MIRA INFORM REPORT

Report No. :	307841
Report Date :	13.02.2015

IDENTIFICATION DETAILS

Name :	ELECTROTHERM (INDIA) LIMITED
Registered Office :	A–1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.10.1986
Com. Reg. No.:	04-009126
Capital Investment / Paid-up Capital :	Rs.234.800 Millions
CIN No.: [Company Identification No.]	L29249GJ1986PLC009126
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturing of Electronic furnaces and other capital equipments, Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery operated vehicles, Electric Power Generation and services relating to Electric furnaces, other capital equipments and battery operated vehicles.
No. of Employees :	1500 (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 :	Exist
Comments :	The subject company is considered as a sick unit by board for Industrial and Financial Reconstruction. The management has register case (Case No. 29/2014) with Board for Industrial and Financial reconstruction on February 28, 2014. The order on which for approval for rehabilitation proposal yet to be heard. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a fully secured 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.

ECGC Country Risk Classification List – December 31, 2014

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating Explanation	The agency has suspended the rating on immediate basis as the subject has not furnished the required information.
Date	13.02.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Sharat Chojar
Designation :	Assistant Vice President (Marketing)
Contact No.:	91-9810422911

LOCATIONS

Registered Office :	A–1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-26768844
Mobile No.:	91-9825159296 (Mr. Shailesh Bhandari)
Fax No.:	91-79-26768855
E-Mail :	sec@electrotherm.com ho@electrothrm.com
Website :	www.elctrotherm.com
Area:	3500 sq. ft.
Location :	Owned
Corporate office / Factory 1 :	Engineering and Projects Division Survey No. 72, Village : Palodia, Taluka : Kalol, District : Gandhinagar – 382 115, Gujarat, India
Tel. No.:	91-2717-234554/ 660550/ 55/ 56/ 57
Fax No.:	91-2717-237612/ 234616
Factory 2 :	Special Steel, DI Pipe and Electric Vehicle Division Survey No. 325, Village : Samakhiyali, Taluka : Bhachau, District : Kutch, Gujarat, India
Factory 3 :	Wind Farm Project Village : Dhank, Taluka : Upleta, District : Rajkot, Gujarat, India
Factory 4 :	Electric Vehicle Division Survey No. 689 Paiki, Village : Thol, Taluka : Kadi, District: Mehasana – 382715, Gujarat, India
Factory 5 :	Transmission Line Tower Division Village : Juni Jithardi, Taluka : Karjan, District : Vadodara, Gujarat, India

DIRECTORS

As on 31.03.2014

Name :	Mr. Mukesh Bhandari
Designation :	Chairman
Name :	Mr. Shailesh Bhandari
Designation :	Managing Director
Name :	Mr. Avinash Bhandari
Designation :	Joint Managing Director and CEO
Name :	Mr. Nilesh Desai
Designation :	Director
Name :	Mr. Ram Singh
Designation :	Director
Name :	Mr. Pradeep Krishna Prasad
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Jigar Shah
Designation :	Company Secretary
Name :	Mr. Pawar Gaur
Designation :	Chief Executive Officer
Name :	Mr. Sharat Chojar
Designation :	Assistant Vice President (Marketing)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2280575	19.87
Bodies Corporate	975000	8.50
Sub Total	3255575	28.37
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	512500	4.47
Sub Total	512500	4.47
Total shareholding of Promoter and Promoter Group (A)	3768075	32.83
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9800	0.09
Financial Institutions / Banks	100	0.00
Any Others (Specify)	1366666	11.91
Foreign Financial Institutions	1366666	11.91
Sub Total	1376566	11.99
(2) Non-Institutions
Bodies Corporate	1336469	11.65
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1364652	11.89
Individual shareholders holding nominal share capital in excess of Rs. Rs. 0.100 Million	258327	2.25
Any Others (Specify)	3372285	29.38
Foreign Corporate Bodies	2000000	17.43
Clearing Members	28051	0.24
Trusts	1292231	11.26
Non Resident Indians	52003	0.45
Sub Total	6331733	55.17
Total Public shareholding (B)	7708299	67.17
Total (A)+(B)	11476374	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)	11476374	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Electronic furnaces and other capital equipments, Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery operated vehicles, Electric Power Generation and services relating to Electric furnaces, other capital equipments and battery operated vehicles.

