MIRA INFORM REPORT

Report No. :	311661
Report Date :	16.03.2015

IDENTIFICATION DETAILS

Name :	SECURE METERS LIMITED
Registered Office :	E – Class Pratap Nagar, Industrial Area, Udaipur – 313001, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.04.1987
Com. Reg. No.:	17-029106
Capital Investment / Paid-up Capital :	Rs. 904.367
CIN No.: [Company Identification No.]	U74899RJI987PLC029106
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacture of electronic energy meters and equipments and related services.
No. of Employees :	Not Available

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 14000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is well established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent 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 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 :	E- Class Pratap Nagar, Industrial Area, Udaipur- 313001, Rajasthan, India
Tel. No.:	91-294-2492300 / 301 / 2492302 / 2492303 / 2492304 / 2492305
Mobile No.:	Not Available
Fax No.:	91-294-2492310
E-Mail :	hemender.pandwal@securemeters.com sml@securemeters.com
Website :	http://www.securemeters.com
Overseas Office:	101, Upper Cross Street, No. 08-07, People’s Park Centre, Singapore – 058357
Factory / Warehouse:	Udaipur Unit ‘E’ Class, Pratap Nagar Industrial Area, Udaipur [Rajasthan], , India Barotiwala Unit Haripur Road, Barotiwala, District – Solan, Himachal Pradesh, India Bated Unit Village Bated, off Haripur Road, Barotiwala, District Solan, Himachal Pradesh, India Haripur Unit Village Bated, Near Haripur Road, Barotiwala, District Solan, Himachal Pradesh, India G 1, 466-467, Meware Industrial Area, Udaipur – 313003, India
Branches :	Located At:- v Sir Pherozeshah Mehta Road, Post Box No. 1345, Mumbai – 400001, Maharashtra, India v 606-607, Silver Oaks, Opposite Arun Society, Near Paldi Bus Stand, Ahmedabad – 380007, Gujarat, India v 134, Mittal Tower, ‘C’ Nariman Point, Mumbai – 400021, Maharashtra, India v 20, C. V. Raman Road, Alwarpet, Chennai – 600018, Tamilnadu, India v 127, Vedachalam Street, Vasudevan Nagar, Jafferkhanpet, Chennai – 600083, Tamilnadu, India v 1, ‘E’ Neelamber, 28-B, Shakespeare Sarani, Kolkata – 700017, West Bengal, India v Plot No. BH. Bayababa Math, Unit 9, Bhubaneshwar, Orissa, India v B-10, Greenland Society, Opp Harinagar, Gotri Road, Vadodara, Gujarat, India v No. 6, Marappa Road, Ulsoor, Bangalore, Karnataka, India v Plot No. 31, Southern Railway Colony, Picket, Secunderabad, Andhra Pradesh, India v Plot No. 11, Home No. 1010, Shaktinagar, Gupteswar, Jabalpur – 482008, Madhya Pradesh, India v A-111/201, B, Kamal Apartment (2), Power House Road, Bani Park, Jaipur – 302001, Rajasthan, India v Springdale School Complex, Manik Nagar, R. G. Baruah Road, P.O. Japorigog, Guwahati – 781005, Assam, India v TC No. 3/2187, ‘Sulatha’, 1^st Floor, LIC Lane, Patton, Thiruvananthapuram – 695004, Kerala, India v Pesticides India, Chandola Talao, Near Kashiram Textiles, N.H. 8, Post Narol, Ahmedabad – 382405, Gujarat, India v 85, Seema Nagar 2, Palanpur Patia, Rander Road, Surat, Gujarat, India

DIRECTORS

AS ON: 29.09.2014

Name :

Mr. Salil Singhal

Designation :

Director

Address :

Singhal Farm House, Rajokri, New Delhi-110038, India

Date of Birth/Age :

21.08.1946

Date of Appointment :

29.12.1994

DIN No.:

00006629

PAN No.:

