MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	501689
Report Date :	03.04.2018

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

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	23.04.1981

Com. Reg. No.:	04-004281

Capital Investment / Paid-up Capital :	INR 306.921 Million

CIN No.: [Company Identification No.]	L40100GJ1981PLC004281

IEC No.: [Import-Export Code No.]	0889003297

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

PAN No.: [Permanent Account No.]	AAACK8387R

GSTN : [Goods & Service Tax Registration No.]	24AAACK8387R1ZP

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

Line of Business :	The company is primarily engaged in the business of Engineering, Procurement and Construction (EPC) relating to infrastructure comprising of power transmission and distribution, railway track laying and electrification, oil and gas pipelines laying, etc. (Registered activity)

No. of Employees :	2316 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject was incorporated in the year 1981 having a excellent track record. It undertakes turnkey contracts for setting up transmission lines and substations for high voltage power transmission. For the financial year 2017, the company has achieved decent growth of 13.65% as compared to its previous year along with fair profit margin during the year. The ratings factor in efficient working capital management, and a strong financial risk profile marked by large net worth, low gearing, and robust debt protection metrics. Rating continue to draw comfort from its established track record in the transmission line tower (TLT) business, and diversified revenue profile. The company has its share price trading at around INR 482.00 on BSE as on 2nd April 2018 as against its face value of INR 2. As per the 3rd quarter results of December 2017, the company has achieved revenue of 14173.700 million and has clocked profit margin of 5.37%. However, these rating strengths gets partially offset by working-capital-intensive operations, and susceptibility to risks arising from exposure to infrastructure development projects. Payment seems to be regular and as per commitment. In view of aforesaid, the company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = AA
Rating Explanation	High degree of safety and very low credit risk.
Date	26.03.2018

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	26.03.2018

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 03.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Amrit Jain
Designation :	Accountant
Contact No.:	91-79-23214167
Date :	02.04.2018

91-79-23211951 (RINGING)

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 / 51 / 52
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)
Locality:	Industrial

Corporate Office and International / Infrastructure Office :	81-101, Kalpataru Synergy, 7^th Floor, 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 31.03.2017

Name :	Mrs. Vimal Bhandari
Designation :	Director
Address :	164, 16^th Floor, Kalpataru Horizon, Tower A, S K Ahire Marg, Worli, Mumbai-400018, Maharashtra, India
Qualification.:	Commerce Graduate and Chartered Accountant
Experience.:	30 Years
Date of Appointment :	28.06.2002
DIN No.:	00001318

Name :	Mr. Mofatraj Pukhraj Munot
Designation :	Director
Address :	"Munot Villa", Westfield Compound Lane 63k, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	72 Years
Date of Appointment :	27.06.1989
DIN No.:	00046905

Name :	Mr. Sajjanraj Mehta
Designation :	Director
Address :	703, Atmaj 94-C, August Kranti Marg, Mumbai 400036, Maharashtra, India
Qualification.:	Chartered Accountant
Experience.:	41 Years
Date of Appointment :	25.07.1998
DIN No.:	00051497

Name :	Mr. Narayan Keelveedhi Seshadri
Designation :	Director
Address :	Flat No. 10, 7th Floor, Skylark Chs Limited, Little Gibbs Road, Malabar Hill Mumbai 400006, Maharashtra, India
Qualification.:	Science Graduate and a Chartered Accountant.
Experience.:	29 Years
Date of Appointment :	29.01.2007
DIN No.:	00053563

Name :	Mr. Imtiaz Husain Kanga
Designation :	Additional Director
Address :	1, Kalpataru 39, Dr. G. Deshmukh Marg Mumbai 400006, Maharashtra, India
Qualification.:	Chartered Accountant.
Experience.:	36 Years
Date of Appointment :	08.03.2016
DIN No.:	00136272

Name :	Mr. Parag Mofatraj Munot
Designation :	Director
Address :	'Munot Villa', Westfield Compound Lane 63K, Bhulabhai Desai Road, Mumbai 400026, Maharashtra, India
Qualification.:	Graduate in Commerce and holds an MBA from Carnegie Mellon University, USA
Date of Appointment :	30.09.1991
DIN No.:	00136337

Name :	Mr. Keezhapandal Veeraraghavan Mani
Designation :	Director
Address :	Flat 1823, Building 18, Second Floor, Clover Highlands, Nibm Road, Kondhwa, Pune 411048, Maharashtra, India
Qualification.:	Degree in Engineering and is a MBA from IMD, Switzerland
Date of Appointment :	24.01.2001
DIN No.:	00533148

