MIRA INFORM REPORT

Report No. :	503374
Report Date :	12.04.2018

IDENTIFICATION DETAILS

Name :	DIXON TECHNOLOGIES (INDIA) LIMITED (w.e.f.02.05.2017)
Formerly Known As :	DIXON TECHNOLOGIES (INDIA) PRIVATE LIMITED [w.e.f. 03.01.2006] DIXON UTILITIES AND EXPORTS PRIVATE LIMITED [w.e.f. 10.12.2002] DIXON UTILITIES AND EXPORTS LIMITED [w.e.f. 14.07.1993] WESTON UTILITIES LIMITED
Registered Office :	B-14 and 15, Phase-II, Gautam Buddha Nagar, Noida – 201305, Uttar Pradesh
Tel. No.:	91-120-4737200
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	15.01.1993
Com. Reg. No.:	20-066581
Capital Investment / Paid-up Capital :	INR 109.853 Million
CIN No.: [Company Identification No.]	L32101UP1993PLC066581 [New]
IEC No.: [Import-Export Code No.]	0593020219
TIN No.:	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	09AAACD3641D1Z2
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACD3641D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and sale of Electronic goods. [Registered Activity]
No. of Employees :	629 (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++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in the year 1993. It is a manufacturer of electronic items like televisions, LED bulb and washing machine. The company got listed on 18th September 2017. For the financial year 2017, the company has achieved revenue growth of 31.33% as compared to the previous year along with an average profit margin of 3.03%. The sound financial risk profile of the company is marked by adequate net worth base along with strong debt coverage metrics due to low debt balance sheet profile. Rating takes into consideration the subject’s healthy Earnings Per Share of INR 48.28 against the Face Value of INR 10. Payments seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: Pursuant to a scheme of amalgamation (“Scheme”) under sections 391 to 394 and other relevant provisions of the Companies Act, 1956, approved by the company’s Board of Directors on November 25, 2015, the two of wholly owned subsidiaries of the subject Company – Dixon Bhurji Moulding Private Limited (“DBMPL”) and Dixon Appliances Private Limited (“DAPL”), were proposed to be amalgamated with and into the subject Company. The Scheme has become operational with effect from the appointed date, i.e., April 1, 2016 (“Appointed Date”) pursuant to approval of the Scheme by the NCLT, Allahabad bench vide its order dated April 13, 2017 and registration of the same with the ROC on April 20, 2017. The rationale of the Scheme was to provide for integration of capabilities, streamlining of administration, effective management system and operational flexibility as the consolidation has resulted in consolidation of business operation of DBMPL and DAPL with that of subject Company. The entire business functions of DBMPL and DAPL, including all their properties, assets, rights, title, interests, liabilities, obligations, licenses, litigations and employees stand transferred to and vested in subject Company as on the Appointed Date and DBMPL and DAPL stand dissolved without the process of winding up. Since DBMPL and DAPL were the wholly owned subsidiaries of the subject Company, no consideration has been paid and the equity shares of DBMPL and DAPL held by the subject Company stand cancelled. Further, the authorised share capital of DBMPL and DAPL stand transferred to the subject Company upon the Scheme becoming effective and with effect from the Appointed Date.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Borrowing = A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	06.10.2017

Rating Agency Name	ICRA
Rating	Short Term Borrowing = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	06.10.2017

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 31-03-2018.

