MIRA INFORM REPORT

Report No. :	339932
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	KALPATARU POWER TRANSMISSION LIMITED (w.e.f. 20.12.1993)
Formerly Known As :	HT POWER STRUCTURE LIMITED
Registered Office :	Plot No.101, Part-III, G.I.D.C. Estate, Sector-28, Gandhinagar – 382028, Gujarat
Tel. No.:	91-79-23211951 / 23211955 / 23214000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	23.04.1981
Com. Reg. No.:	04-004281
Capital Investment / Paid-up Capital :	Rs.306.900 Million
CIN No.: [Company Identification No.]	L40100GJ1981PLC004281
IEC No.:	Not Available
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 :	Manufacturer and Distributor of Power Transmission Towers and also engaged in Infrastructure EPC.
No. of Employees :	1900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limits :	USD 59000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track. Rating takes into consideration established position of company in the power transmission and distribution infrastructure (TDI) sector supported by strong financial risk profile, low overall gearing and comfortable liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and 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	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	Non-convertible debentures issue : AA
Rating Explanation	High degree of safety and very low credit risk.
Date	30.03.2015

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Sukhdev Singh
Designation :	Manager
Contact No.:	91-9833611990
Date :	04.09.2015

LOCATIONS

Registered Office/ Factory 1 :	Plot No.101, Part-III, G.I.D.C. Estate, Sector-28, Gandhinagar – 382028, Gujarat, India
Tel. No.:	91-79-23211951 / 23211955 / 23214000
Mobile No.:	91-9833611990 (Mr. Sukhdev Singh)
Fax No.:	91-79-23211966 / 68 / 71
E-Mail :	kptlg@wilnetonline.com kptl@kalpatarupower.com bks@kptl.xeeahm.xeemail.ims.vsnl.net.in cs@kalpatarypower.com mktg@kalpatarupower.com
Website :	www.kalpatarupower.com www.jmcprojects.com www.kalpataru.com www.ssll.in
Area:	48000 sq.mts ( 12 Acres)
Corporate Office and International / Infrastructure Office :	101, Kalpataru Synergy, Opposite Grand Hyatt, Vakola, Santacruz  (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-30645000
Fax No.:	91-22-30642500 / 36712608 / 30643131 / 26712608
Factory 2 :	EOU Plant Plot No. A-4/1, A-4/2, A-5, G.I.D.C., Electronic Estate, Sector – 25, Gandhinagar – 382025, Gujarat, India
Tel. No.:	91-79-23214400
Fax No. :	91-79-23287215
Factory 3 :	Biomass Energy Division (Power Plant) 27BB, Tehsil Padampur, District Sri Ganganagar, Rajasthan, India
Tel. No.:	91-154-2473725
Fax No.:	91-154-2473724
Factory 4 :	Biomass Energy Division (Power Plant) Near Village Khatoli, Tehsil Uniara, District Tonk – 304024, Rajasthan, India
Tel. No.:	91-1436-260665
Fax No.:	91-1436-260666
Factory 5 :	Raipur Plant: Khasra No.1778, 1779, Old Dhamtari Road, Village : Khorpa, Tehsil : Abhanpur, District : Raipur, Chhattishgarh, India
Fax No.:	91-771-2446988
R and D Centre :	At Punadara Village, Near Talod Dam, Taluka – Prantij, District Sabarkatha, Gujarat, India
Tel. No.:	91-2770-255414
International Project Office :	Located At: · Algeria  · Congo · Ethiopia · Kenya  · Kuwait  · Philippines · Qatar · South  Africa · Srilanka · Tanzania · UAE · Ukraine

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Mofatraj P. Munot
Designation :	Chairman
Name :	Mr. Manish Mohnot
Designation :	Executive Director
Name :	Mr. Parag Munot
Designation :	Promoter Director
Name :	Mr. Sajjanraj Mehta
Designation :	Independent Director
Name :	Mr. K. V. Mani
Designation :	Non-Executive Director
Name :	Mr. S. P. Talwar
Designation :	Independent Director
Name :	Mr. Ranjit Singh
Designation :	Managing Director
Name :	Mr. Mahendra G. Punatar
Designation :	Independent Director
Name :	Mr. Vimal Bhandari
Designation :	Independent Director
Name :	Mr. Narayan Seshadri
Designation :	Independent Director

