MIRA INFORM REPORT

Report No. :	338311
Report Date :	26.08.2015

IDENTIFICATION DETAILS

Name :	VOLTAS LIMITED
Registered Office :	Voltas House, "A", Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai - 400033, Maharashtra
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	06.09.1954
Com. Reg. No.:	11-009371
Capital Investment / Paid-up Capital :	Rs. 330.748 Million
CIN No.: [Company Identification No.]	L29308MH1954PLC009371
TAN No.: [Tax Deduction & Collection Account No.]	MUMV07842C MUMV07713G NGPV00559G MUMV04539D
PAN No.: [Permanent Account No.]	AAACV2809D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is in the business of Air Conditioning, Refrigeration, in the business of Electro-Mechanical Projects as an EPC Contractor both in Domestic and International Geographies (Middle East and Singapore), and also in the business of Engineering Product Services for Mining, Water Management and Treatment, Construction Equipments and Textile Industry.
No. of Employees :	5287 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 :	Exist
Comments :	Voltas is part of the Tata Group, which holds a 30.30% stake in the company. It is a well-established and reputed company having good track record. Rating take into account robust financial and operational profile of company as reflected by strong capital structure and favourable liquidity profile and healthy coverage indicators. Moreover, company enjoy strong brand Image in providing solutions for centralized air-conditioning and refrigeration in market and its strong percentage, being a part of Tata Group. Trade relations are reported to be fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered for business dealings usual trade terms and condition.

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	ICRA
Rating	Long term bank facilities = AA
Rating Explanation	High degree of safety and very low credit risk.
Date	April 2015

Rating Agency Name	ICRA
Rating	Short term bank facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	April 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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Anil George
Designation :	Chief Financial Officer
Contact No.:	91-22-66656666
Date :	24.08.2015

LOCATIONS

Registered Office :	Voltas House, "A", Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai - 400033, Maharashtra, India
Tel. No.:	91-22-56656666/ 46102000/ 22618131
Fax No.:	91-22-56656311/ 22/ 46102331/ 22618504
E-Mail :	info@voltasltd.com corporate@voltasltd.com vpmalhotra@voltasltd.com rajeshbhatia@voltas.com
Website :	www.voltasltd.com www.voltas.com
Factory 1 :	Thane Plant 2^nd Pokhran Road, Thane - 400601, Maharashtra, India
Tel. No.:	91-22-67920111
Fax No.:	91-22-25343258
Factory 2 :	Uttarakhand Plant (EM AND RBG) Plot No.1, Sector 8, I.I.E. Pant Nagar Industrial Area, District U.S. Nagar, Rudrapur – 263145, Uttarakhand, India
Tel. No.:	91-5944-250006 / 8
Factory 3 :	Dadra Plant (EM AND RBG) Shreenath Industrial Estate, C Building, Survey No.197, Near Dadra Check Post, Dadra – 396230, India
Tel. No.:	91-260-6619999 / 2669648
Fax No.:	91-260-2669647
Factory 4 :	Uttarakhand Plant (UPBG) Plot Nos.1-5, Sector 8 I.I.E. Pantnagar Industrial Area, District Udham Singh Nagar, Rudrapur - 263145, Uttarakhand, India
Tel. No.:	91-5944-250009
Overseas Office 1 :	Tata Limited (UK) 18, Grosvenor Place, London SWIX 7HS
Tel. No.:	44-207-2358281 / 8 (Board Line)
Fax No.:	44-207-2358727
E-Mail :	tata@tata.co.uk
Overseas Office 2 :	Voltas Limited (Abu Dhabi - U.A.E.) P.O. Box 114553, Dhafir Towers, Plot No – C24, Sector 11, 18th and 19th Floor, Najdah Street Abu Dhabi, U. A. E.
Tel. No.:	00971 (0) 2 6504511 (Board Line)
Fax No.:	00971 (0) 2 6504341/ 00971 (0) 2 6504361
E-Mail :	vlauh@emirates.net.ae
Overseas Office 3 :	Saudi Ensas Company for Engineering Services WLL P O Box No. 8292, Salama Centre, Tower 5B, 3rd Floor, Prince Sultan Street, Jeddah 21482 Kingdom of Saudi Arabia
Tel. No.:	9662 6831466, 6165957 / 8 / 9 (Board Line)
Fax No.:	9662 69115400
E-Mail :	ensasj@zajil.net
Overseas Office 4 :	Voltas Limited (KINGDOM OF BAHRAIN) 4th Floor, Zayani House 419, Road 1705, Diplomatic Area, Manama 317, Kingdom of Bahrain.
Tel. No.:	9731-7581979
Fax No.:	9731-7581320
E-Mail :	pnskaranth@voltas.com
Overseas Office 5 :	Voltas Limited (Doha - QATAR) Al Emadi Building, First Floor, Office No. 1, 2 and 3, (Nr. DHL Office), Airport Road, Doha - QATAR
Tel. No.:	974 44569941 / 6 / 7 (Board Line)
Fax No.:	974 44551268
E-Mail :	voltas@qatar.net.qa
Overseas Office 6 :	Voltas Limited (Kingdom of Saudi Arabia) Po Box 8292 Masader Center Office # 14 Baladiyah Street Aziziyah District Jeddah 21482 Kingdom of Saudi Arabia
Tel. No.:	+ 966 2 6911540
Overseas Office 7 :	Voltas Limited (Singapore) 10 Arumugam Road, # 08-00 Lion Building A, Singapore  - 409957
Tel. No.:	65  - 63366778 (Board Line)
Fax No.:	65  - 63366766
E-Mail :	voltassg@voltas.com

