MIRA INFORM REPORT

Report No. :	305053
Report Date :	28.01.2015

IDENTIFICATION DETAILS

Name :	AMARA RAJA ELECTRONICS LIMITED [w.e.f. 19.03.2009]
Formerly Known As :	AMARA RAJA ELECTRONICS PRIVATE LIMITED
Registered Office :	Renigunta - Cuddapah Road, Karakambadi, Tirupati – 517520, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.08.1999
Com. Reg. No.:	01-032257
Capital Investment / Paid-up Capital :	Rs. 117.050 Millions
CIN No.: [Company Identification No.]	U31402AP1999PLC032257
IEC No.:	0904006913
TAN No.: [Tax Deduction & Collection Account No.]	HYDA02630F
VAT / TIN :	33811121936
PAN No.: [Permanent Account No.]	AAECA2774J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of offline sine-wave UPS systems, battery chargers and other electronic manufacturing services (EMS) products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 560000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational risk profile and loss that company has incurred from its operational activities. 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 = BB -
Rating Explanation	Inadequate credit quality and high credit risk
Date	August 05, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4 +
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	August 05, 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.

LOCATIONS

Registered Office :	Renigunta - Cuddapah Road, Karakambadi, Tirupati – 517520, Andhra Pradesh, India
Tel No.:	91-877-2265000
Fax No.:	91-877-2285600 / 2285599
E-Mail :	usk@amararaja.co.in
Website :	http://www.amararajaelectronics.com
Location :	Owned
Corporate Office :	Riaz Garden, No.12, Kodambakkam, High Road, Chennai – 600034, Tamilnadu, India
Tel. No.:	91-44-28213270 / 42910700
Fax No.:	91-44-28284821
Factory :	Diguvamagham Village and Post, Thavanampalli, Mandalam, Chittor – 517129, District Andhra Pradesh, India
Tel. No.:	91-8573-283636 / 283789
Fax No.:	91-8573-283836

DIRECTORS

As on: 30.09.2014

Name :

Mr. Ramachandra Naidu Galla

Designation :

Director

Address :

Giridrushya Renigunta - Cuddapah Road, Karakambadi, Tirupati, Chittoor – 517520, Andhra Pradesh, India

Date of Birth/Age :

01.06.1938

Date of Appointment :

10.07.2012

DIN :

00133761

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	L31402AP1985PLC005305	AMARA RAJA BATTERIES LIMITED	Director	01-09-2005	08-07-1985	-	Active	NO
2	U31102AP1984PLC005165	AMARA RAJA POWER SYSTEMS LIMITED	Managing director	01-04-2014	08-07-1985	-	Active	NO
3	U15122AP1990PLC011932	MANGAL INDUSTRIES LIMITED	Director	17-01-1994	17-01-1994	-	Active	NO
4	U31402AP1999PLC032257	AMARA RAJA ELECTRONICS LIMITED	Director	10-07-2012	09-08-1999	-	Active	NO
5	U15134AP2004PLC042852	GALLA FOODS LIMITED	Director	11-03-2004	11-03-2004	-	Amalgamated	NO
6	U24111TG1988PLC009231	ANDHRA PRADESH GAS POWER CORPORATION LIMITED	Director	29-09-2004	29-09-2004	-	Active	NO
7	U74990AP2008PTC057464	AMARON BATTERIES PRIVATE LIMITED	Director	06-02-2008	06-02-2008	-	Active	NO
8	U40102AP2008PTC059398	Amara Raja Infra Private Limited	Director	29-05-2008	29-05-2008	-	Active	NO
9	U93000AP2009PTC064031	AMARA RAJA INDUSTRIAL SERVICES PRIVATE LIMITED	Director	17-06-2009	17-06-2009	-	Active	NO
10	U65993AP2010PTC066519	RNGalla Family Holdings Private Limited	Director	01-01-2010	01-01-2010	-	Active	NO

Name :

Mr. Jayadev Galla

Designation :

Managing Director

Address :

House No. A-54, Road No. 11, Film Nagar, Jubilee Hills, Hyderabad – 500034, Telangana, India

Date of Birth/Age :

24.03.1966

Date of Appointment :

01.10.2014

DIN :