Products :

ITC Code No.	Product Description
851420	Electronic Induction Furnace
851440	Induction Heating Equipment
8502	Electricity Power Generation
7207	Steel Billets
7213	Steel Bars
8711	Electric Vehicle

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products:

Finished Goods

Country:

· Turkey

· Iran

· Pakistan

· Bangladesh

· Saudi

· Arabia

Imports :

Products:

Raw Material

Country:

· UK

· Russia

· Canara

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

1500 (Approximately)

Bankers :

· Bank of India, Mithakali Branch, Abhijeet -II, Ground Floor, Mithakali Six Roads, Ahmedabad - 380 006, Gujarat, India

· State Bank of India

· Punjab National Bank

· State Bank of Travancore

· Corporation Bank

· Bank of Baroda

· Dena Bank

· Oriental Bank of Commerce

· Union Bank of India

· Canara Bank

· Standard Chartered Bank

· Allahabad Bank

Facilities :

Secured Loan	31.03.2014 (6 Months) (Rs. in Millions)	30.09.2013 (12 Months) (Rs. in Millions)
Long-term Borrowings
Term Loans from Banks
Rupee Term Loan	1230.900	2156.500
Foreign Currency Term Loan	240.000	436.500
Hire Purchase Finance for Vehicles (Secured By Hypothecation of Specific Vehicles)	0.300	0.700
Short-term borrowings
Secured loan from Banks Current Maturities of Long terms borrowings	17723.100	16466.100
Working Capital Facilities	9857.400	9986.800
Total	29051.700	29046.600
Note: Secured by first Charge by way of Equitable mortgage of all immovable properties and hypothecation of specified movable assets situated at Vatva, Palodia, Dhank, Samakhiyali – Kutch, and Chhadawada –Bhachau and Juni Jithardi, Karjan, Vadodara and Bank Fixed Deposits & as second charge on all Stock-in-Trade & Receivables. Further the loans are guaranteed by the personal guarantees of some of Directors. ECB Loan is secured by Pari Passu Charge over the movable assets and first Pari Passu Charge on immovable assets of the company. Secured by first Charge by way of Equitable mortgage of all immovable properties and hypothecation of specified movable assets situated at Vatva, Palodia, Dhank, Samakhiyali – Kutch, and Chhadawada –Bhachau and Juni Jithardi, Karjan, Vadodara and Bank Fixed Deposits & as second charge on all Stock-in-Trade & Receivables. Further the loans are guaranteed by the personal guarantees of some of Directors. (b) Secured by first charge by way of hypothecation of all stocks of raw material, packing materials, fuel, stock in process, semi finished and finished goods, stores and spares not relating to the plant and machinery and stocks in trade & receivables and second charge on all movable fixed assets & second and subservient charge by way of equitable mortgage of all immovable properties situated at Vatva, Palodia, Dhank, Samakhyali- Kutch and Chhadawada -Bhachau. Further the loans are guaranteed by the personal guarantees of some of the Directors of the company.

Banking Relations :
Statutory Auditors :
Name :	Mehtaa Lodha and Company Chartered Accountant
Address :	Ahmedabad, Gujarat, India
Cost Auditors :
Name :	V H Savaliya and Company Cost Accountant
Address :	Ahmedabad, Gujarat, India
Internal Auditors :
Name :	RSM Astute Consulting Private Limited
Address :	Mumbai, Maharashtra, India
Subsidiary Companies:	· Jinhua Indus Enterprises Limited · Jinhua Jahari Enterprises Limited · Bhaskarpara Coal Company Limited · ET Elec-Trans Limited · Hans Ispat Limited · Shree Ram Electro Cast Limited · Shree Hans Papers Limited · Electrotherm Mali SARL
Enterprises owned or significantly influenced by key management personnel or their relatives*(Except foreign companies):	· Ahmedabad Aviation and Aeronautics Limited · Western India Speciality Hospital Limited · E-Motion Power Limited · Indus Elec-Trans Private Limited. * · Jayshri Petro-Yarn Private Limited. · Adroit Trading and Investment Company. · EIL Hospitality Private Limited. · EIL Software Services Offshore Private Limited. · EIL Technology Private Limited. · Electrotherm Engineering and Projects Limited. · Kappa Consultancy Private Limited. · Electrotherm Foundation. · Gujarat Mint Alloys Limited. · Electra Transformer Limited. (Formerly Known as Electra Transformer Private Limited.) · Airfones Innovatives Private Limited · BNB Real Estate Private Limited · ETAIN Energy Holdings Limited · Electrotherm Solar Limited (Formerly Known as Electrotherm Energy Holdings Ltd.) · Palace Solar Energy Private Limited. · SBRB Real Estate Private Limited. · Bhandari Real Estate Private Limited. · ETAIN Immodo Renewables Limited. · Arjun Ceramics and Carbon Private Limited. · Indus Chargers and Controllers Private Limited. · Arjun Solar One Private Limited · Arjun Green Power Private Limited. · Arjun Raj Solar One Private Limited. · Bhandari Charitable Trust * Enterprises namely Palace Tours and Air Charters Private Limited., Crystal Real Estate Private Limited, Afghan Trading Private Limited., Bhandari Brothers Commercial Private Limited, EIL Realty Private Limited., EIL Software Private Limited, Indus Real Estate Private Limited, New Delhi Real Estate Private Limited, Palace Infrastructure Private Limited, S N Advisory Private Limited., Suraj Real Estate Private Limited and Suraj Advisory Services Private Limited have amalgamated with Indus Elec-Trans Private Limited, in pursuance to Scheme of Amalgamation vide the order dated September 13, 2013 of Hon’Ble Gujarat High Court.

