MIRA INFORM REPORT

Report No. :	309111
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	VOLTAMP TRANSFORMERS LIMITED (w.e.f. 22.02.2006)
Formerly Known As :	VOLTAMP TRANSFORMERS PRIVATE LIMITED
Registered Office :	Near National Highway, No.8, Makarpura, Vadodara – 390014, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.03.1967
Com. Reg. No.:	04-001437
Capital Investment / Paid-up Capital :	Rs. 101.171 Millions
CIN No.: [Company Identification No.]	L31100GJ1967PLC001437
TAN No.: [Tax Deduction & Collection Account No.]	AHMV00819A BRDV01071A
PAN No.: [Permanent Account No.]	AAACV5048G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Transformers.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (63)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having good track record. There seems some dip in the turnover and profit of the company during FY 14. However, general financial position of the company is sound. Fundamentals of the company are healthy. The rating also takes into consideration company’s long track record and established market position in the transformer business along with a diversified clientele and experienced management. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – December 31, 2014

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities (AA-)
Rating Explanation	High degree of safety and very low credit risk.
Date	August 28, 2014
Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A1+)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	August 28, 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. Vallabh Madhani
Designation :	Director
Contact No.:	91-265-3041403
Date :	19.02.2015

LOCATIONS

Registered/ Head Office/ Factory 1 :	Near National Highway, No.8, Makarpura, Vadodara – 390014, Gujarat, India
Tel. No.:	91-265-2642011 / 2642012 / 3041480/403
Fax No.:	91-265-2646774 / 3041499
E-Mail :	voltamp@voltamptransformers.com vnm_act@voltamptransformers.com
Website :	http://www.voltamptransformers.com
Factory 2 :	Village Vadadla, Jarod-Samlaya Road, Tehsil Savli, District Vadodara - 391520, Gujarat, India
Regional Offices :	Ø Northern Region Located at · New Delhi · Chandigarh · Ghaziabad Ø Southern Region Located at · Chennai · Secunderabad · Bangalore · Coimbatore Ø Western Region 01, Ground Floor, Siddhachal Building, Near Cosmos Bank, Hanuman Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India Tel. No. :91-22-26135289 Fax. No.:91-22-26135296 Ø Located at: · Pune · Ahmedabad · Thane · Nagpur

DIRECTORS

As on: 31.03.2014

Name :	Mr. Lalitkumar H. Patel
Designation :	Chairman (Upto 17.05.2013)
Date of Birth/Age :	79 years
Qualification :	B.Sc. (Engg.), A.C.G.I. 1. Patson Transformers M.I.E.
Name :	Mr. Kunjal L. Patel
Designation :	Vice Chairman and Managing Director
Qualification :	B.E. (Electrical)
Experience :	18 Years
Name :	Mr. Kanubhai S. Patel
Designation :	Chairman and Managing Director (w.e.f. 17.05.2013)
Qualification :	B. Com., F.C.A., F.C.S.
Experience :	34 Years
Name :	Mr. Kewalkrishna G. Tuli
Designation :	Director
Date of Birth/Age :	77 years
Qualification :	B.E. civil
Name :	Mr. Vasantlal L. Patel
Designation :	Director
Name :	Mr. Jagannath S. Aiyar
Designation :	Director
Name :	Mr. Arvind N. Shelat
Designation :	Director
Name :	Mr. Vallabh N. Madhani
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Vallabh N. Madhani
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.12.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1002690	9.91
Bodies Corporate	3801377	37.57
Sub Total	4804067	47.48
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4804067	47.48
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1114194	11.01
Financial Institutions / Banks	1538	0.02
Foreign Institutional Investors	2930610	28.97
Sub Total	4046342	39.99
(2) Non-Institutions
Bodies Corporate	500372	4.95
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	647047	6.40
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	21771	0.22
Any Others (Specify)	97521	0.96
Non Resident Indians	25204	0.25
Clearing Members	72317	0.71
Sub Total	1266711	12.52
Total Public shareholding (B)	5313053	52.52
Total (A)+(B)	10117120	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)	10117120	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Transformers.
Products :	Oil Filled Transformers Cast Resin (Dry Type) Transformers Unitised Sub-Station Induction Furnace Transformers Lighting Transformers
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Transformers	KVA	13000000	8973418
Transformers	No.	--	3055

