MIRA INFORM REPORT

Report No. :	328389
Report Date :	22.06.2015

IDENTIFICATION DETAILS

Name :	TRIVENI TURBINE LIMITED
Registered Office :	A-44, Hosiery Complex, Phase II Extension, Noida – 201305, Uttar Pradesh
Tel. No.:	91-120-4748000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	27.06.1995
Com. Reg. No.:	041834
Capital Investment / Paid-up Capital :	Rs. 330.000 Million
CIN No.: [Company Identification No.]	L29110UP1995PLC041834
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MRTT00689D
PAN No.: [Permanent Account No.]	AAACT4550H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Manufacturer of Industrial Steam Turbine and also Power Generating Equipment and Solutions.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (70)

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 6700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects market leadership position of the company in the business of manufacturer of steam turbines backed by long standing experience of promoters in a turbine segment. Rating also reflects company’s healthy financial risk profile marked by operational bae along with decent profitability margins and healthy balance sheet profile of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of healthy financial and operational profile, the company can be considered good for normal 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	ICRA
Rating	Fund Based limits AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	September 2014

Rating Agency Name	ICRA
Rating	Non-Fund Based Limits A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	September 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) DEFAILTERS’ 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 DENIED

Management Non Co-operative (91-120-4748000)

LOCATIONS

Registered Office :	A-44, Hosiery Complex, Phase II Extension, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-120-4748000
Fax No.:	91-120-4243049
E-Mail :	shares.ttl@trivenigroup.com mktg@triveniturbines.com rkg@trivenigroup.com akagarwal@ho.trivenigroup.com
Website :	http://www.triveniturbines.com
Factory :	12-A, Peenya Industrial Area, Bangalore - 560058, Karnataka, India
Tel. No.:	91-80-22164000/ 28394721
Fax No.:	91-80-28395945/ 22164100
Corporate Office :	‘Express Trade Towers’, 8th Floor, 15-16, Sector- 16A, Noida - 201301, Uttar Pradesh, India
Tel. No.:	91-120-4308000
Fax No.:	91-120-4311010-11

DIRECTORS

Name :

Mr. Dhruv M. Sawhney

Designation :

Managing director

Date of Appointment :

06.09.2011

DIN No.:

00102999

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	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Managing director	31/03/2015	20/09/1992	-	Active	NO
2	L14101UP1977PLC021546	ORIENT BELL LIMITED	Director	09/08/1994	09/08/1994	-	Active	NO
3	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Managing director	06/09/2011	27/06/1995	-	Active	NO
4	U29119UP2006PLC032060	TRIVENI ENGINEERING LIMITED	Director	27/06/2006	27/06/2006	-	Active	NO
5	U40102UP2008PLC034648	TRIVENI ENERGY SYSTEMS LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
6	U29253KA2010PLC053834	GE TRIVENI LIMITED	Nominee director	25/08/2011	28/05/2010	-	Active	NO

Name :

Mr. Nikhil Sawhney

Designation :

Managing Director

Date of Appointment :

06.09.2011

DIN No.:

00029028

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	U45202PB1993PTC025592	ABOHAR POWER GENERATION Private LIMITED	Director	06/06/2005	06/06/2005	29/11/2011	Active	NO
2	U40102UP2008PLC034648	TRIVENI ENERGY SYSTEMS LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
3	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Director	10/05/2011	19/11/2008	-	Active	NO
4	U40100HP2005PTC030758	UPPER BARI POWER GENERATION Private Limited	Director	24/09/2009	24/08/2009	29/02/2012	Active	NO
5	U29253KA2010PLC053834	GE TRIVENI LIMITED	Nominee director	25/08/2011	28/05/2010	-	Active	NO
6	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Managing director	06/09/2011	10/05/2011	-	Active	NO
7	AAB-0322	ACQUIRE VENTURE HOLDINGS LLP	Designated Partner	23/07/2012	23/07/2012	-	Active	NO

Name :

Mr. Arun Prabhakar Mote

Designation :

Director

Date of Appointment :

01.08.2013

DIN No.:

01961162

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	U29253KA2010PLC053834	GE TRIVENI LIMITED	Nominee director	25/08/2011	28/05/2010	-	Active	NO
2	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	01/08/2013	01/11/2012	-	Active	NO

Name :

Mr. Tarun Sawhney

Designation :

