MIRA INFORM REPORT

Report No. :	301569
Report Date :	09.01.2015

Note: “RAJASTHAN TRANSFORMERS AND SWITCHGEARS” is a division of “RTS POWER CORPORATION LIMITED”.

IDENTIFICATION DETAILS

Name :	RTS POWER CORPORATION LIMITED RAJASTHAN TRANSFORMERS AND SWITCHGEARS A DIVISION OF RTS POWER CORPORATION LIMITED
Registered Office :	56, Netaji Subhas Road, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.12.1947
Com. Reg. No.:	21-016105
Capital Investment / Paid-up Capital :	Rs.81.685 Millions
CIN No.: [Company Identification No.]	L17232WB1947PLC016105
TIN No.:	08921651617
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCR2618B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing Power and Distribution Transformers of various capacities which are major and indispensable machinery/ equipment for generation, transmission and distribution of power.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and low profitability margins of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CRISIL
Rating	Long Term Rating = B+
Rating Explanation	Risk prone credit quality and very high credit risk.
Date	08.08.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	08.08.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. G Goesh
Designation :	Accountant
Contact No.:	91-33-22426054
Date :	31.12.2014

LOCATIONS

Registered Office :	56, Netaji Subhas Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22426025 / 6054
Fax No.:	91-33-22426732
E-Mail :	rtspower@vsnl.net kolkata@rtspower.com jaipurrts@rtspower.com
Website :	http://rtspower.com
Power and Distribution Transformers Unit 1 :	Rajasthan Transformers and Switchgears C-174, Road No 9J Vishwakarma Industrial Area, Chomu Road, Jaipur – 302013, Rajasthan, India
Tel. No.:	91-141-2330405 / 2330269
Fax No.:	91-141-2330315
Power and Distribution Transformers Unit 2 :	Rajasthan Transformers and Switchgears Near 14 KM Mile Stone, Mathura Road, P.O. Artoni, Agra –282007, Uttar Pradesh, India
Power and Distribution Transformers Unit 3 :	Jala Dhulagori, Sankrail, Dhulagori, Howrah-711302, West Bengal, India
Power and EHV Division Unit :	Rajasthan Transformers and Switchgears 132 KV Class Transformers , E-346, Road No. 16, Vishwakarma Industrial Area, Jaipur – 302013, Rajasthan, India
Distribution Transformers Division :	Rajasthan Transformers and Switchgears F 139 to 142 Udyog Vihar, Jetpura, Jaipur, Rajasthan, India
Transformer and Specialty Oil Unit :	A-25, 26 RIICO Industrial Area, Kaladera, Chomu, Jaipur, Rajasthan, India
Wind Energy Division 1 :	Dhule, Maharashtra, India
Wind Energy Division 2 :	Barmer, Rajasthan, India
Factory :	E-345-345, Road No. 16, V K I Area, Jaipur – 302013, Rajasthan, India
Tel. No.:	91-141-2262175

DIRECTORS

As on 31.03.2014

Name :

Mr. Abhay Bhutoria

Designation :

Managing Director

Address :

D-253, Devi Marg, Bani Park, Jaipur - 302016, Rajasthan, India

Date of Appointment :

01.12.2010

DIN No.:

00013712

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31102RJ1979PTC001950	BHUTORIA TRANSFORMERS AND RECTIFIERS PRIVATE LIMITED	Director	27/06/1983	27/06/1983	-	Active	NO
2	U31109OR1987PTC001834	KALINGA PETROCHEMICALS PRIVATE LIMITED	Director	06/03/1991	06/03/1991	01/11/2012	Active	NO
3	U70109RJ1984PTC002902	LADNUN AGRICULTURAL FARMS PRIVATE LIMITED	Director	18/09/1995	18/09/1995	-	Active	NO
4	L17232WB1947PLC016105	RTS POWER CORPORATION LIMITED	Managing director	01/12/2010	17/10/1995	-	Active	NO

Name :

Mr. Sardul Singh Jain

Designation :

Chairman / Director

Address :

3,Middleton Row, 8th Floor, Kolkata - 700016, West Bengal, India

Date of Appointment :

20.02.1985

DIN No.:

00013732

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L51909WB1895PLC001021	ALLIANCE UDYOG LIMITED	Director	20/09/1980	20/09/1980	-	Active	NO
2	U15312WB1983PLC036745	ALLIANCE MILLS SOUTH LIMITED	Director	06/09/1983	06/09/1983	-	Active	NO
3	L17232WB1947PLC016105	RTS POWER CORPORATION LIMITED	Director	20/02/1985	20/02/1985	-	Active	NO
4	L67120WB1979PLC032376	OMNI HOLDINGS LIMITED	Director	26/06/1987	26/06/1987	-	Active	NO
5	L21012UR1986PLC008002	JALPAC INDIA LIMITED	Director	01/07/1989	01/07/1989	29/09/2008	Active	NO
6	U65921WB1990PTC049910	PARAKH PROJECTS PRIVATE LIMITED	Director	20/09/1990	20/09/1990	-	Active	NO
7	U51225WB1991PLC052635	BHUTORIA AGROTECH LIMITED	Director	17/08/1991	17/08/1991	20/11/2013	Active	NO
8	U67120WB1992PTC055137	SUNGRACE FINVEST PRIVATE LIMITED	Director	10/01/1994	10/01/1994	-	Active	NO
9	L67120WB1983PLC036113	RGF CAPITAL MARKETS LIMITED	Director	01/09/1994	01/09/1994	-	Active	NO
10	U70101WB1989PTC046640	LINDSAY SECURITIES PRIVATE LIMITED	Director	23/11/1994	23/11/1994	09/04/2007	Active	NO
11	U31102WB1966PLC026834	EAST INDIA UDYOG LIMITED	Director	30/11/1995	30/11/1995	-	Active	NO
12	U17111WB1954PLC021946	EAST INDIA COTTON MFG CO LIMITED	Director	30/11/1995	30/11/1995	-	Active	NO
13	U67120WB1971PTC028146	HARI HOLDINGS PRIVATE LIMITED	Director	18/12/2000	18/12/2000	-	Active	NO
14	U29110WB1947PTC015145	JALAN CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	10/02/2003	10/02/2003	-	Active	NO
15	L74999WB1919PLC003516	ALFRED HERBERT (INDIA) LIMITED	Director	30/07/2014	30/10/2004	-	Active	NO
16	U32109WB1987PLC043261	ALFRED HERBERT LIMITED	Director	08/11/2004	08/11/2004	-	Active	NO
17	U67120WB1995PLC067806	LODHA CAPITAL MARKETS LIMITED	Director	22/08/2005	22/08/2005	-	Active	NO
18	L51109WB1983PLC035969	E I T A INDIA LIMITED	Director	30/08/2014	13/02/2007	-	Active	NO
19	U65992WB1973PTC029040	ANNAPURNA SAVINGS & FINANCE CO PRIVATE LIMITED	Director	29/09/2007	09/04/2007	-	Active	NO
20	U51109WB1942PTC075039	BARODA AGENTS AND TRADING CO. PRIVATE LIMITED	Director	18/09/2008	28/04/2008	-	Active	NO
21	L29120WB1972PLC031488	BHUTORIA VALVE UDYOG LIMITED	Director	29/09/2014	29/09/2014	-	Active	NO

Name :

Mr. Rajendra Bhutoria

Designation :

Vice Chairman and Whole-Time Director

Address :

"River Site", 9, Chapel Road, Hastings, Kolkata - 700022, West Bengal, India

Date of Appointment :

01.04.2012

DIN No.:

00013637

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L17232WB1947PLC016105	RTS POWER CORPORATION LIMITED	Whole-time director	01/04/2012	23/12/1975	-	Active	NO
2	U65993WB1979PTC032366	BHUTORIA INVESTMENTS PRIVATE LIMITED	Director	22/11/1979	22/11/1979	-	Active	NO
3	U63022WB1986PTC040692	Abhay Transformers Private Limited	Director	21/05/1986	21/05/1986	-	Active	NO
4	L65993WB1980PLC033117	BHUTORIA BROTHERS LIMITED	Director	29/07/1991	29/07/1991	-	Active	NO
5	U74140WB2012PTC181274	RAJANJALI CONSULTANCY PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO
6	U51909WB2012PTC181869	KAMALRAJ DEALERS PRIVATE LIMITED	Director	18/05/2012	18/05/2012	-	Active	NO
7	U51909WB2012PTC181873	NISHARAJ DEALERS PRIVATE LIMITED	Director	18/05/2012	18/05/2012	-	Active	NO
8	U74999WB2012PTC182344	NISHARAJ CONSULTANCY PRIVATE LIMITED	Director	04/06/2012	04/06/2012	-	Active	NO
9	U51909WB2012PTC182347	DHRUVSARA DEALERS PRIVATE LIMITED	Director	04/06/2012	04/06/2012	-	Active	NO
10	U74140WB2012PTC182388	RAVISHILPA CONSULTANCY PRIVATE LIMITED	Director	05/06/2012	05/06/2012	-	Active	NO
11	U74140WB2012PTC182886	SHILPANJALI CONSULTANCY PRIVATE LIMITED	Director	19/06/2012	19/06/2012	-	Active	NO

Name :

Mrs. Rachna Bhutoria

Designation :

Director

Address :

D 253.1 Bani Park, Devi Marg Jaipur - 302016, Rajasthan, India

Date of Appointment :

29.09.2014

DIN No.:

00977628

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993WB1979PTC032366	BHUTORIA INVESTMENTS PRIVATE LIMITED	Director	30/11/2006	30/11/2006	-	Active	NO
2	U70109RJ1984PTC002902	LADNUN AGRICULTURAL FARMS PRIVATE LIMITED	Director appointed in casual vacancy	29/12/2006	29/12/2006	-	Active	NO
3	L17232WB1947PLC016105	RTS POWER CORPORATION LIMITED	Director	29/09/2014	14/02/2014	-	Active	NO

Name :

Mr. Bachhraj Begwani

Designation :

Additional Director

Address :

C.O Bhutoria Brothers Limited, 56 Netaji Subhas Road, Kolkata - 700001, West Bengal, India

Date of Appointment :

30.04.2010

DIN No.:

03157720

Name :

Mr. Ram Lal Saini

Designation :

Additional Director

Address :

3 Milap Nagar, Tonk Road, Jaipur - 302018, Rajasthan, India

Date of Appointment :

14.05.2011

DIN No.:

03534117

Name :

Mr. Alok Kumar Banthia

Designation :

Director

Address :

132, Jamunalal Bajaj Street, Kolkata - 700007, West Bengal, India

Date of Appointment :

14.08.2014

DIN No.:

00528159

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51491WB1993PTC060787	BHURAMAL RATANKUMAR TEXTILE PRIVATE LIMITED	Director	23/11/1993	23/11/1993	-	Active	NO
2	L17232WB1947PLC016105	RTS POWER CORPORATION LIMITED	Director	14/08/2014	14/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. J. Biswas
Designation :	Company Secretary
Address :	Plot No. 175, Sector-A, Metropolitan Co-Op Housing, Society, Canal South Road, Kolkata - 700105, West Bengal, India
Date of Appointment :	05.05.2006
PAN No.:	ADZPB9393D

SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	409711	5.02
Bodies Corporate	4255370	52.09
Sub Total	4665081	57.11
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4665081	57.11
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	2299639	28.15
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	648632	7.94
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	398064	4.87
Any Others (Specify)	157084	1.92
NRIs/OCBs	10156	0.12
Clearing Members	146928	1.80
Sub Total	3503419	42.89
Total Public shareholding (B)	3503419	42.89
Total (A)+(B)	8168500	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)	8168500	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing Power and Distribution Transformers of various capacities which are major and indispensable machinery/ equipment for generation, transmission and distribution of power.
Products :	Power and Distribution Transformers
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

70 (Approximately)

Bankers :

• State Bank of Bikaner and Jaipur
• ICICI Bank Limited
• Bank of Baroda
• Canara Bank
• Oriental Bank of Commerce