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 12.04.2018

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

MANAGEMENT NON CO-OPERATIVE (Tel No.: 91-120-4737200 / 4016910)

LOCATIONS

Registered /Head Office :	B-14 and 15, Phase-II, Gautam Buddha Nagar, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-120-4737200
Fax No.:	91-120-2562681
E-Mail :	gopaljagwan@dixoninfo.com exim@dixoninfo.com cs@dixoninfo.com info@dixoninfo.com ashish.k@dixoniinfo.com nvestorrelations@dixoninfo.com
Website :	www.dixoninfo.com
Factory 1 :	C-33, Phase-II, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-120-4016910
Factory 2 :	Khasara No.1050, Central Hope Town, Selaqui Industrial Area, Dehradun, Uttarakhand, India
Factory 3:	C 3/1, 262M, Selaqui Industrial Area, Central Hope Town, Dehradun, Uttarakhand, India
Tel. No.:	91-135-2699775
Factory 4:	B18/19, Noida Phase II, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-120-4599660
Factory 5:	B-14 and 15, Phase II, Gautam Buddha Nagar, Noida - 201 305, Uttar Pradesh, India
Factory 6:	Being set up in Tirupati, Andhra Pradesh, pursuant to the Government Order. (Operations to begin shortly)

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Atul Bihari Lall
Designation :	Managing Director
Address :	405, Nilgiri Apartments, Alaknanda, Kalkaji, Chittranjan Park, Delhi - 110019, India
Date of Birth/Age :	05.01.1962
Qualification:	Master of Management studies
Date of Appointment :	29.08.2008
DIN No.:	00781436
Name :	Mr. Sunil Vachani
Designation :	Director
Address :	B-22, May Fair Garden, Delhi - 110016, India
Date of Birth/Age :	27.11.1968
Qualification:	Bachelor of Business Administration
Date of Appointment :	01.12.2003
DIN No.:	00025431
Name :	Mr. Ramesh Chandra Chopra
Designation :	Director
Address :	DII/108, West Kidwai Nagar, New Delhi - 110023, India
Date of Birth/Age :	21.01.1947
Date of Appointment :	14.07.2008
DIN No.:	01525964
Name :	Mr. Manuji Zarabi
Designation :	Director
Address :	C-28, Pamposh Enclave, G.K. Part - I, New Delhi - 110048, India
Date of Birth/Age :	24.08.1947
Date of Appointment :	23.02.2017
DIN No.:	00648928
Name :	Mrs. Poornima Shenoy
Designation :	Director
Address :	B - 1, Hulkul Residency No. 81, Lavelle Road, Bangalore - 560001, Karnataka, India
Date of Birth/Age :	18.01.1965
Date of Appointment :	23.02.2017
DIN No.:	02270175
Name :	Mr. Manoj Maheshwari
Designation :	Director
Address :	552, Abhinav Apartment, Vasundhra Enclave, Delhi - 110096, India
Date of Birth/Age :	05.01.1966
Date of Appointment :	03.05.2017
DIN No.:	02581704

KEY EXECUTIVES

Name :	Mr. Gopal Jagwan
Designation :	Chief Financial Officer
Address :	F-34, 1st Floor, Lajpat Nagar 1, New Delhi - 110024, India
Date of Birth/Age :	04.04.1973
Qualification:	CA
Date of Appointment :	14.05.2014
PAN No.:	AEMPJ4071Q
Name :	Mr. Ashish Kumar
Designation :	Company Secretary
Address :	F-14224, ATS One Hamlet Sector - 104 Noida - 201304, Uttar Pradesh, India
Date of Appointment :	06.03.2017
PAN No.:	AONPK0587M

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	4408573	38.93
Public	6916518	61.07
Grand Total	11325091	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
Individuals/Hindu undivided Family	4408573	38.93
Ravi Vachani	47	0.00
Sunil Vachani	4196208	37.05
Geeta Vaswani	212318	1.87
Sub Total A1	4408573	38.93
A2) Foreign		0.00
A=A1+A2	4408573	38.93