KEY EXECUTIVES

EXECUTIVE MANAGEMENT TEAM
Name :	Mr. Kamal K. Jain
Designation :	Director (Finance) and CFO
Name :	Mr. Dinesh B. Patel
Designation :	Director (Operations)
Name :	Mr. B. K. Satish
Designation :	President and CEO (Distribution Projects)
Name :	Mr. Sanjay Dalmia
Designation :	Head - International Business
Name :	Mr. Gyan Prakash
Designation :	President & CEO (Infrastructure Projects)
Name :	Mr. M. A. Baraiya
Designation :	Dy. President (HR and Admin)
Name :	Mr. Subhasish Mukherjee
Designation :	President (International TL Business)
Name :	Mr. S. Ayya. Durrai Pandian
Designation :	President (Construction)
Name :	Mr. Vinod Radadia
Designation :	President (Production)
Name :	Mr. Bajrang Ramdharani
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	31142867	20.29
Bodies Corporate	59791796	38.96
Sub Total	90934663	59.26
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	300000	0.20
Sub Total	300000	0.20
Total shareholding of Promoter and Promoter Group (A)	91234663	59.45
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	27681458	18.04
Financial Institutions / Banks	39708	0.03
Venture Capital Funds	229591	0.15
Insurance Companies	4735467	3.09
Foreign Institutional Investors	14953417	9.74
Sub Total	47639641	31.04
(2) Non-Institutions
Bodies Corporate	4454053	2.90
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7559105	4.93
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	960676	0.63
Any Others (Specify)	1612432	1.05
Non Resident Indians	1073546	0.70
Others	307616	0.20
Clearing Members	141378	0.09
Trusts	89892	0.06
Sub Total	14586266	9.50
Total Public shareholding (B)	62225907	40.55
Total (A)+(B)	153460570	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	153460570	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Distributor of Power Transmission Towers and also engaged in Infrastructure EPC.

Products :

PRODUCTS DESCRIPTION	ITEM CODE
Transmission Line Towers	7308.20
Real Estate Division	-----
Power Generation – Conventional	-----

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

1900 (Approximately)

Bankers :

· Indian Bank

· Oriental Bank of Commerce

· Union Bank of India

· State Bank of India

· Indian Bank

· Oriental Bank of Commerce

· Union Bank of India

· State Bank of India

· DBS Bank

· BNP Paribas, Abu Dhabi

· HSBC, Qatar

Facilities :

Secured Loans	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
Long term borrowings
Non-Convertible Redeemable Debentures	NA	266.667
Term Loans - Foreign Currency Loans
From Banks	NA	397.142
Rupee Loans
From NBFC	NA	2.090
From Banks	NA	11.164
Short term borrowings
Working Capital Facilities from Banks	NA	6261.108
Total	NA	6938.171

Note:

Long term borrowings

Foreign Currency Loans from Banks carries interest of 3M $ Libor + Spread and is repayable in 13 equal quarterly instalments starting from 21.10.2013. The loan is secured by charge over specific movable fixed assets financed through this loan.

Rupee Loans:

(a) Rupee loans from NBFC carries interest of 10.25% p.a. and is repayable in 35 equal monthly instalments along with interest. The loan is secured by hypothecation of specific moveable fixed assets of the Company.

(b) Rupee loans from Bank carries interest in the range of 6.99% - 10.85% p.a. and is repayable in 35 / 36 equal monthly instalments along with interest. The loan is secured by hypothecation of Vehicles.

Short term borrowings

Working Capital Facilities from Banks are secured in favour of consortium of bankers by hypothecation of stocks, stores and spares, books debts, bills receivables and all other movable assets on pari passu basis. Also secured by movable and immovable fixed assets (including land and building situated at Gandhinagar, Gujarat) of transmission and distribution division and infrastructure division of company, on which debenture holders have first exclusive charge to the extent of 1.25 times of outstanding NCDs.

