MIRA INFORM REPORT

Report No. :	346379
Report Date :	23.10.2015

IDENTIFICATION DETAILS

Name :	KSH INTERNATIONAL PRIVATE LIMITED (w.e.f. 04.07.1996)
Formerly Known As :	BHANDARY METAL EXTRUSION PRIVATE LIMITED
Registered Office :	Gate No.11/3, 11/4 and 11/5, Village Birdewadi, Chakan, Taluka-Khed, Pune – 410 501, Maharashtra
Tel. No.:	91-22-27410367/ 27401425
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.07.1979
Com. Reg. No.:	11-141032
Capital Investment / Paid-up Capital :	Rs.58.810 Million
CIN No.: [Company Identification No.]	U28129PN1979PTC141032
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB1897K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is mainly engaged in the business of manufacturing and supply of Copper Conductors.
No. of Employees :	Information declined by Management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has registered healthy operational activity marked by decent sales turnover along with profitability margin of 2.4% in the FY-14. The rating also takes into consideration its experienced management team, reputed and diversified customer base. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered normal 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank facilities : BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	12.08.2015

Rating Agency Name	CARE
Rating	Short Term Bank facilities : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	12.08.2015

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 DENIED BY

Name :	Mr. Vijay
Designation :	Senior Finance Manager
Contact No.:	91-8600666667
Date :	20.10.2015

LOCATIONS

Registered Office/ Factory 1 :	Gate No.11/3, 11/4 and 11/5, Village Birdewadi, Chakan, Taluka-Khed, Pune – 410 501, Maharashtra, India
Tel. No.:	91-22-27410367/ 27401425
Fax No.:	91-22-27412418
E-Mail :	info@kshinternational.com kirtida.kale@kshinternational.com accounts@kshinternational.com vijay.nawale@ksinternational.com sales_chakan@ksh
Website :	http://www.kshinternational.com
Head Office :	Gat No. 11/1/2A and 11/2, Chakan - Ambethan Road, Chakan, Pune – 410 501, Maharashtra, India
Tel. No.:	91-2135-256410/ 256412/256411
Fax No.:	91-2135-256411
Factory 2 :	J-25, M.I.D.C., Taloja, District Raigad – 410 208, Maharashtra, India
Branch Office :	5, Madhav Nagar, Bhavani Shankar Road, Dadar (West), Mumbai – 400 028, Maharashtra, India
Tel. No.:	91-22-27410367/ 27401425
Fax No.:	91-22-27412418

DIRECTORS

AS ON 24.09.2014

Name :

Mr. Rajesh Kushal Hegde

Designation :

Managing director

Address :

Buena Monte, NCL Co-operative, Housing Society, Off Pashan Road, Pune – 411 008, Maharashtra, India

Date of Birth/Age :

29.08.1970

Date of Appointment :

01.09.1996

PAN No.:

AALPH1682A

DIN No.:

00114193

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	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	01/09/1996	01/09/1996	-	Active	NO
2	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05/02/1999	05/02/1999	-	Active	NO
3	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Whole-time director	01/04/2001	01/04/2001	-	Active	NO
4	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09/05/2002	09/05/2002	-	Active	NO
5	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09/05/2002	09/05/2002	-	Not Available for eFiling	NO
6	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Director	17/05/2006	17/05/2006	-	Active	NO
7	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09/08/2011	09/08/2011	-	Active	NO
8	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Director	30/09/2013	01/06/2013	-	Active	NO

Name :

Mr. Kushal Subbayya Hegde

Designation :

Managing Director

Address :

Buena Monte, NCL Co-operative, Housing Society, Off Pashan Road, Pune – 411 008, Maharashtra, India

Date of Birth/Age :

07.11.1938

Date of Appointment :

01.09.2014

PAN No.:

AAEPH1412P

Voter ID No.:

SAO3590296

DIN No.:

00135070

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	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Managing director	01/09/2014	30/07/1979	-	Active	NO
2	U29111MH1982PTC027444	KAMAL DIESELS PRIVATE LIMITED	Managing director	15/06/1982	15/06/1982	-	Active	NO
3	U65910PN1984PTC148321	SHUBHKAMAL LEASING and INVESTMENTS PRIVATE LIMITED	Director	09/08/1984	09/08/1984	-	Active	NO
4	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Managing director	30/09/2014	29/05/1989	-	Active	NO
5	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Director	31/03/2012	23/05/1995	-	Active	NO
6	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05/02/1999	05/02/1999	-	Active	NO
7	U60210PN1985PTC037099	SAI SERVICE PRIVATE LIMITED	Director	13/02/2002	13/02/2002	-	Active	NO
8	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09/05/2002	09/05/2002	-	Not Available for eFiling	NO
9	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Director	01/06/2002	01/06/2002	-	Active	NO
10	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Director	17/05/2006	17/05/2006	-	Active	NO
11	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09/08/2011	09/08/2011	-	Active	NO

Name :

Mrs. Pushpa Kushal Hegde

Designation :

Whole-time director

Address :

Buena Monte, NCL Co-operative, Housing Society, Off Pashan Road, Pune – 411 008, Maharashtra, India

Date of Birth/Age :

10.10.1948

Date of Appointment :

09.12.1983

PAN No.:

AAOPH0045G

Voter ID No.:

SAO3590783

DIN No.:

00137395

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	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	09/12/1983	09/12/1983	-	Active	NO
2	U65910PN1984PTC148321	SHUBHKAMAL LEASING AND INVESTMENTS PRIVATE LIMITED	Director	09/02/1984	09/02/1984	-	Active	NO
3	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Managing director	29/05/1989	29/05/1989	-	Active	NO
4	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Whole-time director	23/05/1995	23/05/1995	30/06/2012	Active	NO
5	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05/02/1999	05/02/1999	-	Active	NO
6	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09/05/2002	09/05/2002	-	Not Available for eFiling	NO
7	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Director	01/06/2002	01/06/2002	-	Active	NO
8	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Director	17/05/2006	17/05/2006	30/06/2012	Active	NO
9	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09/08/2011	09/08/2011	-	Active	NO

Name :

Mr. Rohit Kushal Hegde

Designation :

Whole-time director

Address :

Buena Monte, NCL Co-operative, Housing Society, Off Pashan Road, Pune – 411 008, Maharashtra, India

Date of Birth/Age :

09.08.1974

Date of Appointment :

01.11.2000

PAN No.:

AAEPH0614F

Voter ID No.:

MT/42/247/0054462

DIN No.:

00134926

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	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Director	30/09/2013	01/04/1992	-	Active	NO
2	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05/02/1999	05/02/1999	-	Active	NO
3	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	01/11/2000	01/11/2000	-	Active	NO
4	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Whole-time director	08/03/2013	01/04/2001	-	Active	NO
5	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Director	09/05/2002	09/05/2002	-	Active	NO
6	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09/05/2002	09/05/2002	-	Not Available for eFiling	NO
7	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Managing director	08/03/2013	17/05/2006	-	Active	NO
8	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09/08/2011	09/08/2011	-	Active	NO

Name :

Mr. Ganesh Prasad Bheemabhat

Designation :

Whole-time director

Address :

Elkaje House, H No.1-94, Netla Mudnur Village, Nerlakatte PO, Bantwal, D.K. Nerlakatte – 574 253, Karnataka, India

Date of Birth/Age :

09.05.1967

Date of Appointment :

10.08.2011

DIN No.:

03274531

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	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	10/08/2011	13/10/2010	-	Active	NO

Name :

Mrs. Rakhi Girija Shetty

Designation :

Director

Address :

Pusphakamal Apartment, H. No.759/04, M.L. No.3, Deccan Gymkhana Cooperative Housing Society, Prabhat Road, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

07.03.1973

Date of Appointment :

12.09.2013

PAN No.:

AHYPS4790G

DIN No.:

03124510

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	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Additional director	01/10/2010	01/10/2010	-	Active	NO
2	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	28/09/2012	02/07/2012	-	Active	NO
3	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Director	12/09/2013	01/06/2013	-	Active	NO

Name :