00143610

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	U31102AP1984PLC005165	AMARA RAJA POWER SYSTEMS LIMITED	Director	14-08-1993	14-08-1993	-	Active	NO
2	L31402AP1985PLC005305	AMARA RAJA BATTERIES LIMITED	Managing director	01-09-2010	12-03-1994	-	Active	NO
3	U15122AP1990PLC011932	MANGAL INDUSTRIES LIMITED	Director	02-12-2000	02-12-2000	-	Active	NO
4	U15134AP2004PLC042852	GALLA FOODS LIMITED	Managing director	01-04-2009	11-03-2004	-	Amalgamated	NO
5	U31402AP1999PLC032257	AMARA RAJA ELECTRONICS LIMITED	Director	01-10-2014	07-06-2007	-	Active	NO
6	U74990AP2008PTC057464	AMARON BATTERIES PRIVATE LIMITED	Director	06-02-2008	06-02-2008	-	Active	NO
7	U40102AP2008PTC059398	Amara Raja Infra Private Limited	Director	29-05-2008	29-05-2008	-	Active	NO
8	U93000AP2009PTC064031	AMARA RAJA INDUSTRIAL SERVICES PRIVATE LIMITED	Director	17-06-2009	17-06-2009	-	Active	NO
9	U65993AP2010PTC066519	RNGalla Family Holdings Private Limited	Director	01-01-2010	01-01-2010	-	Active	NO
10	U45209TG2013PTC088072	Nine Nines Lifestyle Private Limited	Director	31-05-2013	31-05-2013	-	Active	NO

Name :

Ms. Ramadevi Gourineni

Designation :

Director

Address :

3420, Adam Street, Hinsdale, Illinois – 60523, USA

Date of Birth/Age :

22.09.1964

Date of Appointment :

31.10.2000

DIN :

01347211

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	U31402AP1999PLC032257	AMARA RAJA ELECTRONICS LIMITED	Director	31-10-2000	31-10-2000	-	Active	NO
2	U15122AP1990PLC011932	MANGAL INDUSTRIES LIMITED	Director	31-10-2002	31-10-2002	-	Active	NO
3	U31102AP1984PLC005165	AMARA RAJA POWER SYSTEMS LIMITED	Director	31-10-2002	31-10-2002	-	Active	NO
4	U15134AP2004PLC042852	GALLA FOODS LIMITED	Director	22-11-2004	22-11-2004	-	Amalgamated	NO
5	L31402AP1985PLC005305	AMARA RAJA BATTERIES LIMITED	Director	22-06-2007	22-06-2007	14-08-2008	Active	NO
6	U85110AP2013PTC086624	G2 Healthcare Private Limited	Director	26-03-2013	26-03-2013	-	Active	NO

Name :

Mr. Adiseshaiah Chowdary Jakkampudi

Designation :

Additional Director

Address :

B 41, Naga Vihar, Hilla Ridge Villas, Gachibowli, Hyderabad – 500008, Telangana, India

Date of Birth/Age :

18.02.1955

Date of Appointment :

30.09.2014

DIN :

01109704

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	U64203TG1999PTC032338	PORTALPLAYER (INDIA) PRIVATE LIMITED	Managing director	04-10-1999	04-10-1999	-	Amalgamated	NO
2	U45200TG2001PLC038175	INDU PROJECTS LIMITED	Director	07-12-2005	07-12-2005	28-09-2011	Active	NO
3	U01403TG2008PTC061625	NAGA AGROTECH PRIVATE LIMITED	Director	31-10-2008	31-10-2008	-	Active	NO
4	U64203HR2006PTC048191	Indyarocks Media Services Private Limited	Director	04-01-2010	04-01-2010	17-03-2011	Active	NO
5	U72200TG2006PTC049075	CAVERA SYSTEMS (INDIA) PRIVATE LIMITED	Director	30-09-2010	01-02-2010	31-05-2011	Active	NO
6	U40108AP2010PTC067338	NEOSOLAR SYSTEMS PRIVATE LIMITED	Director	03-03-2010	03-03-2010	-	Strike off	NO
7	U31402AP1999PLC032257	AMARA RAJA ELECTRONICS LIMITED	Director	30-09-2014	09-03-2010	-	Active	NO
8	U80902TG2008PTC062284	Talent Sprint Private Limited	Whole-time director	05-06-2014	10-03-2010	-	Active	NO
9	U72200TG2000PTC034927	MONARCH INFO TECH SERVICES PRIVATE LIMITED	Director	01-10-2010	01-10-2010	-	Active	NO
10	U64200TG2011PTC072283	MOJOSTREET INFOMEDIA SERVICES PRIVATE LIMITED	Director	28-09-2011	11-04-2011	-	Active	NO
11	U72200TG2011PTC073902	Tenxlabs Technologies Private Limited	Director	15-04-2011	15-04-2011	-	Amalgamated	NO
12	U74120TG2012NPL081700	HYDERABAD ANGELS FORUM FOR ENTREPRENEURSHIP DEVELOPMENT	Director	28-06-2012	28-06-2012	-	Active	NO

