MIRA INFORM REPORT

Report No. :	350200
Report Date :	16.11.2015

IDENTIFICATION DETAILS

Name :	TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED
Registered Office :	Survey No.427 P/3-4 and 431 P/1-2, Sarkhej Bavla Highway, Village: Moraiya, Taluka: Sanand, District: Ahmedabad - 382213, Gujarat
Tel. No.:	91-2717-661661 (10 Lines)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	11.07.1994
Com. Reg. No.:	04-022460
Capital Investment / Paid-up Capital :	Rs.132.564 Million
CIN No.: [Company Identification No.]	L33121GJ1994PLC022460
IEC No.:	0895001268
TAN No.: [Tax Deduction & Collection Account No.]	AHMT00243F/AACCT8243P
PAN No.: [Permanent Account No.]	AAAFT9000B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in manufacturing of electrical transformers and reactor, which find application in power and industrial sectors.
No. of Employees :	505 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject was established in the year 1994 engaged in manufacturing transformer. Its products includes power transformer, distribution transformer, rectifier transformer, furnace transformer, specialty transformer and reactors. For the financial year ended 2015, revenue of the company has declined by 24.51% and it also incurred loss from its operations during the year under a review. However, rating takes into consideration company’s established track record of operations as one of the leading domestic transformer manufacturers supported by its satisfactory financial profile along with above average debt coverage indicators and favorable gap between trade payables to its receivables. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	03.08.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	03.08.2015

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 31-03-2015.

INFORMATION PARTED BY

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

LOCATIONS

Registered Office/ Factory 1 :	Survey No.427 P/3-4 and 431 P/1-2, Sarkhej-Bavla Highway, Village: Moraiya, Taluka: Sanand, District: Ahmedabad - 382213, Gujarat, India
Tel. No.:	91-2717-661661 (10 Lines)
Fax No.:	91-2717-661716
E-Mail :	info@transformerindia.com cs@transfornerindia.com marketing@transformerindia.com purchase@transformerindia.com
Website :	http://www.transformerindia.com
Factory 2 :	Survey No. 344-350, Opposite PWD Store, Sarkhej Bavla Highway, Village Changodar, Taluka Sanand, Ahmedabad – 382213, Gujarat, India
Factory 3 :	Plot No.233, GVMSAV Limited, Odhav, Ahmedabad, Gujarat, India
Factory 4 :	Changodar Unit Changodar, Ahmedabad, Gujarat, India
Factory 5 :	Fabrication Unit Odhav, Ahmedabad, Gujarat, India
Factory 5 :	353/353-E, G.V.M.M. Industrial Estate, Odhav, Ahmedabad – 382415, Gujarat, India
Regional Offices :	Located At: · Bangalore · Chennai  · Hyderabad · Kolkata · New Delhi  · Raipur

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Satyen Jitendra Mamtora
Designation :	Managing Director
Address:	2, Ashwavilla - 2, Near, Kantam Party Plot, Rajpath - Rangoli Road, Thaltej, Ahmedabad - 380054, Gujarat, India
Date of Appointment :	01.04.2013
DIN No.:	00139984
Name :	Mr. Vinod Masson
Designation :	Whole Time Director
Address:	C-22 Wested Heights, DLF City Phase - V, Gurgaon - 122009, Haryana, India
Qualification:	B.E. Electrical
Date of Appointment :	11.04.2014
DIN No.:	00059587
Name :	Mr. Jitendra U. Mamtora
Designation :	Whole Time Director
Address:	2, Ashwavilla - 2, Near, Kantam Party Plot, Rajpath - Rangoli Road, Thaltej, Ahmedabad - 380054, Gujarat, India
Date of Appointment :	01.04.2007
DIN No.:	00139911
Name :	Mrs. Karunaben Jitendra Mamtora
Designation :	Whole-Time Director
Address:	2, Ashwavilla - 2, Near, Kantam Party Plot, Rajpath - Rangoli Road, Thaltej, Ahmedabad - 380054, Gujarat, India
Qualification:	M.B.A and Whole Time Director
Date of Appointment :	01.04.2014
DIN No.:	00253549
Name :	Mr. Bhaskar Sen
Designation :	Director
Address:	Flat No. 2A, 135/G, S. P. Mukherjee Road, Kolkata - 700026, West Bengal, India
Date of Birth/Age:	72 Years
Qualification:	B.E Mechanical Engineering from Jadavpur University
Expertise in specific functional areas :	46 Years of working experience in switchgears, transformers, motor projects, REC equipment’s, etc.
Date of Appointment :	01.11.2008
DIN No.:	01776530
Name :	Mr. Rajendra Shantilal Shah
Designation :	Director
Address:	289-C, Manekbaug Society, Behind Manekbaug Hall, Ambawadi, Ahmedabad - 380015, Gujarat, India
Date of Appointment :	09.07.2007
DIN No.:	00061922
Name :	Mr. Harish Ranjit Rangwala
Designation :	Director
Address:	1, Ashwavilla - 2, Off Sindhu Bhavan Road, Opposite Ahmedabad Recqet Acedemy, Bodakdev, Ahmedabad - 380054, Gujarat, India
Date of Birth/Age:	64 Years
Qualification:	B.E Mechanical Engineering from LE Engineering College Morbi
Expertise in specific functional areas :	Manufacture of small tools and engineering components.
Date of Appointment :	25.08.2005
DIN No.:	00278062
Name :	Mr. Sureshchandra Ramsaran Agarwal
Designation :	Director
Address:	12, Swinagar, 132 ft Ring Road, Satellite, Ahmedabad - 380015, Gujarat, India
Qualification:	Mechanical Engineer
Date of Appointment :	13.09.2007
DIN No.:	00889931

