MIRA INFORM REPORT

Report No. :	334555
Report Date :	31.07.2015

IDENTIFICATION DETAILS

Name :	C.T.R. MANUFACTURING INDUSTRIES LIMITED
Registered Office :	Nagar Road, Pune – 411014, Maharashtra
Tel. No.:	91-20-26633402/ 3/ 4/ 5
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.12.1964
Com. Reg. No.:	11-013087
Capital Investment / Paid-up Capital :	Rs. 18.858 Million
CIN No.: [Company Identification No.]	U29299MH1964PLC013087
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACC7256R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of wide Range of Transformer Ancillary Products and Plastic flim Capacitors)
No. of Employees :	55 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade rems 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	ICRA
Rating	Term Loan A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	March 2015

Rating Agency Name	ICRA
Rating	Short-term, fund based limits A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	March 2015

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. S.J. Gijare
Designation :	General Manager
Contact No.:	91-7043332251

LOCATIONS

Registered Office:	Nagar Road, Pune – 411014, Maharashtra, India
Tel. No.:	91-20-26633402/3/4/5
Mobile No.:	91-7043337251 (Mr. S.J. Gijare)
Fax No.:	91-20-26633425
E-Mail :	Fn.corporate@ctr.in
Website :	http://www.ctrhe.in
Area :	1000 Sq. Ft.
Location :	Owned
Corporate Regional North :	506 International Trade Tower, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-26280821/ 22
E-Mail :	crn@ctr.in
Corporate Regional East :	"Avyarthana" 2nd Floor, 659, Kalikapur Road, E.M. Bypass (Besides Spencers Shopping Mall), Kolkata – 700099, West Bengal, India
Tel. No.:	91-33-64517992
Fax No.:	91-33-24848867
E-Mail :	cre@ctr.in
Corporate Regional South Office:	208, Mota Chambers, 9 Millers Road, Bangalore - 560052, Karnataka, India Fax: 91-80-22374320 E-mail: tzs@ctr.in
Nasik Headquarters :	E-79 MIDC, Ambad, Nasik - 422010 Maharashtra, India Tel No.: 91-253-2380451 Fax No.: 91-253-2380452 E-mail: nsk@ctr.in
Export Office:	506, International Trade Center, Nehru Place, New Delhi - 110019, India Fax: 91-11-26280821/ 22 E-mail: exports@ctr.in
Electronics Division:	E1, Chikalthana, Aurangabad - 431006, Maharashtra, India Phone: 91-240-2485289/ 90 Fax: 91-240-2484128 E-mail: capacitors@ctr.in
Electronics Subcenter/ Safety Products Division :	B27, Chikalthana, Aurangabad - 431006, Maharashtra, India Phone: 91-240-2484929 Fax: 91-240-2484128 E-mail: esc@ctr.in
Electronics Zonal South Office:	27, 7TH Cross, 6TH Block, Kormangala, Bangalore - 560095, Karnataka, India Fax: 91-80-25633167 E-mail: ezs@ctr.in
Corporate Regional West Office:	403 B, Turf Estate, Shakti Mills Lang, Off Dr. E. Moses Road, Mahalaxmi (West), Mumbai - 400001, Maharashtra, India Phone:91-22-24920454 Fax: 91-22 -24929549 E-mail: ezw@ctr.in
Tapchanger Division 2 :	E3, Chikalthana, Aurangabad - 431006, Maharashtra, India Phone : 91-240-2481469 Fax : 91-240-2480478 E-mail : tc2@ctr.in
Power Quality Division :	W-8 MIDC, Chikalthana, Aurangabad - 431006, Maharashtra, India Phone : 91-240-2485289/ 90 Fax : 91-240-2484128 E-mail : powerquality@ctr.in
Division Office :	Knowledge Outsourcing Division: A 401-408, Crystal Plaza, New Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India Fax: 91-22-40660707/ 08 E-mail: knowledgeoutsourcing@ctr.in

DIRECTORS

AS ON 25.06.2014

Name :

Mr. Kewal Krishan Nohria

Designation :

Chairman

Address :

11, Aryavarta, 351, N Dabholkar Raod, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

04.10.1932

Qualification :

MBA (UK)

Date of Appointment :

15.07.2004

DIN No.:

00060015

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	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	25-09-2014	08-10-1988	-	Active	NO
2	U24295GA1988PLC000921	CG-PPI ADHESIVE PRODUCTS LIMITED	Director	04-11-1988	04-11-1988	-	Active	NO
3	U74899DL1993PTC051849	ITRON METERING SOLUTIONS INDIA PRIVATE LIMITED	Director	22-01-1993	22-01-1993	29-10-2010	Active	NO
4	L29142TN1992PLC021997	IGARASHI MOTORS INDIA LIMITED	Director	03-07-1993	03-07-1993	31-07-2014	Active	NO
5	U31404TN1993PTC025779	AGILE CONSUMER ELECTRIC INDIA PRIVATE LIMITED	Director	13-09-1993	13-09-1993	28-03-2011	Active	NO
6	U33112PN1995PTC093837	COLOGICX SYSTEMS PRIVATE LIMITED	Director	14-03-1997	14-03-1997	24-09-2013	Active	NO
7	U60231KA1984PTC006017	MAINI MATERIALS MOVEMENT PRIVATE LIMITED	Director	21-07-2007	24-09-1998	-	Active	NO
8	U27201KA1972PTC002307	MAINI PRECISION PRODUCTS PRIVATE LIMITED	Director	19-09-2007	26-03-1999	-	Active	NO
9	U72200KA1999PTC033050	COREEL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	29-08-2000	29-08-2000	-	Active	NO
10	U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Director	09-09-2000	09-09-2000	-	Active	NO
11	U72200DL2001PTC112820	SUKARMA TECHNOLOGIES PRIVATE LIMITED	Director	14-03-2002	14-03-2002	04-08-2008	Active	NO
12	U74899DL2001PTC111383	FONTUS WATER PRIVATE LIMITED	Director	02-01-2003	02-01-2003	-	Active	NO
13	U74899DL2000PTC105715	E A WATER PRIVATE LIMITED	Director	01-07-2003	01-07-2003	-	Active	NO
14	U74999HR2004PLC035286	ACQVIRE TALENT SERVICES LIMITED	Director	14-01-2004	14-01-2004	-	Amalgamated	NO
15	U31102TN2003PTC052057	AGILE ELECTRIC DRIVES TECHNOLOGIES AND HOLDINGS PRIVATE LIMITED	Director	20-05-2004	20-05-2004	-	Amalgamated	NO
16	U74899DL2000PTC103848	NET CREATIONS PRIVATE LIMITED	Director	15-06-2004	15-06-2004	-	Active	NO
17	U29299MH1964PLC013087	C.T.R. MANUFACTURING INDUSTRIES LIMITED	Director	15-07-2004	15-07-2004	-	Active	NO
18	U31102TN2004PTC054140	AGILE ELECTRIC TECHNOLOGIES PRIVATE LIMITED	Director	26-09-2008	19-01-2005	-	Amalgamated	NO
19	U85110MH2001PTC132960	TANCLEAN PRIVATE LIMITED	Director	01-04-2005	01-04-2005	31-07-2008	Active	NO
20	U20200MH1956PLC009899	JOLLY BOARD LIMITED	Director	25-07-2005	25-07-2005	-	Active	NO
21	U51505DL1997PTC089785	AVENTURA COMPONENTS PRIVATE LIMITED	Director	05-10-2005	05-10-2005	-	Active	NO
22	U40100MH2005PTC156964	POWER ENERGY CONSERVATION (INDIA) PRIVATE LIMITED	Director	21-10-2005	21-10-2005	-	Strike off	NO
23	U51505TN2005PTC057898	IGARASHI MOTORS SALES PRIVATE LIMITED	Director	31-10-2006	31-10-2006	26-05-2014	Active	NO
24	L99999MH1982PLC026191	PRADEEP METALS LIMITED	Director	05-09-2008	14-04-2008	-	Active	NO
25	U24134MH1986PTC038671	POLYMERMANN (ASIA) PRIVATE LIMITED	Director	18-06-2010	20-11-2009	-	Active	NO
26	U85100DL2009PTC227463	HEALTHPOINT SERVICES INDIA PRIVATE LIMITED	Director	23-09-2011	12-09-2011	-	Active	NO
27	U80903HR2012NPL045688	INSPIRED LEADERSHIP GURUKUL	Director	20-04-2012	20-04-2012	-	Active	NO
28	U24299DL2005PTC142116	GEIST RESEARCH PRIVATE LIMITED	Director	22-04-2013	22-04-2013	-	Active	NO

Name :

Mr. Brij Mohan Suri

Designation :

Vice Charman

Address :

206, Daffodils, 56, Pali Hills, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

12.04.1939

Qualification :

FCA-England, FCA-India

Date of Appointment :

15.07.2004

DIN No.:

00786408

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	U29299MH1964PLC013087	C.T.R. MANUFACTURING INDUSTRIES LIMITED	Director	15-07-2004	15-07-2004	-	Active	NO
2	U24134MH1986PTC038671	POLYMERMANN (ASIA) PRIVATE LIMITED	Director	18-06-2010	20-11-2009	-	Active	NO