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
25000000	6% Non-Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 250.000 Millions
	TOTAL		Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11476374	Equity Shares	Rs.10/- each	Rs. 114.800 Millions
12000000	6% Non-Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 120.000 Millions
	TOTAL		Rs. 234.800 Millions

NOTE:

A reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Equity Shares	No. of shares
Shares outstanding at the beginning of the Period	11,476,374
Shares outstanding at the end of the Period	11,476,374

6% Non-Cumulative Redeemable Preference Shares	No. of shares
Shares outstanding at the beginning of the Period	12,000,000
Shares outstanding at the end of the Period	12,000,000

Rights, preference and restriction attached to Equity Shares

(i) The face value of the Equity shares is Rs.10/- per share . Each holder of equity shares is entitled to one vote per share.The company declares and pays dividend in Indian Rupees. During the period, the company has not declared any dividend.

(ii) The shareholders are not entitled to exercise any voting right either personally or proxy at any meeting of the Company in cases calls or other sums payable have not been paid.

(iii) In the event of liquidation of the company, holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Rights, preference and restriction attached to Preference Shares

(i) The face value of the Preference shares is Rs.10/- per share . The Preference share holder does not have any voting rights. During the period, the company has not declared any dividend.

(ii) In the event of liquidation of the company, the preference share holders will have priority over equity shares in the payment of dividend and repayment of capital .

(e) There were no shares reserved at the year-end for issue under options and contracts / commitments for the sale of shares / disinvestment.

Shareholders holding more than 5% of the Shares in the Company :

Equity Shares

Name of Shareholders	No. of Shares	% of Holding
DEG-Deutsche Investitions-Und Entwicklungsgesellschaft Mbh	1,366,666	11.91
IDBI Trusteeship Services Limited (India Advantage Fund-VI)	1,292,231	11.26
Castleshine PTE Limited	1,000,000	8.71
Leadhaven PTE Limited	1,000,000	8.71
Western India Speciality Hospital Limited	975,000	8.50
Mr. Shailesh Bhandari	848,275	7.39
Mr. Mukesh Bhandari	809,500	7.05

Preference Shares

Name of Shareholders	No. of Shares	% of Holding
Web Businesses.com Global Limited	2,730,000	22.75
Lavish Packagers Limited	2,580,000	21.50
Highland Finance and Investments Private Limited	3,240,000	27.00
Froid Finance and Investments Private Limited	1,200,000	10.00
Ahmedabad Aviation And Aeronautics Limited	1,050,000	8.75
Mr. Shailesh Bhandari	1,200,000	10.00

The Company have calls in arrears / unpaid calls of Rs.Nil (Previous Year Nil)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (6 Months)	30.09.2013 (12 Months)	30.09.2012 (18 Months)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	234.800	234.800	234.760
(b) Reserves & Surplus	(5966.900)	(2738.000)	(167.220)
(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)	(5732.100)	(2503.200)	67.540
(3) Non-Current Liabilities
(a) long-term borrowings	1471.200	2693.700	5019.900
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	51.700	53.700	75.530
Total Non-current Liabilities (3)	1522.900	2747.400	5095.430
(4) Current Liabilities
(a) Short term borrowings	29604.700	28530.000	25604.360
(b) Trade payables	1895.100	1996.200	2155.200
(c) Other current liabilities	1163.100	1010.700	1267.590
(d) Short-term provisions	34.900	42.500	42.540
Total Current Liabilities (4)	32697.800	31579.400	29069.690
TOTAL	28488.600	31823.600	34232.660
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14124.600	14787.800	16197.470
(ii) Intangible Assets	16.200	18.200	17.560
(iii) Capital work-in-progress	104.500	111.400	95.850
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1273.900	1273.900	1223.950
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	236.400	202.500	227.650
(e) Other Non-current assets	322.900	332.700	292.720
Total Non-Current Assets	16078.500	16726.500	18055.200
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4182.900	6509.300	6942.880
(c) Trade receivables	4060.200	3855.800	4459.350
(d) Cash and cash equivalents	304.600	282.900	440.620
(e) Short-term loans and advances	3854.000	4442.900	4313.840
(f) Other current assets	8.400	6.200	20.770
Total Current Assets	12410.100	15097.100	16177.460
TOTAL	28488.600	31823.600	34232.660

