MIRA INFORM REPORT

Report No. :	350515
Report Date :	18.11.2015

IDENTIFICATION DETAILS

Name :	ELECTROTHERM (INDIA) LIMITED

Registered Office :	A–1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad – 380015, Gujarat
Tel. No.:	91-79-26768844

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	29.10.1986

Com. Reg. No.:	04-009126

Capital Investment / Paid-up Capital :	Rs.234.800 Million

CIN No.: [Company Identification No.]	L29249GJ1986PLC009126

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturing of Electronic furnaces and other capital equipments, Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery operated vehicles, Electric Power Generation and services relating to Electric furnaces, other capital equipments and battery operated vehicles.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Sick Company

Payment Behaviour :	Slow and delayed

Litigation :	Exist

Comments :	The subject company is declared as a sick unit by Board for Industrial and Financial Reconstruction. The management has register case (Case No. 29/2014) with Board for Industrial and Financial Reconstruction under sick' industrial companies' act 1985. The order on which for approval for rehabilitation proposal is pending. Moreover, it is found that the subject has defaulted hefty amounts with 4 major banks i.e. lClCl Bank (Rs. 2971.740 Million), Allahabad Bank (Rs. 16784.076 Million), Central Bank of India (Rs. 23115.600 Million) and UCO Bank (Rs. 4383.000 Million), which has an important replication on the rating. Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealing on a fully secured trade terms and condition.

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

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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mrs. Shraddha
Designation :	Finance Manager
Contact No.:	91-79-26768844

LOCATIONS

Registered Office :	A–1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-26768844
Mobile No.:	91-9825159296 (Mr. Shailesh Bhandari)
Fax No.:	91-79-26768855
E-Mail :	sec@electrotherm.com ho@electrothrm.com
Website :	www.elctrotherm.com
Area:	3500 sq. ft.
Location :	Owned

Corporate office / Factory 1 :	Engineering and Projects Division Survey No. 72, Village : Palodia, Taluka : Kalol, District : Gandhinagar – 382 115, Gujarat, India
Tel. No.:	91-2717-234554/ 660550/ 55/ 56/ 57
Fax No.:	91-2717-237612/ 234616

Factory 2 :	Special Steel, DI Pipe and Electric Vehicle Division Survey No. 325, Village : Samakhiyali, Taluka : Bhachau, District : Kutch, Gujarat, India

Factory 3 :	Wind Farm Project Village : Dhank, Taluka : Upleta, District : Rajkot, Gujarat, India

Factory 4 :	Electric Vehicle Division Survey No. 689 Paiki, Village : Thol, Taluka : Kadi, District: Mehasana – 382715, Gujarat, India

Factory 5 :	Transmission Line Tower Division Village : Juni Jithardi, Taluka : Karjan, District : Vadodara, Gujarat, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Mukesh Bhandari
Designation :	Chairman

Name :	Mr. Shailesh Bhandari
Designation :	Managing Director

Name :	Mr. Avinash Bhandari
Designation :	Joint Managing Director and CEO

Name :	Mr. Ram Singh
Designation :	Director

Name :	Mr. Chaitanyapratap Sharma
Designation :	Director

Name :	Mr. Pradeep Krishna Prasad
Designation :	Director

Name :	Ms. Neeta Mukati
Designation :	Woman Director

KEY EXECUTIVES

Name :	Mr. Pawan Gaur
Designation :	Chief Financial Officer

Name :	Mr. Jigar Shah
Designation :	Company Secretary

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2280575	19.87
Bodies Corporate	975000	8.50
Sub Total	3255575	28.37
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	512500	4.47
Sub Total	512500	4.47
Total shareholding of Promoter and Promoter Group (A)	3768075	32.83
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9800	0.09
Financial Institutions / Banks	100	0.00
Sub Total	9900	0.09
(2) Non-Institutions
Bodies Corporate	2871421	25.02
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1299405	11.32
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1014107	8.84
Any Others (Specify)	2513466	21.90
Clearing Members	315094	2.75
Non Resident Indians	31497	0.27
Overseas Corporate Bodies	2000000	17.43
Hindu Undivided Families	166875	1.45
Sub Total	7698399	67.08
Total Public shareholding (B)	7708299	67.17
Total (A)+(B)	11476374	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	11476374	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Electronic furnaces and other capital equipments, Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery operated vehicles, Electric Power Generation and services relating to Electric furnaces, other capital equipments and battery operated vehicles.

