MIRA INFORM REPORT

Report No. :	306561
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	JYOTI LIMITED
Registered Office :	Nanubhai Amin Marg, Industrial Area, PO Chemical Industries, Vadodara – 390003, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.01.1943
Com. Reg. No.:	04-000363
Capital Investment / Paid-up Capital :	Rs. 171.290 Millions
CIN No.: [Company Identification No.]	L36990GJ1943PLC000363
TAN No.: [Tax Deduction & Collection Account No.]	BRDJ00650G
PAN No.: [Permanent Account No.]	AAACJ4909N
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Electric Motors and Generators and Power Driven Pumps, Generating Sets, Switchgears and Relays.
No. of Employees :	713 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Sick Company
Payment Behaviour :	Slow and delayed
Litigation :	--
Comments :	The subject company is declared as a sick unit by Board for Industrial and Financial Reconstruction. The management has register case [Case No. 62/2014] with Board for Industrial and Financial Reconstruction and the status is yet to be heard. The company has incurred huge accumulated losses which has exceeded its entire networth. However, business is active. Payment terms are slow and delayed. The company can be considered for business on a fully safe and secured 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	Long term Bank facilities = C
Rating Explanation	Poor credit quality and limited prospects of recovery.
Date	July 4, 2014

Rating Agency Name	CARE
Rating	Short term Bank facilities = A4
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	July 4, 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 DENIED BY

Name :	Mr. Kandor
Designation :	Chief Executive Officer
Contact No.:	91-265-3054444
Date :	03.02.2015

LOCATIONS

Registered/ Head Office/ Hydel Division/ Rotating Electrical Machines Division :	Nanubhai Amin Marg, Industrial Area, PO Chemical Industries, Vadodara – 390003, Gujarat, India
Tel. No.:	91-265-3054631 to 3054639/ 3054444
Fax No.:	91-265-2281871/ 2280671
E-Mail :	secretary@jyoti.com hydel@jyoti.com
Website :	http://www.jyoti.com
Switchgear Division :	J/44-59, B.I.D.C., Gorwa, Vadodara – 390016, Gujarat, India
Tel. No.:	91-265-2281034
Fax No.:	91-265-2280153/ 2280208
E-Mail :	switchgear@jyoti.com
Electronics and Control Systems Division :	B/3-15, B.I.D.C., Gorwa, Vadodara – 390016, Gujarat, India
Tel. No.:	91-265–2280561
Fax No.:	91-265-2281214
E-Mail :	ecs@jyoti.com
Engineered Pump and Projects :	“Omkar”, Plot No.14, Sevanand Society, Sant Nagar, Off Pune Satara Road, Pune – 411009, Maharashtra, India
Tel. No.:	91-20-24231420
Fax No.:	91-20-24231420
E-Mail :	hemant_hsg@yahoo.co.in
Marketing (Zonal and Branch Offices) :	Located at: · Bangalore  Chennai  New Delhi Mumbai  Kolkata  Secunderabad  Indore

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Rahul Nanubhai Amin
Designation :	Chairman and Managing Director
Name :	Mrs. Tejal Rahul Amin
Designation :	Director
Date of Birth/Age :	29.08.1960
Qualification :	B.Com.
Expertise in Specific Functional Areas :	Management and Finance
Date of Appointment :	12.12.2003
Other Directorship :	· JSL Industries Limited Insutech Industries Limited Dahlia Resources Limited Vadodara Marathon Tapovan Education Institute
Name :	Mr. Uresh Vivekchandra Desai
Designation :	Director
Name :	Dr. Mahesh Haribhai Mehta
Designation :	Director
Date of Birth/Age :	27.04.1942
Qualification :	Engineering and Technology
Expertise in Specific Functional Areas :	B. Tech, Ph.D. from IIT, Mumbai
Date of Appointment :	27.07.2006
Other Directorship :	Gujarat Life Sciences Private Limited
Name :	Dr. Bhimsen Shivdayal Pathak
Designation :	Director
Date of Birth/Age :	13.11.1933
Qualification :	B.SC., Agrl. Engg., Ph.D.
Expertise in Specific Functional Areas :	Engineering
Date of Appointment :	27.03.2009
Other Directorship :	Gangeya Greentech Private Limited
Name :	Dr. Mylavarapu Ramamoorty
Designation :	Director
Date of Birth/Age :	07.10.1936
Qualification :	B.E. (Hons.), M.E. (IISc), Ph.D. (Toronto Uni.)
Expertise in Specific Functional Areas :	Engineering
Date of Appointment :	24.04.2010
Name :	Mr. Bharat Jayantilal Patel
Designation :	Director
Date of Birth/Age :	10.03.1953
Qualification :	Chartered Accountant
Expertise in Specific Functional Areas :	Finance
Date of Appointment :	28.10.2010
Other Directorship :	· Urvi Holdings Private Limited Pat Holdings Private Limited Superior Financial Consultancy Services Private Limited Pat Financial Consultants Private Limited Equitable Financial Consultancy Services Private Limited Pankaj Cotton Company Private Limited Pranav Holdings Private Limited Empire Lubricants Private Limited Pasha Finance Private Limited Rubfila International Limited Gracious Properties Private Limited Fidelity Multitrade Private Limited Finquest Financial Solutions Private Limited Bombay Swadeshi Stores Limited Sukhwant Properties Private Limited Tee Ventures (India) Limited Pankh Properties Private Limited Anurati Infotech Private Limited
Name :	Mr. Subramanian Nata Rajan
Designation :	Director
Name :	Mr. Vijay Kumar Gulati
Designation :	Director
Date of Birth/Age :	25.12.1945
Qualification :	Chemical Engineer
Expertise in Specific Functional Areas :	Engineering
Date of Appointment :	13.02.2014