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014 (6 Months)	30.09.2013 (12 Months)	30.09.2012 (18 Months)
	SALES
	Income	6598.600	10540.200	22460.580
	Other Income	23.400	64.000	258.020
	TOTAL	6622.000	10604.200	22718.600
Less	EXPENSES
	Cost of Materials Consumed	4870.400	7388.700	15188.920
	Purchases of Stock-in-Trade	112.600	268.800	1388.220
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1952.500	146.200	1606.560
	Employees benefits expense	375.400	672.700	1215.130
	Other expenses	1534.600	2262.300	4727.460
	Preliminary Expenses Written Off	0.000	0.200	10.750
	Exceptional items & Extraordinary Items	275.400	0.000	0.000
	TOTAL	9120.900	10738.900	24137.040
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(2498.900)	(134.700)	(1418.440)
Less	FINANCIAL EXPENSES	18.900	1015.500	4740.340
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(2517.800)	(1150.200)	(6158.780)
Less/ Add	DEPRECIATION/ AMORTISATION	693.900	1388.300	1991.820
	PROFIT/ (LOSS) BEFORE TAX	(3211.700)	(2538.500)	(8150.600)
Less	WEALTH TAX	0.200	0.300	0.230
Less	DEFERRED TAX	0.000	0.000	(865.120)
	LOSS FOR THE YEAR/PERIOD	(3211.900)	(2538.800)	(7285.710)
Add/Lee	PRIOR PERIOD ADJUSTMENTS	(0.300)	0.100	6.820
	PROFIT/ (LOSS) AFTER TAX	(3211.600)	(2538.900)	(7292.530)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(8249.200)	(5710.300)	1582.280
	Balance Carried to the B/S	(11460.800)	(8249.200)	(5710.250)
	EARNINGS IN FOREIGN CURRENCY
	Export of Goods & Services	855.500	1298.200	1389.63
	TOTAL EARNINGS	855.500	1298.200	1389.630
	IMPORTS
	Raw Materials	494.700	772.500	3450.710
	Stores	95.900	45.400	185.560
	Capital Goods	0.000	0.000	108.470
	TOTAL IMPORTS	590.600	817.900	3744.740
	Earnings / (Loss) Per Share (Rs.)	(1368.01)	(108.14)	(310.34)

QUARTERLY RESULTS

Particulars	30.06.2014	30.09.2014
Audited / UnAudited	UnAudited	UnAudited
Net Sales	3784.300	4826.000
Total Expenditure	4729.800	5616.400
PBIDT (Excl OI)	(945.500)	(790.400)
Other Income	6.300	2.900
Operating Profit	(939.200)	(787.500)
Interest	10.400	53.600
Exceptional Items	0.000	0.000
PBDT	(949.600)	(841.100)
Depreciation	347.400	347.400
Profit Before Tax	(1297.000)	(1188.500)
Tax	0.000	0.000
Provisions and contingencies	0.000	0.000
Profit After Tax	(1297.000)	(1188.500)
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	(1297.000)	(1188.500)

KEY RATIOS

PARTICULARS		31.03.2014 (6 Months)	30.09.2013 (12 Months)	30.09.2012 (18 Months)
Net Profit Margin (PAT / Sales)	(%)	(48.68)	(24.09)	(32.44)
Operating Profit Margin (PBIDT/Sales)	(%)	(37.87)	(1.28)	(6.32)
Return on Total Assets (PBT/Total Assets}	(%)	(11.85)	(8.34)	(24.76)
Return on Investment (ROI) (PBT/Networth)		0.56	1.01	(120.68)
Debt Equity Ratio (Total Debt /Networth)		(5.42)	(12.47)	453.42
Current Ratio (Current Asset/Current Liability)		0.38	0.48	0.56

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.09.2012 (18 Months)	30.09.2013 (12 Months)	31.03.2014 (6 Months)
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	234.760	234.800	234.800
Reserves & Surplus	(167.220)	(2738.000)	(5966.900)
Net worth	67.540	(2503.200)	(5732.100)
long-term borrowings	5019.900	2693.700	1471.200
Short term borrowings	25604.360	28530.000	29604.700
Total borrowings	30624.260	31223.700	31075.900
Debt/Equity ratio	453.424	(12.474)	(5.421)

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2012 (18 Months)	30.09.2013 (12 Months)	31.03.2014 (6 Months)
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	22460.580	10540.200	6598.600
		(53.072)	(37.396)

NET PROFIT MARGIN

Net Profit Margin	30.09.2012 (18 Months)	30.09.2013 (12 Months)	31.03.2014 (6 Months)
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	22460.580	10540.200	6598.600
Profit	(7292.530)	(2538.900)	(3211.600)
	(32.47%)	(24.09%)	(48.67%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

CIVIL APPLICATION No. 473 of 2013

Status : PENDING

( Converted from : O/ST/2007/2013 )

CCIN No : 001073201300473

Next Listing Date:

11/02/2015

Coram

· HONOURABLE MS.JUSTICE HARSHA DEVANI

S.NO.

Name of the Petitioner

Advocate On Record

1

BANK OF INDIA

MR ABHISHEK M MEHTA for: Applicant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1
2

SYNDICATE BANK
ELECTROTHERM INDIA LTD

MRS NISHA M PARIKH for :Respondent(s) 1
MR DHARMESH V SHAH for :Respondent(s) 2

Presented On

: 25/07/2013

Registered On

: 17/08/2013

Bench Category

: -

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 22 times

StageName

: ADJOURNED MATTERS

Classification	SJ - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - JOINING PARTY
Act	CIVIL PROCEDURE CODE, 1908

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	25/07/2013	VAKALATNAMA	MR ABHISHEK M MEHTA ADVOCATE for PETITIONER(s) 1	5	MR ABHISHEK M MEHTA(3469) for P:1
2	25/07/2013	MEMO OF APPEAL/PETITION/SUIT	MR ABHISHEK M MEHTA ADVOCATE for PETITIONER(s) 1	20	MR ABHISHEK M MEHTA(3469), for P:1
Linked Matters