Ms. Sangeeta Ramprasad Rai

Designation :

Director

Address :

8416 Halliford, TX CT Plano 75024

Date of Birth/Age :

11.06.1968

Date of Appointment :

12.09.2013

DIN No.:

03159740

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	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Additional director	01/10/2010	01/10/2010	-	Active	NO
2	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Director	30/09/2013	01/06/2013	-	Active	NO
3	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Director	12/09/2013	01/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Kirtida Abhijit Kale
Designation :	Secretary
Address :	13, Manorama Co-Operative Society, Hindu Colony, Naupada, Thane (West), Thane – 400 602, Maharashtra, India
Date of Birth/Age :	21.06.1982
Date of Appointment :	14.11.2013
PAN No.:	ARWPK0106A
Name :	Mr. Vijay
Designation :	Senior Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Kushal Subbayya Hegde	249654	40.90
Pushpa Kushal Hegde	66047	10.81
Shubhkamal Leasing and Investment Private Limited, India	80976	13.27
Rajesh Kushal Hegde	106875	17.51
Rohit Kushal Hegde	106875	17.51
Total	610427	100.00

AS ON 29.09.2014

Names of Allottees	No. of Shares
Kushal Subbayya Hegde	738
Pushpa Kushal Hegde	738
Rajesh Kushal Hegde	411
Rohit Kushal Hegde	411
Total	2298

Equity Share Break up (Percentage of Total Equity)

AS ON 24.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	13.27
Directors or relatives of directors	86.73
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is mainly engaged in the business of manufacturing and supply of Copper Conductors.

Products :

ITC Code No.	Product Descriptions
85446010	Paper covered Copper and Aluminium Strips/ Wires and Bunch Conductors
85446010	Enamel Covered Copper Strips/ Wires and bunch conductors
85446090	Continuously Transposed Copper Conductors

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

· MPSEB

· RSEB

· PSEB

· Power Grid Corporation of India Limited (PGCIL)

· National Thermal Power Corporation (NTPC)

· National Hydro Development Corporation (NHDC)

· Nuclear Power Corporation India (NPCIL)

No. of Employees :

Information declined by Management

Bankers :

Banker Name	State Bank of India
Branch Address	Industrial Finance Branch, 2^nd Floor, Tara Chambers, Near Mariaai Police Chowky, Old Pune Mumbai Road, Wakdewadi, Pune – 411 003, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· Citibank N. A., First International Financial Centre, 9^th Floor, Plot No.C-54, C-55, G-Block, BKC, Bandra (East), Mumbai – 400 051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Working capital loans from banks (Term loan from State Bank of India are secured by mortgage /charge on the immovable properties situated at Chakan and Taloja and hypnotization of Plant and Equipments situated at Chakan and Taloja Plant.)	19.081	59.906
SHORT TERM BORROWINGS
Working capital loans from banks (Working Capital Loans repayable on demand, secured against hypothecation of stocks and book debts)	433.231	356.715
Loans taken for vehicles	2.847	4.079
Total	455.159	420.700

Banking Relations :	--
Financial Institution :	Toyota Financial Services India Limited, No.21 Centropolis, First Floor, 5^th Cross Langford Road, Shanti Nagar, Bangalore – 560 025, Karnataka, India
Auditors :
Name :	A.S. Alva and Company Chartered Accountants
Address :	32, Swapna Nagari, Karve Road, Pune – 411 004, Maharashtra, India
Tel. No. :	91-20-25434527/ 25440143/ 25434752
Fax No. :	91-20-25440143
E-Mail :	shrinivasalva@gmail.com
PAN No.:	ABYPA9734A
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	KSH Logistics Private Limited Kamal Diesels Private Limited Kushal Motors and Electricals Private Limited Shubhakamal Leasing and Investment Private Limited Waterloo Distributors Private Limited Waterloo Motors Private Limited Kamal Motors Kushal Electricals Waterloo Motors Kamal Auto Centre Fortune Distributors (Formerly Waterloo Distributors.) KSH Distriparks Private Limited KSH Infra Private Limited