Name :	Mr. Manish Dashrathmal Mohnot
Designation :	Managing Director
Address :	C / 4 / 11, Sunder Nagar, S. V. Road, Malad (W), Mumbai 400064, Maharashtra, India
Date of Birth/Age :	44 Years
Qualification.:	Chartered Accountant and a Cost Accountant, advanced management program from Harvard University, U.S.A.
Date of Appointment :	01.11.2006
DIN No.:	01229696

Name :	Ms. Anjali Karamnarayan Seth
Designation :	Director
Address :	Flat No: B 1301, Brichwood C-H-S Limited, Main Street Hiranandani Gardens, Powai, Mumbai 400076, Maharashtra, India
Date of Birth/Age :	58 Years
Qualification.:	Bachelor’s degree in Law
Experience.:	30 Years
Date of Appointment :	28.03.2015
DIN No.:	05234352

Name :	Mr. Subodh Kumar Jain
Designation :	Director
Address :	Railway Road, Bungalow No. – 5, Moti Bagh – I, Delhi – 110021, India
Date of Birth/Age :	62 Years
Qualification.:	Bachelor of Science degree in Civil Engineering from University of Roorkee (now IIT Roorkee).
Experience.:	40 Years
Date of Appointment :	19.05.2017
DIN No.:	07085318

KEY EXECUTIVES

Name :	Mr. Rahul Chaitanyabhai Shah
Designation :	Company Secretary
Address :	B-11, Auani Flats, Near Jariwala Park Opposite Ishwar Bhuvan, Navrangpura Ahmedabad 380009, Gujarat, India
PAN	ANYPS3677G
Date of Appointment :	25.07.2013

Name :	Mrs. Kamal Kishore Jain
Designation :	Chief Finance Officer
Address :	"Madhupark" Plot No. 110, Near Shopping Centre, Sector – 8, Gandhinagar 382008, Gujarat, India
PAN	ABJPJ7214R
Date of Appointment :	29.05.2014

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on December, 2017

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares


Promoter and Promoter Group	91034663	59.32
Public	62425907	40.68
Grand Total	153460570	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares


A1) Indian		0.00
Individuals/Hindu undivided Family	28911867	18.84
Parag Mofatraj Munot	13463615	8.77
Mofatraj Pukharaj Munot	11405822	7.43
Tara Kanga	1854130	1.21
Sudha Rajesh Golecha	871650	0.57
Sunita Vijay Choraria	871650	0.57
Yasmin Imtiaz Kanga	300000	0.20
Imtiaz Kanga	100000	0.07
Chandra Amar Munot	10000	0.01
Jash Choraria	7000	0.00
Khushali Rajesh Golechha	7000	0.00
Rajesh Bhagchand Golechha	7000	0.00
Umang Rajesh Golechha	7000	0.00
Vijay K Choraria	7000	0.00
Imran Imtiaz Kanga		0.00
Ishrat Imtiaz Kanga		0.00
Ismat Imtiaz Kanga		0.00
Any Other (specify)	62122796	40.48
Mofatraj Pukhraj Munot (Shares held by Mr. Mofatraj Pukhraj Munot as one of the Trustee of Aaryaveer Benefit Trust)	777000	0.51
Mofatraj Pukhraj Munot (Shares held by Mr. Mofatraj Pukhraj Munot as one of the Trustee of Shubhika Benefit Trust)	777000	0.51
Mofatraj Pukhraj Munot (Shares held by Mr. Mofatraj Pukhraj Munot as one of the Trustee of Saachi Benefit Trust)	777000	0.51
Kalpataru Constructions Private Limited	23350000	15.22
K C Holdings Private Limited	21142600	13.78
Kalpataru Properties Private Limited	13646196	8.89
Kalpataru Viniyog LLP	1320000	0.86
Kalpataru Holdings Private Limited	333000	0.22
Sub Total A1	91034663	59.32
A2) Foreign		0.00
Mohammed Ismail Kanga		0.00
A=A1+A2	91034663	59.32