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	COMPANY PETITION/1/2012	PENDING	-	- · HONOURABLE MR.JUSTICE N.V.ANJARIA
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	22/08/2013	13	38	FOR OFFICE OBJECTION	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
2	25/09/2013	13	-	undefined		· HONOURABLE MR.JUSTICE K.M.THAKER
3	30/09/2013	13	5	ADMISSION (FRESH MATTERS)	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
4	21/10/2013	13	11	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
5	22/11/2013	13	-	ADJOURNED MATTERS		· HONOURABLE MR.JUSTICE K.M.THAKER · HONOURABLE MR.JUSTICE R.M.CHHAYA
6	26/11/2013	16	36	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE G.B.SHAH
7	06/12/2013	16	48	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE G.B.SHAH
8	24/12/2013	16	59	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE G.B.SHAH
9	21/01/2014	16	63	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE G.B.SHAH
10	28/02/2014	16	74	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE G.B.SHAH
11	17/03/2014	16	-	ADJOURNED MATTERS		· HONOURABLE MR.JUSTICE G.B.SHAH
12	19/03/2014	9	15	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT · HONOURABLE MR.JUSTICE G.B.SHAH
13	03/04/2014	9	15	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
14	21/04/2014	9	10	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
15	21/06/2014	9	17	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
16	07/07/2014	9	7	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
17	01/08/2014	9	12	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
18	05/09/2014	17	6	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT · HONOURABLE MR.JUSTICE N.V.ANJARIA
19	14/10/2014	18	7	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
20	18/11/2014	18	4	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
21	15/12/2014	18	11	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
22	07/01/2015	9	9	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE N.V.ANJARIA
23	20/01/2015	9	15	ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MS.JUSTICE HARSHA DEVANI
24	11/02/2015	9	-	ADJOURNED MATTERS		· HONOURABLE MS.JUSTICE HARSHA DEVANI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	CIVIL APPLICATION/473/2013	· HONOURABLE MR.JUSTICE N.V.ANJARIA	15/12/2014	N	ORDER	-	Y
2	CIVIL APPLICATION/473/2013	· HONOURABLE MS.JUSTICE HARSHA DEVANI	07/01/2015	N	ORDER	-	Y

CHARGES

SUIT-FILED ACCOUNTS OF RS. 1 CR. AND ABOVE AS ON 05-DEC-2014

BORROWERS DETAILS

Borrower name	ELECTROTHERM (INDIA) LIMITED
D&B D-U-N-S® Numbers	--
Address	A-1, Skylark Apartment, Satellite Road,Satellite, Ahmedabad-380015, Gujarat, India

Name Of Directors Reported by Credit Grantors Filing the Suit:

Sr.No.	Directors Reported by Credit Grantors
ALLAHABAD BANK
1	Avinash Bhandari
2	Brig Pradeep Krishna Prasad
3	Mukesh Bhandari
4	Nilesh Desai
5	Ram Singh
6	Shailesh Bhandari

OPERATIONS

During the period of 6 months for the year ended on 31st March, 2014, the total revenue of the Company is Rs.6622.000 Millions. The Loss for the period of 6 months for the year ended on 31st March, 2014 is Rs.3211.600 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

OVERVIEW OF ECONOMY:

GLOBAL AND DOMESTIC SCENARIO:

The global economy began a modest recovery in the second half of the FY 2013-14 and ended on a more encouraging note than earlier years. The growth momentum is expected to strengthen further in the FY 2014-15. India‘s growth has slowed to just 4.7% in FY 2013-14, its second lowest in a decade primarily as a result of policy uncertainties and weak investor sentiments. India continued to face challenges on account of persistent inflation, fiscal imbalances and low investments resulting in a sluggish domestic demand growth. However, fiscal and monetary initiatives taken by the Indian Government and the Reserve Bank of India (RBI) helped in stabilizing the financial market conditions but the domestic macro-economic environment still remains challenging.

In FY 13 - 14, the overall industrial growth and more particularly infrastructure sector showed largely a downward trend. The key reason for poor performance was contraction in mining and deceleration in manufacturing. Slowdown in the construction resulted in underutilization of capacity in the steel and cement sectors. During the year, the rupee depreciated to an all-time low. Towards the end of the year, certain focused measures by the Government and RBI, helped to bring in some positive trends as rupee stabilized, exports increased, current account deficit declined and project clearances were fast-tracked.

The Company sees a positive trend for the steel industry as the new government’s focus is on implementing speedy reforms, nurture strong macroeconomic fundamentals and an improving investment scenario.

Engineering, Capital Equipment and Projects Division:

The Engineering division primarily supplies capital equipment to the steel industry and the Projects division of the company executes turnkey steel projects around the world up to the size of 0.5 million tons per annum. Thus, the growth of Engineering and Projects division is very closely linked to the fortunes of the steel industry. With the new government expected to focus on the infrastructure sector, the demand for the steel products will increase substantially over the next five years. New steel-making capacity is expected to be created to meet the demand forecasts of more than 200 million tons by 2020.

