MIRA INFORM REPORT

Report No. :	332115
Report Date :	15.07.2015

IDENTIFICATION DETAILS

Name :	TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED
Registered Office :	Survey No.427 P/3-4 and 431 P/1-2, Sarkhej-Bavla Highway, Village Moraiya, Taluka Sanand, District Ahmedabad - 382213, Gujarat
Tel. No.:	91-2717-661661 (10 Lines)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	11.07.1994
Com. Reg. No.:	04-022460
Capital Investment / Paid-up Capital :	Rs.132.600 Million
CIN No.: [Company Identification No.]	L33121GJ1994PLC022460
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMT00243F
PAN No.: [Permanent Account No.]	AAAFT9000B
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 :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. For the financial year ended 2015, company possesses moderate operational performance and it has incurred loss from its operational activities. However, rating takes into consideration company’s long and established track record of operations as one of the leading domestic transformer manufacturers supported by sound financial base and adequate networth profile along with above average debt protection metrics of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	BBB+ (Long Term Bank Facilities)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	July 07, 2014

Rating Agency Name	CARE
Rating	A3+ (Short Term Bank Facilities)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	July 07, 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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Samkit Mehta
Designation :	Deputy Manager – Finance
Contact No.:	91-2717-661661

LOCATIONS

Registered Office/ Factory 1 :	Survey No.427 P/3-4 and 431 P/1-2, Sarkhej-Bavla Highway, Village Moraiya, Taluka Sanand, District Ahmedabad - 382213, Gujarat, India
Tel. No.:	91-2717-661661 (10 Lines)
Fax No.:	91-2717-661716
E-Mail :	info@transformerindia.com cs@transfornerindia.com marketing@transformerindia.com purchase@transformerindia.com
Website :	http://www.transformerindia.com
Factory 2 :	Survey No. 344-350, Opposite PWD Store, Sarkhej Bavla Highway, Village Changodar, Taluka Sanand, Ahmedabad – 382213, Gujarat, India
Factory 3 :	Plot No.233, GVMSAV Limited, Odhav, Ahmedabad, Gujarat, India
Factory 4 :	Survey No.: 427/3/p, Village Moraiya, Ahmedabad, Gujarat, India
Factory 5 :	Changodar Unit Changodar, Ahmedabad, Gujarat, India
Factory 6 :	Fabrication Unit Odhav, Ahmedabad, Gujarat, India
Regional Offices :	Located At: · Bangalore · Chennai  · Hyderabad · Kolkata · New Delhi  · Raipur

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Jitendra U. Mamtora
Designation :	Chairman and Whole Time Director
Date of Appointment :	01.04.2007
DIN No.:	00139911
Name :	Mr. Satyen Jitendra Mamtora
Designation :	Managing Director
Date of Appointment :	01.04.2013
DIN No.:	00139984
Name :	Mrs. Karunaben Jitendra Mamtora
Designation :	Executive Director
Qualification:	M.B.A and Whole Time Director
Date of Appointment :	01.04.2014
DIN No.:	00253549
Name :	Mr. Vinod Masson
Designation :	Executive Director and Whole Time Director
Qualification:	B.E. Electrical
Date of Appointment :	11.04.2014
DIN No.:	00059587
Name :	Mr. Bhaskar Sen
Designation :	Independent Director
Date of Birth/Age:	72 Years
Qualification:	B.E Mechanical Engineering from Jadavpur University
Expertise in specific functional areas :	46 Years of working experience in switchgears, transformers, motor projects, REC equipment’s, etc.
Date of Appointment :	01.11.2008
DIN No.:	01776530
Name :	Mr. Rajendra Shantilal Shah
Designation :	Independent Director
Date of Appointment :	09.07.2007
DIN No.:	00061922
Name :	Mr. Harish Ranjit Rangwala
Designation :	Independent Director
Date of Birth/Age:	64 Years
Qualification:	B.E Mechanical Engineering from LE Engineering College Morbi
Expertise in specific functional areas :	Manufacture of small tools and engineering components.
Date of Appointment :	25.08.2005
DIN No.:	00278062
Name :	Mr. Sureshchandra Ramsaran Agarwal
Designation :	Independent Director
Qualification:	Mechanical Engineer
Date of Appointment :	13.09.2007
DIN No.:	00889931

KEY EXECUTIVES

Name :	Mr. Chintan M. Trivedi
Designation :	Company Secretary
Name :	Mr. Rahul Shah
Designation :	Chief Financial Officer
Address :	204, Anang Avenue, 18 Bmm Society,, B/H. Doctor House, Ellisbridge, Ahmedabad - 380006, Gujarat, India
Date of Appointment :	02.05.2014
PAN No.:	ANEPS3534N
Name :	Mr. Samkit Mehta
Designation :	Deputy Manager – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2014