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

• ICICI Bank Limited, Land Mark Building, Race Course Circle, Vadodara – 390007, Gujarat, India

• Axis Bank Limited, Vardhaman Complex, Opposite GEB Office, Race Course Circle, Vadodara – 390007, Gujarat, India

• Bank of Baroda, Sayajigunj Branch, Vadodara – 390005, Gujarat, India

Auditors :
Name :	Chandulal M. Shah and Company Chartered Accountants
Address :	601, Samruddhi, Opposite Sakar III, Sattar Taluka Society, Ahmedabad – 380014, Gujarat, India
Memberships :	Not Available
Collaborators :	Not Available
Associated Company :	· Patson Transformers Private Limited · Kunjal Investments Private Limited
Associated Firm :	The Banyan Club

CAPITAL STRUCTURE

As on 31.03.2014

1. Authorized Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10117120	Equity Shares	Rs.10/- each	Rs. 101.171 Millions

2. The company is not a subsidiary of any other company; it does not have any subsidiary. Shareholding details of the company and name of persons holding more than 5% shares are as under:

Names of person holding more than 5% shares	31.03.2014
Kunjal Investments Private Limited	38,01,377
Nalanda India Fund Limited	10,05,340
Nalanda India Equity Fund Limited	6,47,732
ICICI Prudential Discovery Fund	6,59,537
Pari Washington Company Private Limited	5,67,286
Total	66,81,272

3. The Company has not issued any share by way of bonus or without payment being received in cash in pursuant to any contract during the period of last five years.

4. The Company has not bought back any share during the period of last five years.

5. The Company has only one class of equity share of ` 10 each. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders at the ensuing Annual General Meeting.

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	101.171	101.171	101.171
(b) Reserves & Surplus	4146.181	4001.654	3850.219
(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)	4247.352	4102.825	3951.390
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	2.803
(c) Other long term liabilities	0.000	0.000	2.099
(d) long-term provisions	14.608	13.767	14.495
Total Non-current Liabilities (3)	14.608	13.767	19.397
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	157.219	0.627	74.056
(c) Other current liabilities	195.573	228.470	280.247
(d) Short-term provisions	197.861	262.954	199.744
Total Current Liabilities (4)	550.653	492.051	554.047
TOTAL	4812.613	4608.643	4524.834
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	468.012	515.374	536.628
(ii) Intangible Assets	2.677	4.089	4.048
(iii) Capital work-in-progress	3.643	0.000	7.993
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1774.135	1400.055	866.439
(c) Deferred tax assets (net)	6.618	3.360	0.000
(d) Long-term Loan and Advances	4.765	5.960	14.176
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2259.850	1928.838	1429.284
(2) Current assets
(a) Current investments	410.390	337.095	232.101
(b) Inventories	573.025	718.372	1021.615
(c) Trade receivables	1427.428	1452.547	1739.889
(d) Cash and cash equivalents	8.665	107.213	45.896
(f) Cash and cash Balance	2.613	2.413	2.266
(g) Short-term loans and advances	130.642	62.165	53.783
Total Current Assets	2552.763	2679.805	3095.550
TOTAL	4812.613	4608.643	4524.834