DIRECTORS

As on 31.03.2015

Name :	Mr. Ishaat Hussain
Designation :	Chairman
Date of Birth	02.09.1947
Qualification	Chartered Accountant, London
Date of Joining	26.04.1999
Name :	Mr. Sanjay Johri
Designation :	Managing Director
Date of Birth	10.02.1953
Qualification	Masters in Economics – Delhi School of Economics
Date of Joining	23.04.2010
Name :	Mr. N.N Tata
Designation :	Director
Name :	Mr. Nani Javeri
Designation :	Director
Date of Birth:	04.04.1946
Qualification:	B.A. History (Hons.)
Date of Appointment:	29.10.2009
Name :	Mr. R.N. Mukhija
Designation :	Director
Name :	Mr. Vinayak Deshpande
Designation :	Director
Date of Birth	21.07.1957
Qualification	B.Tech (Chemical Engineering) IIT, Kharagpur
Date of Joining	14.02.2012
Name :	Mr. Thomas T. Mathew
Designation :	Director
Name :	Mr. D. Sarangi
Designation :	Director
Name :	Mr. Bahram N. Vakil
Designation :	Director
Name :	Ms. Anjali Bansal
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Anil George
Designation :	Chief Financial Officer
Name :	Mr. V. P. Malhotra
Designation :	General Manager – Taxation and Company Secretary
AUDIT COMMITTEE :	· Nani Javeri (Chairman) · D. Sarangi · R. N. Mukhija
NOMINATION AND REMUNERATION COMMITTEE :	· Ishaat Hussain · Bahram N. Vakil · Nani Javeri · N. N. Tata
SHAREHOLDERS/ INVESTORS GRIEVANCE COMMITTEE :	N. N. Tata (Chairman) · Bahram N. Vakil
CORPORATE MANAGEMENT :	· Sanjay Johri (Managing Director) · Anil George (Presidents) · Pradeep Bakshi · Gavin Appleby (Executive Vice Presidents) · M. Gopi Krishna · Emmanuel David

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	% of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	100253480	30.30
Sub Total	100253480	30.30
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	100253480	30.30
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	41299917	12.48
Financial Institutions / Banks	598549	0.18
Insurance Companies	42563701	12.86
Foreign Institutional Investors	71267168	21.54
Any Others (Specify)	5962193	1.80
Others	5962193	1.80
Sub Total	161691528	48.87
(2) Non-Institutions
Bodies Corporate	14362091	4.34
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	49315972	14.90
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	564280	0.17
Any Others (Specify)	4697389	1.42
Non Resident Indians	2226935	0.67
Trusts	2378821	0.72
Others	1783	0.00
Others	89850	0.03
Sub Total	68939732	20.83
Total Public shareholding (B)	230631260	69.70
Total (A)+(B)	330884740	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)	330884740	0.00

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

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Tata Sons Ltd	8,81,31,780	26.64	26.64
2	Tata Investment Corporation Ltd	99,62,330	3.01	3.01
3	Ewart Investments Ltd	19,25,950	0.58	0.58
4	Tata Power Company Ltd	2,33,420	0.07	0.07
	Total	10,02,53,480	30.30	30.30

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

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Life Insurance Corporation of India	24872076	7.52	7.52
2	Government Pension Fund Global	5002865	1.51	1.51
3	HDFC Mutual Fund	9451000	2.86	2.86
4	IDFC Mutual Fund	6736893	2.04	2.04
5	Franklin Templetion Investment Funds	9838872	2.97	2.97
6	ICICI Prudential Mutual Fund	5250000	1.59	1.59
7	Bajaj Allianz Life Insurance Company Ltd	5844310	1.77	1.77
8	Franklin Templetion Mutual Funds	4924546	1.49	1.49
9	Hasham Investment & Trading Company Pvt Ltd	8224269	2.49	2.49
	Total	80144831	24.22	24.22

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

Sl. 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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Life Insurance Corporation of India	24872076	7.52	7.52
	Total	24872076	7.52	7.52

BUSINESS DETAILS

Line of Business :	Subject is in the business of Air Conditioning, Refrigeration, in the business of Electro-Mechanical Projects as an EPC Contractor both in Domestic and International Geographies (Middle East and Singapore), and also in the business of Engineering Product Services for Mining, Water Management and Treatment, Construction Equipments and Textile Industry.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

5287 (Approximately)

Bankers :

In India

· State Bank of India

· Bank of India

· Punjab National Bank

· Citibank N. A.

· BNP Paribas

· Export - Import Bank of India

· The Royal Bank of Scotland N.V.

· Credit Agricole Corporate and Investment Bank

Overseas

· Emirates NBD Bank PJSC (UAE)

· Union National Bank (UAE)

· HSBC Bank Middle East Limited (UAE, Qatar, Bahrain)

· The Commercial Bank of Qatar (Qatar)

· First Gulf Bank (UAE)

· Doha Bank (Qatar)

· The Royal Bank of Scotland N. V. (Singapore)

· Credit Agricole Corporate and Investment Bank (Singapore)

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Repayable on demand from Banks	530.583	1933.763
Total	530.583	1933.763