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	9928415	74.90
Sub Total	9928415	74.90
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	9928415	74.90
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	422411	3.19
Financial Institutions / Banks	3424	0.03
Foreign Institutional Investors	14546	0.11
Sub Total	440381	3.32
(2) Non-Institutions
Bodies Corporate	159104	1.20
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2452095	18.50
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	72234	0.54
Any Others (Specify)	204182	1.54
Clearing Members	34868	0.26
Non Resident Indians	158883	1.20
Others	10177	0.08
Trusts	254	0.00
Sub Total	2887615	21.78
Total Public shareholding (B)	3327996	25.10
Total (A)+(B)	13256411	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	13256411	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Transformers.
Products :	Transformers
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit (30 days / 60 days / 90 days)
Purchasing :	Cash and Credit (30 days / 60 days / 90 days)

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
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 :

1200 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Bank of Baroda
• Axis Bank
• Standard Chartered Bank
• IDBI Bank

Facilities :

Secured Loan	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG TERM BORROWINGS
Term Loans for Vehicles	NA	41.209
Term Loans from Bank	NA	165.425
SHORT TERM BORROWINGS
Cash credit and short term loan from banks	NA	1358.669
	NA
Total	NA	1565.303

Notes:

LONG TERM BORROWINGS

1. Secured by Hypothecation of specific fixed assets purchased under Term Loan Agreements.
2. Secured by charged on fixed assets purchased out of Term Loan and charge on office building located at Gurgaon and also 2^nd charge of fixed assets and current assets excluding fixed assets of Moraiya plant in addition to above secured by personal guarantee of some of the director.
3. Repayable in Equated Monthly Installments of Rs.2.430 Million (Previous year Rs.2.280 Million). And quarterly installment of Rs. 12.725 Million (Previous year Nil).

SHORT TERM BORROWINGS

Nature of Security:

The above cash credit and short term loan from banks are secured by hypothecation of current assets of the Company on paripassu basis and collaterally secured by residual value of net fixed assets of the Company excluding fixed assets of moraiya plant and also collaterally legal mortgage on paripassu basis on immovable properties situated at changodar, dhank and Ahmedabad and in addition to above secured by pledge of 2,110,000 equity shares of promoter and personal guarantees of some of the directors.

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, Near Gujarat Vidhyapith, Ahmedabad – 380014, Gujarat, India
Memberships :	--
Collaborators :	--
Subsidiaries [AS ON 31.03.2014] :	· Transweld Mechanical Engineering Works Limited · Transpares Limited · TARIL Infrastructure Limited
Associate Company [AS ON 31.03.2014]:	Savas Engineering Company Private Limited
Enterprises over which key Managerial Personnel is able to exercise significant Influence [AS ON 31.03.2014]:	Benchmark HR Solutions (India) Private Limited Transpower Skytrek Tours and Travels Jitendra U. Mamtora (HUF)

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 132.600 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs.10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,256,411	Equity Shares	Rs.10/- each	Rs. 132.564 Million

(i) Reconciliation of the number of Equity Shares outstanding at the beginning and at the end of the reporting period

Particulars	31.03.2014
At the Beginning of the period	12923611
Issued during the period	332800
Outstanding at the end of the period	13256411

(ii) Details of shareholders holding more than 5% of equity shares

	31.03.2014
	Nos.	% Holding
Jitendra U. Mamtora	8,858,992	66.83%
Jitendra U. Mamtora (HUF)	682,931	5.15%

(iii) Details of Equity Shares allotted as fully paid up by way of bonus shares, shares issued for consideration other than cash (During last 5 years immediately preceding reporting date)