KEY EXECUTIVES

Name :	Mr. Suresh Singhal
Designation :	Associate Vice President (Legal) and Company Secretary
Name :	Mr. Kandor
Designation :	Chief Executive Officer
Name :	Mrs. Rashmi Shah
Designation :	Assistant General Manager Account

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2120915	12.38
Bodies Corporate	3411893	19.92
Sub Total	5532808	32.30
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	60857	0.36
Sub Total	60857	0.36
Total shareholding of Promoter and Promoter Group (A)	5593665	32.66
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	65	0.00
Financial Institutions / Banks	662982	3.87
Insurance Companies	550	0.00
Foreign Institutional Investors	1670000	9.75
Sub Total	2333597	13.62
(2) Non-Institutions
Bodies Corporate	4964557	28.98
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2061206	12.03
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2068577	12.08
Any Others (Specify)	107390	0.63
Non Resident Indians	107390	0.63
Sub Total	9201730	53.72
Total Public shareholding (B)	11535327	67.34
Total (A)+(B)	17128992	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)	17128992	100.00

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

Sl.No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Rahul Nanubhai Amin	757665	4.42
2	Tejal Rahul Amin	489189	2.86
3	Tejal Rahul Amin	152637	0.89
4	Rahul Nanubhai Amin	175174	1.02
5	Rahul Nanubhai Amin	101724	0.59
6	Nandita Nanubhai Amin	83065	0.00
7	Rahul Nanubhai Amin	49537	0.29
8	Shubhalakshmi Rahul Amin	308397	1.80
9	Mayank Natubhai Amin	2080	0.00
10	Chirayu Ramanbhai Amin	590	0.00
11	Tejal Rahul Amin	287	0.00
12	Anuradha Dinubhai Amin	220	0.00
13	Girish Raojibhai Amin	220	0.00
14	Girish Raojibhai Amin	30	0.00
15	Mahendra Raojibhai Amin	20	0.00
16	Nandita Nanubhai Amin	20	0.00
17	Nandita Nanubhai Amin	20	0.00
18	Girish Raojibhai Amin	10	0.00
19	Nandita Nanubhai Amin	10	0.00
20	Savitaben Nanubhai Amin	10	0.00
21	Sarojini Dinubhai Amin	10	0.00
22	JSL Induistries Limited	1074239	6.27
23	Insutech Industries Limited	2337654	13.65
24	Anant Nanubhai Amin	60857	0.00
	Total	55,93,665	31.80

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
1	Pat Financial Consultants Private Limited	ed1336265	7.80
2	Orange Mauritius Investments Limited	850000	4.96
3	Hypnos Fund Limited	820000	4.79
4	Khyati Realtors Private Limited	750000	4.38
5	Hridayanath Consultancy Private Limited	533576	3.12
6	Finquest Financial Solutions Private Limited	600000	3.50
7	Runner Marketing Private Limited	340000	1.98
8	The Investment Trust of India Limited	327974	1.91
9	Dena Bank	305530	1.78
10	Gandiv Investments Private Limited	296300	1.73
11	Central Bank of India	262013	1.53
12	Mr. Sunil R Patel	208500	1.22
13	Dipak Kanayalal Shah	177000	1.03
14	SPS Capital and Money Management Services Private Limited	290000	1.69
15	BP Comtrade Private Limited	228631	1.33
	Total	7325789	42.77

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
1	Bharat Jayantilal Patel	122224	0.71
2	Hardik Bharat Patel	122456	0.71
3	Pat Financial Consultants Limited	1336265	7.80
4	Finquest Financial Solutions Private Limited	600000	3.50
	Total	2180945	12.73

BUSINESS DETAILS

Line of Business :	Manufacturer of Electric Motors and Generators and Power Driven Pumps, Generating Sets, Switchgears and Relays.
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 (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