Director

Date of Appointment :

28.07.2008

DIN No.:

00382878

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	U52110DL1986PLC024603	TRIVENI ENTERTAINMENT LIMITED	Director	27/01/2003	27/01/2003	26/06/2013	Active	NO
2	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	28/07/2008	03/12/2007	-	Active	NO
3	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Managing director	01/10/2013	19/11/2008	-	Active	NO
4	U29253KA2010PLC053834	GE TRIVENI LIMITED	Nominee director	25/08/2011	01/11/2010	-	Active	NO
5	U99999DL1969GAP005106	INDIAN SUGAR EXIM CORPORATION LTD.	Director	23/09/2014	23/09/2014	-	Active	NO
6	AAB-0322	ACQUIRE VENTURE HOLDINGS LLP	Designated Partner	23/07/2012	23/07/2012	-	Active	NO

Name :

Lt. Gen K.K. Hazari (Ret.)

Designation :

Director

Date of Appointment :

28.07.2008

DIN No.:

00090909

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	U63040DL1989PLC037689	INTERGLOBE ENTERPRISES LIMITED	Director	19/09/2014	29/03/1996	-	Active	NO
2	U74900DL1999PTC099696	MAGOO STRATEGIC INFOTECH PRIVATE LIMITED	Director	10/05/1999	10/05/1999	-	Active	NO
3	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Director	03/04/2000	03/04/2000	-	Active	NO
4	U29119UP2006PLC032060	TRIVENI ENGINEERING LIMITED	Director	27/06/2006	27/06/2006	-	Active	NO
5	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	28/07/2008	03/12/2007	-	Active	NO

Name :

Mr. Amal Ganguli

Designation :

Director

Date of Appointment :

06.09.2011

DIN No.:

00013808

Other Directorship :

S. No.	C IN/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	U74899DL1993PTC051811	M L INFOMAP PRIVATE LIMITED	Director	20/01/1993	20/01/1993	-	Active	NO
2	U72200DL1991PLC046909	Flextronics Software Systems Limited	Director	08/01/2001	08/01/2001	-	Amalgamated	NO
3	L74140DL1991PLC046369	HCL TECHNOLOGIES LIMITED	Director	04/12/2014	08/05/2003	-	Active	NO
4	L35921TN1949PLC002905	TUBE INVESTMENTS OF INDIA LIMITED	Director	02/06/2003	02/06/2003	29/07/2010	Active	NO
5	L51909DL1986PLC024222	SAMTEL COLOR LIMITED	Director	10/10/2003	10/10/2003	02/02/2007	Active	NO
6	L92111DL1988PLC033099	NEW DELHI TELEVISION LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
7	L17120MH1897PLC000163	CENTURY TEXTILE AND INDUSTRIES LIMITED	Director	25/07/2014	31/07/2004	04/11/2014	Active	NO
8	U34103MP2005PLC017319	AVTEC LIMITED	Director	23/06/2014	27/07/2005	-	Active	NO
9	L74999DL1991PLC042749	ICRA LIMITED	Director	12/06/2006	30/03/2006	25/07/2014	Active	NO
10	U64202DL1992PLC048053	HUGHES COMMUNICATIONS INDIA LIMITED	Director	30/09/2014	20/04/2006	-	Active	NO
11	L34103DL1981PLC011375	MARUTI SUZUKI INDIA LIMITED	Director	05/09/2006	05/09/2006	-	Active	NO
12	L64200MH1986PLC039266	Tata Communications Limited	Director	13/09/2006	13/09/2006	16/10/2014	Active	NO
13	U93090MH2006PTC165286	PineBridge Investments Trustee Company (India) Private Limited	Director	15/12/2006	15/12/2006	05/10/2012	Active	NO
14	U65993DL2006PLC149728	Aricent Technologies (Holdings) Limited	Director	29/09/2014	06/08/2007	-	Active	NO
15	U24239AP2005PTC047518	LAURUS LABS PRIVATE LIMITED	Director	13/06/2013	30/08/2007	-	Active	NO
16	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Director	29/12/2009	19/01/2009	10/05/2011	Active	NO
17	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	13/08/2009	24/03/2009	25/09/2014	Active	NO
18	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	06/09/2011	10/05/2011	-	Active	NO
19	L26943RJ1976PLC001705	MANGALAM CEMENT LTD	Director	29/07/2013	11/02/2013	-	Active	NO
20	U74900DL2010PLC203968	NDTV LIFESTYLE HOLDINGS LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO
21	U45202KA1994FLC015118	INFORMATION TECHNOLOGY PARK LIMITED	Director	06/05/2015	06/05/2015	-	Active	NO
22	U74999TN2003PLC051878	ASCENDAS IT PARK (CHENNAI) LIMITED	Director	14/05/2015	14/05/2015	-	Active	NO