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address:	Indiabulls Finance Centre, Tower 3, 27^th - 32^nd Floor Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400013, Maharashtra, India
Tel No.:	91-22-61854000
Fax No.:	91-22-61854501/4601
Solicitors :	· Messrs Mulla and Mulla and Craigie, Blunt and Caroe
Subsidiaries :	· Auto Aircon (India) Limited · Voltas Netherlands B.V. · Lalbuksh Voltas Engineering Services & Trading L.L.C. · Weathermaker Limited · Saudi Ensas Company for Engineering Services W.L.L. · Rohini Industrial Electricals Limited · Universal Comfort Products Limited · Voltas Oman L.L.C. · Agro Foods Punjab Limited (Under liquidation) · Westerwork Engineers Limited (Under liquidation)
Associates :	· Brihat Trading Private Limited · Terrot GMBH, Germany (w.e.f. 13.05.2014)
Joint Ventures :	· Universal Voltas L.L.C. · Naba Diganta Water Management Limited · Olayan Voltas Contracting Company Limited (w.e.f. 8-2-2012) · Universal Weathermaker Factory L.L.C. · Voltas Qatar W.L.L. (w.e.f. 2-4-2012) · AVCO Marine S.a.S. (Under liquidation) · Agrotech Industries Limited (Under closure) · Voltas Water Solutions Private Limited (w.e.f. 26.07.2014)
Promoter holding together with its subsidiary more than 20% :	Tata Sons Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
60,00,00,000	Equity Shares	Re.1/- each	Rs. 600.000 Million
40,00,000	Preference Shares	Rs. 100/- each	Rs. 400.000 Million
	Total		Rs. 1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33,08,84,740	Equity Shares	Re.1/- each	Rs. 330.885 Million
1,36,970	Less : Calls-in-Arrears	Re.1/- each	Rs. 0.137 Million
	Total		Rs. 330.748 Million

NOTE

Equity Shares: The Company has one class of Equity Shares having a par value of Rs. 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the 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 and are subject to preferential rights of the Preference shares (if issued).

PARTICUALRS	AS AT 31.03.2015 EQUITY SHARES
	NUMBERS	RS. IN MILLION
Shares outstanding at the beginning of the year	33,08,84,740	330.885
Shares outstanding at the end of the year	33,08,84,740	330.885

Shares in the Company held by each shareholder holding more than 5 percent shares specifying the number of shares held in the Company:

NAME OF SHAREHOLDERS	AS AT 31.03.2015 EQUITY SHARES
	NUMBERS	% OF HOLDING
Tata Sons Limited	8,81,31,780	26.64
Life Insurance Corporation of India	2,09,11,176	6.32
Government Pension Fund Global	97,46,968	2.94

As per of the Company, no calls remained unpaid by the Directors and Officers of the Company as on 31st March, 2015 (31-3-2014: Nil).

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	330.748	330.748	330.746
(b) Reserves & Surplus	18064.414	15648.744	14495.337
(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)	18395.162	15979.492	14826.083
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	187.145	290.654	274.916
(d) long-term provisions	934.178	768.992	774.479
Total Non-current Liabilities (3)	1121.323	1059.646	1049.395
(4) Current Liabilities
(a) Short term borrowings	530.583	1933.763	2119.676
(b) Trade payables	14563.928	14610.302	15257.646
(c) Other current liabilities	5645.010	5732.806	5470.330
(d) Short-term provisions	2221.585	1780.205	1749.921
Total Current Liabilities (4)	22961.106	24057.076	24597.573
TOTAL	42477.591	41096.214	40473.051
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1474.397	1658.474	1682.942
(ii) Intangible Assets	83.188	88.375	77.975
(iii) Capital work-in-progress	44.217	17.735	0.052
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7570.179	2986.952	2918.036
(c) Deferred tax assets (net)	367.353	258.741	244.577
(d) Long-term Loan and Advances	1348.723	1462.281	1531.644
(e) Other Non-current assets	747.427	1183.859	853.135
Total Non-Current Assets	11635.484	7656.417	7308.361
(2) Current assets
(a) Current investments	4669.827	5927.139	2680.389
(b) Inventories	6914.882	7153.267	8327.377
(c) Trade receivables	11495.764	10590.629	11682.619
(d) Cash and cash equivalents	1483.921	2085.079	2585.854
(e) Short-term loans and advances	1469.142	1730.346	1686.299
(f) Other current assets	4808.571	5953.337	6202.152
Total Current Assets	30842.107	33439.797	33164.690
TOTAL	42477.591	41096.214	40473.051

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	51689.486	51513.568	55654.318
		Other Income	1491.144	1314.558	969.649
		TOTAL	53180.630	52828.126	56623.967
Less	EXPENSES
		Consumption of raw materials, cost of jobs and services	16198.081	19717.055	27056.120
		Purchase of traded goods	22601.129	19526.129	17350.522
		(Increase) / Decrease in finished goods, work-in-progress and stock-in-trade	148.153	1157.958	(664.849)
		Employee benefits expenses	4678.537	4837.684	5670.372
		Other expenses	5014.254	4637.487	4380.017
		Exceptional Items	(181.833)	34.064	(83.184)
		TOTAL	48458.321	49910.377	53708.998
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		4722.309	2917.749	2914.969
Less	FINANCIAL EXPENSES		162.522	159.851	267.123
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4559.787	2757.898	2647.846
Less/ Add	DEPRECIATION/ AMORTISATION		224.545	189.624	222.101
	PROFIT/ (LOSS) BEFORE TAX		4335.242	2568.274	2425.745
Less	TAX		1042.894	753.447	625.006
	PROFIT/ (LOSS) AFTER TAX		3292.348	1814.827	1800.739
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3511.248	2571.517	1590.168
Add:	CREDIT ON DIVIDEND DISTRIBUTION TAX		20.325	41.074	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	200.000	200.000	200.000
		Proposed Dividend	744.491	612.137	529.416
		Dividend Distribution Tax	151.561	104.033	89.974
	BALANCE CARRIED TO THE B/S		1075.727	3511.248	2571.517
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of exports (including amounts invoiced against work-in-progress)	287.935	273.224	318.753
		Service Commission (On Cash basis)	116.106	192.593	49.916
		Foreign Projects Profit (on accrual basis) at Branch Level	0.000	85.941	78.053
		Dividend	126.713	303.518	76.263
		Assignment of Long-term Maintenance Contracts	0.000	167.936	0.000
	TOTAL EARNINGS		530.754	1023.212	522.985
	IMPORTS
		Raw Materials	158.649	131.773	115.522
		Finished Goods	5679.438	6110.937	6971.963
		Components and Spares	1536.819	1354.528	1118.246
		Capital Goods	0.146	5.186	26.709
	TOTAL IMPORTS		7375.052	7602.424	8232.440
	Earnings / (Loss) Per Share (Rs.)		9.95	5.48	5.44