	31.03.2014
Equity shares allotted as fully paid bonus shares	332,800

(iv) Rights of Equity Shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to approval of the shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	132.600	132.564	129.236
(b) Reserves & Surplus	3148.800	3225.034	3191.775
(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)	3281.400	3357.598	3321.011
(3) Non-Current Liabilities
(a) long-term borrowings	186.400	206.634	52.896
(b) Deferred tax liabilities (Net)	74.600	117.220	92.801
(c) Other long term liabilities	57.600	158.947	280.289
(d) long-term provisions	8.400	6.384	6.317
Total Non-current Liabilities (3)	327.000	489.185	432.303
(4) Current Liabilities
(a) Short term borrowings	1192.400	1359.918	951.750
(b) Trade payables	1722.400	2212.423	977.981
(c) Other current liabilities	406.500	423.764	486.325
(d) Short-term provisions	3.000	16.344	15.527
Total Current Liabilities (4)	3324.300	4012.449	2431.583
TOTAL	6932.700	7859.232	6184.897
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1856.500	1428.498	1430.599
(ii) Intangible Assets		9.184	11.036
(iii) Capital work-in-progress		256.828	170.532
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	60.500	23.619	23.619
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	65.400	113.230	99.674
(e) Other Non-current assets	48.500	34.879	43.337
Total Non-Current Assets	2030.900	1866.238	1778.797
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1560.200	1195.069	1029.457
(c) Trade receivables	2357.300	3810.947	2285.192
(d) Cash and cash equivalents	327.800	194.423	301.649
(e) Short-term loans and advances	432.700	427.672	340.381
(f) Other current assets	223.800	364.883	449.421
Total Current Assets	4901.800	5992.994	4406.100
TOTAL	6932.700	7859.232	6184.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations	5416.900	7182.584	5096.832
		Other Income	35.100	40.636	52.256
		TOTAL (A)	5452.000	7223.220	5149.088
Less	EXPENSES
		Cost of Raw Materials Consumed	4618.800	6023.245	4236.110
		(Increase)/Decrease in Stock of Finished Goods and Process Stock	(307.900)	(93.042)	(8.589)
		Manufacturing Expenses	0.000	0.000	0.000
		Employee Benefits Expense	230.700	237.457	192.052
		Other Expenses	609.800	652.792	496.665
		TOTAL (B)	5151.400	6820.452	4916.238
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		300.600	402.768	232.850
Less	FINANCIAL EXPENSES (D)		276.700	233.332	102.272
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.900	169.436	130.578
Less/ Add	DEPRECIATION/ AMORTISATION (F)		120.000	92.784	69.808
	PROFIT BEFORE TAX (E-F) (G)		(96.100)	76.652	60.770
Less	TAX (H)		(31.600)	28.601	13.442
	PROFIT AFTER TAX (G-H) (I)		(64.500)	48.051	47.328
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	290.941	211.143
	IMPORTS
		Raw Materials	NA	407.823	229.876
		Capital Goods	NA	10.588	35.788
	TOTAL IMPORTS		NA	418.411	265.664
	Earnings Per Share (Rs.)		(4.86)	3.62	3.57

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	61.850	27.359
Cash generated from/ (used in) operations	NA	(305.567)	(438.693)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(1.19)	0.67	0.93
Operating Profit Margin (PBIDT/Sales)	(%)	5.55	5.61	4.57
Return on Total Assets (PBT/Total Assets}	(%)	(1.40)	1.01	1.01
Return on Investment (ROI) (PBT/Networth)		(0.03)	0.02	0.02
Debt Equity Ratio (Total Debt/Networth)		0.42	0.47	0.30
Current Ratio (Current Asset/Current Liability)		1.47	1.49	1.81

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.282.65/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	129.236	132.564	132.600
Reserves & Surplus	3191.775	3225.034	3148.800
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3321.011	3357.598	3281.400
long-term borrowings	52.896	206.634	186.400
Short term borrowings	951.750	1359.918	1192.400
Total borrowings	1004.646	1566.552	1378.800
Debt/Equity ratio	0.303	0.467	0.420

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5096.832	7182.584	5416.900
		40.923	(24.583)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5096.832	7182.584	5416.900
Profit/Loss	47.328	48.051	(64.500)
	0.93%	0.67%	(1.19%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	-----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10570152	08/05/2015	500,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND,, VERAVAL, GUJARAT - 362266,  INDIA	C54010269
2	10547488	30/01/2015	2,439,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, IN  DIA	C42715060
3	10527545	12/09/2014	975,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	C30808505
4	10527343	09/09/2014	2,150,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	C30814669
5	10507227	14/06/2014	975,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	C09999285
6	10502295	15/05/2014	1,950,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	C06250138
7	10419198	01/04/2013	5,470,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B73030447
8	10419321	01/04/2013	7,294,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B73060774
9	10418385	25/03/2013	7,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B72779325
10	10424726	25/03/2013	9,200,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B74758061

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
SHORT TERM BORROWINGS
Loan from Director	NA	1.249
Total	NA	1.249

CONTINGENT LIABILITIES IN RESPECT OF

PARTICULAR	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. In Million)
Disputed demand of Central Excise/Income Tax Department	NA	80.049

REVIEW OF OPERATIONS [AS ON 31.03.2014]

For the year ended 31st March, 2014, the Company has reported standalone total revenue and net profit after taxation of Rs.7223.220 Million and Rs.48.051 Million. Respectively as compared to last year's total revenue and net profits of Rs.5149.088 Million and Rs.47.328 Million, respectively. For the F.Y. 2013-14, total revenue increased by 40% on year-on-year basis, Net Profit increased marginally due to increase in Raw material cost, finance cost and higher depreciation provisions.

MVA PRODUCTION [AS ON 31.03.2014]

During the year 2013-14, the Company has manufactured 20650 MVA, out of which Changodar unit produced 7480 MVA, Moraiya unit produced 12458 MVA and Odhav unit produced 712 MVA, against the last year’s total of

13217 MVA.

FIXED ASSETS

Tangible Assets

• Land (Free hold)
• Building
• Plant and Equipment
• Electrification
• Furniture and Fixtures
• Office Equipment
• Computer and Accessories
• Vehicles

Intangible Assets

• Computer Software

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. 63.49
UK Pound	1	Rs. 98.19
Euro	1	Rs. 69.73

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.