Name :

Mr. Shekhar Datta

Designation :

Director

Date of Appointment :

01.08.2013

DIN No.:

00045591

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	L24230MH1999PLC120720	WOCKHARDT LIMITED	Director	25/02/2000	25/02/2000	-	Active	NO
2	U29111MH2001PTC131781	LOMBARDINI INDIA PRIVATE LIMITED	Director	27/04/2001	27/04/2001	24/08/2007	Active	NO
3	L26933WB1991PLC052968	VESUVIUS INDIA LTD	Director	31/01/2003	31/01/2003	26/04/2013	Active	NO
4	L74899DL1964GOI004281	BHARAT HEAVY ELECTRICALS LIMITED	Additional director	27/11/2009	16/11/2005	23/04/2010	Active	NO
5	U67120MH2005PLC155188	BSE Limited	Director	14/09/2007	20/06/2006	16/06/2008	Active	NO
6	L15421UP1932PLC022174	TRIVENI ENGINEERING AND INDUSTRIES LIMITED	Director	29/12/2009	25/04/2009	-	Active	NO
7	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	01/08/2013	29/10/2012	-	Active	NO
8	L27320WB1997PLC084819	TITAGARH WAGONS LIMITED	Director	11/09/2014	12/04/2014	-	Active	NO
9	U74999WB2012PTC177154	TITAGARH AGRICO PRIVATE LIMITED	Director	24/09/2014	24/09/2014	-	Active	NO
10	U29253KA2010PLC053834	GE TRIVENI LIMITED	Additional director	30/03/2015	30/03/2015	-	Active	NO

Name :

Dr. Vasantha S. Bharucha

Designation :

Director

Date of Appointment :

08.18.2014

DIN No.:

02163753

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	L31300GJ1992PLC018198	DIAMOND POWER INFRASTRUCTURE LIMITED	Director	28/09/2010	28/06/2010	18/07/2013	Active	NO
2	L29110UP1995PLC041834	TRIVENI TURBINE LIMITED	Director	08/08/2014	19/03/2014	-	Active	NO
3	L50101PB1983PLC005516	SML ISUZU LIMITED	Director	22/09/2014	22/09/2014	-	Active	NO
4	L11101MH1979PLC021302	DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED	Additional director	04/02/2015	04/02/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajiv Sawhney
Designation :	Company Secretary
Name :	Mr. Deepak K. Sen
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	71674116	21.72
Bodies Corporate	159330417	48.29
Sub Total	231004533	70.01
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	231004533	70.01
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	12748158	3.86
Financial Institutions / Banks	14321	0.00
Foreign Institutional Investors	60749521	18.41
Any Others (Specify)	2815615	0.85
Foreign Portolio Investor ( Corporate)	2815615	0.85
Sub Total	76327615	23.13
(2) Non-Institutions
Bodies Corporate	5601932	1.70
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	8846995	2.68
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6494481	1.97
Any Others (Specify)	1696594	0.51
Non Resident Indians	1259675	0.38
Hindu Undivided Families	285289	0.09
Clearing Members	133770	0.04
Trusts	17860	0.01
Sub Total	22640002	6.86
Total Public shareholding (B)	98967617	29.99
Total (A)+(B)	329972150	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)	329972150	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Steam Turbine and also Power Generating Equipment and Solutions.