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	3.900	11.763	12.218
Cash generated from operations	3010.861	4077.994	1556.447
Net cash flow from operating activity	2209.471	3336.000	636.877

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	6.37	3.52	3.24
Operating Profit Margin (PBDIT/Sales)	(%)	9.14	5.66	5.24
Return on Total Assets (PBT/Total Assets}	(%)	12.57	6.79	6.50
Return on Investment (ROI) (PBT/Networth)		0.24	0.16	0.16
Debt Equity Ratio (Total Debt/Networth)		0.03	0.12	0.14
Current Ratio (Current Asset/Current Liability)		1.34	1.39	1.35

STOCK PRICES

Face Value	Rs.1.00/-
Market Value	Rs.249.45/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	330.746	330.748	330.748
Reserves & Surplus	14495.337	15648.744	18064.414
Net worth	14826.083	15979.492	18395.162
long-term borrowings	0.000	0.000	0.000
Short term borrowings	2119.676	1933.763	530.583
Current maturities of long-term debts	12.218	11.763	3.900
Total borrowings	2131.894	1945.526	534.483
Debt/Equity ratio	0.144	0.122	0.029

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	55654.318	51513.568	51689.486
		(7.440)	0.341

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	55654.318	51513.568	51689.486
Profit	1800.739	1814.827	3292.348
	3.24%	3.52%	6.37%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Stamp No.:-

NMSL/60/2014

Filing Date:-

10/01/2014

Lodging No.:

SL/287/2013

Reg. No.:

S/863/2013

Petitioner:-	NEW INDIA MOSAIC AND MARBLE COMPANY PRIVATE LIMITED	Respondent:-	VOLTAS LIMITED AND 10 ORS
Petn.Adv.:-	KALPESH JOSHI (I2553)
District:-	Thane

Bench:-	Single
Status:-	Pre-Admission	Category:	Notice of Motion
Last Date:-	17/01/2014	Stage:
Last Coram:-	According to Sitting List

Act :-

Code of Civil Procedure 1908

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90244391	01/04/2005	48,000,000.00	BANK OF BARODA	WALCHAND HIRACHAND MARG, BOMBAY, MAHARASHTRA - 400038, INDIA	-
2	90243287	27/06/1996	5,000,000.00	UNITED BANK OF INDIA	25 SIR P M ROAD FORT, BOMBAY, MAHARASHTRA - 400001, INDIA	-
3	90240235	27/06/1996	21,000,000.00	UNITED BANK OF INDIA	25 SIR P M ROAD FORT, BOMBAY, MAHARASHTRA - 400001, INDIA	-
4	90240223	22/05/1996	143,400,000.00	AMERICAN EXPRESS BANK LIMITED	DR D N ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
5	90240218	08/05/1996	72,500,000.00	THE STATE BANK OF BIKANER AND JAIPUR	D N ROAD BOSE, BOMBAY, MAHARASHTRA - 400001, INDIA	-
6	90243279	08/05/1996	124,000,000.00	STATE BANK OF BIKANER AND JAIPUR	D N ROAD BOSE, BOMBAY, MAHARASHTRA - 400001, INDIA	-
7	90239689	07/01/1992	650,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA	-
8	90239556	16/11/1990	8,700,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA	-
9	90239460	04/01/1990	10,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER CUFFE PARADE COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA	-
10	90239297	26/04/1988	2,600,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
11	90239158	02/09/1986	7,200,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
12	90239130	24/06/2011 *	10,970,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP - MUMBAI, NEVILLE HOUSE, 3RD FLOOR, J N HEREDIA MARG, MUMBAI, MAHARASHTRA - 400033, INDIA	B15073190
13	90244163	09/12/1985	50,000,000.00	THE INVESTMENT CORPORATION OF INDIA LIMITED	HOMI MODY STREET, BOMBAY, MAHARASHTRA - 400023, INDIA	-
14	90238210	26/06/1985 *	90,000,000.00	THE INVESTMENT CORPORATION OF INDIA LIMITED	HOMI MODY STREET, BOMBAY, MAHARASHTRA - 400023, INDIA	-
15	90238209	26/06/1986 *	50,000,000.00	THE INVESTMENT CORPORATION OF INDIA LIMITED	HOMI MODY STREET, BOMBAY, MAHARASHTRA - 400023, INDIA	-
16	90239114	27/11/1985	35,429,000.00	UNITED BANK OF INDIA	25 SIR P M ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
17	90244141	08/08/1983	30,000,000.00	THE INVESTMENT CORPORATION OF INDIA LIMITED	ROMI MODY STREET, BOMBAY, MAHARASHTRA - 400023, INDIA	-
18	90241814	28/07/1997 *	50,000,000.00	THE ENTRAL BANK EXECUTOR AND TRUSTEE CO LIMITED	51 M G ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
19	90244130	10/07/1981	20,000,000.00	THE INVESTMENT CORPORATION OF INDIA LIMITED	HOMI MODY STREET, BOMBAY, MAHARASHTRA - 400023, INDIA	-
20	90244127	02/01/1981	50,000,000.00	THE INVESTMENT CORPORATION	ROMI MODY STREET, BOMBAY, MAHARASHTRA - 400023, INDIA	-
21	90238820	22/08/1977	2,500,000.00	UNITED BANK OF INDIA	25 P M ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
22	90244072	23/03/1967	10,000,000.00	MR MANI ARDESHIR PALKHIVELA	181 NETAJI SUBHAS ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
23	90238687	10/02/1967	10,000,000.00	STATE BANK OF BIKANER AND JAIPUR	D NOWROJI ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
24	90244068	19/02/1964	10,000,000.00	SHRI NANI ARDESHIR PAIKHIVALA	BOMBAY HOUSE, BOMBAY, MAHARASHTRA, INDIA	-