Auditors :
Name :	Deloitte Haskins and Sells, Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Legal Advisor :
Name :	Singhi and Company
Address :	Ahmedabad, Gujarat, India
Subsidiaries (As on: 31.03.2014) :	JMC Projects (India) Limited Shree Shubham Logistics Limited Energy Link (India) Limited Amber Real Estate Limited Kalpataru Power Transmission (Mauritius) Limited Kalpataru South Africa (Pty) Limited Kalpataru Power Transmission Nigeria Limited Kalpataru Power Transmission USA Inc. Adeshwar Infrabuild Limited Kalpataru Satpura Transco Private Limited LLC Kalpataru Power Transmission Ukraine · Kalpataru Power Transmission International BV *
Indirect Subsidiaries (As on: 31.03.2014) :	JMC Mining and Quarries Limited Saicharan Properties Limited Brij Bhoomi Expressway Private Limited Wainganga Expressway Private Limited Vindhyachal Expressway Private Limited Kalpataru Power JLT · Kalpataru Industria E Comercia S.A. *
Associate Enterprises, which are having transaction with the Company (As on: 31.03.2014):	Kalpataru Properties Private Limited Property Solution (India) Private Limited P.K. Velu and Company Private Limited Kalpataru Enterprises Kalpataru Limited Argos International Marketing Private Limited Messrs Habitat
Joint Ventures (As on: 31.03.2014) :	Jhajjer KT Transco Private Limited Gestamp Kalpataru Solar Steel Structure Private Limited

* The Companies have been closed during the year.

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.306.900 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
175,000,000	Equity Shares	Rs.2/- each	Rs.350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
153,460,570	Equity Shares	Rs.2/- each	Rs.306.921 Million

Reconciliation of the Equity Shares outstanding at the beginning and at the end of the reporting period

Equity Shares	31.03.2014
	Numbers	Rs. In Million
Shares outstanding at the beginning of the year	153,460,570	306.921
Shares outstanding at the end of the year	153,460,570	306.921

The Company has only one class of Equity Shares having par value of Rs.2/- per share. Each holder of Equity Shares is entitled to one vote per share. The dividend is declared and paid on being proposed by the Board of Directors after the approval of the Shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all liabilities. The distribution will be in proportion to the number of Equity Shares held by the shareholders.

Details of shareholders holding more than 5% shares in the Company

Equity Shares	31.03.2014
	No. of Shares held	% of Holding
Mofatraj P. Munot	13,736,822	8.95
Parag M. Munot	13,463,615	8.77
Kalpataru Construction Private Limited	23,350,000	15.22
K. C. Holding Private Limited	21,142,600	13.78
Kalpataru Properties Private Limited	13,646,196	8.89
ICICI Prudential Life Insurance Company	7,946,979	5.18
ICICI Prudential Mutual Fund	9,334,994	6.08

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	306.900	306.921	306.921
(b) Reserves & Surplus	20400.900	19234.833	18156.474
(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)	20707.800	19541.754	18463.395
(3) Non-Current Liabilities
(a) long-term borrowings	2943.200	677.063	1526.135
(b) Deferred tax liabilities (Net)	53.600	137.727	118.110
(c) Other long term liabilities	14.100	11.657	6.875
(d) long-term provisions	978.400	890.691	669.153
Total Non-current Liabilities (3)	3989.300	1717.138	2320.273
(4) Current Liabilities
(a) Short term borrowings	6162.800	6310.279	3796.901
(b) Trade payables	13990.300	12714.650	11944.106
(c) Other current liabilities	1962.900	5065.964	4314.222
(d) Short-term provisions	1129.200	821.269	747.251
Total Current Liabilities (4)	23245.200	24912.162	20802.480
TOTAL	47942.300	46171.054	41586.148
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5589.900	5706.882	5260.626
(ii) Intangible Assets	0.000	30.978	46.526
(iii) Capital work-in-progress	0.000	180.446	79.294
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3934.900	3834.016	3339.215
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5557.800	5123.214	5419.341
(e) Other Non-current assets	869.000	926.338	552.706
Total Non-Current Assets	15951.600	15801.874	14697.708
(2) Current assets
(a) Current investments	4.400	1.500	11.500
(b) Inventories	5988.700	5437.695	4439.671
(c) Trade receivables	17835.800	15416.526	12878.977
(d) Cash and cash equivalents	752.600	647.001	569.024
(e) Short-term loans and advances	3245.100	3914.629	4298.641
(f) Other current assets	4164.100	4951.829	4690.627
Total Current Assets	31990.700	30369.180	26888.440
TOTAL	47942.300	46171.054	41586.148