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares


B1) Institutions	0	0.00
Mutual Funds/	29246184	19.06
Hdfc Trustee Co Ltd A/C Hdfc Dual Advantage Fund-I-1100d August 2015	12168367	7.93
Dsp Blackrock Equity Fund	3732225	2.43
Reliance Etf-Nifty Bees Investment A/C	3346938	2.18
Sundaram Mutual Fund A/C Sundaram Long Term Tax Advantage Fund	2422018	1.58
Idfc Nifty Etf	1575711	1.03
Foreign Portfolio Investors	8162707	5.32
Hsbc Global Investment Funds - Indian Equity	3121277	2.03
Financial Institutions/ Banks	27698	0.02
Insurance Companies	750776	0.49
Sub Total B1	38187365	24.88
B2) Central Government/ State Government(s)/ President of India	0	0.00
Central Government/ State Government(s)/ President of India	93493	0.06
Sub Total B2	93493	0.06
B3) Non-Institutions	0	0.00
Individual share capital upto Rs. 2 Lacs	12191689	7.94
Individual share capital in excess of Rs. 2 Lacs	465656	0.30
Any Other (specify)	11487704	7.49
Trusts	3809	0.00
HUF	443875	0.29
NRI – Non- Repat	783341	0.51
NRI – Repat	694362	0.45
Clearing Members	136788	0.09
Bodies Corporate	9425529	6.14
Icici Prudential Life Insurance Company Limited	3735955	2.43
Sub Total B3	24145049	15.73
B=B1+B2+B3	62425907	40.68

BUSINESS DETAILS

Line of Business :

The company is primarily engaged in the business of Engineering, Procurement and Construction (EPC) relating to infrastructure comprising of power transmission and distribution, railway track laying and electrification, oil and gas pipelines laying, etc. (Registered activity)

Products :

Item Code No.	Product Description
25112	Manufacture of metal frameworks or skeletons for construction and parts thereof (towers, masts, trusses, bridges etc.)

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

2316 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Indian Bank
Oriental Bank of Commerce
Union Bank of India
State Bank of India
EXIM Bank
ICICI Bank
IDBI Bank
Standard Chartered Bank
The Hongkong and Shanghai Banking Corporation

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term Loan
Foreign Currency Loans
From Banks	0.000	212.265
Rupee Loans
From Banks	1211.5460	503.883

Short-term borrowings
Working Capital Facilities from Banks	2261.924	2856.686

Total	3473.470	3572.834

NOTE :

LONG-TERM BORROWINGS

Foreign Currency Loans from Banks

a) INR 170.203 million (Previous Year INR 397.142 million) carries interest of 3 months Libor + spread secured by charge over specific moveable and immovable fixed assets and is repayable in 13 equal quarterly instalment starting from October 21, 2016.

b) INR 129.677 million (As at March 31, 2016 - INR 132.666 million, As at April 1, 2015 - INR 125.182 million) carries interest of 6 months Libor + spread secured by exclusive charge over entire current assets, escrow of receivables including receivables pertaining to Rwanda Project and is repayable in 7 equal monthly instalment starting from October 28, 2017.

c) INR 77.807 million (As at March 31, 2016 - INR 198.999 million, As at April 1, 2015 – INR 187.772 million) carries interest of 6 months Libor + spread secured by exclusive charge over entire current assets, escrow of receivables including receivables pertaining to Egypt Project and is repayable in 10 equal monthly instalment starting from June 28, 2017.

Rupee Loans from NBFC

INR NIL (As at March 31, 2016 – INR 0.113 million, As at April 1, 2015 - INR 2.089 million) carries interest in the range of 8.83% - 10.75% p.a. and is repayable in 36 equal monthly instalments along with interest. The loan is secured by hypothecation of Vehicles.

Rupee Loans from Banks

a) INR 32.172 million [As at March 31, 2016 INR 21.482 million, As at April 1, 2015 INR 22.127 million] carries interest in range of 9.00% - 11.00% p.a. and is repayable in 36 equal monthly instalments along with interest. The Loan is secured by hypothecation of Vehicles.

b) INR 350.000 million [As at March 31, 2016 – INR 450.000 million, As at April 1, 2015 - INR 550.000 million] carries interest in the range of 9.30% - 9.80% p.a., secured by hypothecation of specific moveable fixed assets and is repayable in 22 equal quarterly instalment starting from December 31, 2019.

INR 1050.000 million [As at March 31, 2016 - INR 143.490 million, As at April 1, 2015 - INR Nil] carries interest in the range of 9.35% - 9.40% p.a., secured by pari passu charges on movable and immovable fixed assets of transmission & distribution and infrastructure division of the company to the extent of 1.25 times of outstanding facility and pledge of 55,64,069 number of equity shares in Shree Shubham Logistics Limited. It is repayable in 20 equal quarterly instalment starting from September 30, 2022.