Products :

ITC Code No.	Product Description
851420	Electronic Induction Furnace
851440	Induction Heating Equipment
8502	Electricity Power Generation
7207	Steel Billets
7213	Steel Bars
8711	Electric Vehicle

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Applicable

Imports :

Not Applicable

Terms :

Not Divulged

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 :

Punjab National Bank
Corporation Bank
Dena Bank Oriental
Bank of Commerce
Union Bank of India
Standard Chartered Bank
Allahabad Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans from Banks - Rupee Term Loan	12214.000	0.000
Term Loans from Banks – Foreign currency	0.000	0.000
SHORT TERM BORROWING
Term Loan	0.200	0.200
Current Maturities of Long terms borrowings	13741.700	19193.700
Working Capital Facilities	3884.300	9857.600
Term Loan from Banks - Rupee Term Loan	664.000	1765.900
Term Loan from Banks – Foreign Currency Term Loan	94.600	201.300

Total	30598.800	31018.700
NOTE LONG TERM BORROWINGS (a) Secured by first Charge by way of Equitable mortgage of all immovable properties and hypothecation of specified movable assets situated at Vatva, Palodia, Dhank, Samakhiyali – Kutch, and Chhadawada –Bhachau and Juni Jithardi, Karjan, Vadodara and Bank Fixed Deposits and as second charge on all Stock-in-Trade & Receivables. Further the loans are guaranteed by the personal guarantees of some of Directors. (b) ECB Loan is secured by Pari Passu Charge over the movable assets and first Pari Passu Charge on immovable assets of the company. SHORT TERM BORROWINGS (a) Secured by first Charge by way of Equitable mortgage of all immovable properties and hypothecation of specified movable assets situated at Vatva, Palodia, Dhank, Samakhiyali – Kutch, and Chhadawada –Bhachau and Juni Jithardi, Karjan, Vadodara and Bank Fixed Deposits & as second charge on all Stock-in-Trade & Receivables. Further the loans are guaranteed by the personal guarantees of some of Directors. (b) Secured by first charge by way of hypothecation of all stocks of raw material, packing materials, fuel, stock in process, semi finished and finished goods, stores and spares not relating to the plant and machinery and stocks in trade & receivables and second charge on all movable fixed assets & second and subservient charge by way of equitable mortgage of all immovable properties situated at Vatva, Palodia, Dhank, Samakhyali- Kutch and Chhadawada -Bhachau. Further the loans are guaranteed by the personal guarantees of some of the Directors of the company.

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Hire Purchase Finance for Vehicles	0.100	0.300
SHORT TERM BORROWING
Loans and Advances repayable on demand from: - Related Parties	19.400	25.400
Other Body Corporates	3.400	3.400
Loans and Advances repayable on demand from Directors	11.300	28.200
Total	34.200	57.300

Financial Institution :	Edelweiss Asset Reconstruction Company Limited

Statutory Auditors :
Name :	Mehtaa Lodha and Company Chartered Accountant
Address :	Ahmedabad, Gujarat, India

Cost Auditors :
Name :	V H Savaliya and Company Cost Accountant
Address :	Ahmedabad, Gujarat, India

Internal Auditors :
Name :	RSM Astute Consulting Private Limited
Address :	Mumbai, Maharashtra, India

Memberships :	--

Collaborators :	--

Subsidiary Companies :	Jinhua Indus Enterprises Limited JinhuaJahari Enterprises Limited Bhaskarpara Coal Company Limited ET Elec-Trans Limited Hans Ispat Limited Shree Ram Electro Cast Limited Shree Hans Paper Limited Electrotherm Mali SARL