KEY EXECUTIVES

Name :	Mr. Chintan M. Trivedi
Designation :	Company Secretary
Name :	Mr. Rahul Shah
Designation :	Chief Financial Officer
Address :	204, Anang Avenue, 18 BMM Society, Behind. Doctor House, Ellisbridge, Ahmedabad - 380006, Gujarat, India
Date of Appointment :	02.05.2014
PAN No.:	ANEPS3534N
Name :	Mr. Rakesh Dineshbhai Kiri
Designation :	Secretary
Address :	11, Dharmnathprabhu Society, Near Adiswarnagar Society, Nikol Road, Naroda, Ahmedabad - 382330, Gujarat, India
Date of Appointment :	07.08.2015
PAN No.:	CRBPK7537G
Name :	Mr. Samkit Mehta
Designation :	Deputy Manager – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9928415	74.90
Sub Total	9928415	74.90
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	9928415	74.90
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	422411	3.19
Financial Institutions / Banks	5294	0.04
Foreign Institutional Investors	5000	0.04
Sub Total	432705	3.26
(2) Non-Institutions
Bodies Corporate	192234	1.45
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2287619	17.26
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	64571	0.49
Any Others (Specify)	350867	2.65
Clearing Members	21037	0.16
Non Resident Indians	156589	1.18
Directors & their Relatives & Friends	10177	0.08
Hindu Undivided Families	162810	1.23
Trusts	254	0.00
Sub Total	2895291	21.84
Total Public shareholding (B)	3327996	25.10
Total (A)+(B)	13256411	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	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)	13256411	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	JITENDRA UJAMSI MAMTORA	88,58,992	66.83	66.83
2	JITENDRA UJAMSI MAMTORA (HUF)	6,82,931	5.15	5.15
3	KARUNABEN JITENDRA MAMTORA	2,67,736	2.02	2.02
4	SATYEN JITENDRA MAMTORA	97,000	0.73	0.73
5	JANKI JITUBHAI MAMTORA	21,364	0.16	0.16
6	BIPIN UJAMASHI MAMTORA	196	0.00	0.00
7	DILIP UJAMASHI MAMTORA	196	0.00	0.00
	Total	99,28,415	74.90	74.90

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	HDFC TRUSTEE COMPANY LIMITED - HDFC INFRASTRUCTURE FUND	422411	3.19	3.19
	Total	422411	3.19	3.19

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of electrical transformers and reactor, which find application in power and industrial sectors.
Products :	Power Transformer Distribution Transformer Rectifier Transformer Furnace Transformer Specialty Transformer
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Countries :	United States of America
Terms :
Selling :	Cash and Credit (30 days / 60 days / 90 days)
Purchasing :	Cash and Credit (30 days / 60 days / 90 days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

505 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West) , Mumbai- 400013 , Maharashtra, India
• Bank of Baroda
• Axis Bank Limited
• Standard Chartered Bank
• IDBI Bank Limited

Bank Name	Axis Bank Limited
Branch	Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad- 380006, Gujarat, 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 :

Secured Loan	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG TERM BORROWINGS
Term Loans for Vehicles	20.020	41.209
Term Loans from Bank	166.389	165.425
SHORT TERM BORROWINGS	0.000
Cash credit and short term loan from banks	1190.319	1358.669
Total	1376.728	1565.303

Notes:

LONG TERM BORROWINGS

1. Secured by Hypothecation of specific fixed assets purchased under Term Loan arrangement. Vehicle loans are repayable in equated monthly installments of Rs. 2.682 Million (Previous year Rs. 2.430 Million).