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
Mutual Funds/	1813221	16.01
SBI Magnum Multiplier Fund	958164	8.46
DSP Blackrock Balanced Fund	162056	1.43
Alternate Investment Funds	24016	0.21
Foreign Portfolio Investors	952695	8.41
Goldman Sachs India Limited	218049	1.93
Steadview Capital Mauritius Limited	153875	1.36
Financial Institutions/ Banks	1608	0.01
Any Other (specify)	700064	6.18
Steadview Capital Mauritius Limited	192191	1.70
GMO Emerging Domestic Opporunities Fund, A Series	339751	3.00
Sub Total B1	3491604	30.83
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	751884	6.64
Individual share capital in excess of INR 0.200 Million	363851	3.21
Shobha Sippy	170259	1.50
Sunita Mankani	170259	1.50
NBFCs registered with RBI	8686	0.08
Any Other (specify)	2300493	20.31
Trusts	5971	0.05
NRI	8219	0.07
Clearing Members	80760	0.71
NRI – Non- Repat	1067751	9.43
Kamla Vachani	1064144	9.40
Bodies Corporate	651255	5.75
ICICI Prudential Life Insurance Company Limited	117130	1.03
BIRLA SUN LIFE INSURANCE COMPANY LIMITED	157023	1.39
TATA AIA LIFE INSURANCE CO LTD-WHOLE LIFE MID CAP EQUITY FUND-ULIF 009 04/01/07 WLE 110	180748	1.60
Director or Director's Relatives	466667	4.12
ATUL B. LALL	466667	4.12
HUF	19828	0.18
Foreign Individuals	42	0.00
Sub Total B3	3424914	30.24
B=B1+B2+B3	6916518	61.07

BUSINESS DETAILS

Line of Business :

Manufacturing and sale of Electronic goods. [Registered Activity]

Products / Services :

NIC code	Product description
85281001	Televisions
85179000	Led Bulb
84490090	Washing Machine

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 :	--
Experience :	--
Maximum Limit Dealt :	--
Remark :	--

Customers :

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

No. of Employees :

629 (Approximately)

Bankers :

• Standard Chartered Bank, Narain Manzil, 23 Barakhamba Road, New Delhi 110001, India

• Yes Bank Limited, D-12, South Extension-II, New Delhi -110049, India

• IDFC Bank Limited, 4th Floor, Sood Towers, Barakhamba Road, New Delhi – 110001, India

• Central Bank of India

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term loan
Standard Chartered Bank (External Commercial Borrowing)	86.188	117.529
Deferred payment liabilities
Vehicle Loan	11.895	15.845
SHORT TERM BORROWINGS
Working capital borrowing
From Bank (Secured)
Working capital demand loan in Indian rupees	215.058	155.406
Packing Credit Loan	100.000	13.274
Buyers credit in foreign currency	15.577	0.000
Total	428.718	302.054

NOTE:

LONG TERM BORROWINGS

a)Debenture converted into Equity shares during the year

b) USD 2000000 Foreign currency loan from Standard Chartered Bank is secured against first pari passu charge on movable Plant & Equipment (both Present and future), and on immovable Plot B-14-15, phase-II, Noida (UP) (including building ) and second charges on current assets (both Present & future), is repayable in 17 Quarterly installments from December, 2016. Last installment payable on December, 2020. Rate of interest Libor+275 BPSand loan is fully hedged.

c) Vehicle Loans are secured by way of hypothecation of the related assets. These are repayable in maximum sixty equal monthly instalments, repayment period thereof varying from 2011 ending on 2022, bearing interest rate varying from 9.5% p.a to 13.25% p.a.

SHORT TERM BORROWINGS

Loans from banks (comprising of vendor financing, working capital demand loans) are secured on pari-passu basis over all the present and future book debts and stock-in-trade comprising of raw material, Components, work in process and finished goods. These are further secured by exclusive charge on entire block of (present and future) Property, Plant and Equipment comprising of land, building, plant and machinery etc. coupled with equitable mortgage of land and property at B-14 & B-15, Phase-II and Exclusive Charge over C-33 Phase II Noida (UP ) and Exclusive Charge over Industrial Property located at Plot 18 , Block B , Phase II , Noida (UP),Exclusive Charge over Industrial Property located Khasra No. 1050, Central Hope Town, Industrial Area, Selaqui, Dehradun (Uttarkhand) and Personal

Guarantee of Chairman of Company Mr. Sunil Vachani.

Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	401-408, Pragati House, 47-48, Nehru Place, Delhi – 110019, India
PAN No.:	AASFS9578D
Memberships :	Not Available
Collaborators :	Not Available
Joint Ventures:	Padget Electronic Private Limited (Subsidiary Company w.e.f. 10th June. 2013) and converted to Joint Venture w.e.f. 10 November 2015. AIL Dixon Technologies Private Limited (W.e.f. 8th February 2017)
Associate:	My Box Technologies Private Limited (Subsidiary Company w.e.f. 30th March 2009, converted to associate Company w.e.f. 29th March 2012 to 3rd July 2015)
Enterprises over which KMP or relative of KMP have significant influence:	Dixon Applied Technologies Training Institute (Partnership firm in which Managing Director and Chairman are Partners) Prisma Electronics (Proprietorship firm in which Chairman is proprietor) Six Sigma Electronics (Partnership concern in which Chairman is 50% partner Fincraft Learnings Private Limited (Company in which Managing Director and Chairman are Directors and Shareholders) Rage (partnership firm of Chairman’s Relative)

CAPITAL STRUCTURE

As on 08.08.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	INR 10/- each	INR 260.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11325091	Equity Shares	INR 10/- each	INR 113.251 Million

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	INR 10/- each	INR 260.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10985341	Equity Shares	INR 10/- each	INR 109.853 Million

*The Authorised Share Capital of the company has been re-classified/consolidated from 19995000 equity shares of INR 10/- each and 5000 preference shares of INR 10/- each to 20000000 equity shares of INR 10/- each on 18^th April 2017. Further on 20th April 2017, Authorised Share Capital of the Company has been increased to INR 260000000/- divided in to 26000000 equity shares of INR 10/- Each, pursuant to the approval of scheme of amalgamation for merger of Dixon Bhurji Moulding Private Limited and Dixon Appliances Private Limited with the company effective from 1st April 2016.

Reconciliation of the number of shares

Equity Shares	Number of Shares
Balance as at the beginning of the year	3103157
Add: Shares issued during the year
Issued under conversion of Debenture during the Year	1290041
Issued under ESOP Scheme during the Year	314806
Bonus	6277337
Balance as at the end of the year	7882184

Terms and Right of Equity shareholders

Each holder of equity shares is entitled to one vote per shares. 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 preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. There is no restriction on distribution of dividend, however, the same is subject to the approval of the shareholders in the Annual General Meeting.

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

Name of Shareholder	Number of Shares	% holding
Mr. Sunil Vachani	4830343	43.97%
India Business Excellence Fund 1	2146265	19.54%
Mrs. Kamla Vachani	1225000	11.15%
IL&FS Trust Company Limited	1155730	10.52%
Mr.Atul B. Lall	700000	6.37%

Terms and conditions of convertible Debentures

Debentures are compulsorily convertible into Equity shares in compliance with the applicable law.

Convertible debentures amounting to INR 374967000 has been converted into 1290041 equity share on 27^th August 2016 in compliance with applicable law, based on the formula stated in The Investment Agreement dated March 28, 2014 (as amended) and Share alloted on Premium INR 280.66 Per share

[INR in Million]

Date of Issue	No of Debentures	Face Value	Total Amount
24-Jun-08	199967	1000	199.967
21-Nov-08	60000	1000	60.000
31-Jan-09	40000	1000	40.000
28-Apr-09	50000	1000	50.000
28-Oct-09	25000	1000	25.000

Stock Option Plan –

Shares allotted as fully paid pursuant to contract(s) without payment being received in cash during the period of five years immediately preceding the reporting date The Company has allotted 314806 fully paid up shares of face value INR 10 each as on 17th September 2016 under the Scheme of ESOPas referred in Note 27B (xx),

The Company has allotted 6277337 fully paid up shares of face value INR 10 each during the period ended December 2016, pursuant to a bonus share approved by shareholders in the Extra Ordinary general meeting held on 20th September, 2016 and Company has allotted 4 bonus shares for every 3 shares held, on number of share 4708004.