Given the long gestation period for setting up of green field steel capacities through the blast furnace route, induction based mini steel plants will continue to see a robust demand. The company has already started seeing an increased enquiry flow and a renewed interest by the customers in either expanding their capacities or setting up new capacities.

The company during the last 12 months period of April 2013 to March 2014 has seen an increased demand for its casters. The company has installed 26 number of casters in the last 12 months. While most new steel plants being set up are opting for caster for producing billets as against moulds for making ingots, they are also seeing a lot of existing players upgrading their facilities from ingot making to billet making. They expect the demand for the casters to substantially increase going forward.

The direct rolling of billets made viable because of the introduction of high speed modular caster (HSME) is fast becoming the industry norm. This has substantially brought down the cost of rolling through a huge saving in fule consumption and buring losses in the billet rehitting furnances.

The company has also introduced a high speed caster in larger size. The product is currently under commissioning and the company expects all large sized mini-steel plants to shift to this kind of caster once the first installation is up and running.

The company has also introduced state of the art pollution control systems for mini-steel plants. The product is gaining popularity and more and more existing steel plants are expected to upgrade and switch over to his new and technologically advanced pollution control system.

The company has increase its focus on new product development and plans to re-invest the sizeable amount into the continue RandD efforts introduce innovative product in the market. The company has also started seeing some good traction from its export markets.

Steel Division:

The demand for the steel products during the last year remained low. The prices of finished goods have also improved a bit over the last six to nine months on account of Rupee depreciation and resultant import protection. The company expects the demand to increase from the first quarter of the next calendar year. The raw material situation has eased on account of availability of iron ore pellets across the country.

The company has introduced 500D grade TMT through 100% iron ore route using blast furnace, sponge iron kiln,induction furnace and ladle refining furnace (LRF) for the first time in the country. This will allow the company to position itself strongly against the primary producers like Tata and SAIL.

The demand for super ductile and high strength TMT bars (500D BIS grade) is slowly increasing and the company expects to grab a substantial portion of the Gujarat market due to logistics advantage going forward.The company is also seeing an increased demand for LRF treated low alloy steel billets given the improvement in the automobile sector.

Ductile Iron Pipe Division:

The demand for DI pipes has remained strong in spite of the demand for overall steel products being weak during the past year. The company expects the demand for ductile iron pipes to further improve going forward. This should also result into increased pricing power for the company in a industry plagued with supply constraints (limited DI pipe makers in the country).

Electric Vehicle Division:

They are immensely proud to inform that in FY 2013-14 with more than 30% market share YO bykes has successfully continued its leadership position in the Electric Scooter Market in India. With more than 80% market share in High speed market YOEXL has emerged as the largest selling market in Indian EV category. This achievement is a reflection of the success of their vehicles, which truly offer customers a combination of the most advanced technology, latest innovative and elegant designs and protection against soaring petrol price and pollution.

At the beginning of FY 2013-14 they had set very challenging and strategic business targets in the area of Indigenization, In house manufacturing, Appointment of CandF etc. They are happy that they have successfully achieved the set goals like

In-house supply of Power Train

They have started supply of Electronic components like Motor, Charger and Converters from in-house manufacturing facility at Ahmedabad. Controller is being out-sourced based on their design.

Battery Management System

BMS ensures proper equalization of all battery cells hence increases the battery life. This is a unique features and YObykes is the FIRST to introduce BMS in Electric Scooter Category in India.

C and F and C and A

During the year they successfully appointed 6 CandF agents and 5 Consignment agents. This has not only helped us to taxation issues but new arrangement has also enabled us to shorten the business process time - order to delivery.

Warranty Cost below 1%

Warranty burden dropped below 1% of vehicle cost, lowest since inception.

Consumer Finance Through Credit Cards :

Non-availability of Consumer Finance is one the key issues which their prospect customers face while buying YObykes. To address the issue and to push the sales they have recently launched a pilot where customer will be able to buy YObykes on EMI buying using credit card of any Nationalize or Private banks (14 banks covered under program). Pilot has been launched at Ahmedabad, Gujarat and depending upon the outcome same will be implemented at the other dealerships across India.

National Electric Mobility Mission Plan 2020 :

With the new and stable Govt. in centre, they are very optimistic that visionary National Electric Mobility Mission Plan 2020 will be launched very soon! National Electric Mobility Mission Plan 2020 (NEMMP 2020), is an initiative proposed by Ministry of Heavy Industry and Public Enterprises to promote and develop a self sustained Electric Vehicle industry in India, which can support national fuel security, provide affordable and environment-friendly transportation to the citizens of India. They firmly believe that with effective implementation of NEMPP 2020, India can emerge as Global Hub for Electric Vehicles. They are proud to inform that Mr Mukesh Bhandari, Chairman ELECTROTHERM (INDIA) LIMITED, has been appointed as “Chairman - SUB Group on BMS and Battery” under National Electric Mobility Mission Plan 2020.