Name :

Mr. Vikramadithya Gourineni

Designation :

Alternate director

Address :

Diguvamagham, Aragonda, Chittor - 517142, Andhra Pradesh, India

Date of Birth/Age :

24.11.1989

Date of Appointment :

30.09.2014

DIN No.:

03167659

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	U15134AP2004PLC042852	GALLA FOODS LIMITED	Alternate director	21-06-2010	21-06-2010	15-12-2010	Amalgamated	NO
2	U31402AP1999PLC032257	AMARA RAJA ELECTRONICS LIMITED	Alternate director	30-09-2014	21-06-2010	-	Active	NO
3	U15122AP1990PLC011932	MANGAL INDUSTRIES LIMITED	Alternate director	29-09-2014	22-06-2010	-	Active	NO
4	U31102AP1984PLC005165	AMARA RAJA POWER SYSTEMS LIMITED	Alternate director	30-09-2014	22-06-2010	-	Active	NO

Name :

Ms. Amara Kumari Galla

Designation :

Director

Address :

Diguvamagham, Aragonda, Chittor - 517142, Andhra Pradesh, India

Date of Birth/Age :

28.09.1943

Date of Appointment :

04.07.2014

DIN No.:

00143690

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	L31402AP1985PLC005305	AMARA RAJA BATTERIES LIMITED	Director	28-01-1986	28-01-1986	22-06-2007	Active	NO
2	U15122AP1990PLC011932	MANGAL INDUSTRIES LIMITED	Managing director	29-02-1996	29-02-1996	25-06-2007	Active	NO
3	U31402AP1999PLC032257	AMARA RAJA ELECTRONICS LIMITED	Managing director	01-10-2014	09-08-1999	-	Active	NO
4	U31102AP1984PLC005165	AMARA RAJA POWER SYSTEMS LIMITED	Director	12-08-2000	12-08-2000	25-06-2007	Active	NO

Name :

Mr. Suresh Rayudu Chitturi

Designation :

Director

Address :

Plot No. 1142/A Road No 54, Jubilee Hills, Hyderabad- 517142, Telangana, India

Date of Birth/Age :

11.04.1970

Date of Appointment :

04.07.2014

DIN No.:

00003429

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	U01222TG1983PTC003979	SRINIVASA FARMS PRIVATE LIMITED	Director	25-03-1993	25-03-1993	-	Active	NO
2	U01222TG1980PTC002779	VARUNA HATCHERIES PRIVATE LIMITED	Managing director	25-03-1993	25-03-1993	01-04-2014	Active	NO
3	L01222TG1978PLC002297	SRINIVASA HATCHERIES LIMITED	Managing director	01-04-2014	25-03-1993	-	Active	NO
4	U70102TG1993PTC016796	CHITTURI ENTERPRISES PRIVATE LIMITED	Director	27-12-1993	27-12-1993	-	Active	NO
5	U51909TG1993PTC016797	SRI CHITTURI AGENCIES PRIVATE LIMITED	Director	27-12-1993	27-12-1993	-	Active	NO
6	U01110TG1994PTC037063	SRI SRINIVASA AQUA FEEDS PRIVATE LIMITED	Director	10-02-1994	10-02-1994	01-04-2014	Active	NO
7	U01110TG1993PTC037064	KANSAS FEEDS PRIVATE LIMITED	Director	14-05-1994	14-05-1994	01-04-2014	Active	NO
8	U65993TG1994PTC018270	JAGAPATI INVESTMENTS PRIVATE LIMITED	Director	08-09-1994	08-09-1994	-	Active	NO
9	U72200TG1998PTC030747	HARSHA HOSPITALITIES PRIVATE LIMITED	Director	22-12-1998	22-12-1998	08-05-2013	Active	NO
10	U72200TG1998PTC030748	RHAPSODY FOODS & BEVERAGES PRIVATE LIMITED	Director	22-12-1998	22-12-1998	02-07-2014	Active	NO
11	U45200TG1996PTC025335	JAAGRUTHI FOUNDATIONS PRIVATE LIMITED	Director	27-02-1999	27-02-1999	-	Active	NO
12	U65993TG1984PTC004829	JAGAPATI FINANCE PRIVATE LIMITED	Director	24-04-1999	24-04-1999	01-04-2014	Active	NO
13	U52100TG1983PTC004275	CORPORATE ENTERPRISES PRIVATE LIMITED	Director	24-04-1999	24-04-1999	01-04-2014	Active	NO
14	U72200TG2000PTC035673	BOSS CONSULTING PRIVATE LIMITED	Director	15-11-2000	15-11-2000	-	Active	NO
15	U01111TG1994PTC018685	SRINIVASA AGRI TECH PRIVATE LIMITED	Director	11-08-2003	11-08-2003	-	Active	NO
16	U52520TG2004PTC043494	MOJASA ENTERPRISES PRIVATE LIMITED	Director	16-06-2004	16-06-2004	01-04-2014	Active	NO
17	U52520TG2004PTC043495	PUL ENTERPRISES PRIVATE LIMITED	Director	16-06-2004	16-06-2004	01-04-2014	Active	NO
18	U63040TG1999PTC031703	FOREFRONT MANAGEMENT SERVICES PRIVATE LIMITED	Director	18-02-2005	18-02-2005	01-04-2014	Active	NO
19	U24244TG1998PTC029802	PALLAVI PERFUMES AND COSMETICS PRIVATE LIMITED	Director	09-07-2005	09-07-2005	01-08-2008	Under liquidation	NO
20	U45206TG2007PTC054995	AARC CONSTRUCTIONS PRIVATE LIMITED	Director	03-08-2007	03-08-2007	02-07-2014	Active	NO
21	U55101TG2007PTC055206	SHL FOODS PRIVATE LIMITED	Director	21-08-2007	21-08-2007	02-07-2014	Active	NO
22	U45200TG2008PTC060041	SH INFRA PROJECTS PRIVATE LIMITED	Director	07-07-2008	07-07-2008	-	Under Process of Striking off	NO
23	U93000TG2007NPL055534	YOUNG PRESIDENT'S ORGANISATION HYDERABAD CHAPTER	Director	17-12-2008	17-12-2008	26-07-2012	Active	NO
24	U15400TG2009PTC062657	SRINI FOOD PARK PRIVATE LIMITED	Director	31-01-2009	31-01-2009	28-07-2009	Active	NO
25	U01403TG2011PTC078118	SHL DAIRIES PRIVATE LIMITED	Director	21-12-2011	21-12-2011	02-07-2014	Active	NO
26	U15143TG2008PTC091940	SRINIVASA SOYA PRIVATE LIMITED	Director	27-09-2013	29-12-2012	-	Amalgamated	NO
27	U15400AP2014PTC094648	SH FOOD PROCESSING PRIVATE LIMITED	Director	20-06-2014	20-06-2014	-	Active	NO
28	U31402AP1999PLC032257	AMARA RAJA ELECTRONICS LIMITED	Director	30-09-2014	04-07-2014	-	Active	NO
29	AAB-4853	MADHU TULASI INFRASTRUTURE LLP	Designated Partner	25-04-2013	25-04-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Satish Kumar Uppalapati
Designation :	Secretory
Address :	Flat No. 505, Vishal Towers, Baghameer, Kuktpally, Hyderabad – 500072, Telangana, India
Date of Birth/Age :	16.08.1981
PAN No.:	AQWPK4372P
Date of Appointment :	10.07.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Amara Kumari Galla	1579800
Jayadev Galla	100100
Ramachandra Naidu Galla	8650100
Ramadevi G	100000
Ravindra Naidu	10000
Sudhakar Naidu	5000
W Prabhakar Naidu	5000
W Vadrararajulu Naidu	5000
Harshavardhana	310000
Vikramaditya	310000
Ashok Galla	310000
Siddharth Galla	310000
M. Latha	10000
Total	11705000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of Directors	99.70
Other top fifty shareholders	0.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of offline sine-wave UPS systems, battery chargers and other electronic manufacturing services (EMS) products.