FINANCIAL DATA

[all figures are 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	109.853	31.032	31.032
(b) Reserves & Surplus	1795.066	1056.743	889.097
(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)	1904.919	1087.775	920.129
(3) Non-Current Liabilities
(a) long-term borrowings	98.083	508.341	388.695
(b) Deferred tax liabilities (Net)	91.138	62.123	62.193
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	43.293	24.983	15.467
Total Non-current Liabilities (3)	232.514	595.447	466.355
(4) Current Liabilities
(a) Short term borrowings	330.635	168.680	244.067
(b) Trade payables	2287.097	1225.918	1073.283
(c) Other current liabilities	161.416	87.655	65.861
(d) Short-term provisions	162.351	66.294	32.640
Total Current Liabilities (4)	2941.499	1548.547	1415.851
TOTAL	5078.932	3231.769	2802.335
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1291.143	852.851	762.811
(ii) Intangible Assets	0.863	1.197	1.151
(iii) Capital work-in-progress	19.578	0.087	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	90.501	253.997	85.879
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	218.776	130.872	92.764
(e) Other Non-current assets	0.000	0.000	9.086
Total Non-Current Assets	1620.861	1239.004	951.691
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1566.647	887.141	989.181
(c) Trade receivables	1337.387	702.677	464.032
(d) Cash and cash equivalents	55.569	27.688	40.809
(e) Short-term loans and advances	487.186	371.066	350.957
(f) Other current assets	11.282	4.193	5.665
Total Current Assets	3458.071	1992.765	1850.644
TOTAL	5078.932	3231.769	2802.335

PROFIT & LOSS ACCOUNT [STANDALONE]

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	16443.105	12520.750	11151.647
	Other Income	15.006	23.682	23.179
	TOTAL	16458.111	12544.432	11174.826
Less	EXPENSES
	Cost of Materials Consumed	14126.447	11098.647	10314.836
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(191.658)	22.705	(89.666)
	Employees benefits expense	609.451	488.377	320.964
	Exceptional items	0.000	11.953	0.000
	CSR expenditures	0.000	0.000	1.044
	Prior period items	0.000	0.000	0.163
	Other expenses	1078.292	520.230	387.888
	TOTAL	15622.532	12141.912	10935.229
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	835.579	402.520	239.597
Less	FINANCIAL EXPENSES	122.346	71.878	54.867
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	713.233	330.642	184.730
Less	DEPRECIATION/ AMORTISATION	99.538	64.795	53.954
	PROFIT/ (LOSS) BEFORE TAX	613.695	265.847	130.776
Less	TAX	115.780	51.515	38.770
	PROFIT/ (LOSS) AFTER TAX	497.915	214.332	92.006
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	964.620	796.980	122.326
Less	APPROPRIATIONS
	Adjustment on account of Amalgamation	57.210	0.000	0.000
	Interim dividend on Equity Shares	65.910	38.790	0.000
	Dividend Tax on Interim Dividend	13.420	7.900	0.000
	Balance Carried to the B/S	1325.995	964.622	214.332
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	590.072	143.761	11.963
	TOTAL EARNINGS	590.072	143.761	11.963
	IMPORTS
	Raw Materials	6199.853	1624.738	692.204
	Components and Stores parts	0.000	0.000	7.977
	Capital Goods	0.000	0.000	11.095
	TOTAL IMPORTS	6199.853	1624.738	711.276
	Earnings / (Loss) Per Share (INR)
	Basic	48.28	22.85	29.65
	Diluted	45.68	20.91	21.71

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	38.775	22.387	15.648
Cash generated from operations	609.875	328.587	433.282
Cash (net) from operating activities	475.603	259.768	410.916