At YO bykes with their credentials (Technologically advanced product, largest Customer Base and Network) they are in the best position to take the advantage of the opportunity which will be created by NEMMP 2020.

CORPORATE INFORMATION

Subject is a listed public company domiciled in India and incorporated under the provisions of the Companies Act, 1956.The Company is engaged in the Manufacturing of Electronic furnaces and other capital equipments, Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery operated vehicles, Electric Power Generation and services relating to Electric furnaces, other capital equipments and battery operated vehicles.

UNSECURED LOAN

PARTICULARS	31.03.2014 (6 Months) (Rs. in Millions)	30.09.2013 (12 Months) (Rs. in Millions)
Long-term Borrowings
Foreign Currency Term Loan	0.000	100.000
Short-term borrowings
Loans and Advances repayable on demand from: -
Related Parties (Including Body Corporates)	25.400	25.900
Other Body Corporates	3.400	3.400
Directors	28.200	35.700
Term Loan from Banks
Rupee Term Loan	1765.900	1779.000
Foreign Currency Term Loan	201.300	233.100
Total	2024.200	2177.100

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10327606	29/12/2011	4,628,600,000.00	CENTRAL BANK OF INDIA	MID CORPORATE FINANCE BRANCH, CENTRAL BANK BUILDING , LAL DARWAJA, AHMEDABAD, GUJARAT - 380001, INDIA	B29228582
2	10317944	18/11/2011	2,000,000,000.00	INDIAN OVERSEAS BANK	ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTRE, OPP. HANDLLOM HOUSE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	B25413303
3	10317950	18/11/2011	1,000,000,000.00	INDIAN OVERSEAS BANK	ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTRE, OPP.HANDLOOM HOUSE, ASHRAM ROAD,, AHMEDABAD, GUJARAT - 380009, INDIA	B25415217
4	10321481	12/11/2011	2,784,700,000.00	CANARA BANK	PRIME CORPORATE BRANCH,104,JYOTI COMMERCIAL COMPLE, NEAR SHYAMAL CROSS ROAD,SATELITE, AHMEDABAD, GUJARAT - 380015, INDIA	B27073931
5	10323332	24/10/2011	1,810,000,000.00	BANK OF INDIA	AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BOI BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA	B27942994
6	10313190	19/10/2011	495,300,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B23532542
7	10318007	03/10/2011	540,000,000.00	DENA BANK	188A ASHRAM ROAD, DENA LAXMI BUILDING, AHMEDABAD, GUJARAT - 380009, INDIA	B25432139
8	10314943	29/09/2011	180,200,000.00	ORIENTAL BANK OF COMMERCE	"NEEL KAMAL",OPP SALES INDIA,ASHRAM ROAD, AHMEDABAD, AHMEDABAD, GUJARAT - 380009, INDIA	B24214470
9	10314939	28/09/2011	36,000,000.00	BANK OF BARODA	1ST FLOOR, BANK OF BARODA TOWERS, OPP LAW GARDEN, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B24213126
10	10307836	22/09/2011	1,000,000,000.00	INDIAN OVERSEAS BANK	ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTRE,, OPP. HANDLOOM HOUSE, ASHRAM ROAD,, AHMEDABAD, GUJARAT - 380009, INDIA	B21281084

* Date of charge modification

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND HALF YEAR ENDED 30.09.2014

(Rs. in millions)

Sl. No.	Particulars		Quarter ended 30.09.2014 (Unaudited)	Quarter ended 30.06.2014 (Unaudited)	Half year ended 30.09.2014 (Unaudited)
1.	Income from Operations
	a.	Net Sales/income from Operations (Net of excise duty)	4826.000	3784.300	8610.300
	b.	Other Operating income	0.000	0.000	0.000
	Total income from operations (net)		4826.000	3784.300	8610.300
2.	Expenses
	a.	Cost of Materials consumed	3713.200	2695.700	6408.900
	b.	Purchase of stock-in-trade	112.000	163.400	275.400
	c.	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(54.400)	965.800	911.400
	d.	Employee benefits expense	197.400	171.000	368.400
	e.	Depreciation and amortisation expense	347.400	347.400	694.800
	f.	Other expenses	1648.200	733.900	2382.100
	Total Expenses		5963.800	5077.200	11041.000
3.	Profit/(Loss) from operations before other income, finance costs and exceptional items (1-2)		(1137.800)	(1292.900)	(2430.700)
4.	Other Income		2.900	6.300	9.200
5.	Profit/(Loss) from ordinary activities before finance costs and exceptional items (3+4)		(1134.900)	(1286.600)	(2421.500)
6.	Finance Costs		53.600	10.400	64.000
7.	Profit/(Loss) from ordinary activities after finance costs but before exceptional items (5-6)		(1188.500)	(1297.000)	(2485.500)
8.	Exceptional items		0.000	0.00	0.000
9.	Profit/(Loss) from ordinary activities before tax (7+8)		(1188.500)	(1297.000)	(2485.500
10.	Tax expense		0.000	0.000	0.000
11.	Net Profit/(Loss) from ordinary activities after tax (9-10)		(1188.500)	(1297.000)	(2485.500
12.	Extraordinary items (net of tax expense Rs. Nil)		0.000	0.000	0.000
13.	Net Profit/(Loss) for the period (11-12)		(1188.500)	(1297.000)	(2485.500
14.	Paid-up equity share capital (Face value Rs. 10.00 per share)		114.800	114.800	114.800
15.	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year		--	--	--
16.	Earnings Per Share (EPS)
	(Face value of Rs. 10.00 per share)
	a.	Basic and Diluted EPS before extraordinary items	(103.53)	(112.98)	(216.51)
	b.	Basic and Diluted EPS after extraordinary items	(103.53)	(112.98)	(216.51)