Products :

Item Code No.	Product Description
85044090	Electrical Transformers, Static Converters (For Example, Rectifiers) And Inductors

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• State Bank of India, Branch Settipalli, Renigunta Road, Tirupati – 517520, Andhra Pradesh, India
• Indian Bank, Gandhi Road, Tirupathi - 517501, Andhra Pradesh, India
• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2014	31.03.2013
Long term borrowing
Rupee term loan from bank	47.784	85.627
Short term borrowing
Loans repayable on demand from bank	181.408	58.818
Total	229.192	144.445

Auditors :
Name :	E. Phalguna Kumar and Company Chartered Accountants
Address :	D. No. 1-599/2, Balaji Colony, Tirupati – 517520, Andhra Pradesh, India
Pan No.:	AADSE1485A
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Amara Raja Batteries Limited CIN No.: L31402AP1985PLC005305 Amara Power System Limited CIN No.: U31102AP1984PLC005165 Mangal Industries Limited CIN No.: U15122AP1990PLC011932 Amara Raja Infra Private Limited CIN No.: U40102AP2008PTC059398 Amara Raja Industrial Services Private Limited CIN No.: U93000AP2009PTC064031

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Share	Rs.10/- each	Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11705000	Equity Share	Rs.10/- each	Rs.117.050 Millions

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	117.050	117.050	117.050
(b) Reserves & Surplus	78.117	120.217	7.263
(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)	195.167	237.267	124.313
(3) Non-Current Liabilities
(a) long-term borrowings	47.784	85.627	286.250
(b) Deferred tax liabilities (Net)	0.000	15.899	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	12.427	19.351	6.643
Total Non-current Liabilities (3)	60.211	120.877	292.893
(4) Current Liabilities
(a) Short term borrowings	331.408	328.818	86.928
(b) Trade payables	401.801	197.094	183.540
(c) Other current liabilities	141.502	157.212	82.192
(d) Short-term provisions	19.646	51.600	6.424
Total Current Liabilities (4)	894.357	734.724	359.084
TOTAL	1149.735	1092.868	776.290
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	450.523	430.450	441.326
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.783	34.218	5.643
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.045	0.045
(c) Deferred tax assets (net)	3.835	0.000	19.388
(d) Long-term Loan and Advances	1.086	3.639	0.754
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	458.227	468.352	467.156
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	472.970	346.617	149.430
(c) Trade receivables	142.918	181.819	103.156
(d) Cash and cash equivalents	9.934	5.684	3.174
(e) Short-term loans and advances	61.655	87.988	52.369
(f) Other current assets	4.031	2.408	1.005
Total Current Assets	691.508	624.516	309.134
TOTAL	1149.735	1092.868	776.290

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	1277.761	2435.630	1268.043
		Other Income	5.484	5.008	2.369
		TOTAL (A)	1283.245	2440.638	1270.412
Less	EXPENSES
		Cost of Materials Consumed	692.832	1319.233	544.972
		Purchases of Stock-in-Trade	428.854	586.245	349.064
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(149.205)	(71.429)	76.164
		Employee related or benefit expenses	144.760	123.862	106.448
		Other Expenses	152.274	236.960	199.323
		TOTAL (B)	1269.515	2194.871	1275.971
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.730	245.767	(5.559)
Less	FINANCIAL EXPENSES (D)		49.653	51.440	43.577
	PROFIT /(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(35.923)	194.327	(49.136)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.661	26.378	24.086
	PROFIT /(LOSS) BEFORE TAX (E-F) (G)		(61.584)	167.949	(73.222)
Less	TAX (I)		(19.484)	54.995	(27.302)
	PROFIT/(LOSS) AFTER TAX (G-I) (J)		(42.100)	112.954	(45.920)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		119.506	6.552	52.472
	BALANCE CARRIED TO THE B/S		77.406	119.506	6.552
	EARNINGS IN FOREIGN CURRENCY		3.799	2.238	13.070
	Earnings Per Share (Rs.)		(3.60)	9.65	(4.04)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(3.29)	4.64	(3.62)
Operating Profit Margin (PBDIT/Sales)	(%)	1.07	10.09	(0.44)
Return on Total Assets (PBT/Total Assets}	(%)	(5.39)	15.87	(9.75)
Return on Investment (ROI) (PBT/Networth)		(0.32)	0.71	(0.59)
Debt Equity Ratio (Total Debt /Networth)		1.94	1.75	3.00
Current Ratio (Current Asset/Current Liability)		0.77	0.85	0.86