SHORT-TERM BORROWINGS

Working Capital Facilities from Banks are secured in favour of consortium of bankers by hypothecation of stocks, stores and spares, book debts, bills receivable 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.

Auditors :
Name :	Deloitte Haskins and Sells, Chartered Accountants
Address :	19^th Floor, Shapath – V, S.G. Highway, Ahmedabad- 380015, Gujarat, India
Tel. No.:	91-79-66827300
Fax No.:	91-79-66827400

Memberships :	Not Available

Collaborators :	Not Available

Subsidiaries :	JMC Projects (India) Limited L45200GJ1986PLC008717 Shree Shubham Logistics Limited U60232GJ2007PLC049796 Energy Link (India) Limited U45204GJ2001PLC039169 Amber Real Estate Limited U45200MH2007PLC173306 Kalpataru Power Transmission (Mauritius) Limited Kalpataru South Africa (Proprietary) Limited Kalpataru Power Transmission Nigeria Limited Kalpataru Power Transmission USA Inc Adeshwar Infrabuild Limited U26941GJ2009PLC057757 Kalpataru Satpura Transco Private Limited U45209GJ2013PTC074988 LLC Kalpataru Power Transmission Ukraine Kalpataru Metfab Private Limited (Formerly Gestamp Kalpataru Solar Steel Structure Private Limited) U28113GJ2011PTC064272 Kalpataru IBN Omairah Company Limited Alipurduar Transmission Limited U40109GJ2015PLC095114 Kohima Mariani Transmission Limited U40102DL2016GOI290060

Indirect Subsidiaries :	JMC Mining and Quarries Limited U45201GJ1996PLC028732 Saicharan Properties Limited U45201MH2006PLC166598 Brij Bhoomi Expressway Private Limited U74900MH2010PTC261958 Wainganga Expressway Private Limited U45203MH2011PTC264642 Vindhyachal Expressway Private Limited U45203MH2012PTC271978 Punarvasu Financial Services Private Limited (Formerly Punarvasu Holding and Trading Co. Private Limited) U67120MH1993PTC073611 Kalpataru Power DMCC (Formerly Kalpataru Power JLT)

Enterprises under significant influence, which are having transaction with the Company :	Kalpataru Properties Private Limited Neo Pharma Private Limited Kalpataru Retail Ventures Private Limited Gurukrupa Developers Property Solution (India) Private Limited Kalpataru Enterprises Kalpataru Limited Kalpataru Construction Private Limited K C Holdings Private Limited Kalpataru Viniyog LLP Kalpataru Holdings Private Limited Argos International Marketing Private Limited

Joint Ventures :	Jhajjar KT Transco Private Limited U45204GJ2010PTC060815 Kurukshetra Expressway Private Limited U45400HR2010PTC040303

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

175000000	Equity Shares	INR 2/- each	INR 350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

153460570	Equity Shares	INR 2/- each	INR 306.921 Million

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

Equity Shares	31.03.2017
Equity Shares	Numbers	INR In Million
Shares outstanding at the beginning of the year	153460570	306.921
Shares outstanding at the end of the year	153460570	306.921

The Company has only one class of Equity Shares having par value of INR 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	31.03.2017
Equity Shares	No. of Shares held	% of Holding
Mofatraj P. Munot	11405822	7.43
Parag M. Munot	13463615	8.77
Kalpataru Construction Private Limited	23350000	15.22
K. C. Holding Private Limited	21142600	13.78
Kalpataru Properties Private Limited	13646196	8.89
HDFC Trustee Company Limited	13215867	8.61

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET – (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	306.921	306.921	306.921
(b) Reserves & Surplus	24480.203	21842.155	20400.937
(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)	24787.124	22149.076	20707.858

(3) Non-Current Liabilities
(a) long-term borrowings	3211.546	2716.148	2943.168
(b) Deferred tax liabilities (Net)	0.000	0.000	53.608
(c) Other long term liabilities	19.575	15.943	14.120
(d) long-term provisions	216.527	208.874	186.208
Total Non-current Liabilities (3)	3447.648	2940.965	3197.104

(4) Current Liabilities
(a) Short term borrowings	2314.644	2869.915	6162.787
(b) Trade payables	15926.923	15159.974	13614.567
(c) Other current liabilities	11556.860	6968.818	1959.350
(d) Short-term provisions	2964.069	2360.358	2300.662
Total Current Liabilities (4)	32762.496	27359.065	24037.366