PART II

Select information for the quarter ended 30.09.2014

Sl. No.	Particulars			Quarter ended 30.09.2014 (Unaudited)	Quarter ended 30.06.2014 (Unaudited)	Half year ended 30.09.2014 (Unaudited)
A.	PARTICULARS OF SHARE HOLDING
1.	Public Shareholding
	-	Number of shares		7708299	7708299	7708299
	-	Percentage of shareholding		67.17	67.17	67.17
2.	Promoters and Promoter Group Shareholding
	a.	Pledged/Encumbered
		-	Number of shares	300000	300000	300000
		-	Percentage of shares (as a % of the total shareholding of promoter and promoter group)	7.96	7.96	7.96
		-	Percentage of shares (as a % of the total share capital of the company)	2.61	2.61	2.61
	b.	Non encumbered
		-	Number of shares	3468075	3468075	3468075
		-	Percentage of shares (as a % of the total shareholding of promoter and promoter group)	92.04	92.04	92.04
		-	Percentage of shares (as a % of the total share capital of the company)	30.22	30.22	30.22

B.	Investor complaints	Three months ended 30.09.2014
	Pending at the beginning of the quarter	0
	Received during the quarter	1
	Disposed off during the quarter	1
	Remaining unresolved at the end of the quarter	0

STATEMENT ON SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. in millions)

Sl.	Particulars		Quarter ended 30.09.2014 (Unaudited)	Quarter ended 30.06.2014 (Unaudited)	Half year ended 30.09.2014 (Unaudited)
1.	Segment Revenue
	a.	Engineering and Project Division	918.600	688.400	1607.000
	b.	Special Steel Division	3903.500	3088.100	6991.600
	c.	Electric Vehicle Division	13.200	14.200	27.400
	Total		4835.300	3790.700	8626.000
	Less : Inter Segment Revenue (at cost)		9.300	6.400	15.700
	Net sales/Income from Operations		4826.000	3784.300	8610.300
2.	Segment Results (Profit/(Loss) before tax and interest)
	a.	Engineering and Project Division	(78.400)	(151.300)	(229.700)
	b.	Special Steel Division	(843.800)	(1118.500)	(1962.300)
	c.	Electric Vehicle Division	(212.700)	(16.800)	(229.500)
	Total		(1134.900)	(1286.600)	(2421.500)
	Less :
	i.	Interest	53.600	10.400	64.000
	ii.	Other un-allocable expenditure net of un-allocable income	0.000	0.000	0.000
	Total Profit/(Loss) before tax		(1188.500)	(1297.000)	(2485.500)
3.	Capital Employed (Segment Assets-Segment Liabilities)
	a.	Engineering and Project Division	(890.800)	(737.400)	(890.800)
	b.	Special Steel Division	(6373.500)	(5529.900)	(6373.500)
	c.	Electric Vehicle Division	235.100	434.900	235.100
	Total		(7029.200)	(5832.400)	(7029.200)

STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	30.09.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	234.800
(b) Reserves & Surplus	(8464.200)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	(8229.400)
(3) Non-Current Liabilities
(a) long-term borrowings	1471.300
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	51.700
Total Non-current Liabilities (3)	1523.000
(4) Current Liabilities
(a) Short term borrowings	29445.700
(b) Trade payables	2567.500
(c) Other current liabilities	1812.700
(d) Short-term provisions	34.300
Total Current Liabilities (4)	33860.200
TOTAL	27153.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets	13581.800
(b) Non-current Investments	1273.900
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	308.200
(e) Other Non-current assets	322.900
Total Non-Current Assets	15486.800
(2) Current assets
(a) Current investments	0.000
(b) Inventories	3108.600
(c) Trade receivables	4750.600
(d) Cash and cash equivalents	29.500
(e) Short-term loans and advances	3769.900
(f) Other current assets	8.400
Total Current Assets	11667.000
TOTAL	27153.800

FIXED ASSETS

TANGIBLE ASSETS

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Computer

· Furnitures and Fixtures

· Office Equipment

· Vehicles

INTANGIBLE ASSETS

· Software

CMT REPORT (Corruption, Money Laundering and 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.62.43
UK Pound	1	Rs.95.02
Euro	1	Rs.70.63

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	KVT

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 and 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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.