713 (Approximately)

Bankers :

· Central Bank of India

· Dena Bank

· Bank of Maharashtra

· State Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans From Banks	3499.889	1335.024
From Others	83.888	95.000
SHORT TERM BORROWINGS
Loans payable on demand from Banks	1877.459	1664.150
Total	5461.236	3094.174
LONG-TERM BORROWINGS 1) A) The term loans, cash credit facilities and others carry interest @ 1.75% to 12.25% p.a. b) The term loans, cash credit facilities, interest accrued and due thereon and non-fund based facilities are secured by a first charge created in favour of consortium banks, on the stocks of raw materials, semi-finished and finished goods, consumable stores and spares, bills receivables and book debts, furniture, fixtures, office equipments and all other movable and immovable properties, (except those created in favour of Technology Development Board), both present and future, of the company situated at Kasba, District Vadodara, Gorwa, District Vadodara, Mogar, District Anand and Moje Sama in registration District and Sub-District of Vadodara, all in the State of Gujarat. c) Also Equity Shares of the core Promoter group have been pledged to Consortium Banks, as per MRA under Corporate Debt Restructuring (CDR) scheme, total no. of shares 5446503 equivalent to 31.80% of total Equity Shares. 2) The term loan from Technology Development Board carries interest @ 5% and is secured by first charge on the assets created for Wind Turbine Project both, present and future. 3) Further, these facilities are also secured by the personal guarantee of Promoter Directors.

Auditors :
Name :	V. H. Gandhi and Company Chartered Accountants
Address :	404, Saffron Complex, Opposite Fountain, Fatehgunj, Vadodara – 390002, Gujarat, India
Tel. No.:	91-265-2784115
Associate Companies :	· JSL Industries Limited Insutech Industries Limited Navrachana Educational Resources Limited
Joint Venture :	Jyoti Sohar Switchgear L.L.C., Oman

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17128992	Equity Shares	Rs. 10/- each	Rs. 171.290 Millions

NOTE

The above includes:

1) 625000 Shares allotted as fully paid-up Bonus shares by Capitalisation of General Reserve (125000 Bonus shares were issued in 1969 and 500000 issued in 1976-77)

b) Reconciliation of the number of shares outstanding at the beginning and the end of the reporting period:

	31.03.2014
	No. of Shares held	Rs. in Millions
Equity Shares of Rs. 10 At the beginning of the period	17,128,992	171.290
Issued during the period	--	--
Outstanding at the end of the period	17,128,992	171.290

The rights, preferences and restrictions including restrictions on the distribution of dividends and the repayment of capital:

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution / repayment of all creditors. The distribution will be in proportion to the number of equity shares held by the shareholders.

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

Name of Shareholders	31.03.2014
	No. of Shares held	% of Holding
Insutech Industries Limited (Associate company)	2,337,654	13.65
JSL Industries Limited (Associate company)	1,074,239	6.27
Minal B. Patel	250,000	1.46
Nirma Chemical Works Private Limited	1,200,000	7.01
Pat Financial Consultants Private Limited	1,336,265	7.80
Rahul N. Amin	1,084,100	6.33

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	171.290	171.290	171.290
(b) Reserves & Surplus	(648.184)	636.980	1004.777
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	198.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(278.894)	808.270	1176.067
(3) Non-Current Liabilities
(a) Long-term borrowings	3585.441	1439.439	849.550
(b) Deferred tax liabilities (Net)	100.148	64.651	42.124
(c) Other long term liabilities	448.411	455.174	270.030
(d) long-term provisions	76.671	85.375	65.009
Total Non-current Liabilities (3)	4210.671	2044.639	1226.713
(4) Current Liabilities
(a) Short term borrowings	1877.459	1664.150	1142.816
(b) Trade payables	1602.694	2083.984	2324.947
(c) Other current liabilities	311.383	1330.663	1118.517
(d) Short-term provisions	22.520	25.179	47.682
Total Current Liabilities (4)	3814.056	5103.976	4633.962
TOTAL	7745.833	7956.885	7036.742
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1185.196	1075.182	1002.028
(ii) Intangible Assets	18.660	26.897	5.212
(iii) Capital work-in-progress	309.197	429.115	213.037
(iv) Intangible assets under development	0.000	0.000	17.193
(b) Non-current Investments	15.417	13.411	13.407
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	312.361	294.850	228.260
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1840.831	1839.455	1479.137
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	965.940	853.041	689.547
(c) Trade receivables	3918.581	4651.279	4052.848
(d) Cash and cash equivalents	473.972	272.348	442.843
(e) Short-term loans and advances	521.224	311.537	349.353
(f) Other current assets	25.285	29.225	23.014
Total Current Assets	5905.002	6117.430	5557.605
TOTAL	7745.833	7956.885	7036.742