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4447.750	5155.024	5698.052
		Other Income	267.445	200.197	154.546
		TOTAL	4715.195	5355.221	5852.598
Less	EXPENSES
		Cost of materials consumed	3482.424	3926.328	4714.693
		Changes in inventories of finished goods WIP and stock-in-trade	187.631	203.966	(151.631)
		Employee benefits expense	184.454	197.632	188.147
		Other expenses	443.556	485.317	529.610
		TOTAL	4298.065	4813.243	5280.819
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		417.130	541.978	571.779
Less	FINANCIAL EXPENSES		3.670	4.910	4.774
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		413.460	537.068	567.005
Less/ Add	DEPRECIATION/ AMORTISATION		71.326	76.747	82.697
	PROFIT BEFORE TAX		342.134	460.321	484.308
Less	TAX		79.242	131.337	151.547
	PROFIT AFTER TAX		262.892	328.984	332.761
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		101.264	99.828	134.650
Less	APPROPRIATIONS
		Transfer to General Reserve	150.000	150.000	250.000
		Dividend	101.171	151.757	101.171
		Tax on Dividend	17.194	25.791	16.412
	BALANCE CARRIED TO THE B/S		95.791	101.264	99.828
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	48.044	31.148	4.324
	TOTAL EARNINGS		48.044	31.148	4.324
	Earnings Per Share (Rs.)		32.52	32.89	32.89

QUARTERLY RESULTS

Particular	1 Quarter (30.06.2014)	2 Quarter (30.09.2014)	3 Quarter (31.12.2014)
Audited / Unaudited	Unaudited	Unaudited	Unaudited
Revenue	833.500	1344.700	1291.270
Other Income	61.600	53.800	36.310
Total Income	895.100	1398.500	1,327.580
Expenditure	(792.700)	(1319.300)	(1,247.500)
Interest	(0.700)	(0.900)	(0.770)
PBDT	101.700	78.300	79.300
Depreciation	(19.600)	(20.400)	(18.020)
PBT	82.100	57.900	61.28
Tax	(14.800)	(9.000)	(15.200)
Net Profit	67.300	49.000)	46.080

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.91	6.38	5.84
Operating Profit Margin (PBIDT/Sales)	(%)	9.38	10.51	10.03
Return on Total Assets (PBT/Total Assets}	(%)	11.30	14.36	13.27
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.12
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.64	5.45	5.59

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	101.171	101.171	101.171
Reserves & Surplus	3850.219	4001.654	4146.181
Net worth	3951.390	4102.825	4247.352
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	5698.052	5155.024	4447.750
		(9.530)	(13.720)

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	5698.052	5155.024	4447.750
Profit	332.761	328.984	262.892
	5.84%	6.38%	5.91%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	No
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

LITIGATION:

HIGH COURT OF GUJARAT

	Status : PENDING		( Converted from : O/ST/2245/2013 )	CCIN No : 001092201300748
	Last Listing Date:		30/11/2013
	Coram		HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MR.JUSTICE R.P.DHOLARIA
S.NO.		Name of the Petitioner			Advocate On Record
1		COMMISSIONER OF INCOME TAX-IV			MR NITIN K MEHTA for: Appellant(s)  1
S.NO.		Name of the Respondant			Advocate On Record
1		VOLTAMP TRANSFORMERS LIMITED			MR MANISH J SHAH for :Opponent(s)  1

TAX APPEAL No. 748 of 2013

Presented On	: 23/08/2013	Registered On	: 03/09/2013
Bench Category	: -	District	: AHMEDABAD
Case Originated From	:THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 181 times
Stage Name	: FOR FINAL HEARING

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	23/08/2013	VAKALATNAMA	MS PAURAMIB SHETH ADVOCATE for PETITIONER(s)  1	0	MS PAURAMI B SHETH(841) for P:1
2	23/08/2013	CERTIFIED COPY	MS PAURAMIB SHETH ADVOCATE for PETITIONER(s)  1	6	MS PAURAMI B SHETH(841), for P:1
3	23/08/2013	MEMO OF APPEAL/PETITION/SUIT	MS PAURAMIB SHETH ADVOCATE for PETITIONER(s)  1	20	MS PAURAMI B SHETH(841), for P:1
4	12/11/2013	VAKALATNAMA	MR MANISH J SHAH ADVOCATE for RESPONDENT(s)  1	5	MR MANISH J SHAH(1320) for R:1
5	03/03/2014	APPEARANCE NOTE	MR NITIN K MEHTA ADVOCATE for PETITIONER(s)  1 , 1	0	MR NITIN K MEHTA(3286) for P:1