* Date of charge modification

NATURE OF BUSINESS

Subject is a premier Air-Conditioning and Engineering company was established in the year 1954. It is a Tata Group company in the field of air conditioning, refrigeration, in the business of electro-mechanical projects as an EPC contractor both in domestic and international geographies (Middle East and Singapore), and also in the business of engineering product services for mining, water management and treatment, construction equipments and textile industry.

OPERATIONS

There is an uptick in economic sentiment in India largely led by announcements and some positive news inflow. While the HSBC Purchasing Managers Index has remained above 50 for most part of the year, other macro indicators like GDP, inflation and deficits are demonstrating an encouraging trend. All these factors have contributed to a general perception of improved macro-economic stability. However, this mood has not translated into increased demand in the domestic business environment. Additionally, the Projects business has had to contend with several current day concerns which plague the industry, such as the slow pace of execution, delays in approval of designs, timely certification, and resolution of claims and final settlement of accounts.

Overall, led by a drop in turnover of the Projects business, the Consolidated Sales/Income from Operations was at Rs. 52050.000 Million as compared to Rs. 53030.00 Million last year. Nevertheless, improved margin realization and greater cost controls contributed to higher Profit before Exceptional items and tax at Rs. 4670.000 Million, as compared to Rs. 3180.000 Million in the previous year. During the year, an exceptional charge of Rs. 1900.000 Million was taken to the Statement of Profit and Loss for Sidra, a well-known onerous contract which was offset by an exceptional income of Rs. 2360.000 Million realized on sale of property. Accordingly, Profit before Tax was higher at Rs. 5130.000 Million as compared to Rs. 3400.000 Million last year. Net Profit after Minority Interest was similarly higher at Rs. 3840.000 Million.

Despite its fair share of challenges, the Room AC industry had a comparatively better year, reporting growth of over 20%, following two consecutive years of slow growth. The growth in volumes was partly owing to favourable weather conditions along with a general improvement in customer sentiment. The Unitary Cooling Products business through various strategic marketing and sales promotion activities, has sustained its leadership position throughout the year and had widened its lead over its competition. This lead is reflective of the strong brand recall and associated customer pull that the Voltas brand now commands. There was also good growth in water dispensers and commercial refrigeration products. The steady rise in margin realization is due to favourable product mix (including growth in share of Split ACs), suitably complemented by optimization of procurement costs coupled with increased sales volumes. At the same time, the popular 0% finance scheme continues to add to the overall spend on promotion schemes. Neverthless, the business contributed substantially to the Company's turnover and profits.

Similarly, the Textile Machinery business, despite environment led adversities, has recorded higher Revenue and Profit as compared to last year. The China effect leading to correction in cotton yarn prices and drop in yarn exports saw many mills curtailing utilization levels as well as taking all possible steps to cut losses. The more recent drop in domestic prices has eased some of the pressure, but the sentiments and operating levels of local spinning mills remain muted. The tight liquidity conditions and delays disbursement of funds by financial institutions have added to the difficulties of this business. Meanwhile, the strategic focus on the parts and service business as well as diversification into post spinning assists the business to remain on an upward growth trajectory.

The revenue and profitability of Mining and Construction Equipment business were lower in 2014-15 as compared to last year due to transition of certain agency lines on global consolidation. At the same time, the Indian Mining Industry is passing through various setbacks, including mining bans, policy paralysis, Supreme Court cancelling allocation of coal blocks, etc. Nevertheless, the foray overseas into Africa has helped the business to partially offset the drop in demand in the domestic market. Mozambique operations continue to remain strong, with additional orders and healthy contribution to the bottom line.

In the Domestic Projects business, announcements are yet to translate into on the ground improvement. Slow pace of execution and delayed payments continue to put strain on the overall margins of this business. The larger metro project orders are yet to pick up given the slow pace of civil works. However, the launch of a timely business efficiency improvement program has led to various improvements in the processes and systems, leading to realization of better margins and savings in cost. Collection of outstanding and realization of money through settlements remain a priority for this business.

Similarly, during the last 12-18 months, the International Projects business has also taken various actions to strengthen its internal capability to plan and address some critical challenges. In anticipation of heightened level of activity in the run-up to mega events such as FIFA and Dubai Expo, the competition levels have gone up manifold, leading to difficulty in procuring new orders at reasonable margins. Moreover, the increased propensity to dispute and delay payments have further compounded the adverse situation for existing projects. To mitigate these challenges, the business has adopted a stringent commercial approach apart from changes made in the leadership team. However, extension of project completion dates and delays in settlement have necessitated conservative accounting in line with the requirements of Accounting Standard (AS)-7.

In the previous years, due to significant upward revision in estimated costs of the Sidra Medical and Research Centre project in Qatar, the Company had accounted for cost overruns in accordance with the requirement of AS-7. In July 2014, the Main Contractor was terminated by the end customer (Qatar Foundation) and a new main contractor was appointed. Although Qatar Foundation had asked for the assignment of contracts of select subcontractors of the Main Contractor, no understanding could be reached. In view of the uncertainties attached to the sub-contract, the Company has, as a matter of prudence, charged off Rs. 1900.000 Million to the Statement of Profit and loss after evaluation of underlying assets and liabilities and contingencies related thereto. Nevertheless, the Company continues to pursue its entitlements and has sought legal advice on the way forward.