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	2340.816	4170.915	5077.278
		Other Income	73.712	27.847	28.697
		TOTAL (A)	2414.528	4198.762	5105.975
Less	EXPENSES
		Cost of Materials Consumed	1974.067	3140.759	3956.857
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(14.373)	(135.024)	(234.786)
		Employees benefits expense	370.578	470.994	440.112
		Other expenses	503.840	367.883	338.304
		Research and Development Expenses	37.829	61.666	55.606
		TOTAL (B)	2871.941	3906.278	4556.093
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(457.413)	292.484	549.882
Less	FINANCIAL EXPENSES (D)		686.886	543.672	368.027
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1144.299)	(251.188)	181.855
Less/ Add	DEPRECIATION/ AMORTISATION (F)		100.061	90.318	69.082
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1244.360)	(341.506)	112.773
Less	TAX (H)		39.570	25.453	38.391
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1283.930)	(366.959)	74.382
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	58.357	61.096	30.741
		Dividend	7.885	6.914	6.474
	TOTAL EARNINGS		66.242	68.010	37.215
	IMPORTS
		Raw Materials	229.468	357.344	1022.051
		Capital Goods	93.583	53.767	72.634
	TOTAL IMPORTS		323.051	411.111	1094.685
	Earnings/ (Loss) Per Share (Rs.)		(74.96)	(21.42)	4.34

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014
Type	1^st Quarter	2^nd Quarter
Net Sales	628.800	528.200
Total Expenditure	661.100	554.400
PBIDT (Excl OI)	(32.300)	(26.200)
Other Income	2.600	8.200
Operating Profit	(29.700)	(18.000)
Interest	174.000	181.700
Exceptional Items	0.000	0.000
PBDT	(203.700)	(199.700)
Depreciation	30.800	31.900
Profit Before Tax	(234.500)	(231.600)
Tax	0.000	0.000
Provisions and contingencies	0.000	0.000
Profit After Tax	(234.500)	(231.600)
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	(234.500)	(231.600)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(54.85)	(8.80)	1.46
Operating Profit Margin (PBDIT/Sales)	(%)	(19.54)	7.01	10.83
Return on Total Assets (PBT/Total Assets}	(%)	(16.77)	(4.54)	1.66
Return on Investment (ROI) (PBT/Networth)		4.46	(0.42)	0.10
Debt Equity Ratio (Total Debt/Networth)		(19.59)	3.84	1.69
Current Ratio (Current Asset/Current Liability)		1.55	1.20	1.20

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	171.290	171.290	171.290
Reserves & Surplus	1004.777	636.980	(648.184)
Share Application money pending allotment	0.000	0.000	198.000
Net worth	1176.067	808.270	(278.894)
Long-term borrowings	849.550	1439.439	3585.441
Short term borrowings	1142.816	1664.150	1877.459
Total borrowings	1992.366	3103.589	5462.900
Debt/Equity ratio	1.694	3.840	(19.588)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5077.278	4170.915	2340.816
		(17.851)	(43.878)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5077.278	4170.915	2340.816
Profit/ (Loss)	74.382	(366.959)	(1283.930)
	1.46%	(8.80%)	(54.85%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Millions)
Current maturities of long-term debt	56.266	199.300	129.280
Total	56.266	199.300	129.280

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10370394	23/07/2012	4,550,800,000.00	CENTRAL BANK OF INDIA	MID-CORPORATE FINANCE BRANCH,G/F,PERIDOT COMPLEX,,  NEAR URMI CROSS ROAD, AKOTA, VADODARA, GUJARAT - 390007, INDIA	B45629151
2	10370398	20/07/2012	4,550,800,000.00	CENTRAL BANK OF INDIA	MID-CORPORATE FINANCE BRANCH,G/F,PERIDOT COMPLEX,, NEAR URMI CROSS ROAD, AKOTA, VADODARA, GUJARAT - 390007, INDIA	B45629482
3	10303526	04/08/2011	150,000,000.00	DENA BANK	MANILAL CHAMBERS,B/H CENTRE POINT,, ALKAPURI, VAD ODARA, GUJARAT - 390007, INDIA	B19304641
4	10303527	03/08/2011	150,000,000.00	DENA BANK	MANILAL CHAMBERS,B/H CENTRE POINT,, ALKAPURI, VAD ODARA, GUJARAT - 390007, INDIA	B19304971
5	10296039	29/06/2011	150,000,000.00	CENTRAL BANK OF INDIA	RACE COURSE ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA	B16489452
6	10296018	23/06/2011	150,000,000.00	CENTRAL BANK OF INDIA	RACE COURSE ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA	B16489262
7	10237983	20/08/2010	150,000,000.00	CENTRAL BANK OF INDIA	RACE COURSE ROAD BRANCH, VADODARA, GUJARAT - 390007, INDIA	A93513851
8	10237977	17/08/2010	150,000,000.00	CENTRAL BANK OF INDIA	RACE COURSE ROAD BRANCH, VADODARA, GUJARAT - 390007, INDIA	A93513893
9	10227403	23/06/2010	50,000,000.00	DENA BANK	MANILAL CHAMBERS, B/H. CENTRE POINT, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA	A88583687
10	10230370	15/06/2010	50,000,000.00	DENA BANK	MANILAL CHAMBERS, B/H. CENTRE POINT, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA	A90203795