LINKED MATTERS

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/1107/2014	PENDING	-	- · HONOURABLE MR.JUSTICE KS JHAVERI  · HONOURABLE MR.JUSTICE K.J.THAKER

COURT PROCEEDINGS

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	10/09/2013	5	12	ADMISSION (FRESH MATTERS)	NEXT DATE	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MS JUSTICE SONIA GOKANI
2	17/09/2013	5	4	ADMISSION (FRESH MATTERS)	NEXT DATE	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MS JUSTICE SONIA GOKANI
3	18/09/2013	5	27	ADJOURNED MATTERS	RULE/ADMIT	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MS JUSTICE SONIA GOKANI
4	30/11/2013	5	104	FOR FINAL HEARING	NEXT DATE NOT GIVEN	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MR.JUSTICE R.P.DHOLARIA

AVAILABLE ORDERS

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	TAX APPEAL/748/2013	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MS JUSTICE SONIA GOKANI	18/09/2013	N	ORDER	-	Y	Download

CERTIFIED COPY

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MS PAURAMIB SHETH	ORDINARY	20/09/2013	O/28727/2013	17/09/2013	21/09/2013	-	Notified	ORDER

PERFORMANCE REVIEW:

During the year, in the sluggish market condition, the Company could achieve Sales and Other Income, in monetary terms to Rs. 4715.200 Millions only as compared to Rs. 5355.200 Millions in the previous year. The sales in terms of volume reduced to 6628 MVA as compared to 7670 MVA in the previous year. The Profit before Tax (PBT) was reduced to Rs. 342.100 Millions as compared to Rs. 460.300 Millions in the previous year and Profit after Tax (PAT) also reduced to Rs. 262.900 Millions as compared to Rs. 329.000 Millions in the previous year.

The year was even worse than the earlier 2 years and during the year, the profitability of the Company come down further, mainly due to intense price war amongst organized sector manufacturers because of overcapacity in the Industry. Steep fall in Rupee value vs. US Dollar has substantially eroded available thin margins, as input cost has steeply gone up on import original raw material / components.

The financial year 2014-15 also started with lower order backlog of Rs. 2564.100 Million (4481 MVA). The enquiry level remained low and the orders are booked on fixed price basis to feed the factories; with total uncertainty during its execution period, which remain area of major concern. With large unutilized capacity in Industry, aggressive pricing, continuing and highly volatile raw material prices, achieving break-even level remains challenge for the Company. Receivables position has marginally improved compared to last year but timely realization of receivables still remains challenging area. The Company finds it difficult to sustain volume due to very low price realization.

For detailed analysis of the performance, please refer to the Management’s Discussion and Analysis section of the annual report.

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY OVERVIEW:

The slowdown in order momentum which began few years back extended to this financial year also impacting capacity utilization and price realization due to intense price-war amongst organized sector manufacturers. Industry continued working at sub-optimum level, i.e. less than 60% of capacity utilization. Multinational Companies continued adding capacity in over-crowded industry. All the major players in Industry have been facing lower price realization and liquidity pressure. The position is unlikely to improve in short-run and current year 2014-15 will continue to be challenging one, unless new Government that will assume office after Loksabha Election at the Centre address policy issues on war-footing basis and revive investors’ confidence.

OUTLOOK FOR THE COMPANY:

The Company expects current year to remain difficult one. Large portion of orders getting booked on fixed term price basis to feed base load of the factories; with total uncertainty during execution stage. With large unutilized capacity in Industry, aggressive pricing practice continuing and highly volatile input material prices, there remains tremendous pressure to achieve break-even level operations. Further, the current financial year 2014-15 being election year, if a strong and stable government comes at the Centre, then revival of the current sluggish phase is expected. Being election phase, the uncertainties are also high in short-run. The slowdown is transient and long term outlook is positive for the industry.

As on date, orders available for execution in the current year amount to Rs. 2878.600 crores, totaling 5005 MVA, Providing revenue visibility for about six months period.