AHNPS4184K

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	L24211RJ1946PLC000469	PI INDUSTRIES LIMITED	Managing director	01/07/2013	10/03/1976	-	Active	NO
2	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	03/08/1979	03/08/1979	05/12/2009	Active	NO
3	U29299RJ1971PLC001379	WOLKEM INDIA LIMITED	Director	10/09/2014	07/08/1979	-	Active	NO
4	U74899RJ1987PLC029106	SECURE METERS LIMITED	Director	29/12/1994	29/12/1994	-	Active	NO
5	U55101RJ1989PTC005105	HISTORIC RESORT HOTELS PRIVATE LIMITED	Director	27/09/1996	27/09/1996	-	Active	NO
6	U55101RJ1963PTC001158	THE LAKE PALACE HOTELS AND MOTELS PRIVATE LIMITED	Director	30/09/2000	30/09/2000	-	Active	NO
7	L40200DL1968PLC005169	SOMANY CERAMICS LIMITED	Director	04/09/2014	27/07/2002	-	Active	NO
8	U65990GJ1992PLC018163	PILL FINANCE AND INVESTMENTS LIMITED	Director	29/03/2004	29/03/2004	-	Active	NO
9	L31400WB1986PLC091621	USHA MARTIN LIMITED	Director	31/07/2014	12/05/2009	-	Active	NO

Name :

Mr. Arvind Singhal

Designation :

Director

Address :

Lake House, P.P. Singhal Marg, Udaipur - 313001, Rajasthan, India

Date of Birth/Age :

29.11.1947

Date of Appointment :

21.09.1999

DIN No.:

00092425

PAN No.:

ALYPS5930N

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	L24211RJ1946PLC000469	PI INDUSTRIES LIMITED	Director	06/08/1979	06/08/1979	18/12/2006	Active	NO
2	U74140RJ1995PLC010096	WOLKEM MINERALS LIMITED	Director	26/05/1995	26/05/1995	21/08/2012	Active	NO
3	U29299RJ1971PLC001379	WOLKEM INDIA LIMITED	Managing director	01/04/2010	01/08/1995	-	Active	NO
4	U27101RJ1982PLC002442	FIMAKEM INDIA LIMITED	Director	29/09/1998	29/09/1998	24/08/2012	Active	NO
5	U74899RJ1987PLC029106	SECURE METERS LIMITED	Director	21/09/1999	21/09/1999	-	Active	NO
6	U14107UR2002PTC027145	WOLKEM TALC PRIVATE LIMITED	Director	21/10/2003	21/10/2003	10/07/2013	Active	NO
7	U13209TG2004PTC043579	NEPHKEM MINERALS PRIVATE LIMITED	Director	05/07/2004	05/07/2004	-	Under Process of Striking off	NO
8	U14106RJ2007PTC023768	WOLKEM OMEGA MINERALS INDIA PRIVATE LIMITED	Director	02/02/2007	02/02/2007	-	Active	NO
9	U74999TG1993PTC035758	WOLLMINE INDIA PRIVATE LIMITED	Director	29/09/2009	13/11/2008	29/08/2012	Active	NO
10	U26900OR2011PLC014275	WOLKEM LIME LIMITED	Director	27/09/2011	27/09/2011	-	Active	NO
11	U28113RJ1993PTC007723	MYNORES INDIA PRIVATE LIMITED	Director	29/04/2013	29/04/2013	-	Active	NO
12	U14290DL2013NPL261671	SKILL COUNCIL FOR MINING SECTOR	Director	06/12/2013	06/12/2013	-	Active	NO
13	U74899DL1969NPL005064	FEDERATION OF INDIA MINERAL INDUSTRIES	Director	31/07/2014	31/07/2014	-	Active	NO

Name :

Mr. Girdhar Gopal Agrawal

Designation :

Director

Address :

Govindam, 6, Bhan Bagh, New Fatehpura, Udaipur-313001, Rajasthan, India

Date of Birth/Age :

25.11.1933

Date of Appointment :

10.12.2007

DIN No.:

00076273

Voter ID No.:

RJ/18/142/183732

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	U74899RJ1987PLC029106	SECURE METERS LIMITED	Director	29/09/2014	22/04/1987	-	Active	NO
2	U67120RJ1985PTC023079	BINARVI HOLDINGS PVT LTD	Director	01/04/1991	01/04/1991	-	Amalgamated	NO
3	U51909DL1984PLC018984	SHAKUN OVERSEAS LIMITED	Director	20/04/1994	20/04/1994	-	Active	NO
4	U74140RJ2007PLC045746	SECURE ENERGY SERVICES LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO
5	U27101RJ1982PLC002442	FIMAKEM INDIA LIMITED	Director	02/09/2014	02/09/2014	-	Active	NO

Name :

Mr. Pradyumna Natvarlal Shah

Designation :

Director (Mumbai, Maharashtra, India)

Address :

Shantiniketan, Prabhat Colony Road No.1, Santacruz (East), Mumbai-400055, Maharashtra, India

