded GDP growth rate of 4.4% the slowest in over a decade. Even as the rupee wobbled and investments in new projects shrank, the growth rate rose by a blip to 4.8% in the second quarter. It then wilted a little bit in the third quarter to 4.7%. These growth rates have not been enough to suggest that the advance estimates of 4.9% could be realized. The economy will now have to record 5.5% growth in the fourth quarter to realize the forecast, which on current assessment, looks difficult. This has been further confirmed by RBI in its report on Macroeconomic and Monetary Developments 20 14- 15 (MMDR).

India's current account deficit (CAD) has plunged to 0.2% of GDP in the March quarter, from 3.6%a year ago as imports crushed due to curbs on gold imports. For the fiscal year, CAD fell to 1.7% of GDP, or $32.4 bn from 4.7% or $87.8 bn a year ago.

It is expected that a strong and stable government under the leadership of a dynamic administrator with proven track record of growth-related success; would bring back the growth momentum and that a GDP growth of 6.5- 7.0 % should be achievable in this fiscal itself.

BUDGET IMPACT

2014 being an election year, a full year budget could not be presented. The critical policy changes like amendments to the Electricity Act, 2003 and the National Tariff Policy, 2006, which have been presented to the cabinet for approval, and are close to being finalized and will now be put in fast track, which is expected to drive investor interest, including foreign players.

POWER SECTOR/ POWER EQUIPMENT INDUSTRY

There has been some qualitative and quantitative progress in the power sector in the last six months due to Power Ministry's initiatives. Generation growth till December, 2013, has been 8,700 MW, none-too-insignificant. The Transmission sector's performance has also been impressive, especially with the integration of the Southern grid with the National grid.

After a weak growth of 2.2% in the 1st quarter of FY 2013-14, mainly due to growth in exports, the 2nd quarter witnessed a growth of 9.8% taking the first half growth to 6.4%. The 31quarter growth, however, dropped to a dismal 0.9% taking cumulative growth to 4% in the first nine months of FY 2013-14. It looks particularly distressing against backdrop of negative 7.8% growth in 2012-13. The Core Sector expanded 4.5% in February. 2014 - its quickest pace in five months. The core sector index has a 38% weight in the index of Industrial Production (IIP), which makes it a lead indicator of industrial activity. This improvement was largely driven by electricity generation (10.4%) and steel (4.5%) and to a lesser extent by cement (2.3%). Unfortunately however, the core sector performance in March itself belied any hopes of pickup in the sector.

India's power deficit contracted to a record low of 3.3% in February 2014, but it brings no cheers as it only reflects economic slowdown, poor financial health of power distribution Companies, which prefer to cut supply rather than demanding more power from producer. It is rather unfortunate that generation projects worth 4 900000 Million (30,000 MW) are stranded due to lack of buyers.

The most reassuring development, however, is the fact that the new finance ministry would draw up a blockbuster reform agenda at freeing up the finance sector and engineering, a revival which is expected to put the country back on a high-growth trajectory.

CURRENT AND FUTURE PROSPECTS

If we restrict their vision till the end of the current plan (March, 2017), the business prospects of electrical power equipments will largely depend on the following critical issues:

(1) The crying need is to strengthen discom finances. If discoms get financially strong, they can buy more power to push up demand, the Plant Load Factor (PLF) improves as also the profit margins for the power generators. Only then more and more new projects will come up, ultimately leading to revival of investor interest.

(2) A strong and stable Government at the center can push reforms that can propel growth. Top guns of Corporate India have been blaming red tape and delay in decision making for slowdown of economy and sluggish growth. Investor confidence must be restored, coal and gas availability also must be ensured.

(3) Despite an installed capacity of over 234 giga watt(GW), India is able to meet a peak demand of only 128 GW. One of the major reasons for this gap is the lack of strong transmission network. Transmission infrastructure development did not keep pace

with generation capacity growth during the tenth and eleven plan periods. As per a recent Power System Operation Corporation Limited report, around 30% transmission lines are severely overloaded and stressed. Transmission capacity addition has been impacted by several issues: (a) Dearth of talented and dedicated professionals1 skilled man power, (b) inadequate commercial tower testing facilities1 insulators/optical ground wire, (c) sourcing of funds from banks, (d) lack of administrative support1 absence of necessary laws, (e) lack of compensation policy for right-of-way (ROW), (f) slow legal and administrative procedures for obtaining statutory clearances, including environmental and forest clearances, and (g) location-specific issues. This can be logically expected with new stable government at center.

Right steps can go a long way in removing transmission bottlenecks and providing adequate evacuation facilities for the generation capacity planned to be added in the 12p~lan . Again a stable government is expected to address the issues and find quick solutions.