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	5412.400	7363.100	6962.900
Total Expenditure	5164.800	7040.300	6752.400
PBIDT (Excluding Other Income)	247.600	322.800	210.500
Other income	26.500	17.000	7.600
Operating Profit	274.100	339.800	218.100
Interest	24.800	34.400	31.300
Exceptional Items	NA	NA	NA
PBDT	249.300	305.400	186.800
Depreciation	38.1000	36.800	28.500
Profit Before Tax	211.200	268.600	158.300
Tax	60.900	82.500	49.900
Provisions and contingencies	NA	NA	NA
Profit after tax	150.300	186.100	108.300
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	150.300	186.100	108.300

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	29.69	20.48	15.19
Account Receivables Turnover (Income / Sundry Debtors)	12.29	17.82	24.03
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	59.09	40.32	37.98
Inventory Turnover (Operating Income / Inventories)	0.53	0.45	0.24
Asset Turnover (Operating Income / Net Fixed Assets)	0.64	0.47	0.31

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.61	0.64	0.65
Debt Equity Ratio (Total Liability / Networth)	0.25	0.64	0.70
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.54	1.42	1.54
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.69	0.79	0.83
Interest Coverage Ratio (PBIT / Financial Charges)	6.83	5.60	4.37

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	3.03	1.71	0.83
Return on Total Assets ((PAT / Total Assets) * 100)	%	9.80	6.63	3.28
Return on Investment (ROI) ((PAT / Networth) * 100)	%	26.14	19.70	10.00

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.18	1.29	1.31
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.64	0.71	0.61
G-Score Ratio Financial (Networth / Total Assets)	0.38	0.34	0.33
G-Score Ratio Debt (Debts / Equity Capital)	4.26	22.54	20.89
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.18	1.29	1.31

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

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 3586.00/-

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	31.032	31.032	109.853
Reserves & Surplus	889.097	1056.743	1795.066
Net worth	920.129	1087.775	1904.919
Long-Term Borrowings	388.695	508.341	98.083
Short Term Borrowings	244.067	168.680	330.635
Current Maturities of Long term debt	15.648	22.387	38.775
Total borrowings	648.410	699.408	467.493
Debt/Equity ratio	0.705	0.643	0.245

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	11151.647	12520.750	16443.105
		12.277	31.327

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	11151.647	12520.750	16443.105
Profit	92.006	214.332	497.915
	0.83%	1.71%	3.03%

LEGAL CASE

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	109.853	31.032
(b) Reserves & Surplus	1867.482	1144.715
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1977.335	1175.747
(3) Non-Current Liabilities
(a) long-term borrowings	98.083	521.380
(b) Deferred tax liabilities (Net)	97.738	71.628
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	43.897	26.635
Total Non-current Liabilities (3)	239.718	619.643
(4) Current Liabilities
(a) Short term borrowings	330.635	249.140
(b) Trade payables	5050.659	1856.751
(c) Other current liabilities	216.557	124.646
(d) Short-term provisions	175.420	92.236
Total Current Liabilities (4)	5773.271	2322.773
TOTAL	7990.324	4118.163
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1370.090	1123.505
(ii) Intangible Assets	1.344	112.383
(iii) Capital work-in-progress	19.579	0.087
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	223.311	147.615
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	9.086
(e) Other Non-current assets	0.276	1.011
Total Non-Current Assets	1614.600	1393.687
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2821.971	1362.822
(c) Trade receivables	2802.060	887.504
(d) Cash and cash equivalents	153.334	74.609
(e) Short-term loans and advances	586.025	394.020
(f) Other current assets	12.334	5.521
Total Current Assets	6375.724	2724.476
TOTAL	7990.324	4118.163