FINANCE:

The Company continued to remain debt free during the year. The Company continued to focus on optimizing its working capital to improve cash position. As in the past, the Company has maintained excellent relationship with its bankers and was able to negotiate favorable terms for various banking facilities. The Company has invested surplus funds available, in various debt and equity schemes of mutual funds, fixed deposit with banks, debentures and bonds, PMS, tax-free bonds, etc. and earned a reasonable return on the same and the Company was also able to expand its investment portfolio. Though the Company was able to little bit improve its receivable position and inventory holding level, higher investment in receivables and inventory still remain a major area of concern for the Company. In this difficult market condition, the Company has limited options to deal with this situation.

FACTORS AFFECTING OUR FUTURE RESULTS OF OPERATIONS:

The major factors that may affect our future results of operations are the currency fluctuation, competitive pressures from local as well as recently entered International competitors, Govt. policies on power sector and growth of power sector in India, large unutilized capacity in Industry, aggressive pricing, and continuing and highly volatile raw material prices.

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10336532	17/07/2013 *	1,925,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B81615882
2	10143737	08/03/2014 *	507,700,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	C00013961
3	80022392	25/01/2007 *	1,250,000,000.00	BANK OF BARODA	SAYAJIGUNJ BRANCH,, VADODARA, GUJARAT - 390005, INDIA	-
4	80022389	25/01/2007 *	1,250,000,000.00	BANK OF BARODA	SAYAJIGUNJ BRANCH,, VADODARA, GUJARAT - 390005, INDIA	-

* Date of charge modification

FIXED ASSETS:

v Tangible Assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computers

v Intangible Assets

• Computer software
• Technical know how

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31.12.2014

[RS. IN MILLIONS]

PARTICULARS	3 Months Ended		9 Months Ended
	31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
1. Income from operations
a) Gross sales/ Income from operation	1360.959	1490.644	3760.059
Less: excise duty	69.693	145.998	290.639
Total Income from Operations (net)	1291.266	1344.646	3469.420
TOTAL
2.Expenditure
a) Cost of material consumed	1150.554	1112.222	3225.870
b) Increase/ decrease Sock	(89.644)	43.274	(367.450)
c) Employee benefits Expense	46.077	46.787	141.928
d) Depreciation and Amortization	18.024	20.419	58.004
e) Other Expenses	140.512	116.993	359.130
Total expenses	1265.523	1339.695	3417.482
3. Profit from operations before other income, and financial costs and Exceptional Items	-	-	-
Profit/ (Loss) before Interest, Depreciation, Tax and Amortisation	25.743	4.951	51.938
4. Other income	36.313	53.836	151.766
5.Ecxhange Gain	-	-	-
6. Profit from ordinary activities before finance costs	62.056	58.787	203.704
7. Finance costs	0.772	0.870	2.385
8. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	61.284	57.917	201.319
9. Exceptional item	-	-	-
10. Profit from ordinary activities before tax Expense:	61.284	57.917	201.319
11.Tax expenses	15.203	8.956	38.952
12.Net Profit / (Loss) from ordinary activities after tax (9-10)	46.081	48.961	162.367
13.Extraordinary Items (net of tax expense)	-	-	-
14.Net Profit / (Loss) for the period (11 -12)
15.Paid-up equity share capital (Nominal value Rs.10 per share)	101.171	101.171	101.171
16. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	-	-	-
17.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):	-	-	-
(a) Basic and diluted	4.55	4.84	16.05
A. PARTICULARS OF SHAREHOLDING
1. Public Shareholding
- Number of shares	5313053	5313053	5313053
- Percentage of shareholding	52.52	52.52	52.52
2. Promoters and Promoters group Shareholding
a) Pledged /Encumbered
Number of shares	NIL	NIL	NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NIL	NIL	NIL
Percentage of shares (as a % of total share capital of the company)	NIL	NIL	NIL
b) Non Encumbered
Number of shares	4804067	4804067	4804067
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	47.48	47.48	47.48

	PARTICULARS	3 Months Ended 31.12.2014
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

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 records 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.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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