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	44222.500	40552.461	33353.973
	Other Income	522.300	483.771	477.251
	TOTAL	44744.800	41036.232	33831.224
Less	EXPENSES
	Cost of Materials Consumed	19253.300	19094.791	16491.735
	Erection and subcontracting expenses	11974.100	0.000	0.000
	Employee Benefits Expense	3135.900	2601.985	2006.396
	Other Expenses	5979.900	15425.686	12435.809
	(Increase) / Decrease in Stocks	(388.100)	(432.458)	(800.794)
	TOTAL	39955.100	36690.004	30133.146
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	4789.700	4346.228	3698.078
Less	FINANCIAL EXPENSES	1409.300	1459.937	1220.106
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3380.400	2886.291	2477.972
Less/ Add	DEPRECIATION/ AMORTISATION	851.800	695.432	522.535
	PROFIT/ (LOSS) BEFORE TAX	2528.600	2190.859	1955.437
Less	TAX	872.500	727.117	578.909
	PROFIT/ (LOSS) AFTER TAX	1656.100	1463.742	1376.528
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	8847.463	7947.486	7153.139
Less	APPROPRIATIONS
	Proposed Dividend on Equity Shares [Dividend per Share Rs.1.50 (Previous year Rs. 1.50)]	NA	230.191	230.191
	Corporate Tax on Proposed Dividend	NA	33.574	31.990
	Transfer to Debentures Redemption Reserve	NA	0.000	20.000
	Transfer to General Reserve	NA	300.000	300.000
	BALANCE CARRIED TO THE B/S	NA	8847.463	7947.486
	EARNINGS IN FOREIGN CURRENCY
	Export of goods on FOB basis	NA	9642.620	8046.944
	Services	NA	451.844	191.379
	Overseas Projects Earning	NA	1351.918	216.048
	Certified Emission Reduction (CER’s)	NA	11.359	3.101
	TOTAL EARNINGS	NA	11457.741	8457.472
	IMPORTS
	Raw Materials	NA	1183.851	2501.928
	Stores, Spares and Tools	NA	162.073	63.842
	Capital Goods	NA	365.988	332.751
	TOTAL IMPORTS	NA	1711.912	2898.521
	Earnings / (Loss) Per Share (Rs.)	10.79	9.54	8.97

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	862.757	587.521
Cash generated from operations	NA	1607.071	2763.147
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	3.74	3.61	4.13
Operating Profit Margin (PBITD/Sales)	(%)	10.83	10.72	11.09
Return on Total Assets (PBT/Total Assets}	(%)	5.75	5.20	5.12
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.11
Debt Equity Ratio (Total Debt/Networth)		0.44	0.36	0.29
Current Ratio (Current Asset/Current Liability)		1.38	1.22	1.29

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.235.00/-

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	306.921	306.921	306.900
Reserves & Surplus	18156.474	19234.833	20400.900
Share Application money pending allotment	0.000	0.000	0.000
Net worth	18463.395	19541.754	20707.800
long-term borrowings	1526.135	677.063	2943.200
Short term borrowings	3796.901	6310.279	6162.800
Total borrowings	5323.036	6987.342	9106.000
Debt/Equity ratio	0.288	0.358	0.440

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	33353.973	40552.461	44222.500
		21.582	9.050

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	33353.973	40552.461	44222.500
Profit	1376.528	1463.742	1656.100
	4.13%	3.61%	3.74%

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	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	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10577301	06/06/2015	956,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, MAHARASHTRA - 400013, INDIA	C57642282
2	10568738	20/04/2015	877,000.00	UNION BANK OF INDIA	PLOT NO. 314, SHOPPING CENTRE, GH-5 ROAD, SECTOR-  17, GANDHINAGAR, GUJARAT - 382017, INDIA	C53309621
3	10568826	02/04/2015	1,900,000.00	UNION BANK OF INDIA	PLOT NO. 314, SHOPPING CENTRE, GH-5 ROAD, SECTOR-  17, GANDHINAGAR, GUJARAT - 382017, INDIA	C53355152
4	10568823	31/03/2015	917,500.00	UNION BANK OF INDIA	PLOT NO. 314, SHOPPING CENTRE, GH-5 ROAD, SECTOR-  17, GANDHINAGAR, GUJARAT - 382017, INDIA	C53353728
5	10568824	31/03/2015	947,000.00	UNION BANK OF INDIA	PLOT NO. 314, SHOPPING CENTRE, GH-5 ROAD, SECTOR-  17, GANDHINAGAR, GUJARAT - 382017, INDIA	C53354437
6	10560028	10/03/2015	12,520,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, AHMEDABAD, PARAMSIDDHI COMPLEX  , ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	C49449176
7	10544830	13/01/2015	889,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, MAHARASHTRA - 400013, INDIA	C41332859
8	10542326	01/01/2015	896,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, MAHARASHTRA - 400013, INDIA	C40090557
9	10532697	17/11/2014	420,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTE  R COMPLEX, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 40  0005, INDIA	C34525592
10	10532701	17/11/2014	1,440,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTE  R COMPLEX, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 40  0005, INDIA	C34527325