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Finance Lease obligations	1.664	9.415
Total	1.664	9.415

OPERATIONS

PERFORMANCE

The Net Sales of the Company for the year ended on 31st March, 2014 have been Rs.2317.800 Millions as compared to Rs.4104.300 Millions of the previous year. The sales are lower on account of following reasons:-

· The slowdown in the economy in general, water and power segments in particular, have taken the toll on the top-line performance of the Company and despite comfortable order book position, the Company could not execute various orders.

The process of CDR approval and implementation was completed by December, 2013. During the intervening period, the LC facilities from various banks were not available regularly due to LC devolvements. This affected further LCs to be opened in favour of materials suppliers during April to November, which also affected production and sales.

Certain projects, both in irrigation and hydro-generating power segments, where the availability of funds with the end customers was inadequate due to their own problems. The Company curtailed further execution on such orders till outstanding of such customers started being cleared and there was indication about future payments likely to be regular from those customers.

Some of the projects, there were external factors such as forest land issue, evacuation, preparation of site, which have affected planned execution and resulted in mismatch of execution in synchronisation with construction companies, which are their major partners in EPC contracts.

The loss during the year amounted to Rs.1283.900 Millions as compared to previous year loss of Rs.367.000 Millions. Following are the main reasons for such higher losses

· The Company’s sales were lower at Rs.2317.800 Millions as compared to Rs.4104.300 Millions. This lower level of activity resulted in lower absorption of overheads.

The material costs have been relatively higher on account of inter-play of various factors such as price negotiation during order finalisation in projects, discounts demanded by customers in product sales, certain strategic orders taken at lower margin for future sustainability of order flow, inflationary pressure in material prices along with increased costs due to delay in execution of various projects, etc.

Even though the Company rationalised the manpower at all levels and took further measures to control the employees’ cost, it continued to be higher as compared to the level of activity. This year, the Company has taken further measures on rationalization of manpower and to control the employees’ cost in other manners, which should result in reduction in losses.

The finance cost continued to be very high due to liquidity constraints faced by the Company. The collection from receivables continued to be very challenging affair during the entire year. Further, under CDR Package, many LC devolvement were converted into Working Capital Term Loans with a moratorium of 2 years and thereafter repayment of 5 years. Moreover, all the other Term Loans were also rescheduled with 2-year moratorium and thereafter 6 to 8 years repayment. The Company was also granted additional amounts for need based working capital and fresh term loans for absolutely necessary capital expenditure. This also resulted in higher finance costs.

The difficult market situation in the EPC Contracts, have affected the profitability and liquidity of the Company. Secondly, many customers have postponed further capital expenditure in various projects and/or kept in abeyance further implementation. In pursuant to this, the Company has provided for bad and doubtful receivables and advances in the Statement of Profit and Loss.

CURRENT OUTLOOK

The Management has already taken various measures for the revival of the Company. The following are some of these measures:-

· As indicated earlier, rationalisation of manpower along with other measures taken in the financial year 2013-14 and in the current year have yielded considerable impact on reduction of overall employees’ cost.

The Company has also reduced substantially the expenses in the areas of traveling and conveyance, publicity and other sales promotion expenses, transportation cost of materials from suppliers and to the customers, stationery, printing, expenses on professionals and consultants, insurance and other site expenses, etc. This reduction will give sustainable long term benefit to the Company.

The Company has geared up its collection drive. All out efforts are on to collect old receivables, as well as close monitoring at all levels are being done to realise on the current receivables. It is satisfactory to mention that such intensive efforts have improved collection flow and particularly a delayed collection of Karnataka State to the extent of about Rs.250.000 Millions from a single party. Since these collections have been more forthcoming in last quarter of the year, it will have better impact realised in the current year. The Management continues to place highest priority on collections, it is expected that the current year should see better liquidity and easing of operations. With efficient cash flow management and removal of mismatch among the requirements, there would be pockets of liquidity surplus which would be utilised for reduction in finance costs.

The Company has stopped taking strategic orders of low margin. Besides, it has now focused on those new orders, where margins are reasonably high and the cash flows are positive even at execution stage.