2. Secured by charge on fixed assets purchase out of Term Loan and charge on office building located at Gurgaon and also 2nd charge of fixed assets and current assets excluding fixed assets of Moraiya plant and in addition to above secured by personal guarantee of some of the directors. Bank loans are repayable in equated quarterly installments of Rs. 21.900 Million (Previous year Rs. 12.725 Million).

SHORT TERM BORROWINGS

Nature of Security:

The above cash credit and short term loans from banks are secured by hypothecation of current assets of the Company on paripassu basis and collaterally secured by residual value of net fixed assets of the Company excluding fixed assets of Moraiya plant and also collateral legal mortgage on paripassu basis on immovable properties situated at Changodar, Dhank and Ahmedabad and in addition to above it is further secured by pledge of 21,10,000 equity shares held by promoter and personal guarantees of some of the directors.

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

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

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

Particulars	31.03.2015	31.03.2015 (Rs. In Million)
At the Beginning of the period	13,256,411	132.564
Bonus Shares Issued during the period	0.000	0.000
Total	13,256,411	132.564

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

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

(iii) Rights of Equity Shares

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

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	132.564	132.564	129.236
(b) Reserves & Surplus	3148.817	3225.034	3191.775
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3281.381	3357.598	3321.011
(3) Non-Current Liabilities
(a) long-term borrowings	186.409	206.634	52.896
(b) Deferred tax liabilities (Net)	74.560	117.220	92.801
(c) Other long term liabilities	57.599	158.947	280.289
(d) long-term provisions	8.367	6.384	6.317
Total Non-current Liabilities (3)	326.935	489.185	432.303
(4) Current Liabilities
(a) Short term borrowings	1192.459	1359.918	951.750
(b) Trade payables	1722.384	2212.423	977.981
(c) Other current liabilities	406.572	424.014	486.325
(d) Short-term provisions	3.009	16.344	15.527
Total Current Liabilities (4)	3324.424	4012.699	2431.583
TOTAL	6932.740	7859.482	6184.897
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1666.988	1428.498	1430.599
(ii) Intangible Assets	78.509	9.184	11.036
(iii) Capital work-in-progress	111.039	256.828	170.532
(iv) Intangible assets under development		0.000	0.000
(b) Non-current Investments	60.449	23.619	23.619
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	65.401	113.230	99.674
(e) Other Non-current assets	48.543	34.879	43.337
Total Non-Current Assets	2030.929	1866.238	1778.797
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1560.160	1195.069	1029.457
(c) Trade receivables	2357.323	3810.947	2285.192
(d) Cash and cash equivalents	327.829	194.423	301.649
(e) Short-term loans and advances	432.727	427.922	340.381
(f) Other current assets	223.772	364.883	449.421
Total Current Assets	4901.811	5993.244	4406.100
TOTAL	6932.740	7859.482	6184.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations	5416.854	7182.584	5096.832
		Other Income	35.069	40.636	52.256
		TOTAL	5451.923	7223.220	5149.088
Less	EXPENSES
		Cost of Raw Materials Consumed	4618.808	6023.245	4236.110
		(Increase)/Decrease in Stock of Finished Goods and Process Stock	(307.924)	(93.042)	(8.589)
		Employee Benefits Expense	230.656	237.457	192.052
		Other Expenses	609.703	652.969	496.665
		TOTAL	5151.243	6820.629	4916.238
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		300.680	402.591	232.850
Less	FINANCIAL EXPENSES		276.730	233.155	102.272
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		23.950	169.436	130.578
Less/ Add	DEPRECIATION/ AMORTISATION		120.031	92.784	69.808
	PROFIT/(LOSS) BEFORE TAX		(96.081)	76.652	60.770
Less	TAX		(31.561)	28.601	13.442
	PROFIT/(LOSS) AFTER TAX		(64.520)	48.051	47.328
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1658.656	1622.069	1585.913
Less	APPROPRIATIONS
	Proposed final equity dividend (Rs. 0.75 per Equity Share)		0.000	9.942	9.693
	Tax on proposed equity dividend		11.697	1.522	1.479
	Total		11.697	11.464	11.172
	Balance Carried to the B/S		1582.439	1658.656	1622.069
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	172.688	290.941	211.143
	IMPORTS
		Raw Materials	377.758	407.823	229.876
		Capital Goods	101.796	10.588	35.788
	TOTAL IMPORTS		479.554	418.411	265.664
	Earnings/Loss Per Share (Rs.)		(3.62)	3.62	3.57