Enterprises owned or significantly influenced by key management personnel or their relatives (Except foreign companies) :	Ahmedabad Aviation and Aeronautics Limited Western India Speciality Hospital Limited E-Motion Power Limited Indus Elec-Trans Private Limited Jayshri Petro-Yarn Private Limited Adroit Trading and Investment Company EIL Hospitality Private Limited EIL Software Services Offshore Private Limited EIL Technology Private Limited Electrotherm Engineering and Projects Limited Kappa Consultancy Private Limited Electrotherm Foundation Gujarat Mint Alloys Limited Etain Electric Vehicles Limited (Formerly Known as Electra Transformer Private Limited) Airfones Innovatives Private Limited BNB Real Estate Private Limited ETAIN Energy Holdings Limited (Formerly Known as Electrotherm Energy Holdings Limited) Electrotherm Solar Limited Palace Solar Energy Private Limited SBRB Real Estate Private Limited Bhandari Real Estate Private Limited ETAIN Immodo Renewables Limited Arjun Ceramics and Carbon Private Limited Indus Chargers and Controllers Private Limited Arjun Solar One Private Limited Arjun Green Power Private Limited Arjun Raj Solar One Private Limited Bhandari Charitable Trust Arjun Raj Solar Five Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

2,50,00,000	Equity Shares	Rs.10/- each	Rs. 250.000 Million
2,50,00,000	6% Non-Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 250.000 Million
	Total		Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,14,76,374	Equity Shares	Rs.10/- each	Rs. 114.800 Million
1,20,00,000	6 % Non-Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 120.000 Million
	Total		Rs. 234.800 Million

(a) A reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period.

Equity Shares	31.03.2015
Equity Shares	No. of Shares
Shares outstanding at the beginning of the year	11,476,374
Shares outstanding at the end of the year	11,476,374

6% Non-Cumulative Redeemable Preference Shares	31.03.2015
6% Non-Cumulative Redeemable Preference Shares	No. of Shares
Shares outstanding at the beginning of the year	12,000,000
Shares outstanding at the end of the year	12,000,000

(b) Rights, preference and restriction attached to Equity Shares

(i) The face value of the Equity shares is Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. During the year, the company has not declared any dividend.

(ii) The shareholders are not entitled to exercise any voting right either personally or proxy at any meeting of the Company in cases calls or other sums payable have not been paid.

(iii) In the event of liquidation of the company, holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) Rights, preference and restriction attached to Preference Shares

(i) The face value of the Preference shares is Rs. 10/- per share. The Preference share holder does not have any voting rights. During the year, the company has not declared any dividend.

(ii) In the event of liquidation of the company, the preference shareholders will have priority over equity shares in the payment of dividend and repayment of capital.

(d) There were no shares reserved at the year-end for issue under options and contracts / commitments for the sale of shares / disinvestment.

(e) Shareholders holding more than 5% of the Shares in the Company:

Equity Shares

Name of Shareholder	31.03.2015
Name of Shareholder	No. of Shares	% of Holdings
DEG-Deutsche Investitions-Und Entwicklungsgesellschaft Mbh	--	--
IDBI Trusteeship Services Limited (India Advantage Fund-VI)	1292231	11.26
Castleshine PTE Limited	1,000,000	8.71
Leadhaven PTE Limited	1,000,000	8.71
Western India Specialty Hospital Ltd.	975,000	8.50
Mr. Shailesh Bhandari	848,275	7.39
Mr. Mukesh Bhandari	809,500	7.05

6% Non-Cumulative Redeemable Preference Shares

Name of Shareholder	31.03.2015
Name of Shareholder	No. of Shares	% of Holdings
Web Businesses.com Global Ltd.	2,730,000	22.75
Lavish Packagers Ltd.	2,580,000	21.50
Highland Finance and Investments Pvt. Ltd.	3,240,000	27.00
Froid Finance and Investments Pvt. Ltd.	1,200,000	10.00
Ahmedabad Aviation And Aeronautics Ltd.	1,050,000	8.75
Mr. Shailesh Bhandari	1,200,000	10.00

(f) The Company have calls in arrears / unpaid calls of Rs. Nil

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015 (12 Months)	31.03.2014 (6 Months)	30.09.2013 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	234.800	234.800	234.800
(b) Reserves & Surplus	(10365.000)	(5966.900)	(2738.000)
(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)	(10130.200)	(5732.100)	(2503.200)

(3) Non-Current Liabilities
(a) long-term borrowings	12214.100	0.300	2693.700
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	75.800	51.700	53.700
Total Non-current Liabilities (3)	12289.900	52.000	2747.400