The Company has adopted a strategy of selectively booking new orders with reasonable margins instead of aggressively pursuing turnover growth. The operating teams have defined business boundaries and key parameters to facilitate inflow of right quality of new orders. At the same time, Corporate extends support in ensuring that the strategy is implemented in a risk-mitigated manner. Risk assessments and Techno commercial audits, both while booking jobs and during execution of the projects, are prudently carried out. In parallel, there is also an added thrust on speedy closure of old projects under execution. During 2014-15, new orders aggregating Rs. 22380.000 Million were booked and the consolidated order book of Projects business was Rs. 38930.000 Million at the year end.

FINANCE

For most part of the year, the Reserve Bank of India (RBI) maintained its stance with high interest rates and tight liquidity. However, more recently, RBI announced successive rate cuts, taking the repo rate down to 7.5 per cent. The 50 basis points (bps) cut was in response to the perception of risk emanating from low capacity utilization and weak indicators of production and credit off-take. These cuts come on the back of moderating inflation data given sharp correction in global oil prices. The actions taken by RBI also extend support to the Government which is pushing the revival of economic growth.

The Products business continues to provide much needed liquidity given the various challenges faced by the Projects businesses. Unitary Cooling Products business via support from initiatives like channel financing, cash discounts, etc., has been able to restrict credit to a minimum level whilst improving collections. The Engineering Products business with its lean organization structure, continues to deliver steady cash flows.

The Projects businesses face working capital pressures magnified by an increasing tendency of customers to delay and dispute certifications and payments. Settlements have become increasingly hard due to tight liquidity conditions of the end customer. In response, both International and Domestic projects businesses have become increasingly cash conscious and are making all possible efforts to recover their commercial entitlements. While the strong drive has yielded good results, the pain continues for some of the on-going projects, including the Sidra project at Qatar and puts significant strain on the Company’s finances.

The overall cash position has been strengthened by increasing the cash and liquid investments to Rs. 12810.000 Million From Rs. 9540.000 Million in the previous year. At the same time, borrowings specific to overseas projects were reduced substantially from Rs. 2630.000 Million in previous year to Rs.1220.000 Million at a consolidated level. The focus on cash flow and working capital has started yielding some results. However, the vigil will need to be maintained given the various environment led challenges.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

The global economy continued to show some improvement through 2014-15, with the US evidently in revival mode, as seen from the various data points including the more recent strengthening of the Dollar. Europe, however, has not picked up its pace, and remains in peril of continued recession. China too seems to be losing momentum after multiple years of steady growth. Meanwhile, with the steep correction of international crude oil prices, the Middle East geographies in which the Company operates might moderate their spending, which is presently directed more towards the social sector and core infrastructure.

On the Domestic front, economic sentiment has shown an uptick, amidst high expectations sparked by encouraging announcements and news, post the election of a stable Government at the Centre. The nation's macro-economic situation has improved, with inflation and the Current Account Deficit largely under control, and the GDP showing recovery. Similarly, the HSBC Purchasing Managers' Index has remained in positive territory for over a year. RBI also exhibited optimism in lowering the Repo rate and marginally bringing down bank interest rates. However, the environment of positivity failed to raise demand or investment levels. The industry remained at a sub-par 72% capacity utilization as per RBI estimates. Private sector spending remained constrained, especially on capital goods; and credit growth stayed slow. Although industrial production grew by 2.8% overall, sluggish performance persisted in key verticals such as automotive, metals, infra and real estate, while IT and pharma slowed down in Q4 (2014-15) after building up growth momentum earlier. Nevertheless, there is hope of a revival, based on the Government's announcements of intent.

Against this backdrop, the Company unveiled its newly crafted Vision 2020, 'Driving value through smart engineering', defining a new identity for the Company to govern future growth. The focus will be on enhancing the value proposition, with 'smart' and ‘sensible’ engineering solutions based on consumer insights. These offerings will feature best-in-class technologies, delivered by a dynamic and engaged workforce that believes in improvement through innovation. The new Vision will be supported by 5 SWIFT pillars: Smart thinking, Winning attitude, Innovation, Flexibility and Teamwork.

ELECTRO-MECHANICAL PROJECTS AND SERVICES

INTERNATIONAL

GCC countries have managed to keep up their diversification and reform efforts supported by fiscal expansionary policies, over the first half of 2014-15. The drop in oil prices in the latter half, which could constrain government spending, could yet impede these activities. While there has been some growth in the number of new project enquiries, this has unfortunately been often accompanied by illogical commercial conditions, particularly in Qatar. The business has however succeeded in securing appropriately risk mitigated orders worth Rs. 11850.000 Million over the course of the year. Some of these are currently in the early stages of execution and will hopefully, provide an uptick to earnings in the coming year. The total carry-forward order book of International Projects amounts to Rs. 18710.000 Million, which includes proportionate share of orders booked by JVs.

The Company had simultaneously focused on the commercial closure and resolution of legacy projects, but disputes and delayed payments continue to be the order of the day. Meanwhile visa issues, design changes, non-availability of work fronts (impacted by the crawling pace of Main Contractor’s construction activity), etc. are challenges that sub-contractors like Voltas constantly wrestle with. The iconic Yas Mall project in Abu Dhabi was successfully inaugurated in December 2014 and the World Trade Center in Abu Dhabi is fast approaching readiness for handover, following testing and commissioning

DOMESTIC PROJECTS

The difficulties of the contracting environment in India and the slow pace of project execution are well known and require no elaboration. Delayed payments and postponed projects continue to strain and challenge the overall performance of this business. Some of the newer projects including Metro have yet to pick up pace, leading to a drop in turnover. Nevertheless, the business efficiency improvement program which had commenced earlier has helped to improve the internal processes and systems, thereby contributing to an improvement in profitability.