Name :

Mr. Anil Pratap Kumar

Designation :

Managing director

Address :

57, Viman Nagar Colony Road, Pune – 411014, Maharashtra, India

Date of Birth/Age :

16.05.1948

Qualification :

BSC (London), MBA (Harvard) AMIEE (USA), MIEE (London)

Date of Appointment :

02.10.2013

PAN No.:

AGWPK0977A

DIN No.:

00466438

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	U29299MH1964PLC013087	C.T.R. MANUFACTURING INDUSTRIES LIMITED	Managing director	02-10-2013	01-11-1989	-	Active	NO
2	U67120MH2003PTC140316	VESTIRE INVESTMENT SERVICES PRIVATE LIMITED	Director	06-05-2003	06-05-2003	-	Active	NO
3	U24134MH1986PTC038671	POLYMERMANN (ASIA) PRIVATE LIMITED	Director	18-06-2010	20-11-2009	-	Active	NO
4	U01200MH2013PTC241231	INFINITY AGRICULTURE AND SERVICES PRIVATE LIMITED	Director	21-03-2013	21-03-2013	-	Active	NO

Name :

Kumar Anil Prajakta

Designation :

Whole Time Diretcor

Address :

57, Viman Nagar Colony Road, Pune – 411014, Maharashtra, India

Date of Birth/Age :

03.12.1980

Date of Appointment :

01.07.2013

PAN No:

ALKPK1261G

DIN No.:

00804722

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	U67120MH2003PTC140316	VESTIRE INVESTMENT SERVICES PRIVATE LIMITED	Director	06-05-2003	06-05-2003	-	Active	NO
2	U67190MH2003PTC141976	APRA INVESTMENT SERVICES PRIVATE LIMITED	Director	29-09-2011	09-11-2009	17-10-2011	Active	NO
3	U01200MH2013PTC241231	INFINITY AGRICULTURE AND SERVICES PRIVATE LIMITED	Director	21-03-2013	21-03-2013	-	Active	NO
4	U29299MH1964PLC013087	C.T.R. MANUFACTURING INDUSTRIES LIMITED	Whole-time director	01-07-2013	01-07-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S.J. Gijare
Designation :	General Manager

MAJOR SHAREHOLDERS

AS ON 25.09.2014

(SHAREHOLDERS DETAILS FILE ATACHED)

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

Category	Percentage
Bodies corporate	73.94
Directors or relatives of Directors	16.69
Other top fifty shareholders	05.44
Others	03.93
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of wide Range of Transformer Ancillary Products and Plastic flim Capacitors)

Products :

ITC Code	Product Descriptions
85320000	Plastic Film Capacitors
84240000	Fire Extinguishing Systems for Transformers
85040000	On Load Tap changer for Transformers
85040000	Pressed Steel Radiator for Transformers

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers and Manufacturer

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 :

55 (Approximately)

Bankers :

Banker Name	ICICI Bank
Branch Address	163, Bombay Reclamation, Pune-411020, Maharashtra, India
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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans from banks	54.572	78.355
Term loans from others (Secured by equitable mortgage of office premises at Bangalore/ Delhi to be created and residential flats at Bangalore, created)	14.744	21.667
SHORT TERM BORROWING
Rupee term loans from banks	425.973	366.596
Total	495.289	466.618

Financial Institute: :	Tata Capital Financial Services Limited, One Forbes Dr. V.B. Gandhi Marg, Fort, Mumbai, 400001, Maharashtra, India
Auditors :
Name :	A.A. Bhat and Company Chartered Accountants
Address :	6, Harmony House, 797/1A Bhandarkar Institute Road Pune – 411004, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABCA8461B
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company:	Polymermann (Asia) Private Limited, India [U24134MH1986PTC038671]
Holding Company:	APRA Investment Services Private Limited, India [U67190MH2003PTC141976]

CAPITAL STRUCTURE

AS ON 25.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
375,000	Equity Shares	Rs.100/- each	Rs.37.500 Million
25,000	Preference Shares	Rs.100/- each	Rs. 2.500 Million
	Total		Rs. 40.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
188,719	Equity Shares	Rs.100/- each	Rs. 18.872 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
188,409	Equity Shares	Rs.100/- each	Rs.18.841 Million

AS ON 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
375,000	Equity Shares	Rs.100/- each	Rs.37.500 Million
25,000	Preference Shares	Rs.100/- each	Rs. 2.500 Million
	Total		Rs. 40.000 Million

Issued Capital

No. of Shares	Type	Value	Amount
188,719	Equity Shares	Rs.100/- each	Rs. 18.872 Million