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Term Loan From Banks
State Bank of Bikaner and Jaipur, Kolkata (Security margin has been estimated considering the all existing as well as proposed fixed assets of the company and personal guarntee by two Directors.)	2.484	0.000
Bank of Baroda, Johari Bazar Jaipur (Wind Energy Division (Secured against equitable mortgage of Wind Mill Project site & Hypothecation of Plant and Machinery situated at Rawat ka Gown, District - Barmer and personal gurantee of two Directors.)	9.449	12.942
SHORT TERM BORROWINGS
Loans Repayable on Demand From Banks
- Cash Credit with State Bank of Bikaner & Jaipur, Kolkata (Rate of Interest @ 12.50% p.a.) (The above loan is secured against hypothecation of Raw Material, Finished Goods, Stores & Spares, Book Debts, Other Current Assets and personal guarantee by two Directors.)	19.541	31.068
- Cash Credit with Canara Bank. Agra (Rate of Interest @ 14.75% p.a.) (The above loan is secured against hypothecation of Raw Material, Stores & Spares, Book Debts, Other Current Assetsand Personal gurantee of two Directors.)	2.800	4.390
- Cash Credit with ICICI Bank Limited Jaipur (Rate of Interest @ 13.75% p.a.) (The above loan is secured against hypothecation of Raw Material, Finished Goods, Stock-in-process, Stores and Spares, Book Debts and is further Secured by Equitable mortgage/ hypothecation of all Fixed Assets and personal guarantee of two Directors.)	30.559	13.371
- Cash Credit with Bank Of Baroda , Jaipur (Rate of Interest @ 13.75% p.a.) (The above loan is secured against hypothecation of Raw Material, Finished Goods, Stock-in-process, Stores & Spares, Book Debts. The above Loan is further Secured by Equitable mortgage / hypothecation of all Fixed Assets and personal guarantee of two Directors)	91.244	92.852
- Cash Credit with Oriental Bank of Commerce, Jaipur (Rate of Interest @ 13.75% p.a.) (The above loan is secured against hypothecation of Raw Material, Finished Goods, Stock-in-process, Stores & Spares, Book Debts. The above Loan is further Secured by Equitable mortgage / hypothecation of all Fixed Assets and personal guarantee of two Directors.)	32.385	37.983
Bill Discounting A/c from Bank of Baroda Johari Bazar, Jaipur (Rate of Interest @ 14.25% p.a.) (The above loan is secured against hypothecation of Raw Material, Finished Goods, Stores & Spares, Book Debts, Other Current Assets)	8.061	16.276
- Working Capital Demand Loan From Bank of Baroda Jaipur (Rate of Interest @ 14.25% p.a.)	23.879	65.325
- Working Capital Demand Loan From ICICI Bank Limited Jaipur (Rate of Interest @ 14.25% p.a.) (Both of the above working capital demand loans are secured against the books debts of various discom(s) of UPPCL Lucknow and further earmarking by letter of Credit Limits.)	2.923	17.389
Total	223.325	291.596

Banking Relations :

--

Auditors :

Name :

A. C. Bhuteria and Company

Chartered Accountants

Address :

2, India Exchange Place, 2nd Floor, Kolkata – 700001, West Bengal, India

Memberships :

--

Collaborators :

--

Wholly Owned Subsidiary

• Blue Nile Projects Limited

Enterprises where Key Management Personnel have significant influence :

• ABAY Energy Private Limited Company
• Abhay Transformers Private Limited
• Bhutoria Agrotech Limited
• Bhutoria Brothers Limited
• Bhutoria Investments Private Limited
• Bhutoria Properties
• Bhutoria Transformers and Rectifiers Private Limited
• BLB Cables and Conductors Private Limited
• Howrah Warehouse Private Limited
• Kalinga Petrochemicals Private Limited
• Ladnun Agricultural Farms Private Limited
• Rajasthan Transformers and Switchgears Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised 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
8168500	Equity Shares	Rs. 10/- each	Rs.81.685 Millions

a) Reconciliation of the number of shares

Equity Shares	Number of Shares
Balance as at the beginning of the financial year	8168500
Add: Preferential allotment during the financial year	--
Balance as at the end of the financial year	8168500

b) Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Bhutoria Investments Private Limited	2298648	28.14
BLB Cables and Conductors Private Limited	1185914	14.52
Sharp Investments Limited	1140000	13.96
Bhutoria Brothers Limited	495157	6.06