* Date of Charge Modification

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short term borrowings
Loans repayable on demand from Banks	NA	49.171
Total	NA	49.171

CONTINGENT LIABILITIES IN RESPECT OF

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
(a) Bank guarantees given by the Company	NA	179.609
(b) Bills Discounted with Banks	NA	1398.464
(c) Claims against Company not acknowledged as debt	NA	244.608
(d) Notices/ Demands by Excise/Income Tax/Stamp Duty and other Tax/ Revenue Authorities, disputed by the company	NA	319.607
(e) VAT/WCT demands disputed in Appeals	NA	11.748
(f) Demand of Service Tax and Penalty disputed before Appellate Authority already stayed unconditionally	NA	-

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

(Rs. in million)

		Particulars	Quarter Ended
			30.06.2015 [Unaudited]
	a) Net Sales/Income from Operations (net of excise duty)		11546.500
	b) Other Operating Income		149.600
	Total Income from Operations (Net)		11696.100
2	Expenses
		Cost of Materials consumed	3906.500
		Purchase of stock in-trade	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	435.600
		Employee benefit expenses	782.700
		Depreciation and amortization expense	207.900
		Erection and sub contracting expenses	3941.600
		Other expenses	1405.800
	Total Expenses		10680.100
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	1016.000
4	Other Income		133.900
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	1149.900
6	Finance Costs		410.800
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	739.100
8	Exceptional Items		0.000
9	Profit /(Loss) from ordinary activities before tax		739.100
10	Tax Expense		255.000
11	Net Profit /(Loss) from ordinary activities after tax (9-10)		484.100
12	Extraordinary items (net of tax expense)		--
13	Net Profit /(Loss) for the period (11-12)		484.100
14	Paid up equity share capital (Eq. shares of Rs.10/- each)		306.900
15	Reserve excluding revaluation reserves		--
16		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic	3.15
		Diluted	3.15
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	62225907
		- Percentage of Shareholding	40.55
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	18924601
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	20.74
		- Percentage of shares (as a % of the total share capital of the Company)	12.33
		b) Non- encumbered
		- Number of shares	72310062
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	79.26
		- Percentage of shares (as a % of the total share capital of the Company)	47.12

	Particulars		Quarter ended 30.06.2015
B		Investor Complaints
		Pending at the beginning of the quarter	Nil
		Received during the quarter	Nil
		Disposed during the quarter	Nil
		Remaining unresolved at the end of the quarter	Nil

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30.06.2015

Particulars	Quarter Ended
	30.06.2015 [Unaudited]
Segment Revenue (Sales and Other Operating Income)
Transmission and Distribution	9758.800
Infrastructure EPC	1773.000
Others	164.300
Net Sales / Income and interdivisional transfers	11696.100
Less: Inter-segment transfers	--
Net Sales / Income from operation	11696.100
Segment Results:
[Profit/ (Loss) before tax and interest from each segment]
Transmission and Distribution	953.100
Infrastructure EPC	50.500
Others	20.900
TOTAL	1024.500
Less: Financial Cost	410.800
Other unallocable expenditure, net of unallocable income	125.400
Total Profit/ Loss –before tax	739.100
Capital Employed:
Transmission and Distribution	16734.10
Infrastructure EPC	3700.200
Others	584.000
Unallocable	8041.700
TOTAL	29060.000

Notes

1. The above results were reviewed by the Audit Committee and approved by the Board at their meeting held on 07th August 2015.

2. The Statutory Auditors of the Company have conducted a "limited review” of the above financial results.

3. The figures for the quarter ended 31st March 2015 are the balancing figures between audited figures in respect of full financial year and the published year to date figures upto the quarter ended December 31, 2014.

4. The previous period's/ year’s figures have been regrouped/ rearranged wherever considered necessary.

FIXED ASSETS

v Tangible Assets

· Leasehold Land

· Freehold Land

· Buildings

· Plant and Equipment

· Electric Installation

· Furniture and Fixtures

· Office Equipments

· Vehicles

v Intangible Assets

· Software (Other than internally generated)

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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		72

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.