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	116.156	61.850	27.359
Cash generated from/ (used in) operations	9358.70	(305.567)	(438.693)
Net Cash Generated from/(used in) Operating Activities	919.256	(327.552)	(448.694)
Net cash flow from operating activity	NA	NA	NA

QUARTERLY RESULTS

Particulars	30.06.2015
(Unaudited)	1st Quarter
Net Sales	621.100
Total Expenditure	710.000
PBIDT (Excl OI)	(88.900)
Other Income	10.500
Operating Profit	(78.400)
Interest	71.800
Exceptional Items	NA
PBDT	(150.200)
Depreciation	33.000
Profit Before Tax	(183.200)
Tax	(58.300)
Provisions and contingencies	NA
Profit After Tax	(124.900)
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	(124.900)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(1.19)	0.67	0.93
Operating Profit Margin (PBIDT/Sales)	(%)	5.55	5.61	4.57
Return on Total Assets (PBT/Total Assets}	(%)	(1.42)	1.01	1.01
Return on Investment (ROI) (PBT/Networth)		(0.03)	0.02	0.02
Debt Equity Ratio (Total Debt/Networth)		0.46	0.48	0.31
Current Ratio (Current Asset/Current Liability)		1.47	1.49	1.81

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.176.20/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	129.236	132.564	132.564
Reserves & Surplus	3191.775	3225.034	3148.817
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3321.011	3357.598	3281.381
long-term borrowings	52.896	206.634	186.409
Short term borrowings	951.750	1359.918	1192.459
Current maturities of long-term debts	27.359	61.850	116.156
Total borrowings	1032.005	1628.402	1495.024
Debt/Equity ratio	0.311	0.485	0.456

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5096.832	7182.584	5416.854
		40.923	(24.583)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5096.832	7182.584	5416.854
Profit	47.328	48.051	(64.520)
	0.93%	0.67%	(1.19)%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

CRIMINAL MISC.APPLICATION (FOR QUASHING AND SET ASIDE FIR/ORDER) No. 11993 of 2014

Status : PENDING

CCIN No : 001044201411993

Last Listing Date:

18/11/2014

Coram

HONOURABLE MR.JUSTICE J.B.PARDIWALA

Not Before :

HONOURABLE MR.JUSTICE A.G.URAIZEE HONOURABLE MR.JUSTICE KS JHAVERI

S.NO.	Name of the Petitioner	Advocate On Record
1	JAYANTIBHAI NARANBHAI GOHIL	MR. R.D.KINARIWALA for: Applicant(s)  1 SAMEE A URAIZEE for: Applicant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1 2	STATE OF GUJARAT TRANSFORMERS AND RECTIFIERS INDIA LIMITED	PUBLIC PROSECUTOR for :Respondent(s)  1 MR DIPEN DESAI for :Respondent(s)  2 MR PRANAV S TRIVEDI for :Respondent(s)  2

Presented On	: 01/08/2014	Registered On	: 01/08/2014
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 4 times
Stage Name	: NOTICE RETURNABLE AND ADJOURNED MATTERS

Classification	SJ - CRIMINAL MISC. APPLICATION - INDIAN PENAL CODE, 1860 - QUASHING OF COMPLAINT
Act	NEGOTIABLE INSTRUMENTS ACT, 1881
Other Forums

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	CRIMINAL CASE/1721/2013	-	METROPOLITAN MAGISTRATE, AHMEDABAD	-	AHMEDABAD