Date of Birth/Age :

01.01.1929

Date of Appointment :

29.09.2014

DIN No.:

00096793

Voter ID No.:

MT/08/038/168067

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	L24211RJ1946PLC000469	PI INDUSTRIES LIMITED	Director	07/09/1990	07/09/1990	01/04/2014	Active	NO
2	L72200PN1988PLC068972	INDO COUNT INDUSTRIES LIMITED	Director	23/08/2014	30/09/1992	-	Active	NO
3	L99999MH1965PLC013392	TAPARIA TOOLS LIMITED	Director	12/01/1996	12/01/1996	-	Active	NO
4	U74899RJ1987PLC029106	SECURE METERS LIMITED	Director	29/09/2014	18/08/1997	-	Active	NO
5	U36007MH1992PLC066759	LIPI DATA SYSTEMS LIMITED	Director	15/05/1998	15/05/1998	01/04/2011	Active	NO
6	U29299RJ1971PLC001379	WOLKEM INDIA LIMITED	Director	10/09/2014	28/09/2002	-	Active	NO
7	U65992MH2003PTC139955	LIC NOMURA Mutual Fund Trustee Company Private Limited	Director	21/12/2003	21/12/2003	08/03/2011	Active	NO
8	L17119PN1990PLC058139	PRANAVADITYA SPINNING MILLS LIMITED	Director	23/08/2014	31/07/2007	-	Active	NO
9	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Director	03/09/2013	05/03/2013	01/07/2014	Active	NO
10	U24130MH1994PLC142451	Garware Bestretch Limited	Director	08/11/2014	06/03/2013	-	Active	NO

Name :

Mr. Dilip Dwarkadas Udeshi

Designation :

Director

Address :

501, Shanti Apartments, 98, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

28.01.1936

Date of Appointment :

29.09.2014

DIN No.:

00051479

Voter ID No.:

MT/04/024/072850

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	U67120MH1984PTC033147	BALTIC CONSULTANCY AND SERVICES PRIVATE LIMITED	Director	30/06/1988	30/06/1988	-	Active	NO
2	U74899RJ1987PLC029106	SECURE METERS LIMITED	Director	29/09/2014	28/03/1995	-	Active	NO
3	U74140GJ2000PTC038483	CHADABHOY AND JASSOOBHOY CONSULTANTS PRIVATE LIMITED	Director	04/08/2000	04/08/2000	-	Active	NO
4	U67120MH1982PTC028713	SERENDIB INVESTMENTS PVT LTD	Director	18/08/2000	18/08/2000	-	Active	NO
5	U24245GA1991PTC001118	ADVANCED ORAL CARE PRODUCTS PRIVATE LIMITED	Director	18/06/2004	18/06/2004	-	Amalgamated	NO
6	U18101MH2005FTC154490	SEFAR INDIA PRIVATE LIMITED	Director	05/07/2005	05/07/2005	-	Active	NO
7	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	22/08/2005	22/08/2005	26/06/2009	Active	NO
8	U72300MH2011PTC224021	MAFATLAL CIPHER SPACE PRIVATE LIMITED	Director	07/07/2012	05/01/2012	-	Active	NO

Name :

Mr. Sanjaya Singhal

Designation :

Managing Director

Address :

Lake House, P. P. Singhal Marg, Udaipur – 313001, Rajasthan, India

Date of Birth/Age :

22.01.1955

Qualification :

B. Sc.

Date of Appointment :

01.07.2013

PAN No.:

AHNPS4185J

DIN No.:

00109705

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	U74899RJ1987PLC029106	SECURE METERS LIMITED	Managing director	01/07/2013	01/07/2002	-	Active	NO
2	U72200RJ2004PLC019221	ESL INDIA LIMITED	Director	30/04/2004	30/04/2004	05/02/2008	Amalgamated	NO
3	U74210RJ2008PTC027919	VAASTU TATWA DESIGN CONSULTANTS PRIVATE LIMITED	Director	15/12/2008	15/12/2008	-	Strike off	NO

Name :

Mr. Bhagwat Singh Babel

Designation :

Managing Director

Address :

221, Ameya Behind Sagar, Darshan Apartment, Deval Udaipur- 313001, Rajasthan, India

Date of Birth/Age :

24.07.1953

Date of Appointment :

01.04.2013

DIN No.:

01476935

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	U74899RJ1987PLC029106	SECURE METERS LIMITED	Managing director	01/04/2013	01/04/2007	-	Active	NO
2	U99999MH1970GAP014629	INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION	Director	28/09/2012	25/09/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hemendra Pandwal
Designation :	Company Secretary
Address :	Chotti Maheshwari Syreet, Dhann Mandi, Udaipur, Rajasthan – 313003, India
Date of Birth/Age :	26.03.1961
Date of Appointment :	31.05.1999
Pan No.:	ACZPP5645H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.31
Bodies corporate	2.55
Directors or relatives of Directors	95.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacture of electronic energy meters and equipments and related services.