TOTAL	60997.268	52449.106	47942.328

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5153.156	5351.028	5512.226
(ii) Intangible Assets	56.931	33.350	23.225
(iii) Capital work-in-progress	26.430	41.179	54.406
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7159.640	5177.675	3934.923
(c) Deferred tax assets (net)	410.318	259.126	0.000
(d) Long-term Loan and Advances	4723.482	4816.084	5557.800
(e) Other Non-current assets	918.183	974.811	868.990
Total Non-Current Assets	18448.140	16653.253	15951.570

(2) Current assets
(a) Current investments	0.000	0.000	4.440
(b) Inventories	4541.824	4244.003	5988.688
(c) Trade receivables	28480.031	23045.822	17835.784
(d) Cash and cash equivalents	2109.802	1062.296	752.667
(e) Short-term loans and advances	130.356	0.000	2809.184
(f) Other current assets	7287.115	7439.870	4599.995
(g) Assets classified as held for sale	0.000	3.862
Total Current Assets	42549.128	35795.853	31990.758

TOTAL	60997.268	52449.106	47942.328

PROFIT & LOSS ACCOUNT – (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	50107.366	44088.019	44222.509
	Other Income	493.437	537.079	522.316
	TOTAL	50600.803	44625.098	44744.825

Less	EXPENSES
	Cost of Materials Consumed	20343.275	16776.719	19253.251
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	10.994	1038.131	-388.076
	Excise Duty on Sale of Goods	1166.769	1068.509	0.000
	Employees benefits expense	2918.022	2927.673	3135.854
	Other expenses	20377.172	17746.266	17954.054
	TOTAL	44816.232	39557.298	39955.083

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	5784.571	5067.800	4789.742

Less	FINANCIAL EXPENSES	981.831	1273.582	1409.327

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	4802.740	3794.218	3380.415

Less/ Add	DEPRECIATION/ AMORTISATION	776.996	837.133	851.770

	PROFIT/ (LOSS) BEFORE TAX	4025.744	2957.085	2528.645

Less	TAX	1335.000	1032.770	872.500

	PROFIT/ (LOSS) AFTER TAX	2690.744	1924.315	1656.145

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	12988.900	13585.508	14464.147
	Services	120.484	168.445	458.151
	Overseas Projects Earnings	1785.752	299.635	1611.536
	Certified Emission Reduction (CER’s)	39.472	0.000	64.849
	TOTAL EARNINGS	14934.608	14053.588	16598.683

	IMPORTS
	Raw Materials	482.885	339.700	373.246
	Stores, Spares & Tools	86.326	367.781	204.914
	Capital Goods	69.303	249.624	251.387
	TOTAL IMPORTS	638.514	957.105	829.547

	Earnings / (Loss) Per Share (INR)	17.54	12.54	10.79

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	1428.110	400.805	607.811
Cash generated from operations	4770.478	8599.160	914.443
Net cash flow from operating activity	3217.330	7555.249	372.742

QUARTERLY RESULTS

Particulars	30.06.2017	30.09.2017	31.12.2017
Audited / Unaudited	Unaudited	Unaudited	Unaudited
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	12068.900	12228.000	14173.700
Total Expenditure	10696.800	10899.100	12654.000
PBIDT (Excl OI)	1372.100	1328.900	1519.700
Other Income	113.500	147.200	110.500
Operating Profit	1485.600	1476.100	1630.200
Interest	220.000	220.100	282.500
Exceptional Items	NA	NA	NA
PBDT	1265.600	1256.000	1347.700
Depreciation	188.100	190.400	196.400
Profit Before Tax	1077.500	1065.600	1151.300
Tax	373.000	350.700	399.000
Provisions and contingencies	NA	NA	NA
Profit After Tax	704.500	714.900	752.300
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	704.500	714.900	752.300

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	207.46	190.79	147.21

Account Receivables Turnover (Income / Sundry Debtors)	1.76	1.91	2.48

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	285.76	329.83	258.10

Inventory Turnover (Operating Income / Inventories)	1.27	1.19	0.80

Asset Turnover (Operating Income / Net Fixed Assets)	1.10	0.93	0.86

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.61	0.58	0.58

Debt Equity Ratio (Total Liability / Networth)	0.28	0.27	0.47

Current Liabilities to Networth (Current Liabilities / Net Worth)	1.32	1.24	1.16

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.21	0.24	0.27

Interest Coverage Ratio (PBIT / Financial Charges)	5.89	3.98	3.40

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	5.37	4.36	3.75

Return on Total Assets ((PAT / Total Assets) * 100)	%	4.41	3.67	3.45

Return on Investment (ROI) ((PAT / Networth) * 100)	%	10.86	8.69	8.00

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.30	1.31	1.33

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.16	1.15	1.08

G-Score Ratio Financial (Networth / Total Assets)	0.41	0.42	0.43

G-Score Ratio Debt (Debts / Equity Capital)	22.66	19.51	31.65

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.30	1.31	1.33

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 2.00/- each
Market Value	INR 482.00/- each