The Management has also cut down all capital expenditure barring absolutely necessary expenditure for operational requirements.

DIVISIONAL PERFORMANCE

A. ENGINEERED PUMPS AND PROJECTS DIVISION

During the year, Engineered Pumps and Projects Division (EPPD) business remained stagnant in view of difficult market situation and poor economy. Even though the division had orders, which would have ensured growth, strategically the project execution was delayed due to non-availability of budgets and funds with customers. In view of the economic slowdown, the infrastructure companies, who are the main customers of EPPD were also going through a very difficult phase. During the end of the year, the division has a carry forward order book of Rs.4230.000 Millions.

The division has received two orders from NTPC Limited during the year. The division received an order for CW system of 1 x 500 MW from NTPC, Vindhyachal on its own qualification and merits. This is the first time the division has got qualified on its own for a 500 MW project based on its successful commissioning of 3 x 500 MW NTPC Aravali Project. Similarly, the division has also received an order for Raw Water System for 2 x 660 MW for NTPC Solapur Project.

During the year, the division has for the first time received an order for Sewage Treatment Plant from Delhi Jal Board through JITF Water Infrastructure Ltd. With this order, the division will also get qualified for Sewage Treatment Plants upto 70 MGD. The other important order the division has received, was for Koppal-2 Lift Irrigation Scheme from G. Shankar-IVRCL JV for Krishna Bhagya Jal Nigam Limited valued at Rs.950.000 Millions. This project calls for supply of Metal Volute Pumps with Synchronous Motors of about 5 MW each along with all other electro-mechanical and instrumentation work which includes erection, testing and commissioning and operation and maintenance for 5 years. For this project, the division got qualified for Metal Volute Pumps on its own merit.

The division has successfully supplied, erected, tested and commissioned Gadhadha NC-1A Lift Irrigation Scheme for Gujarat Water Infrastructure Limited (GWIL), which includes civil, electromechanical including 66kV switchyard in a record time of 9 months. The project was awarded to the division in the month of August 2012 and was commissioned in May 2013.

For other NC projects of GWIL, the division has supplied Horizontal Split Case pumps and motors through Megha Engineering and Infrastructures Ltd. and Larsen and Toubro Ltd. in record time. The total number of pumps and motors supplied were 41 Nos.

More than Rs.5000.000 Millions worth orders are under discussion and negotiation with various customers, where the division is well placed. The division expects to finalise these orders during the first half of next financial year.

The division is hopeful that the infrastructure business will get a boost after the upcoming General Elections in the next financial year and the division is geared up for taking up the challenges of future.

The division is now concentrating for closing and handing over of various ongoing projects, to realise its payment from customers.

B. HYDEL

The Hydro Power business continues to grow at a very slow pace, due to major environmental issues and lack of financial support. Even though the division has a pending carry forward order of Rs.740.000 Millions for the next financial year, the growth is not being achieved, since most of these orders are under hold for either environmental or financial reasons. The division is also been very selective and careful in taking up new jobs for execution.

During the year, the model testing of Low Head Kaplan Turbine was carried out successfully by NTPC Limited, which was developed for Jyoti Limited in technical collaboration with CKD Blansko Engineering, a.s. (CBE) of Czech Republic for NTPC Singrauli 2 x 4 MW project. The division has already supplied turbines and generators for six different projects in Indonesia, out of which three projects are being successfully commissioned including Karai-13 (2 x 4.2 MW), which was commissioned during the year. The division is actively pursuing to increase its base in Indonesia for future business.

The division has successfully manufactured and supplied the largest ever draft tube for a 40 MW hydro turbine under technical guidance from CKD Blansko Engineering, a.s. (CBE) of Czech Republic for 2 x 40 MW Koyna Hydro Power Station. With this, the division has entered into large hydro sector. All other stationary components of the turbine are under manufacturing. The division is hopeful to revive their business and ensure growth in the subsequent years as major post-election policies are expected to increase the share of hydro power generation

C. ROTATING ELECTRICAL MACHINES

During the year, the division was concentrating on developmental activities in view of low business volumes mainly due to slow down in the infrastructure business and the economy. Even during this year, the wind energy business was at a very low profile and hence, the division could not sell the wind energy generators, which is their star product. The business of Arno has also substantially gone down in view of lower budgets. The reduced business volume resulted into increased discounts in the market and the division was not able to absorb such heavy discounts. As a part of cost reduction, the division was concentrating on development of lower frame motors with higher output and creating infrastructure for manufacturing HT and LT motors with die-cast motors upto 700 KW. The division has also increased its type testing capability by successful commissioning of Dynamo meter for type test and temperature rise test of horizontal and vertical motors upto 2400 KW.