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	24567.589	13894.167
	Other Income	16.749	28.187
	TOTAL	24584.338	13922.354
Less	EXPENSES
	Cost of Materials Consumed	22056.086	12284.352
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(255.268)	(161.343)
	Employees benefits expense	659.931	551.366
	Other expenses	1217.995	651.817
	Exceptional items	0.000	27.869
	TOTAL	23678.744	13354.061
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	905.594	568.293
Less	FINANCIAL EXPENSES	127.654	131.069
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	777.940	437.224
Less	DEPRECIATION/ AMORTISATION	106.347	84.377
	PROFIT/ (LOSS) BEFORE TAX	671.593	352.847
Less	TAX	135.262	79.035
	PROFIT/ (LOSS) AFTER TAX	536.331	273.812
	Earnings / (Loss) Per Share (INR)
	Basic	52.01	29.19
	Diluted	49.21	26.41

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	No
8	Designation of contact person	No
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

ABOUT THE COMPANY

Their Company was incorporated in 1993 and in 1994, they commenced manufacture of consumer electronics such as colour televisions. In 2007 they commenced manufacturing of LCD TVs and subsequently progressed into manufacturing of LED TVs. In 2010, they started manufacturing semiautomatic washing machines. They entered the lighting products segment in 2008 with the manufacturing of CFL products and gradually increased their product portfolio to LED products in 2016. They also started providing reverse logistics services in 2008. The most recent segment that they have entered into is the manufacturing of mobile phones through a JV. They believe that they have continuously diversified their product portfolio to keep pace with changing consumer trends and development in technology.

In line with their focus to provide end to end product solutions, they have backward integrated their major manufacturing processes by developing in-house capabilities in plastic moulding products, sheet metal products, wound components and LED panel assembly. They believe that this improves their cost efficiency, reduces dependency on third party suppliers and gives better control on production time and quality of critical components used in the manufacturing of products.

Their in-house R and D center, apart from undertaking electronics hardware designing, system architecture, mechanical design, component engineering and optics design, also assists their customers in cost reduction through product engineering. This enables us to address consumer requirements across geographies, introduce new and unique products in the market and enhance existing products with emerging technologies. As on March 31, 2017, their R and D team consisted of 19 employees, including electrical engineers. They have recently applied to the Department of Scientific and Industrial Research for recognition of their R and D centre and are currently awaiting approval of the same.

They have six state-of-the-art manufacturing facilities which are strategically located in the states of Uttar Pradesh and Uttarakhand meeting the quality requirements of their customers, including global brands. Out of their six manufacturing facilities, three are located in Noida in the state of Uttar Pradesh and manufacture CFL as well as LED lamps and drivers and mobile phones, while the other three are located at Dehradun in the state of Uttarakhand and manufacture CFL as well as LED lamps and drivers, electronic ballasts, LED TVs and washing machines. Their backward integration process like plastic moulding, sheet metal, wound components and LED panel assembly are carried out at the manufacturing facilities in Dehradun. Most of their manufacturing facilities have been accredited with quality management systems and environmental management systems certificates for compliance with ISO 9001-2008, ISO 14001-2004 and 14001:2015 requirements respectively. Their reverse logistics services are carried out from Facility set up at Noida and 17 other service. centres located across India.

STATE OF COMPANY’S AFFAIR

With the expected positive momentum in the Indian economy, The Company is focused on growth and achieving profitability along with a renewed commitment to customer service. Innovations, investment and positive modifications are expected in the near future, boosting the Company's revenue. Together with forward looking strategy, the Company is also focusing extensively on expanding the business and operational improvements through various strategic projects for operational excellence.

The reverse logistics business has also witnessed sharp increase. Further, the Company has also witnessed increase in the business of reverse logistics business and therefore they are an important component of total turnover of the Company. The Company has also created several service centers for reverse logistics services catering to various clients across the country. During the year, The Company has made further investment in its Joint Venture Company i.e. Padget Electronics Private Limited. Also, The Company achieved a major milestone y entering into a joint venture agreement with Aditya Infotech Limited and incorporated a joint venture Company, AIL Dixon Technologies Private Limited (ADTPL) on February 8, 2017 as a private limited company. The registered office of ADTPL is situated at B-14 and 15 Phase-II, Gautam Buddha Nagar, Noida, Uttar Pradesh 201305.