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Office Details

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S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	01/08/2014	APPEARANCE NOTE	PUBLIC PROSECUTOR for RESPONDENT(s) 1	0	PUBLIC PROSECUTOR(2) for R:1
2	01/08/2014	VAKALATNAMA	SAMEE A URAIZEE ADVOCATE for PETITIONER(s) 1	0	S A URAIZEE(7747) for P:1
3	01/08/2014	VAKALATNAMA	MR. R.D.KINARIWALA ADVOCATE for PETITIONER(s) 1	5	MR. R.D.KINARIWALA(6146) for P:1
4	01/08/2014	MEMO OF PETITION/APPEAL/SUIT	MR. R.D.KINARIWALA ADVOCATE for PETITIONER(s) 1	20	MR. R.D.KINARIWALA(6146), S A URAIZEE(7747), for P:1
5	13/08/2014	ADDITIONAL FEE ON CERTIFIEDCOPY	MR. R.D.KINARIWALA ADVOCATE for PETITIONER(s) 1	12	MR. R.D.KINARIWALA(6146) for P:1
6	04/09/2014	VAKALATNAMA	MR PRANAV S TRIVEDI ADVOCATE for RESPONDENT(s) 2	0	MR PRANAV S TRIVEDI(5375) for R:2
7	04/09/2014	VAKALATNAMA	MR DIPEN DESAI ADVOCATE for RESPONDENT(s) 2	5	MR DIPEN DESAI(2481) for R:2

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Court Proceedings

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S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	19/08/2014	14	6	FRESH MATTERS - QUASHING	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
2	05/09/2014	14	87	NOTICE RETURNABLE & ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
3	19/09/2014	14	92	NOTICE RETURNABLE & ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
4	18/11/2014	16	92	NOTICE RETURNABLE & ADJOURNED MATTERS		· HONOURABLE MR.JUSTICE R.M.CHHAYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	CRIMINAL MISC.APPLICATION/11993/2014	· HONOURABLE MR.JUSTICE R.M.CHHAYA	19/08/2014	N	ORDER	-	Y

REVIEW OF OPERATIONS

For the year ended 31st March, 2015, the Company has reported standalone total revenue of Rs. 5451.923 Million and net loss of Rs. 64.520 Million as compared to previous year’s total revenue of Rs. 7223.220 Million and net profits of Rs. 48.051 Million. During the current year, the Company has incurred loss mainly on account of lower turnover. The Company could not achieve turnover growth due to delay in realizing target order inflow and the power sector in the Country continued to grapple with multiple bottlenecks.

Effective from 1st April, 2014, there is a change in useful lives of assets as per Schedule II of the Companies Act, 2013 which has resulted into higher depreciation to the tune of Rs. 20.232 Million, adversely affecting bottom line of the Company

MVA PRODUCTION

During the year 2014-15, The Company has manufactured 15925 MVA, out of which Changodar unit produced 4405 MVA, Moraiya unit produced 10760 MVA and Odhav unit produced 760 MVA, against the last year’s total of 20650 MVA

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMIC OUTLOOK

The Asian Development Bank (ADB) has forecast that India’s growth rate could surpass China on the back of Government’s proinvestment attitude, which coupled with improvement in macro-economic indicators and forward movement in resolution of structural bottlenecks has made the Country stage a comeback on foreign investor radar. India is set to expand 7.8 % in FY 2015 compared with 7.4 % growth in FY 2014. The momentum is expected to build to 8.2 % growth in FY 2016, aided by expected easing of monetary policy and pickup in capital expenditure. Giving a thumbs up the new Monetary Policy Framework, announced in the budget, would help in restraining inflation and improve coordination between monetary and fiscal policy, the ADB said.

POWER SECTOR/ EQUIPMENT INDUSTRY OUTLOOK

At the recently concluded World Economic Forum 2015 in Davos, the Power Minister stated that the Sector would be looking at an investment of nearly Rs.15 trillion over the next few years. This offers vast and rewarding opportunities for players across the value chain.

Some of the most exciting opportunities in the pipeline lie in the distribution segment. Large investments have been committed at the Central and State levels and closure of projects are already under way across all states for loss reduction, metering, GIS, SCADA, physical network upgradation etc. All these programmes offer long-term opportunities for equipment suppliers, project executors and technology specialists, among others.

The two newly launched programmes the Deendayal Upadhyaya Gram Jyoti Yojana for agriculture feeder separation and the Integrated Power Development Scheme for improving urban power infrastructure will provide continued business opportunities for vendors till the end of the 13th plan (March 2022).