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	306.921	306.921	306.921
Reserves & Surplus	20400.937	21842.155	24480.203
Net worth	20707.858	22149.076	24787.124

Long Term borrowings	2943.168	2716.148	3211.546
Short Term borrowings	6162.787	2869.915	2314.644
Current Maturities of Long term debt	607.811	400.805	1428.110
Total borrowings	9713.766	5986.868	6954.300
Debt/Equity ratio	0.469	0.270	0.281

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	44222.509	44088.019	50107.366
		(0.304)	13.653

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	44222.509	44088.019	50107.366
Profit	1656.145	1924.315	2690.744
	3.75%	4.36%	5.37%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	306.921	306.921
(b) Reserves & Surplus	23913.605	22165.925
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
(3) Non-Controlling Interests	1506.954	1539.158
Total Shareholders’ Funds (1) + (2)	25727.480	24012.004

(3) Non-Current Liabilities
(a) long-term borrowings	19921.940	19976.510
(b) Deferred tax liabilities (Net)	41.700	11.300
(c) Other long term liabilities	6363.954	4924.420
(d) long-term provisions	835.623	855.793
Total Non-current Liabilities (3)	27163.217	25768.023

(4) Current Liabilities
(a) Short term borrowings	5805.622	6899.022
(b) Trade payables	24194.257	23600.643
(c) Other current liabilities	16027.919	12193.597
(d) Short-term provisions	3243.170	2384.843
Total Current Liabilities (4)	49270.968	45078.105

TOTAL	102161.665	94858.132

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13258.499	13319.909
(ii) Intangible Assets	17209.202	17494.358
(iii) Capital work-in-progress	1074.850	273.207
(iv) Intangible assets under development	93.774	0.000
(b) Non-current Investments	455.130	633.094
(c) Deferred tax assets (net)	1111.979	809.807
(d) Long-term Loan and Advances	36.525	83.068
(e) Other Non-current assets	4593.121	4773.943
Total Non-Current Assets	37833.080	37387.386

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	9326.634	8809.385
(c) Trade receivables	35122.874	30749.617
(d) Cash and cash equivalents	2630.147	1663.976
(e) Short-term loans and advances	1079.333	776.993
(f) Other current assets	16067.521	15354.581
(g) Assets classified as held for sale	102.076	116.194
Total Current Assets	64328.585	57470.746

TOTAL	102161.665	94858.132

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	76291.480	72917.390
	Other Income	240.033	181.319
	TOTAL	76531.513	73098.709

Less	EXPENSES
	Cost of Materials Consumed	29296.997	27140.097
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	144.224	1438.443
	Excise Duty on Sale of Goods	1166.769	1068.509
	Employees benefits expense	5498.288	5517.555
	Other expenses	31511.009	29853.874
	TOTAL	67617.287	65018.478

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	8914.226	8080.231

Less	FINANCIAL EXPENSES	3844.918	4140.306

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	5069.308	3939.925

Less/ Add	DEPRECIATION/ AMORTISATION	1805.323	1861.648

	PROFIT/ (LOSS) BEFORE TAX	3263.985	2078.277

Less	TAX	1691.048	1320.201

	PROFIT/ (LOSS) AFTER TAX	1572.937	758.076

	Earnings / (Loss) Per Share (INR)	10.25	4.94

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	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

AWARDS AND RECOGNITIONS

A) Raipur Plant of the Company participated in India Manufacturing Excellence Awards (IMEA), 2016 conceptualized by Frost and Sullivan and received the “Silver Certificate of Merit - 2016.”

B) The Company has received Certificate of Honour in the category of Leading RE Developers – Biomass at Renewable Energy India awards – 2016.

C) The Company has received Certificate of Appreciation from Bakwena Tribal Administration for adopting excellent Environmental Practice during the construction of the 220 kV ISANG to Rakola Transmission Line Project of Botswana Power Corporation.