(4) Current Liabilities
(a) Short term borrowings	18418.900	31075.700	28530.000
(b) Trade payables	1875.800	1895.100	1996.200
(c) Other current liabilities	1103.300	1165.900	1010.700
(d) Short-term provisions	41.000	34.900	42.500
Total Current Liabilities (4)	21439.000	34171.600	31579.400

TOTAL	23598.700	28491.500	31823.600

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12763.900	14124.600	14787.800
(ii) Intangible Assets	9.400	16.200	18.200
(iii) Capital work-in-progress	104.500	104.500	111.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1273.900	1273.900	1273.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	367.800	237.100	202.500
(e) Other Non-current assets	321.100	322.900	332.700
Total Non-Current Assets	14840.600	16079.200	16726.500

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2744.400	4182.900	6509.300
(c) Trade receivables	3435.100	4059.400	3855.800
(d) Cash and cash equivalents	548.800	308.700	282.900
(e) Short-term loans and advances	2024.300	3853.700	4442.900
(f) Other current assets	5.500	7.600	6.200
Total Current Assets	8758.100	12412.300	15097.100

TOTAL	23598.700	28491.500	31823.600

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015 (12 Months)	31.03.2014 (6 Months)	30.09.2013 (12 Months)
	SALES
	Income	18292.100	6598.600	10540.200
	Other Income	40.500	25.100	64.000
	TOTAL	18332.600	6623.700	10604.200

Less	EXPENSES
	Cost of Materials Consumed	13645.900	4871.000	7388.700
	Purchases of Stock-in-Trade	327.200	112.600	268.800
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1260.000	1952.500	146.200
	Employees benefits expense	881.200	375.400	672.700
	Other expenses	5105.700	1535.700	2262.300
	Preliminary Expenses Written Off	0.800	0.000	0.200
	Exceptional items & Extraordinary Items	0.000	(275.400)	0.000
	TOTAL	21220.800	8571.800	10738.900

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(2888.200)	(1948.100)	(134.700)

Less	FINANCIAL EXPENSES	63.700	18.900	1015.500

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	(2951.900)	(1967.000)	(1150.200)

Less/ Add	DEPRECIATION/ AMORTISATION	1461.800	693.900	1388.300

	PROFIT BEFORE TAX	(4413.700)	(2660.900)	(2538.500)

Less	WEALTH TAX		0.200	0.300

Less	DEFERRED TAX	0.200	0.000	0.000

	LOSS FOR THE YEAR/PERIOD	(4413.900)	(3211.900)	(2538.800)

Add/ Less	PRIOR PERIOD ADJUSTMENTS/	--	(0.300)	0.100

Add	EXTRA ORDINARY ITEMS	8.800	--	--

	PROFIT/ (LOSS) AFTER TAX	(4405.100)	(3211.600)	(2538.900)

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	(8249.200)	(5710.300)

	Balance Carried to the B/S	NA	(11460.800)	(8249.200)

	EARNINGS IN FOREIGN CURRENCY
	Export of Goods & Services	NA	855.500	1298.200
	TOTAL EARNINGS	NA	855.500	1298.200

	IMPORTS
	Raw Materials	NA	494.700	772.500
	Stores	NA	95.900	45.400
	Capital Goods	NA	0.000	0.000
	TOTAL IMPORTS	NA	590.600	817.900

	Earnings / (Loss) Per Share (Rs.)	(384.48)	(279.78)	(108.14)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015 (12 Months)	31.03.2014 (6 Months)	30.09.2013 (12 Months)
Current Maturities of Long term debt	159.900	125.000	NA
Cash generated from operations	807.400	222.500	298.300
Net cash flow from (used in) operation	801.300	219.500	288.800

QUARTERLY RESULTS

PARTICULARS	30.06.2015 Unaudited	30.09.2015 Unaudited
PARTICULARS	1^st Quarter	2^nd Quarter
Net Sales	4887.500	4237.800
Total Expenditure	5151.700	4471.800
PBIDT (Excl OI)	(264.200)	(234.000)
Other Income	2.100	(6.900)
Operating Profit	(262.100)	(227.1000
Interest	6.900	1.200
Exceptional Items	NA	NA
PBDT	(269.000)	(228.300)
Depreciation	(357.700)	358.900
Profit Before Tax	(626.700)	(587.200)
Tax	NA	NA
Provisions and contingencies	NA	NA
Profit After Tax	(626.700)	(587.200)
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	(626.700)	-587.20