A key game changer would be the Government’s move to introduce competition in Distribution, as has been proposed in the amendments to the Electricity Act, 2003. This could offer lucrative business avenues for vendors as utilities wire be forced to invest in building stronger networks to prevent consumer migration. A lot, however, will depend on how quickly things get rolling at the State level. Such issues, notwithstanding, there are high hopes from the reforms - oriented new Government, and the Davos message reinforces that sentiment among global investors, encouraging them to invest in the Power Sector growth story

INDEX OF CHARGES

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

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
SHORT TERM BORROWINGS
Loan from Director	2.140	1.249
Total	2.140	1.249

CONTINGENT LIABILITIES IN RESPECT OF

PARTICULAR	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. In Million)
Disputed demand of Central Excise/Income Tax Department	48.264	80.049

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2015

Standalone statement of profit and loss

(Rs. In Million)

Sr. No	Particulars	Standalone
		Quarter Ended		Six Month Ended
		30.09.2015	30.06.2015	30.09.2015
		Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)	11377.200	578.300	1955.500
	b. Other Operating Income	20.700	42.800	63.500
	Total Income from Operations (Net)	1397.900	621.100	2019.000
2	Expenditure
	a. Cost of material Consumed	879.800	906.300	1786.100
	b. Purchase of Stock-in trade	-	-	-
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade	245.400	(401.400)	(156.000)
	d. Employees Benefit Expenses	53.800	62.500	116.300
	e. Depreciation and Amortisation Expenses	33.200	33.000	66.200
	f. Other expenses	150.800	142.600	293.400
	Total Expenses	1363.000	743.000	2106.000
3	Profit from Operations before Other Income, Interest and Exceptional Items	34.900	(121.900)	(87.000)
4	Other Income	8.800	10.500	19.300
5	Profit/Loss from ordinary activities before finance cost & exceptional items	43.700	(111.400)	(67.700)
6	Finance Costs	78.800	71.800	150.600
7	Profit/Loss from ordinary activities after finance costs & exceptional items	(35.100)	(183.200)	(218.300)
8	Exceptional items	-	-	-
9	Profit/Loss from ordinary activities before tax	(35.100)	183.200	(218.300)
10	Tax Expense	(11.600)	(58.300)	(69.900)
11	Net Profit/Loss from ordinary activity after tax	(23.500)	(124.900)	(148.400)
12	Extraordinary Items	-	-	-
13	Net Profit/ Loss After Tax	(23.500)	(124.900)	(148.400)
14	Paid-up equity share capital (face value of Rs.10 per share)	132.600	132.600	132.600
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year	-	-	-
16	Earning Per Share (of Rs.10 each) (not annualized)
	Basic EPS	(1.77)	(9.42)	(11.19)
	Diluted EPS	(1.77)	(9.42)	(11.19)
A	PARTICULARS OF SHAREHOLDING
17	Public Shareholding
	- No. of shares	3327996	3327996	3327996
	- Percentage of shareholding	25.10%	25.10%	25.10%
18	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered
	- No. of shares	2210000	2210000	2210000
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	22.26%	22.26%	22.26%
	- Percentage of shareholding (as a % of the total share capital of the company)	16.67%	16.67%	16.67%
	b) Non-encumbered
	- No. of shares	7718415	7718415	7718415
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	77.74%	58	77.74%
	- Percentage of shareholding (as a % of the total share capital of the company)	58.22%	58.22%	58.22%

	Particulars	Quarter ended 30.09.2015
B	Investor Complaints
	Pending at the beginning of the quarter	Nil
	Received during the quarter	0
	Disposed off during the quarter	0
	Remaining unresolved at the end of the quarter	Nil

STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Million)

SOURCES OF FUNDS	30.09.2015 (Unaudited)
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	132.600
(b) Reserves & Surplus	3000.400
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	3133.000
(3) Non-Current Liabilities
(a) long-term borrowings	562.200
(b) Deferred tax liabilities (Net)	4.600
(c) Other long term liabilities	33.200
(d) long-term provisions	8.400
Total Non-current Liabilities (3)	608.400
(4) Current Liabilities
(a) Short term borrowings	1349.900
(b) Trade payables	1175.200
(c) Other current liabilities	330.300
(d) Short-term provisions	4.100
Total Current Liabilities (4)	2859.500
TOTAL	6600.900
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1833.200
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	60.400
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	68.400
(e) Other Non-current assets	27.100
Total Non-Current Assets	1989.100
(2) Current assets
(a) Current investments	0.000
(b) Inventories	1661.400
(c) Trade receivables	2186.600
(d) Cash and cash equivalents	188.600
(e) Short-term loans and advances	468.900
(f) Other current assets	106.300
Total Current Assets	4611.800
TOTAL	6600.900

FIXED ASSETS

Tangible Assets

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

Intangible Assets

• Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 66.13
UK Pound	1	Rs. 100.55
Euro	1	Rs. 71.26

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis done by :	KAR
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.