During the year, the division has manufactured 71 Nos. of HT motors and 13 Nos. of Hydro Generators. The division has received an order for 16 Nos. of HT motors from Western Coalfields, Nagpur under stiff competition. The division further expects good order book position in the next financial year post, General Elections.

D. SWITCHGEAR

During the year, the Switchgear Division has achieved Sales of Rs.603.700 Millions and has received orders worth Rs.718.200 Millions. Some of the milestones achieved by the Division during the financial year 2013-14 are enumerated below:-

1) The Company has received orders from GETCO for supply of VCB panels worth Rs.230.000 Millions.

2) The Company has completed development of 11KV-SF6 Ring Main Unit (RMU) and complete type-testing of the RMU was done at CESI, Italy. The Company has received its first break through order from MGVCL – GEB DISCOM worth Rs.44.000 Millions for supply of 100 (Nos.) RMU. The Company has also received orders from various customers, such as DGVCL Surat, IOCL Baugaigaon, Monte Carlo- A/c UGVCL, etc.

3) The Company has further received prestigious orders aggregating to Rs.130.300 Millions from BPCL, CPCL, Oil India, Department of Atomic Energy, DPDC-Bangladesh.

During the year, the Company has re-certified various products as a continuous product certification process. In accordance with the latest IEC-62271-200 requirement and IAC classification certification, the Company has for the first time type-tested Internal Arc Test at 25 KA for 1 sec at PEHLA Germany, which was successful.

High End Numerical Relays of Protecta Hungary were installed at various important customers of India in their Transmission Network such as PSPTCL (Punjab), UPTCL (U.P.), BSES (Delhi), CSPTCL (Chhatisgarh), JKPDCL (JandK) and the performance of installed Relays is very good.

As R-APDRP projects are funded by the Government of India and huge requirement of RMU is projected in the next five years, there will be a good flow of orders for RMU and huge growth in RMU Business is expected. For other Medium Voltage Switchgear Products also with the continuous thrust the requirement is bound to grow in power sector. The position of the order book is expected to further perk up post the General Elections.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENTS

Jyoti Limited is an engineering Company offering high quality products and services to its clients in India and in the international market. Established in the year 1943, Jyoti Limited is serving the vital fields of national and international economy such as:

- Power Generation (Thermal, Hydel and Nuclear), Transmission and Distribution.

- Agriculture, providing irrigation through pumping systems.

- Water Supply and Sewerage Schemes.

- Defense-particularly Naval and Marine Establishments.

- Core Industries like Steel, Cement, Paper, Sugar, Fertilisers, Chemicals and Petro-chemicals.

The Company also undertakes turnkey contracts involving civil and electrification projects.

The demand for capital goods generally follows a cyclical pattern depending on the overall economic scenario and investment priorities of the Government.

During the year, there has been a gradual slowdown in the industrial growth due to rigid liquidity, inability to raise equity due to uncertainty of the capital markets, slowing down of foreign investments and above all, the lack of policy actions and reforms by the Government. This has adversely impacted the confidence of the industry and slowed down investments, mainly in the infrastructure and capital goods sectors.

The Company has taken several bold steps to remain competitive and to ensure survival by reducing cost, rationalising manpower and streamlining operations.

OUTLOOK

Water and Power sectors are of national importance, and for a developing country like India, the demand for energy is expected to grow at a steady rate. Keeping in view the above, the long term outlook for these sectors appears to be bright. There is ample scope and opportunity for companies having businesses in these sectors not to mention the potential of the Company and its large presence in these sectors for many years.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30TH SEPTEMBER, 2014

[RS. IN MILLIONS]

PARTICULARS	3 Months Ended		6 Months Ended
	30.09.2014 [Unaudited]	30.06.2014 [Unaudited]	30.09.2014 [Unaudited]
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	526.900	619.800	1146.700
b) Other operating income	1.300	9.000	10.300
Total Income from Operations (net)	528.200	628.800	1157.000
2.Expenditure
a) Cost of material consumed	400.000	433.500	833.500
b) Purchases of stock in trade	0.000	0.000	0.000
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	30.100	91.000	121.100
d) Employees benefit expenses	73.600	86.000	159.600
e) Depreciation and Amortization	31.900	30.800	62.700
e) Research and Development Expenses	5.400	4.900	10.300
f) Other expenditure	45.300	45.700	91.000
Total expenses	586.300	691.900	1278.200
3. Profit from operations before other income, and financial costs and Exceptional Items	(58.100)	(63.100)	(121.200)
Profit/ (Loss) before Interest, Depreciation, Tax and Amortisation	(26.200)	(32.300)	(58.500)
4. Other income	8.200	2.600	10.800
5. Profit from ordinary activities before finance costs	(49.900)	(60.500)	(110.400)
6. Finance costs	181.700	174.000	355.700
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	(231.600)	(234.500)	(466.100)
8. Exceptional item	--	--	--
9. Profit from ordinary activities before tax Expense:	(231.600)	(234.500)	(466.100)
10.Tax expenses	--	--	--
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	(231.600)	(234.500)	(466.100)
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period (11 -12)	(231.600)	(234.500)	(466.100)
14.Paid-up equity share capital (Nominal value Rs.10 per share)	171.300	171.300	171.300
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	--
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	(13.52)	(13.69)	(27.21)
A. PARTICULARS OF SHAREHOLDING
1. Public Shareholding
- Number of shares	11535327	11535327	11535327
- Percentage of shareholding	67.34	67.34	67.34
2. Promoters and Promoters group Shareholding
a) Pledged /Encumbered
Number of shares	5446503	5446503	5446503
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	97.37	97.37	97.37
Percentage of shares (as a % of total share capital of the company)
	31.80	31.80	31.80
b) Non Encumbered
Number of shares	147162	147162	147162
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	2.63	2.63	2.63
Percentage of shares (as a % of total share capital of the company)	0.86	0.86	0.86