KEY RATIOS

PARTICULARS		31.03.2015 (12 Months)	31.03.2014 (6 Months)	30.09.2013 (12 Months)
Net Profit Margin (PAT / Sales)	(%)	(24.08)	(48.67)	(24.09)

Operating Profit Margin (PBIDT/Sales)	(%)	(15.79)	(29.52)	(1.28)

Return on Total Assets (PBT/Total Assets}	(%)	(19.86)	(9.81)	(8.34)

Return on Investment (ROI) (PBT/Networth)		0.44	0.46	1.01

Debt Equity Ratio (Total Debt /Networth)		(3.02)	(5.42)	(12.47)

Current Ratio (Current Asset/Current Liability)		0.41	0.36	0.48

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 50.05/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.09.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	234.800	234.800	234.800
Reserves & Surplus	(2738.000)	(5966.900)	(10365.000)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(2503.200)	(5732.100)	(10130.200)

long-term borrowings	2693.700	0.300	12214.100
Short term borrowings	28530.000	31075.700	18418.900
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	31223.700	31076.000	30633.000
Debt/Equity ratio	(12.474)	(5.421)	(3.024)

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	10540.200	6598.600	18292.100
		(37.396)	177.212

NET PROFIT MARGIN

Net Profit Margin	30.09.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	10540.200	6598.600	18292.100
Profit	(2538.900)	(3211.600)	(4405.100)
	(24.09%)	(48.67%)	(24.08%)

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	No
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	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	-----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

MISC.CIVIL APPLICATION (STAMP NUMBER) No. 1204 of 2010

[GROUP 01197-01204]

In SPECIAL CIVIL APPLICATION / 6298 / 2008 (DISPOSED) On : 18/03/2010

Status : PENDING

CCIN No : 001018201001204

Last Listing Date:

20/07/2010

Coram

· HONOURABLE MR.JUSTICE D.A.MEHTA

· HONOURABLE MS.JUSTICE HARSHA DEVANI

S.NO.

Name of the Petitioner

Advocate On Record

1
2

UNION OF INDIA
COMMISSIONER OF CENTRAL EXCISEAND CUSTOMS

(MR RM CHHAYA) for: Applicant(s) 1 - 2

S.NO.

Name of the Respondant

Advocate On Record

1
2
3

KUTCH CHAMBER OF COMMERCE AND INDUSTRY THROUGH SECRETARY
ELECTROTHERM (INDIA) LIMITED
HARISH SHARMA SHAREHOLDER OF RESP. NO.2

Presented On

: 04/05/2010

Registered On

: 04/05/2010

Bench Category

: DIVISION BENCH

District

: KACHCHH

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 2 times

StageName

: FOR ORDERS


Act	CIVIL PROCEDURE CODE, 1908

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	04/05/2010	APPLICATION	(MR RM CHHAYA) ADVOCATE for PETITIONER(s) 2 , 2	20	-

Court Proceedings

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

20/07/2010

FOR ORDERS

NEXT DATE

· HONOURABLE MR.JUSTICE D.A.MEHTA

· HONOURABLE MS.JUSTICE HARSHA DEVANI

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Hire Purchase Finance for Vehicles	0.100	0.300
SHORT TERM BORROWING
Loans and Advances repayable on demand from: - Related Parties	19.400	25.400
Other Body Corporates	3.400	3.400
Loans and Advances repayable on demand from Directors	11.300	28.200
Total	34.200	57.300