Products :

ITC Code No.	Product Descriptions
8406	Steam Turbine

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

• Axis Bank Limited
• Yes Bank Limited
• IDBI Bank Limited
• Punjab National Bank

Facilities :

SECURED LOANS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Term loans
From banks		0.200
From others		4.960
SHORT TERM BORROWINGS
Repayable on Demand
Cash credits from banks		69.190
Total	NA	74.350

Banking Relations :	--
Auditors :
Name :	J. C. Bhalla and Company Chartered Accountants
Branch Auditors :
Name :	Virmani and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company (As on 31.03.2014) :	GE Triveni Limited
Investing company holding substantial interest (As on 31.03.2014) :	Triveni Engineering and Industries Limited (TEIL)
Enterprise in which Key Management Personnel or their relatives have significant influence (As on 31.03.2014) :	Tirath Ram Shah Charitable Trust (TRSCT)
Company in which Key Management Personnel or their relatives have significant influence (As on 31.03.2014) :	Kameni Upaskar Limited ( (KUL)

CAPITAL STRUCTURE

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 330.000 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
450000000	Equity Shares	Rs. 1/- each	Rs. 450.000 Million
5000000	8% Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 50.000 Million
	Total		Rs.500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
329944550	Equity Shares	Rs. 1/- each	Rs.329.940 Million

a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Equity Shares

Particulars	31.03.2014
	No of Shares	Rs. in Million
At the beginning of the year	329,880,150	329.880
Add: Issued during the year pursuant to exercise of employee stock options	64,400	0.060
Outstanding at the end of the year	329,944,550	329.940

Preference Shares

Particulars	31.03.2014
	No of Shares	Rs. in Million
At the beginning of the year	2,800,000	28.000
Add: Redeemed during the year	2,800,000	28.000
Outstanding at the end of the year	--	--

b) Terms/rights attached to equity shares

The Company has only one class of equity shares with a par value of Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining assets of the Company, after meeting all liabilities and distribution of all preferential amounts, in proportion to their shareholding.

c) Terms/rights attached to preference shares

As per the Scheme of Arrangement (“Scheme”) duly approved by the Allahabad High Court vide order dated April

19, 2011, 28,000,000 equity shares of Rs. 1/- each fully paid up held by Triveni Engineering and Industries Limited stood converted into 2,800,000 - 8% Cumulative Redeemable Preference Shares of Rs. 10/ each fully paid up. These Preference Shares carried right to cumulative dividend @ 8% p.a. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The preference shareholders have a preference vis-a-vis equity shareholders with respect to any dividend that may be declared by the Company as well as with regard to redemption of capital in the event of liquidation. The Preference Shares are redeemable at par at the end of 5 years from the date of allotment. However, the Company has an option to redeem these shares at any time after the end of six months from the date of allotment. Accordingly, the preference shares were redeemed during the year.

d) Shares allotted as fully paid up pursuant to contract(s) without payment being received in cash (during the 5 years immediately preceding)

257,880,150 equity shares of Rs. 1/- each were allotted on May 10, 2011, as fully paid up to the shareholders of Triveni Engineering and Industries Ltd (TEIL) in the ratio of one equity share for every one equity share held by them in TEIL, pursuant to the Scheme.

e) Details of shareholders holding more than 5% shares in the company

Particulars	31.03.2014
Equity Shares of Re.1/- each fully paid	No of Shares	% holding
Triveni Engineering and Industries Limited	72,000,000	21.82
Dhruv M. Sawhney	28,124,645	8.52
Nalanda India Fund Limited	25,788,000	7.82
Umananda Trade and Finance Limited	20,157,589	6.11
Rati Sawhney	16,824,914	5.10
Tarnik Investments and Trading Limited	18,680,527	5.66

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	330.000	329.940	357.880
(b) Reserves & Surplus	2026.100	1481.830	1083.970
(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)	2356.100	1811.770	1441.850
(3) Non-Current Liabilities
(a) long-term borrowings	5.100	5.160	5.000
(b) Deferred tax liabilities (Net)	91.300	96.430	77.830
(c) Other long term liabilities	0.000	8.060	8.060
(d) long-term provisions	44.300	33.720	55.550
Total Non-current Liabilities (3)	140.700	143.370	146.440
(4) Current Liabilities
(a) Short term borrowings	6.600	69.190	0.000
(b) Trade payables	1120.500	1287.970	1136.550
(c) Other current liabilities	1072.200	914.680	722.240
(d) Short-term provisions	404.600	400.510	516.170
Total Current Liabilities (4)	2603.900	2672.350	2374.960
TOTAL	5100.700	4627.490	3963.250
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1397.300	1017.500	1110.600
(ii) Intangible Assets	0.000	58.880	37.410
(iii) Capital work-in-progress	0.000	2.640	1.330
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	84.700	80.000	80.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	106.900	511.470	152.010
(e) Other Non-current assets	169.400	114.790	59.040
Total Non-Current Assets	1758.300	1785.280	1440.390
(2) Current assets
(a) Current investments	60.000	0.000	50.000
(b) Inventories	1187.300	1113.850	665.100
(c) Trade receivables	1533.900	1057.430	1171.750
(d) Cash and cash equivalents	40.300	6.520	285.150
(e) Short-term loans and advances	389.300	213.260	203.880
(f) Other current assets	131.600	451.150	146.980
Total Current Assets	3342.400	2842.210	2522.860
TOTAL	5100.700	4627.490	3963.250