	PARTICULARS	3 Months Ended 30.09.2014
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

STATEMENT OF ASSETS AND LIABILITIES

(RS. IN MILLIONS)

SOURCES OF FUNDS	30.09.2014 [Unaudited]
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	171.300
(b) Reserves & Surplus	(1114.300)
Total Shareholders’ Funds	(943.000)
(2) Share Application Money Pending Allotment	198.000
(3) Non-Current Liabilities
(a) long-term borrowings	3442.700
(b) Deferred tax liabilities (Net)	100.100
(c) Other long term liabilities	377.800
(d) long-term provisions	71.100
Total Non-current Liabilities (3)	3991.700
(4) Current Liabilities
(a) Short term borrowings	1914.100
(b) Trade payables	1060.100
(c) Other current liabilities	705.200
(d) Short-term provisions	13.900
Total Current Liabilities (4)	3693.300
TOTAL	6940.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	1454.800
(b) Non-current Investments	12.400
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	316.900
(e) Other Non-current assets	0.000
Total Non-Current Assets	1784.100
(2) Current assets
(a) Current investments	0.000
(b) Inventories	748.500
(c) Trade receivables	3536.600
(d) Cash and cash equivalents	266.700
(e) Short-term loans and advances	581.300
(f) Other current assets	22.800
Total Current Assets	5155.900
TOTAL	6940.000

NOTES:

1) Segmental Reporting is not applicable as the Company has only one segment.

2) The Company has received letter dated 17-10-2014 from Board of Industrial and Financial Reconstruction (BIFR) for registration of reference filed under Section 15 (1) of Sick Industrial Companies (Special Provisions) Act, 1985.

3) As per CDR Guildelines, Promoters have brought necessary contribution amounting to Rs. 198.000 Millions by way of Share Application Money which will be converted into equity shares on approval of appropriate authorities.

4) Consequent to the relevant provisions of the Companies Act, 2013(the Act) being applicable on or after April 1, 2014, the Company has recomputed depreciation with reference to the life of assets specified in and in the manner prescribed in Schedule II to the Act. Accordingly, the Company has depreciated the carrying value of assets equally over the revised residual life of the assets after considering residual value as against the past practice of providing depreciation on straight line method basis at the rates specified in the erstwhile Schedule XIV of the Companies Act, 1956. Further, the assets whose useful life is already expired as per the Companies Act, 2013, the carrying amounts of such assets after retaining the residual value, will be adjusted at the year end, as provided in Schedule II of the Act

5) Provision of deferred tax, if any, will be made at the end of the year.

6) Previous year figures are regrouped wherever necessary.

7) In the Annual General Meeting held on 22-09-2014, the Financial Statements for the year ended on March 31, 2014, have not been adopted by the Shareholders and the Annual General Meeting was adjourned sine die for adoption of Financial Statements in compliance with Section 137 of the Companies Act, 2013.

8) The above results, as reviewed by the Audit Committee, were taken on record by the Board of Directors at its meeting held on 10-11-2014. The Statutory Auditors have carried out a limited review of the quarter ended on 30th September 2014.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Contingent liability to the extent not provided for:
- Bills/Cheques discounted with scheduled banks	76.380	439.345
- Income Tax	5.061	11.111
- Service Tax / Excise Duty	1.594	1.556
- Compensation payable on bank sacrifice under CDR Scheme	45.120	0.000
- Claims against the Company/disputed liabilities not acknowledged as debts	20.975	0.000

FIXED ASSETS:

· Free Hold Land

Buildings

Plant and Equipments

R & D Equipments

Furniture and Fixtures

Vehicles

Office Equipments

Electrical Installations

Software Licences

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	MTN

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.