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10327606	29/12/2011	4,628,600,000.00	CENTRAL BANK OF INDIA	MID CORPORATE FINANCE BRANCH, CENTRAL BANK BUILDI NG , LAL DARWAJA, AHMEDABAD, Gujarat - 380001, IND IA	B29228582
2	10317944	18/11/2011	2,000,000,000.00	INDIAN OVERSEAS BANK	ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTRE, OPP. HANDLLOM HOUSE, ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B25413303
3	10317950	18/11/2011	1,000,000,000.00	INDIAN OVERSEAS BANK	ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTRE,, OPP. HANDLOOM HOUSE, ASHRAM ROAD,, AHMEDABAD, Gujarat - 380009, INDIA	B25415217
4	10321481	26/06/2014 *	2,784,700,000.00	Edelweiss Asset Reconstruction Company Limited	Edelweiss House, Off. C.S.T Road,, Kalina,, Mumba i, Maharashtra - 400098, INDIA	C48530992
5	10323332	30/06/2014 *	1,810,000,000.00	Edelweiss Asset Reconstruction Company Limited	Edelweiss House, Off. C.S.T Road,, Kalina,, Mumbai, Maharashtra - 400098, INDIA	C48668230
6	10313190	19/10/2011	495,300,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B23532542
7	10318007	03/10/2011	540,000,000.00	DENA BANK	188A ASHRAM ROAD, DENA LAXMI BUILDING, AHMEDABAD, Gujarat - 380009, INDIA	B25432139
8	10314943	29/06/2015 *	698,647,911.90	INVENT ASSETS SECURITISATION AND RECONSTRUCTION PR IVATE LIMITED	107, Jolly Maker Chambers No.2, 225, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	C61258471
9	10314939	26/03/2014 *	36,000,000.00	Edelweiss Asset Reconstruction Company Limited	Edelweiss House, Off. C.S.T Road,, Kalina,, Mumbai, Maharashtra - 400098, INDIA	C33197732
10	10307836	22/09/2011	1,000,000,000.00	INDIAN OVERSEAS BANK	ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTRE,, OPP. HANDLOOM HOUSE, ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B21281084

* Date of charge modification

OPERATIONS

During the year ended on 31st March, 2015, the total revenue of the company was Rs. 18332.600 Million and Loss was Rs. 4405.100 Million. A detailed analysis of performance for the year is included in the Management Discussion and Analysis, which forms part of this Annual Report.

During the financial year, there was no change in the nature of the business carried out by the Company.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

OVERVIEW OF ECONOMY

Global and Domestic Scenario:

Globally the year 2014 didn’t prove to be the year of any major improvement and continued with slow recovery from the previous economic slowdown. Global economic output grew by just 3.3%, whereas the improvement in India’s economic fundamentals has accelerated in the year 2015 with the combined impact of strong government reforms and RBI’s inflation focus supported by benign global commodity prices. In 2014-15, the Indian economy has emerged as one of the fastest growing economies with a promising economic outlook on the back of controlled inflation, rise in domestic demand, increase in investments, decline in oil prices and reforms among others. India retained position of 4th largest steel producing country with steel production of 88.12 million tonnes.

The Indian GDP growth expanded to 7.2% in 2014-15 due to improving economic sentiments post the election of a new government. The overall growth in core industries has improved marginally to 4.4% compared to 4.1% in the same period last year. However, steel demand at grass root level has not improved due to import supply from China.

The GDP growth projected for the year 2015-16 is 7.6% and the ‘Make in India’ campaign focusing on 25 key sectors with a vision to increase the share of manufacturing sector in the GDP from current 16% to 25% by 2022 will fuel this growth. This initiative is likely to generate 100 million new jobs, besides creating huge demand for steel and cement.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2015

Particulars		Quarter ended
		30.09.2015	30.06.2015
		Unaudited	Unaudited
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	4237.800	4887.500
	(b) Other Operating Income	--	--
	Total income from operations (net)	4237.800	4887.500
2	Expenses
	(a) Cost of materials consumed	3168.000	3168.000
	(b) Purchases of stock-in trade	--	--
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(167.600)	129.300
	(d) Employee benefits expense	222.800	225.100
	(e) Depreciation and Anmortisation Expenses	358.900	357.700
	(f) Other Expenses	1248.600	1629.100
	Total expenses	4830.700	5509.400
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	(592.900)	(621.900)
4	Other Income	6.900	2.100
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	(586.000)	(619.800)
6	Finance Costs	1.200	6.900
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	(587.200)	(626.700)
8	Exceptional items	--	--
9	Profit/ (Loss) from ordinary activities before tax (7+8)	(587.200)	(626.700)
10	Tax expenses	--	--
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	(587.200)	(626.700)
12	Extraordinary item (net of tax expense)	--	--
13	Net Profit / (Loss) for the period (11-12)	(587.200)	(626.700)
14	Share of profit' (loss) of associates
15	Minority Interest
16	Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)
17	Paid up equity share capital (Face Value of Rs10/- each)	114.800	114.800
18	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
19.i	Earnings per share (before extraordinary items) of Rs.10/- each (not annualised):
	(a) Basic	(51.15)	(54.59)
	(b) Diluted	(46.04)	(54.59)
19.ii	Earnings per share (after extraordinary items) of Rs.10/- each (not annualised)
	(a) Basic	(51.15)	(54.59)
	(b) Diluted	(48.05)	(54.59)