CAPITAL STRUCTURE

AFTER 24.09.2014

Authorised Capital : Rs.70.000 million

Issued, Subscribed & Paid-up Capital : Rs.64.916 million

AS ON 24.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.100/- each	Rs.70.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
610427	Equity Shares	Rs.100/- each	Rs.61.043 million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.100/- each	Rs.70.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
588097	Equity Shares	Rs.100/- each	Rs.58.810 million

FINANCIAL DATA

[All figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	58.810	9.565	9.565
(b) Reserves & Surplus	299.265	287.340	284.250
(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)	358.075	296.905	293.815
(3) Non-Current Liabilities
(a) Long-term borrowings	19.081	59.906	100.994
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	19.081	59.906	100.994
(4) Current Liabilities
(a) Short term borrowings	466.078	390.794	178.341
(b) Trade payables	76.680	73.069	44.600
(c) Other current liabilities	57.864	50.605	49.354
(d) Short-term provisions	111.032	84.631	115.138
Total Current Liabilities (4)	711.654	599.099	387.433
TOTAL	1088.810	955.910	782.242
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	172.617	203.494	243.246
(ii) Intangible Assets	2.758	3.545	0.000
(iii) Capital work-in-progress	23.908	0.413	3.698
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	168.528	164.528	97.032
(c) Deferred tax assets (net)	11.392	8.836	4.994
(d) Long-term Loan and Advances	2.787	2.695	7.828
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	381.990	383.511	356.798
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	106.609	90.625	121.635
(c) Trade receivables	479.368	389.438	171.110
(d) Cash and cash equivalents	11.890	10.238	13.632
(e) Short-term loans and advances	107.977	81.452	118.213
(f) Other current assets	0.976	0.646	0.854
Total Current Assets	706.820	572.399	425.444
TOTAL	1088.810	955.910	782.242

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2140.177	2019.098	1549.592
		Other Income
		TOTAL	2140.177	2019.098	1549.592
Less	EXPENSES
		TOTAL	2064.564	2014.650	1521.283
	PROFIT/ (LOSS) BEFORE TAX		75.613	4.448	28.309
Less	TAX		22.444	1.358	10.446
	PROFIT/ (LOSS) AFTER TAX		53.169	3.090	17.863
	EARNINGS IN FOREIGN CURRENCY		1041.418	974.990	886.267
	Earnings / (Loss) Per Share (Rs.)		90.41	32.31	186.75

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	40.200	40.500	39.300
Cash generated from operations	N.A	N.A	N.A
Net cash flows from (used in) operations	(11.917)	(105.536)	246.485
Net cash flows from (used in) operating activities	47.932	(55.721)	226.274

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	2.48	0.15	1.15
Return on Total Assets (PBT/Total Assets}	(%)	8.54	0.57	4.18
Return on Investment (ROI) (PBT/Networth)		0.21	0.01	0.10
Debt Equity Ratio (Total Debt/Networth)		1.47	1.65	1.08
Current Ratio (Current Asset/Current Liability)		0.99	0.96	1.10

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	9.565	9.565	58.810
Reserves & Surplus	284.250	287.340	299.265
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	293.815	296.905	358.075
long-term borrowings	100.994	59.906	19.081
Short term borrowings	178.341	390.794	466.078
Current Maturities of Long-Term Debts	39.300	40.500	40.200
Total borrowings	318.635	491.200	525.359
Debt/Equity ratio	1.084	1.654	1.467

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	1,549.592	2,019.098	2,140.177
		30.299	5.997

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	1,549.592	2,019.098	2,140.177
Profit	17.863	3.090	53.169
	1.15%	0.15%	2.48%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
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	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE:

The Registered office of the company has been shifted from 5, Madhav Nagar, Bhavani Shankar Road, Dadar (West), Mumbai – 400 028, Maharashtra, India to the present address w.e.f. 22.09.2011.

REVIEW OF OPERATIONS:

During the year, the Company has earned Income of Rs.2140.177 million as compared to Rs.2019.098 million for FY 2012-13. The net profit for the year is Rs.53.169 million as against Rs.3.090 million for the previous financial year. There is a substantial growth in the Net Profit of the Company as compared to last year, due to overall operational improvement during the year.