D) Power Grid Corporation of India Limited (PGCIL), one of the major client of the Company declared awards for

2017. The Company has received “Best Performance award - 2017” for early completion of 765 kV D/C Wardha-Nizamabad Line and “Runners up award - 2017” for maximum capitalization in Transmission line category

MANAGEMENT DISCUSSION AND ANALYSIS

Economic Review

Global growth for 2016 is estimated at 3.1% and is projected to be 3.4% and 3.6% in 2017 and 2018, respectively. Activity in both advanced economies and emerging economies is forecast to accelerate. Advanced economies are projected to grow by 1.9% in 2017 and 2.0% in 2018. However, this forecast is uncertain in light of potential changes in the policy stance of the United States. Whereas Emerging Markets growth is estimated at 4.1% in 2016, and is projected to reach 4.5% for 2017 and a further pickup in growth to 4.8% in 2018. The primary factor underlying the strengthening global outlook is the projected pickup in emerging markets’ growth. Oil prices have increased reflecting an agreement among major producers to trim supply. The currencies of advanced commodity exporters have also strengthened, reflecting the firming of commodity prices.

OPERATIONAL REVIEW

The Company is primarily engaged in the business of Engineering, Procurement and Construction (EPC) relating to infrastructure comprising power transmission and distribution, railway track laying and electrification, oil and gas pipelines laying, etc. The Company has presence in over 40 countries across the globe.

Geographically, the revenue of the Company can be divided into two different segments – domestic and international. Revenue from domestic segment was INR 30160.000 Million (60%) and international segment contributed revenue of INR 19950.000 Million (40%) in FY 17.

OUTLOOK AND OPPORTUNITY

There is an increasing trend towards the use of high voltage alternating current (HVAC) and high voltage direct current (HVDC) overhead lines to carry large amounts of electricity from generation hubs to load centres, especially in countries like China, India and Brazil. The coming decade is expected to witness greater commercial application of these technologies.

In India, apart from PGCIL’s sustained and steady capex, state government’s spend on transmission infrastructure is also expected to improve to meet their UDAY related milestones. KPTL is expected to be a key beneficiary of this strong growth prospect both in India and overseas.

Government’s thrust on improving rail and energy infrastructure is also expected to result in rising capex for the sectors. KPTL is seeing a lot of traction on orders both in railways and pipeline division and has strong order book in both the businesses. KPTL has been building robust team there on execution and that has been a continuous exercise. Currently, these businesses constitute around 8% of the order book and is expected to grow significantly. In addition to above, the Company is keenly exploring opportunities in healthy BOOT projects.

International markets continue to do well and the Company is witnessing good traction especially from African and South East Asian countries.

OPERATIONAL HIGHLIGHTS

The Standalone revenue of the Company increased by 13.65 % to INR 5,010.74 Million as against INR 4,408.80 Million in the previous financial year. Total Export revenue (including overseas projects) was INR 1,995.12 Million or approx. 39.82% of revenues in financial year 2016-17.

The Standalone net profit for the year increased by 39.83% to INR 269.08 Million as against INR 192.43 Million in the previous financial year.

The Company has supplied 1,69,571 MTs of Transmission Line Towers as against 1,46,749 MTs in preceding year, which is higher by 15.55%

The company has a standalone order book in excess of INR 9,000 Million excluding fairly placed bids. The consolidated revenue of the Company increased by 4.63% to INR 7,629.15 Million as against INR 7,291.74 Million in the previous financial year.

The consolidated net profit for the year increased by 107.49% to INR 157.30 Million as against INR 75.81 Million in the previous financial year.

There has been no change in the nature of business of the company during the year.

During the year, the Company has issued and allotted 1,000 secured, rated, listed, non-convertible, redeemable, taxable Debentures of the face value of INR 10 Lakhs each aggregating to INR 100 Million on a private placement basis.

CORPORATE INFORMATION

Kalpataru Power Transmission Limited (referred to as “The Holding Company”) is a global EPC player with diversified interest in power transmission and distribution, oil and gas pipeline, railways and biomass based power generation.