A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of shares	7708299	7708299
	- Percentage of shareholding	67.17	67.17
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	300000	300000
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	7.96	7.96
	- Percentage of shares (as a % of the total Share Capital of the Company)	2.61	2.61
	b) Non Encumbered
	- Number of shares	3468075	3468075
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	92.04	92.04
	- Percentage of shares (as a % of the total Share Capital of the Company)	30.22	30.22

B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	NIL
	Received during the quarter	NIL
	Disposed off during the quarter	NIL
	Remaining unresolved at the end of the quarter	NIL

SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT

Particulars		Quarter Ended
		30.09.2015	30.06.2015
		Unaudited	Unaudited
1	Segment Revenue
	a) Engineering and Project vision	974.300	836.000
	b) Special steel division	3252.500	4051.100
	c) Electrical vehicle division	34.000	16.600
	d) Others	--	--
	Total	4260.800	4903.700
	Less: Inter-Segment revenue	23.000	16.200
	Net Sales I Income from Operations	4237.800	4887.500

2	Segment Results Profit I (Loss) (before tax, finance cost and exceptional items) from Segment
	a) Engineering and Project vision	(209.700)	(36.200)
	b) Special steel division	(360.900)	(556.300)
	c) Electrical vehicle division	(15.400)	(27.400)
	d) Others
	Total	(586.000)	(619.900)
	Less:
	i) Finance costs	1.200	6.900
	ii) Other un-allocable expenditure net off un-allocable income l expenditure	--	--
	Total Profit(Loss) before Tax	(587.200)	(626.800)

3	Segment Capital employed
	a) Engineering and Project vision	(1585.400)	(1104.500)
	b) Special steel division	2679.400	1779.400
	c) Electrical vehicle division	511.800	471.500
	d) Others	--	--
	Total Segment Capital Employed	1605.800	1146.400

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Particulars		As at 30.09.2015
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	520.700
	b) Reserves & Surplus	(11579.000)
	c) Money received against share warrants	0.000
	Sub Total- Shareholders funds	(11058.300)
2	Share application money pending allotment
3	Minority Interest
4	Non-current liabilities
	(a) Long term borrowings	12909.300
	(b) Other long term liabilities	--
	fc) Long term provisions	--
	Sub Total- Non Current Liabilities	12909.300
5	Current liabilities
	(a) Short term borrowings	17071.400
	(b) Trade Payables	2374.400
	(c) Other current liabilities	1693.600
	(d) Short term provisions	39.400
	Sub Total- Current Liabilities	21178.800
	TOTAL-EQUITY AND LIABILITIES	23105.600
B	ASSETS
1	Non-current assets
	(a) Fixed assets	12194.800
	(b) Non-current investment	1275.500
	(c) Long term loans and advances	368.800
	(d) Other non-current assets	321.300
	Sub-Total- Non current assets	14160.400
2	Current assets
	a) Current Investments
	b) Inventories	2669.800
	c) Trade Receivables	3276.300
	d) Cash and cash equivalents	327.400
	(e) Short term loans and advances	2668.600
	(f) Other current assets	3.100
	Sub-Total- current assets	8945.200
	TOTAL ASSETS	23105.600

FIXED ASSETS

Freehold Land
Building
Plant and Machinery
Computer
Furniture and Fixture
Office Equipments
Vehicles

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. 65.98
UK Pound	1	Rs. 100.11
Euro	1	Rs. 70.35

INFORMATION DETAILS

Information Gathered by :	KVT

Analysis Done by :	KAR

Report Prepared by :	JYO

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.