The Directors are continuously looking for avenues for growth of the company.

REVIEW OF BUSINESS:

During the year, demand for the Company’s products was depressed until the 3^rd quarter of the financial year. The 4^th quarter of the year, showed signs of recovery and this, consequently, helped them to maintain the sales quantity at more or less the same level as in the previous year. While the volume of conductors for 765KV transformer segment continued to be high on the demand list, the demand for their conductors used in the 400KV class also picked up noticeably. The demand for CTC showed an upward trend in the 4^th quarter thereby challenging their capacity limitations. Exports dropped marginally to 28% of total sales against their target of 30%, primarily due to sluggish demand for PICC in the Middle East market.

The Company had been making focused efforts in the past to achieve a breakthrough with internationally acclaimed overseas transformer manufacturers for their exports. During the year, based on tests of their CTC carried out overseas, the Company’s products have been fully approved. This has resulted in a beginning with export orders from the West-European market and they expect, as a consequence, a further growth in CTC exports to the European market in the years to come. Additionally, the Company’s products have, also recently, been approved for use in Traction Transformers by Indian Railways. This will not only enhance sales potential in this segment but will also lead to substantial import substitution for the nation.

PLANS AND PROSPECTS:

The emerging challenges for the Company, of successfully meeting the increasing demand for CTC as well as for the newly developed conductors for higher class transformers, has resulted in the Company formulating plans for de-bottlenecking its operations, cost efficient modernization and process improvement. These measures would lead to increased production of high value conductors.

The overall current situation, as has emerged as a consequence of the recently concluded general elections, points towards a stable government at the centre with strong focus on governance and growth. This augurs well for the Company considering that the new government’s declared agenda promises to focus on strong growth in the areas of infrastructure, power and manufacturing.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Other loans and advances	30.000	30.000
Total	30.000	30.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10543119	24/12/2014	4,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA- 390015, GUJARAT, INDIA	C40487746
2	10524076	17/07/2015 *	50,000,000.00	STATE BANK OF INDIA	2ND FLOOR, TARA CHAMBERS,NEAR MARIAAI POLICECHOWKY  , OLD PUNE MUMBAI ROAD, WAKDEWADI, PUNE- 411003, MAHARASHTRA, INDIA	C61356556
3	10524081	17/07/2015 *	100,000,000.00	STATE BANK OF INDIA	2ND FLOOR, TARA CHAMBERS,NEAR MARIAAI POLICECHOWKY  , OLD PUNE MUMBAI ROAD, WAKDEWADI, PUNE- 411003, MAHARASHTRA, INDIA	C61356838
4	10518237	09/08/2014	4,035,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  (WEST), MUMBAI- 400013, MAHARASHTRA, INDIA	C19312677
5	10517577	04/08/2014	1,366,000.00	TOYOTA FINANCIAL SERVICES INDIA LIMITED	NO. 21 CENTROPOLIS, FIRST FLOOR,, 5TH CROSS LANGF  ORD ROAD, SHANTI NAGAR, BANGALORE- 560025, KARNATAKA, INDIA	C18890863
6	10503059	19/05/2014	1,770,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA- 390015, GUJARAT, INDIA	C06680508
7	10485412	20/03/2014	50,000,000.00	CITIBANK N. A.	FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR,PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E), MUMBAI- 400051, MAHARASHTRA, INDIA	C00660027
8	90243850	17/07/2015 *	591,500,000.00	STATE BANK OF INDIA	2ND FLOOR, TARA CHAMBERS,NEAR MARIAAI POLICECHOWKY, OLD PUNE MUMBAI ROAD, WAKDEWADI, PUNE- 411003, MAHARASHTRA, INDIA	C63608244
9	90232316	10/10/2005 *	166,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, DADAR EAST, MUMBAI- 400014, MAHARASHTRA, INDIA	-
10	90219838	03/09/2004 *	10,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, DADAR, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Leasehold Improvements

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 records 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.65.15
UK Pound	1	Rs.100.53
Euro	1	Rs.73.97

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	TRI
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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.