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
188,409	Equity Shares	Rs.100/- each	Rs.18.841 Million
Add:	Forfeited Shares		Rs. 0.017 Million
	Total		Rs. 18.858 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	18.858	18.858	18.858
(b) Reserves & Surplus	864.440	760.922	664.613
(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)	883.298	779.780	683.471
(3) Non-Current Liabilities
(a) long-term borrowings	73.101	104.641	105.532
(b) Deferred tax liabilities (Net)	78.356	52.357	33.669
(c) Other long term liabilities	13.749	17.256	17.635
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	165.206	174.254	156.836
(4) Current Liabilities
(a) Short term borrowings	425.973	366.596	310.526
(b) Trade payables	381.455	404.173	272.709
(c) Other current liabilities	90.636	86.278	70.278
(d) Short-term provisions	54.668	55.711	53.765
Total Current Liabilities (4)	952.732	912.758	707.278
TOTAL	2001.236	1866.792	1547.585
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	555.898	496.877	373.55
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	192.994	163.294	163.98
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	52.756	52.756	52.756
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	27.764	33.971	58.938
(e) Other Non-current assets	31.386	20.762	18.25
Total Non-Current Assets	860.798	767.660	667.474
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	227.870	217.827	149.249
(c) Trade receivables	725.613	707.827	594.097
(d) Cash and cash equivalents	12.425	17.481	16.773
(e) Short-term loans and advances	163.634	147.249	113.312
(f) Other current assets	10.896	8.748	6.68
Total Current Assets	1140.438	1099.132	880.111
TOTAL	2001.236	1866.792	1547.585

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1639.180	1513.025	1472.591
	Other Income	6.250	11.566	11.129
	TOTAL (A)	1645.430	1524.591	1483.720
Less	EXPENSES
	Cost of Materials Consumed	945.293	889.151	791.182
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(16.398)	(27.040)	12.253
	Employees benefits expense	211.911	196.024	173.653
	Other expenses	221.258	210.878	192.373
	Exceptional Items before tax	21.757	20.454	13.347
	TOTAL (B)	1383.821	1289.467	1182.808
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	261.609	235.124	300.912
Less	FINANCIAL EXPENSES (D)	67.206	55.996	53.147
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	194.403	179.128	247.765
Less/ Add	DEPRECIATION/ AMORTISATION (F)	25.168	23.854	21.552
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	169.235	155.274	226.213
Less	TAX (I)	61.477	48.445	71.965
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	107.758	106.829	154.248
	Earnings / (Loss) Per Share (Rs.)	57.194	56.702	81.869

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	64.826	61.319	47.096
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	187.920	188.297	173.535

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.57	7.06	10.47
Operating Profit Margin (PBIDT/Sales)	(%)	15.96	15.54	20.43
Return on Total Assets (PBT/Total Assets}	(%)	9.64	9.41	17.00
Return on Investment (ROI) (PBT/Networth)		0.19	0.20	0.33
Debt Equity Ratio (Total Debt /Networth)		0.64	0.68	0.68
Current Ratio (Current Asset/Current Liability)		1.20	1.20	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	18.858	18.858	18.858
Reserves & Surplus	664.613	760.922	864.440
Net worth	683.471	779.780	883.298
long-term borrowings	105.532	104.641	73.101
Short term borrowings	310.526	366.596	425.973
Current maturities of long-term debts	47.096	61.319	64.826
Total borrowings	463.154	532.556	563.900
Debt/Equity ratio	0.678	0.683	0.638

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1472.591	1513.025	1639.18
		2.746	8.338

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1472.591	1513.025	1639.180
Profit	154.248	106.829	107.758
	10.47%	7.06%	6.57%

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)	No
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	No
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

OPERATIONS:

During 2013-14 gross sales and income increased from Rs. 1696.897 Million to Rs. 1827.866 Million. And Profit before tax increased from Rs. 1552.74 Lacs to Rs. 169.235 Million.

OUTLOOK:

With increasing focus on the power sector, the Company`s products should experience increased demand.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Borrowings from government semi-government bodies	3.785	4.619
Total	3.785	4.619

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10479571	04/02/2014	100,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI,  MAHARASHTRA - 400001, INDIA	B97184634
2	10313387	16/04/2012 *	1,000,000,000.00	IL AND FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA  - 400051, INDIA	B38902441

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	92.153	81.010
Total contingent liabilities	92.153	81.010

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Vehicles
• Motor vehicles
• Office equipment

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.64.01
UK Pound	1	Rs.99.83
Euro	1	Rs.70.07

INFORMATION DETAILS

Information Gathered by :	SAN
Analysis Done by :	KAR
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		62

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.