Products :

Product Description	Item Code No. (ITC Code)
Machine and Mechanical Appliances	84795000
Energy Meters	90283000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

State Bank of India, SME Branch,Ridhi Sidhi Complex, 4 – C Madhuban – 313001, Udaipur, Rajasthan, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans taken for fixed assets	1.832	3.390
Other loans and advances, others	355.000	200.000
Short-term borrowings
Loans repayable on demand	0.000	2967.668
Working capital loans from banks	2495.594	0.000
Total	2852.426	3171.058

Banking Relations :	--
Auditors :
Name :	Chandabhoy and Jasoobhoy Chartered Accountant
Address :	605-606-607, Silver Oaks, Near Mahalaxmi Char pasta, Paldi, Ahemdabad – 380007, India
PAN No.:	AABFC0696F
Memberships :	Not Available
Collaborators :	Not Available
Associate:	Advanced Energy Monitoring Systems Limited, United Kingdom Fimakem India Limited, India [U27101RJ1982PLC002442] Hycron Electronics Hycron India wolkem india limited, India [U29299RJ1971PLC001379]
Subsidiary company:	CEWE Instrument AB, Swedan Secure Energy Services Limited, India [U74140RJ2007PLC045746]
Subsidiary company:	Esl India Limited, India [U72200RJ2004PLC019221] Iprobe AB Secure Asset Finance Limited., UK Secure Australasia Pty Limited Secure International Holdings Pte Limited, Singapore Secure Meters (UK) Limited, United Kingdom
Fellow Subsidiary company:	Elegant Metering Solutions Limited, United Arab Emirates Secure Meters Singapore Pte Limited, Singapore
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Salil,Arvind and Sanjay Family Trust Sanjaya Singhal (HUF) The Entity Group Trust

CAPITAL STRUCTURE

AS ON : 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Million
7500000	Preference Shares	Rs.100/- each	Rs.750.000 Million
	Total		Rs. 1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20388637	Equity Shares	Rs.10/- each	Rs.203.886 Million
5985279	Preference Shares	Rs.100/- each	Rs.598.528 Million
	Total		Rs. 802.414 Million

AS ON : 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions
7500000	Preferences Shares	Rs.100/- each	Rs.750.000 Millions
	Total		Rs.900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10388637	Equity Shares	Rs.10/- each	Rs.103.886 Millions
5985279	Preferences Shares	Rs.100/- each	Rs.598.528 Millions
	Total		Rs.702.414 Millions

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	702.414	702.414	650.471
(b) Reserves & Surplus	4008.155	3518.886	3218.375
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	41.555	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4752.124	4221.300	3868.846
(3) Non-Current Liabilities
(a) long-term borrowings	411.032	338.589	447.420
(b) Deferred tax liabilities (Net)	68.678	60.281	63.473
(c) Other long term liabilities	38.302	38.153	39.757
(d) long-term provisions	78.962	2.820	5.061
Total Non-current Liabilities (3)	596.974	439.843	555.711
(4) Current Liabilities
(a) Short term borrowings	2617.526	2967.668	3066.056
(b) Trade payables	1232.851	1223.117	1395.336
(c) Other current liabilities	299.086	455.635	498.722
(d) Short-term provisions	201.729	282.715	222.949
Total Current Liabilities (4)	4351.192	4929.135	5183.063
TOTAL	9700.290	9590.278	9607.620
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1362.633	1351.027	1260.373
(ii) Intangible Assets	84.875	117.830	75.319
(iii) Capital work-in-progress	91.336	2.108	22.402
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2825.444	2250.157	1892.679
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.931	23.914	59.442
(e) Other Non-current assets	25.695	31.578	23.822
Total Non-Current Assets	4412.914	3776.614	3334.037
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	985.843	1055.564	1203.449
(c) Trade receivables	3368.013	3197.999	3638.846
(d) Cash and cash equivalents	333.251	657.421	452.579
(e) Short-term loans and advances	318.328	627.715	720.186
(f) Other current assets	281.941	274.965	258.523
Total Current Assets	5287.376	5813.664	6273.583
TOTAL	9700.290	9590.278	9607.620