c) The Company has only one class of shares referred to as Equity Shares having a par value of Rs.10/- each. 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 any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of Equity Shares held by the shareholders. Dividend recommended by the Board of Directors (other than interim dividend) is subject to approval of the shareholders ensuring 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	81.685	81.685	81.685
(b) Reserves & Surplus	358.122	356.941	377.911
(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)	439.807	438.626	459.596
(3) Non-Current Liabilities
(a) long-term borrowings	11.933	12.942	22.128
(b) Deferred tax liabilities (Net)	6.917	6.908	16.701
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.684	4.178	6.506
Total Non-current Liabilities (3)	22.534	24.028	45.335
(4) Current Liabilities
(a) Short term borrowings	392.747	459.069	351.628
(b) Trade payables	813.918	399.605	638.035
(c) Other current liabilities	39.417	30.918	44.249
(d) Short-term provisions	2.721	2.061	1.758
Total Current Liabilities (4)	1,248.803	891.653	1,035.670
TOTAL	1,711.144	1,354.307	1,540.601
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	136.499	148.592	155.430
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.526	0.000	3.472
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	15.697	0.372	0.372
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.148	16.029	13.352
(e) Other Non-current assets	17.880	12.260	1.002
Total Non-Current Assets	188.750	177.253	173.628
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	484.548	371.601	366.837
(c) Trade receivables	873.068	676.014	866.985
(d) Cash and cash equivalents	72.292	55.046	64.632
(e) Short-term loans and advances	91.988	74.393	68.519
(f) Other current assets	0.498	0.000	0.000
Total Current Assets	1,522.394	1,177.054	1,366.973
TOTAL	1,711.144	1,354.307	1,540.601

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1,420.236	1,021.237	1,367.582
		Other Income	8.784	8.052	7.864
		TOTAL (A)	1,429.020	1,029.289	1,375.446
Less	EXPENSES
		Cost of Materials Consumed	1,183.828	815.570	1,052.205
		Purchases of Stock-in-Trade	0.492	1.719	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(104.432)	(51.455)	8.129
		Employees benefits expense	18.231	22.028	21.051
		Other expenses	220.746	161.875	184.857
		TOTAL (B)	1,318.865	949.737	1,266.242
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		110.155	79.552	109.204
Less	FINANCIAL EXPENSES (D)		93.876	94.597	76.085
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.279	(15.045)	33.119
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.809	15.717	18.000
	PROFIT BEFORE TAX (E-F) (G)		1.470	(30.762)	15.119
Less	TAX (H)		0.289	(9.793)	5.091
	PROFIT AFTER TAX (G-H) (I)		1.181	(20.969)	10.028
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		92.469	113.438	103.410
	BALANCE CARRIED TO THE B/S		93.650	92.469	113.438
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	17.715	3.914	0.000
	TOTAL EARNINGS		17.715	3.914	0.000
	IMPORTS
		Raw Materials	4.631	7.485	23.396
	TOTAL IMPORTS		4.631	7.485	23.396
	Earnings Per Share (Rs.)		0.14	(2.57)	1.26

QUARTERLY RESULTS

Particulars	30.06.2014 (Unaudited)	30.09.2014 (Unaudited)
	1^st Quarter	2^nd Quarter
Net Sales	365.400	357.700
Total Expenditure	341.000	325.900
PBIDT (Excl OI)	24.400	31.800
Other Income	1.700	2.000
Operating Profit	26.100	33.800
Interest	28.100	30.200
Exceptional Items	0.000	0.000
PBDT	(2.000)	3.600
Depreciation	3.400	3.500
Profit Before Tax	(5.300)	0.100
Tax	0.000	0.000
Provisions and contingencies	0.000	0.000
Profit After Tax	(5.300)	0.100
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	(5.300)	0.100

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.08	(2.05)	0.73
Operating Profit Margin (PBIDT/Sales)	(%)	7.76	7.79	7.99
Return on Total Assets (PBT/Total Assets}	(%)	0.09	(2.27)	0.98
Return on Investment (ROI) (PBT/Networth)		0.00	(0.07)	0.03
Debt Equity Ratio (Total Debt /Networth)		0.92