Against this backdrop, things are expected to look up in the second half pf the current fiscal itself. And most certainly business environment and prospects will vastly improve in the 4^th and terminal year of the current 5 years plan.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2014

(RS. IN MILLION)

Sr. No.	Particulars	Quarter Ended		Nine Months Ended
		31.12.2014	30.09.2014	31.12.2014
		(Unaudited)	(Unaudited)	(Unaudited)
	PART-1
1	Income from Operations
	a. Net Sales/ Income from Operations (Net of Excise Duly)	1058.600	1221.700	3713.600
	b. Other Operating Income	16.300	18.700	69.000
	Total Income from operation (Net)	1074.900	1240.400	3782.600
2	Expenses
	a. Cost of Materials Consumed	1067.400	1079.100	3378.300
	b. Changes In Inventories of Finished Goods & Work-in-Progress	(268.900)	(56.200)	(390.100)
	c. Employee Benefits Expense	58.300	56.300	171.000
	d. Depreciation & Amortization Expense	31.200	29.600	88.400
	e. Other Expense	162.000	163.500	453.200
	Total Expenses	1050.000	1272.300	3700.800
3	Profit/ (Loss) from Operations before Other Income, Finance Costs & Exceptional items (1-2)	24.900	(31.900)	81.800
4	Other Income	8.900	8.700	24.200
5	Profit/(Loss) front Ordinary Activities before Finance Costs & Exceptional items(3-4)	33.800	(23.200)	106.000
6	Finance Costs	56.400	75.000	213.300
7	Profit/(Loss) from Ordinary Activities after Finance Costs but before Exceptional Items(5-6)	(22.600)	(98.200)	(107.300)
S	Exceptional Items	--	--	--
9	Profit/(Loss) from Ordinary Activities before Tax (7+8)	(22.600)	(98.200)	(107.300)
10	Tax Expense	(6.800)	(32.200)	(34.600)
11	Net Profit/(Loss) from Ordinary Activities after Tax (9-10)	(15.800)	(66.000)	(72.700)
12	Extraordinary Items (Nat of tax Expense)	--	--	--
13	Net Profit/ (Loss) for the period (11-12)	(15.800)	(66.000)	(72.700)
14	Paid-up equity share capital (Rs 10/- per share)	132.600	132.600	132.600
15	Reserves [excluding revaluation reserve)
16i	Earning Per Share (EPS) (Before Extraordinary Items) (of Rs. 10/-each) (not annualized)
	Basic & Diluted EPS	(1.19)	(4.98)	(5.48)
16ii	Earning Per Share (EPS) (After Extraordinary Hems) (of Rs. 10/-each)(not annualized)
	Basic & Diluted EPS	(1.19)	(4.98)	(5.48)
	PART-II
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	-Number of Shares	3327996	3327996	3327996
	- Percentage of Shareholding	25.10%	25.10%	25.10%
2	Promoters and Promoter group Shareholding a) Pledged/Encumbered
	- Number of Shares	2110000	2110000	2110000
	- Percentage of Shares (as a % of the total Shareholding of Promoter and Promoter Group)	21.25%	21.25%	21.25%
	- Percentage of Shares (as a % of the total share capital of Die Company)	15.92%	15.92%	15.92%
	b) Non-encumbered
	- Number of Shares	7818415	7818415	7818415
	- Percentage of Shares (as a % of the total Shareholding or Promoter and Promoter Group)	78.75%	78.75%	78.75%
	- Percentage of Shares (as a % of (he total Share capital of the Company)	58.98%	58.98%	58.98%

	Particulars	3 months ended 31.12.2014
B	INVESTOR COMPLAINTS Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved et the end of the quarter	Nil 2 2 Nil

NOTES:

1. The above standalone results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on Wednesday, 4th February, 2015.

2. Effective from 1st April, 2014, the Company has provided depreciation as per Schedule II of The Companies Act, 2013 based on useful lives of assets and consequently (i) has adjusted Rs. 11.697 Million (net of deferred tax effect of Rs. 5.617 Million) against retained earnings towards carrying amount of assets for which remaining useful life of assets was Nil as at 1st April, 2014 and (ii) depreciation for the quarter and nine month ended on December 31, 2014 is higher by Rs. 5.136 Million and Rs. 15.068 Million respectively.

3. The Company operates in a single segment i.e. "Electric Transformers". In the context of the Accounting Standard 17, on Segment Reporting issued by the Institute of Chartered Accountants of India, the same is considered to constitute one single primary segment.

4. The Statutory auditors have carried out a limited review of the standalone unaudited financial results of the Company for the quarter and nine months ended on 31st December 2014.

5. Figures of the previous quarter/period/year have been regrouped, wherever necessary.

FIXED ASSETS

TANGIBLE ASSETS

• Land
• Building
• Plant and Equipment
• Electrifications
• Furniture and Fixtures
• Office Equipments
• Computer and Accessories
• Vehicles

INTANGIBLE ASSETS

• 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. 62.35
UK Pound	1	Rs. 93.10
Euro	1	Rs. 67.13

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis done by :	KAR
Report Prepared by :	SNT

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	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		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.