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	6255.200	5056.880	6568.470
	Other Income	282.500	109.500	81.070
	TOTAL (A)	6537.700	5166.380	6649.540
Less	EXPENSES
	Cost of Materials Consumed	3587.700	3068.440	3713.320
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	59.800	(293.150)	90.440
	Employees benefits expense	600.900	567.010	537.730
	Other expenses	754.300	675.880	591.590
		28.000	0.000	0.000
	TOTAL (B)	5030.700	4018.180	4933.080
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1507.000	1148.200	1716.460
Less	FINANCIAL EXPENSES (D)	6.400	5.990	27.250
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1500.600	1142.210	1689.210
Less/ Add	DEPRECIATION/ AMORTISATION (F)	145.000	128.600	122.620
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1355.600	1013.610	1566.590
Less	TAX (H)	444.800	329.090	500.340
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	910.800	684.520	1066.250
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)		483.970	178.460
Less	APPROPRIATIONS
	Transfer to General Reserve		100.000	450.000
	Equity Dividend		289.510	308.120
	Preference Dividend		0.430	2.620
	Transfer to Capital redemption Reserve		28.000	0.000
	Total (K)		417.940	760.740
	Balance Carried to the B/S (I+J-K)		750.550	483.970
		NA
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		1258.730	1684.120
	Service charges		156.010	61.350
	Selling commission		0.060	0.210
	TOTAL EARNINGS		1414.800	1745.680
	IMPORTS
	Raw Materials		183.720	296.010
	Spare parts for machinery maintenance		6.180	1.490
	Capital Goods		2384.000	6.830
	TOTAL IMPORTS		2573.900	304.330
	Earnings / (Loss) Per Share (Rs.)	2.76	2.07	3.22

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	3.400	3.070
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	14.56	13.54	16.23
Operating Profit Margin (PBIDT/Sales)	(%)	24.09	22.71	26.13
Return on Total Assets (PBT/Total Assets}	(%)	27.03	22.30	40.36
Return on Investment (ROI) (PBT/Networth)		0.58	0.56	1.09
Debt Equity Ratio (Total Liability/Networth)		0.00	0.04	0.01
Current Ratio (Current Asset/Current Liability)		1.28	1.06	1.06

STOCK PRICES

Face Value	Rs. 1.00/-
Market Value	Rs. 116.15/-

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	357.880	329.940	330.000
Reserves & Surplus	1083.970	1481.830	2026.100
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1441.850	1811.770	2356.100
long-term borrowings	5.000	5.160	5.100
Short term borrowings	0.000	69.190	6.600
Current Maturities of Long Term Debt	3.070	3.400	0.000
Total borrowings	8.070	77.750	11.700
Debt/Equity ratio	0.006	0.043	0.005

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	6568.470	5056.880	6255.200
		(23.013)	23.697

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	6568.470	5056.880	6255.200
Profit	1066.250	684.520	910.800
	16.23%	13.54%	14.56%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
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	No
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	10364412	15/03/2013 *	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B72380686
2	10340285	15/03/2013 *	1,435,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, CENTENARY BUILDING', NO.2  8, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B71791453
3	10295637	24/06/2014 *	750,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WORLD TRADE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C50325885
4	10293892	26/06/2013 *	460,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD,  NEW DELHI, DELHI - 110001, INDIA	B80069123

* Date of charge modification

FIXED ASSETS (As on 31.03.2014)

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Office Equipment

· Furniture and Fixtures

· Vehicles

· Computers

Intangible Assets

· Computer Software

· Website

· Design and Drawings

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. 63.82
UK Pound	1	Rs. 101.26
Euro	1	Rs. 72.36

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		70

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.