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	9543.555	9187.635	7388.78
	Other Income	383.052	367.768	242.465
	TOTAL (A)	9926.607	9555.403	7631.245
Less	EXPENSES
	Cost of Materials Consumed	5868.890	5760.940	4629.958
	Purchases of Stock-in-Trade	345.352	270.088	264.138
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(18.175)	(103.994)	(45.297)
	Employees benefits expense	1103.992	962.119	845.528
	Other expenses	1014.458	1184.782	892.974
	TOTAL (B)	8314.517	8073.935	6587.301
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1612.090	1481.468	1043.944
Less	FINANCIAL EXPENSES (D)	428.798	513.431	488.063
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1183.292	968.037	555.881
Less/ Add	DEPRECIATION/ AMORTISATION (F)	255.519	252.747	225.159
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	927.773	715.290	330.722
Less	TAX (I)	327.155	306.75	-2.102
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	600.618	408.540	332.824
	Earnings / (Loss) Per Share (Rs.)	53.02	35.09	53.80

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.29	4.45	4.50
Operating Profit Margin (PBDIT / Sales)	(%)	16.89	16.12	14.13
Return on Total Assets (PBT/Total Assets}	(%)	13.68	9.75	4.30
Return on Investment (ROI) (PBT/Networth)		0.20	0.17	0.09
Debt Equity Ratio (Total Debt /Networth)		0.64	0.78	0.91
Current Ratio (Current Asset/Current Liability)		1.22	1.18	1.21

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	650.471	702.414	702.414
Reserves & Surplus	3218.375	3518.886	4008.155
Net worth	3868.846	4221.300	4710.569
long-term borrowings	447.420	338.589	411.032
Short term borrowings	3066.056	2967.668	2617.526
Total borrowings	3513.476	3306.257	3028.558
Debt/Equity ratio	0.908	0.783	0.643

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	7388.780	9187.635	9543.555
		24.346	3.874

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	7388.780	9187.635	9543.555
Profit	332.824	408.540	600.618
	4.50%	4.45%	6.29%

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	Yes
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	No
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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE HIGHLIGHTS

Financials

Because of improved sales mix and prudent control overs expenses, while revenue increased by 4% to Rs. 9,927.000 million (previous year Rs. 9,555.000 million), PBT increased 29% to Rs. 928.000 million (previous year Rs. 715.000 million).

Exports

Exports in the year declined by 9% to Rs.4,798.72 million. This is mainly because the smart meter sales contract in Australia ended after four years. The team is working hard to develop European, Middle East and African markets to make up for the decline during the year.

SEGMENT INFORMATION:

The Company is engaged in manufacture of electronic energy meters and equipments and related services. The company is managed organizationally as a unified entity with various functional heads reporting to the top management. Therefore, there are no separate segments within the Company as defined by Accounting Standard- 17 (Segmental Reporting). Accordingly, the information given by the Company pertains to electronic energy meters and related services.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deposits from others	54.200	135.200
Short-term borrowings
Working capital loans from banks	121.932	0.000
Total	176.132	135.200

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10493251	26/05/2014 *	1,014,280,000.00	EXPORT IMPORT BANK OF INDIA	5TH FLOOR, 35,, KING STREET, EC2V 8BB, LONDON, -  EC2V28B, UNITED KINGDOM	C06403612
2	10410762	25/03/2013 *	400,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA  RASHTRA - 400005, INDIA	B71548945
3	10262489	21/11/2014 *	500,000,000.00	STATE BANK OF BIKANER & JAIPUR	CHETAK CIRCLE, UDAIPUR, UDAIPUR, RAJASTHAN - 3130  01, INDIA	C36676997
4	10197279	23/04/2013 *	40,000,000.00	STATE BANK OF INDIA	SME BRANCH, 4-C, RIDHI SIDHI COMPLEX, MADHUBAN, U  DAIPUR, RAJASTHAN - 313001, INDIA	B74023839
5	80003970	20/10/2014 *	7,460,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTO  Y MARG, NEW DELHI, DELHI - 110001, INDIA	C33212150

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments
• 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.62.67
UK Pound	1	Rs.93.16
Euro	1	Rs.66.42

INFORMATION DETAILS

Information Gathered by :	KRN
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--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.