The Company's Domestic Projects business was able to garner several new projects aggregating Rs. 10530.000 Million in line with the Company's selection criteria of reasonable threshold margins and sound credit ratings. However, there continued to be delays in finalization of many projects, due to the continuing sentiment of risk-aversion and cautious investments. Meanwhile, the business also established itself in rural electrification specifically in Madhya Pradesh, with projects aggregating Rs.1800.000 Million for electrification of around 2000 villages. Overall, the segment's carry-forward order book as of 31st March, 2015 stood at Rs. 38930.000 Million.

ENGINEERING PRODUCTS AND SERVICES

TEXTILE MACHINERY

The Indian textile industry went through some turbulence, in contrast to its healthy growth in 2013-14. China revised its Cotton Policy to cut down on yarn imports from India and rely on its own surplus cotton stock. This led to a steep correction in yarn prices, adversely impacting the domestic spinning industry and dampening demand for textile machinery. Textile manufacturers in the Southern States were also hit by power cuts.

Nonetheless, the Company's Textile Machinery business grew at reasonable rates, in tandem with the growth of the Lakshmi Group and other Principals and sustained its leadership in spinning machinery. Additionally, the Company's focus on the parts, accessories and allied machinery segments aided the growth of business. In post spinning business activities, the Company further established its weaving solutions by leveraging positive referrals from customers.

OPPORTUNITIES AND OUTLOOK

ELECTRO-MECHANICAL PROJECTS AND SERVICES

DOMESTIC

Following years of a muted investment environment and policy paralysis, the formation of an industry friendlygovernment at the Centre raised hopes of a possible revival. However, the situation on the ground is yet to change significantly. Nevertheless, given the pent up demand and need for improvement in infrastructure, it is expected that both private and public spending would increase. Promising opportunities are also likely from the new educational institutes and medical facilities being facilitated by the Government, where the Company can leverage its prior experience. There are also good prospects in rural electrification in certain geographies, for which the Company is well-equipped via its wholly-owned subsidiary, Rohini Industrial Electricals Limited (RIEL).

Water and waste water management projects are expected to accelerate, once appropriate policy and funding decisions are made. The 'Clean Ganga' investments could probably yield good business opportunities for the Company, in sewage and effluent treatment plants. The expected growth in cold storage sectors will increase the demand for process refrigeration, for which the Company’s Low Temperature equipment is well suited.

INTERNATIONAL

Despite the slippage of oil prices in late 2014, the GCC construction sector is expected to see reasonable growth in awarding of new projects. In the building segment, United Arab Emirates and Kingdom of Saudi Arabia (KSA) could offer good opportunities in terms of value of projects that are budgeted by the Governments.

Mega events of FIFA 2022 and the Expo 2020 will remain enablers for business opportunities in Qatar and Dubai, respectively, coupled with travel and tourism-related projects. Also, these are the two States which are potentially less affected by the oil plunge. However, the ability to compete successfully and procure right quality orders which are suitably risk mitigated is key to future profitability. With the GCC nations increasingly turning their focus to social infrastructure projects, the Company is also examining the feasibility of pursuing projects in adjacent MEP sectors, such as the industrial, water and refrigeration segments.

With the objective of increasing productivity, the Company introduced MEP prefabrication as a staple construction methodology. Additionally, the use of BIM has also been introduced for MEP drawings, to prevent on-site clashes and conflicts. These measures while improving efficiency, safety and speeding up delivery, would also offer the Company, an appropriate key advantage in the market place

ENGINEERING PRODUCTS AND SERVICES

TEXTILE MACHINERY

Although the industry has been through a difficult year, it has high expectations that the Central Government will suitably incentivize economic revival helping to raise the operating levels of textile and apparel companies in 2015-16. Once cotton and yarn prices bottom out, industry sentiment is also expected to take a positive turn and accelerate off-take of spinning machinery. Additionally, it is expected that Andhra Pradesh, Telangana and Uttar Pradesh will finalize and announce favourable State-level textile policies that will boost the demand.

The post-spinning segment expects to benefit from the Textile Upgradation Fund and creation of special zones dedicated to weaving and knitting activities. In time, India is projected to grow its share of apparel exports to the US and the European Union, which would further energize the business.

CONTINGENT LIABILITIES:

(a) Guarantees on behalf of other companies:

Limits Rs. 2378.226Million (31-3-2014: Rs. 2698.972Million) against which amount outstanding was Rs. 1964.887 Million (31-3-2014: Rs. 1658.998 Million).

(b) Claims against the Company not acknowledged as debts:

In respect of various matters aggregating Rs. 1942.237 Million (31-3-2014: Rs. 2147.041 Million), net of tax Rs. 1270.029 Million (31-3-2014: Rs. 1417.262 Million) against which a provision has been made for contingencies Rs. 220.023 Million (31-3-2014: Rs. 112.500 Million). In respect of a contingent liability of Rs. 196.337 Million (31-3-2014: Rs.188.993 Million), the Company has a right to recover from third party.

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
Taxes, Cess and Duties (other than income tax)	1661.391	1811.049
Contractual matters in the course of business	251.295	275.695
Ex-employees matters	-	24.863
Others	295.51	35.434
Total	1942.237	2147.041

(c) Contractual matters under arbitration : Amount indeterminate.

(d) Income tax demands :

In respect of matters decided in Company’s favour by appellate authorities where the department is in further appeal Rs. 275.243 Million (31-3-2014 : Rs.156.842 Million).

In respect of matters decided against the Company and where Company has appealed amounted to Rs. 156.404 Million

(e) Staff demands under adjudication : Amount indeterminate.