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	117.050	117.050	117.050
Reserves & Surplus	7.263	120.217	78.117
Net worth	124.313	237.267	195.167
long-term borrowings	286.250	85.627	47.784
Short term borrowings	86.928	328.818	331.408
Total borrowings	373.178	414.445	379.192
Debt/Equity ratio	3.002	1.747	1.943

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)
Revenue from operations	1268.043	2435.630	1277.761
		92.078	(47.539)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1268.043	2435.630	1277.761
Profit/Loss	(45.920)	112.954	(42.100)
	(3.62%)	4.64%	(3.29%)

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

Performance during 2013-14:

The company recorded net operating revenue of Rs. 1277.761 Millions against Rs. 2435.630 Millions in the previous financial year. The Company reported a net loss of Rs. 42.100 Millions against profit after tax of Rs. 112.954 Millions of the previous financial year. The demand for HUPS during the peak season (April - June 2013) has been adversely impacted owing to early onset of monsoon and lower temperatures during summer across the country, resulting in the significant drop of volumes for the industry in general during the current financial year, which resulted in the loss for the year.

During the year, on the business development front, the Company had added new private label customers, taken on license the brands, Amaron and Power Zone from Amara Raja Batteries Limited for sale of HUPS during the last quarter of FY 2014. The moderation in the employee costs coupled with cost reduction initiatives in production helped in containing the losses. The after sales service programmer has stabilized in providing the industry leading service levels to the customers. On the product development front, the Company introduced new range of HUPS products with better features and benefits to the customers. Supply of Power Control Units for Solar Segment has ramped up and we expect increased business in this segment in the near future. The Company had acquired new customers in EDSM business which had helped us to improve the manufacturing skill for varied products, which would stand us in good shape for acquiring new customers in this space.

The Company also developed Off-Grid Solar Hybrid inverters with ratings of 300 VA, 600 VA and 1000 VA, which were tested and certified by the concerned statutory Government authorities as per requirement of Ministry of New and Renewable Energy (MNRE). The Company shall focus and develop Off-Grid Solar Hybrid Inverter business by registering with MNRE under Off Grid Solar program.

The export business has been encouraging with the initial supplies made to African markets, aided by development of new products in grid based inverters suitable for African countries like Nigeria, Kenya, Yemen, Ethiopia, etc. The Company will enroll new distributors to enhance the exports by entering into new markets.

OUTLOOK

The outlook for the year looks brighter given the performance in Q1 (April and June 2014) of FY 15. The company has met the forecast for the Q1 in terms of sales revenue and profit, on the back of conducive conditions for demand of the products. The Company has embarked on market expansion through appointment of new channel partners in the north market which is the biggest in terms of business potential. The Company is also in the process of fine tuning the products to meet the specific requirements of geographies with high potential like UP, Haryana and Bihar and expects a higher market share in these states during the year. The Company is also confident of gaining higher export volumes to African markets during the year. The Company is expecting a significant ramp up in the activity in the EMS front, based on the initial supplies made and the quotes submitted during the year so far. The Company is also considering launching, square-wave? HUPS for some of the private label customers during the year.

During the year so far, the working capital management has been on course in all respects.

UNSECURED LOANS

(Rs. In Millions)

Particulars	31.03.2014	31.03.2013
Short term borrowing
Loans repayable on demand from others	150.000	270.000
Total	150.000	270.000

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2014
Claims against company not acknowledged as debt	12.321
Total	12.321

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address		Service Request Number (SRN)
1	10418294	22/03/2013	50,000,000.00	KOTAK MAHINDRA BANK LIMITED		36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B72760739
2	10086978	18/02/2014 *	288,900,000.00	STATE BANK OF INDIA		SME BRANCH, NEW BALAJI COLONY, AIR BYPASS ROAD, TIRUPATI, ANDHRA PRADESH - 517502, INDIA	B98709025
3	90129871	14/11/2012 *	74,500,000.00	INDIAN BANK		GANDHI ROAD, TIRUPATI, ANDHRA PRADESH - 517501, INDIA	B62777263

* Date of charge modification

Fixed Assets :

• Computers
• Land
• Building
• Furniture
• Office Equipments
• Plant and Machinery
• Vehicles
• Electrical Installation

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.46
UK Pound	1	Rs.92.77
Euro	1	Rs.69.03

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.