The Holding Company is public limited company incorporated and domiciled in India having its registered office at Plot No. 101, Part-III, GIDC Estate, Sector -28, Gandhinagar 382028, Gujarat, India

The Company together with its subsidiaries is herein after referred to as the ‘Group’.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Non-Convertible Redeemable Debentures	2000.000	2000.000


Short-term borrowings
Short Term Loans from Banks	52.720	13.229

Total	2052.720	2013.229

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31^ST DECEMBER, 2017

(INR in Million)

		Particulars	31.12.2017 (Quarter Ended)	30.09.2017 (Quarter Ended)	31.12.2017 (Nine Months Ended)
1		Income from Operations
		Sales/Income from Operations (Gross)	14173.700	12228.000	38470.600
		b) Other Operating Income	110.500	147.200	371.200
	Total Income from Operations (Net)		14284.200	12375.200	38841.800
2	Expenses
	a)	Cost of Materials consumed	6466.700	6233.200	17699.000
	b)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(73.100)	(36.900)	(238.700)
	c)	Excise duty on sales	0.000	0.000	373.000
	d)	Erection, Sub-contracting and Other Project expense	3870.200	2733.100	9966.900
	e)	Employee benefit expenses	855.200	852.400	2487.800
	f)	Finance Costs	282.500	220.100	722.500
	g)	Depreciation and amortization expense	196.400	190.400	574.900
	h)	Other expenses	1535.000	1117.300	3961.900
	Total Expenses		13132.900	11309.500	35547.400

3	Profit before Tax		1151.300	1065.600	3294.400
4	Tax Expense		399.000	350.700	1122.700
5	Net Profit for the period after tax		752.300	714.900	2171.700

6	Other Comprehensive Income		(39.100)	98.200	13.900
7	Total Comprehensive Income		713.200	813.100	2185.600

	Earnings / (Loss) Per Share (INR)		4.90	4.65	14.15

NOTE :

1. The above results have been reviewed by the Audit Committee and approved by the Board at their meeting held on February 7, 2018. The same have been subjected to Limited Review by the Statutory Auditors.

2. Consequent to introduction of Goods and Service tax (GST) with effect from July 1, 2017, Central Excise, Service Tax, Value Added Tax (VAT), etc. have been subsumed into GST. In accordance with Indian Accounting Standard and Schedule III of the Companies Act, 2013, GST is not included in Revenue from operations. In view of the aforesaid restructuring of indirect taxes, Revenue from operations, Excise Duty and Other Expenses for the quarter and nine months ended December 31, 2016 and for the year ended March 31, 2017 are not comparable with the other periods.

3. The company is primarily engaged in the business of Engineering, Procurement and Construction (EPC) relating to infrastructure comprising power transmission & distribution, railway track laying & electrification, oil & gas pipelines laying, etc. Information reported to and evaluated regularly by the chief operating decision maker (CODM) for the purposes of resource allocation and assessing performance focuses on the business as a whole and accordingly, in the context of Operating Segment as defined under the Indian Accounting Standard 108, there is single reportable segment.

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

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G79172771	100159790	HDFC BANK LIMITED	28/02/2018	-	-	3230000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
2	G79173621	100159794	HDFC BANK LIMITED	28/02/2018	-	-	1020000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
3	G79174553	100159798	HDFC BANK LIMITED	28/02/2018	-	-	892000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
4	G78107356	100157371	HDFC BANK LIMITED	20/02/2018	-	-	4683000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
5	G79462735	100160551	The Hongkong and Shanghai Banking Corporation Limited	15/02/2018	-	-	4000000.0	52/60 Mahatma Gandhi Road,Fort, Mumbai - 400 001MumbaiMH400001IN
6	G75051979	100150077	HDFC BANK LIMITED	20/01/2018	-	-	2135000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
7	G72706161	100144441	HDFC BANK LIMITED	26/12/2017	-	-	1139000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
8	G69800704	100139361	HDFC BANK LIMITED	24/11/2017	-	-	8416000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
9	G64273147	100135597	HDFC BANK LIMITED	14/11/2017	-	-	1330000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
10	G59511386	100130464	HDFC BANK LIMITED	12/10/2017	-	-	2906000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Bank guarantees given by the Company	70.144	19.565
Bills Discounted with Banks	52.720	49.425
Claims against Company not acknowledged as debt	125.282	262.720
Demands by Excise/Income Tax/Stamp Duty and other Tax/ Revenue Authorities, disputed by the company	441.399	514.862
VAT/WCT demands disputed in Appeals	492.302	143.213
Corporate Guarantee / Letter of Comfort given for loan given to a subsidiaries	1950.000	3000.000
Corporate Guarantee given for performance on behalf of a subsidiary company	12.650	12.650
Total	3144.497	4002.435

FIXED ASSETS

Leasehold Land
Buildings
Plant and Equipment
Electric Installation
Furniture and Fixtures
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 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	INR
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	NSG

Report Prepared by :	KJL

SCORE FACTORS

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.