(f) Liquidated damages, except to the extent provided, for delay in delivery of goods / execution of projects : Amount indeterminate.

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED

30.06.2015

(Rs. In Million)

Sr. No.		Particulars		Quarter Ended
				30.06.2015
				(Unaudited)
1		Income from Operations
		a. Net Sales/ Income from Operations (Net of excise duty)		15553.800
		b. Other Operating Income		27.700
		Total Income from Operations (Net) (a+b)		15581.500
2		Expenses
		a. Cost of Materials Consumed		4933.900
		b. Purchase of Stock-in-Trade		7197.500
		c. Changes in Inventories of Finished Goods & Stock in trade		(81.000)
		d. Employee Benefits Expenses		1079.600
		e. Depreciation and amortisation Expense		46.800
		f. Other Expenses		1556.300
		Total Expenses		14733.100
3		Profit from Operations before Other Income, Finance Costs & Exceptional Items (1-2)		848.400
4		Other Income		213.800
5		Profit from ordinary activities Before Finance Costs & Exceptional Items (3+4)		1062.200
6		Finance Costs		8.800
7		Profit from ordinary activities after Finance Cost but before exceptional items (5-6)		1053.400
8		Exceptional Items		105.700
9		Profit from ordinary activities before Tax (7+8)		1159.100
10		Tax Expense		336.600
11		Net Profit from ordinary activities after tax (9-10)		822.500
12		Paid up Equity Share Capital (Face Value of Re.1/- Each)		330.700
13		Reserves excluding Revaluation Reserves (as )		-
14		Basic and Diluted Earnings Per Share (Rs.) (Not Annualised)		2.49
	A	PARTICULARS OF SHAREHOLDING
	1	Public shareholding
		a. Number of shares		230631260
		b. Percentage of shareholding		69.70
	2	Promoters and promoter group shareholding
		a.	Pledged/Encumbered
		Number of shares		Nil
			Percentage of shares (as a % of the total shareholding of promoter and promoter group)	Nil
			Percentage of shares (as a % of the total share capital of the Company)	Nil
		b.	Non-encumbered
		Number of shares		100253480
			Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00
			Percentage of shares (as a % of the total share capital of the Company)	30.30

Particulars	Quarter ended 30.06.2015
B INVESTOR COMPLAINTS (Nos.)
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

STANDALONE SEGMENT INFORMATION FOR THE QUARTER ENDED

30.06.2015

	Particulars	Quarter Ended
		30.06.2015
		(Unaudited)
1	Segment Revenue
	a) Segment – A (Electro – Mechanical Projects and Services)	4258.000
	b) Segment – B (Engineering Products and Services)	700.000
	c) Segment – C (Unitary Cooling Products for Comfort and Commercial use)	10597.900
	Less: Inter Segment Revenue	2.100
	Net Sales/ Income from Operations	15553.800
2.	Segment Results before exceptional items
	a) Segment – A (Electro – Mechanical Projects and Services)	72.500
	b) Segment – B (Engineering Products and Services)	239.200
	c) Segment – C (Unitary Cooling Products for Comfort and Commercial use)	746.100
	Total	1057.800
	Less: I. Interest	8.800
	II. Other Unallocable Expenditure net of unallocable Income	(4.400)
	Profit before Exceptional Items and Tax	1053.400
	Onerous Contract	-
	Other Exceptional Items – Net	105.700
	Profit from Ordinary Activities Before Tax	1159.100
3.	Capital Employed
	a) Segment – A (Electro – Mechanical Projects and Services)	3673.700
	b) Segment – B (Engineering Products and Services)	759.300
	c) Segment – C (Unitary Cooling Products for Comfort and Commercial use)	(721.100)
	d) Others	(5.500)
	e) Unallocated	15514.100
	Total	19220.500
	Segment – A	72.500
	Segment – B	239.200
	Segment - C	746.100
	Unallocated Income/ (Expenses) - Net	110.100
	Interest	(8.800)
	Total	1159.100

NOTES

1. These results have been reviewed by the Board Audit Committee at its Meeting held on 11^th August, 2015 by the Board of Directors at its Meeting held on 12^th August, 2015.

2. The Company has opted to publish consolidated financial results, pursuant to option made available as per Clause 41 of the Listing Agreements.

3. In the previous years, the Main Contractor for the Sidra Medical and Research Centre project in Qatar, was terminated by the end customer (Qatar Foundation) and a new main contractor was appointed. In view of the uncertainties attached to the sub - contract, the company had, as a matter of prudence. Charged off Rs. 1896.700 Million to the statement of Profit and loss after evaluation of underlying assets and liabilities, and contingencies related therto, Never the less, the company continue to purse its entitlement and has sought legal advice for the way forward.

4. Other Exceptional Items – Net :

Exceptional Income/ (Expenses)	Quarter Ended
	30.06.2015
	(Unaudited)
Assignment of Long Term Maintenance Contracts	--
Profit on Sale of Properties	105.700
Provision for diminution in value of investments	--
Change of voluntary retirement Scheme/ Early Separation Scheme	--
Total Exceptional Items	105.700

5. Figures of the quarter ended 31^st March 2014=5, are the balancing figures between audited figures in respect of the full financial year ended 31^st March 2015, and the year to date figures up to the third quarter of the relevant financial year which were subject to limit revise by the statutory Auditors.

6. Figures for previous period / year have been regrouped, wherever necessary.

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Equipments

· Office and EDP Equipments

· Furniture and Fixtures

· Vehicles

· Transferred to Investment Property

· Transferred to ‘Assets held for Sale’

Intangible Assets

· Manufacturing Rights and Technical Know-how

· 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 records 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.66.71
UK Pound	1	Rs.105.10
Euro	1	Rs.77.11

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KSH
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		61

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.