ADTPL is authorized to carry out the business of manufacturing and selling of security systems including digital video recorders, CCTV cameras, alarms etc., electrical appliances, energy devices, gadgets and components for industrial business and household applications. Also, the Company has received certification under ISO 14001:2015 by United Registrar of Systems for compliance with environmental management system in the manufacture and supply of washing machines at the factory located at Plot No- C-3/1, Selaqui Industrial Area, Dehradun, Uttarakhand during the year.

SCHEME OF AMALGAMATION

Pursuant to a scheme of amalgamation (“Scheme”) under sections 391 to 394 and other relevant provisions of the Companies Act, 1956, approved by the Board of Directors on November 25, 2015, the two of wholly owned subsidiaries of the Company – Dixon Bhurji Moulding Private Limited (“DBMPL”) and Dixon Appliances Private Limited (“DAPL”), were proposed to be amalgamated with and into The Company. The Scheme has become operational with effect from the appointed date, i.e., April 1, 2016 (“Appointed Date”) pursuant to approval of the Scheme by the NCLT, Allahabad bench vide its order dated April 13, 2017 and registration of the same with the

ROC on April 20, 2017. The rationale of the Scheme was to provide for integration of capabilities, streamlining of administration, effective management system and operational flexibility as the consolidation has resulted in consolidation of business operation of DBMPL and DAPL with that of the Company. The entire business functions of DBMPL and DAPL, including all their properties, assets, rights, title, interests, liabilities, obligations, licenses, litigations and employees stand transferred to and vested in the Company as on the Appointed Date and DBMPL and DAPL stand dissolved without the process of winding up. Since DBMPL and DAPL were the wholly owned subsidiaries of the Company, no consideration has been paid and the equity shares of DBMPL and DAPL held by The Company stand cancelled. Further, the authorised share capital of DBMPL and DAPL stand transferred to the Company upon the Scheme becoming effective and with effect from the Appointed Date.

MANAGEMENT DISCUSSION AND ANALYSIS

A. INDUSTRY STRUCTURE AND DEVELOPMENT

Indian Consumer Electronics and Appliances (CEA) industry has been witnessing sustained double digit growth rate in the past few years. Increasing product awareness, affordable pricing, innovative products and the high disposable incomes have aided in the strong growth in the CEA market in India. Rapidly shrinking replacement cycle for consumer durables is observed as sustaining demand in urban India. The existing low penetration rates and the increasing usage of consumer durables have catapulted rural India to the high demand (30% annual growth) generating segment. Drivers and Restraints for CEA market

Innovative retail marketing initiatives such as the exchange programs, bundled offers, attractive discounts, freebies and extended warranty services are fuelling consumer spending. Availability of easy financing schemes is also placing more buying power in the hand of consumers. The rapid proliferation of e-commerce/m-commerce and e-tail has contributed to a higher penetration of the CEA market in urban and semi urban centers.

Depreciating Rupee and the increasing raw material costs are observed to be the critical restraints faced by the product manufacturers as it negatively impacts their margins. The high reliance of the manufacturing ecosystem on raw material imports has resulted in surge in product prices owing to the restrictive duty structure. This has resulted in some amount of price fluctuation over the past 2- 3 years. Inadequacy in the ecosystem is seen as a persisting challenge to the local production of certain consumer electronics products, especially the more sophisticated products such as digital cameras, camcorders, high end FPD TVs which are completely imported.

The CEA market has been witnessing robust growth trends in the past 5 years. The CE market revenues is expected to grow at a cumulative average growth rate (CAGR) of 17.2% from FY16 to FY21 while the Appliances segment is expected to grow at a CAGR of 11.6% over the same period, resulting in a CAGR of 16.5% for the overall CEA market. In comparison to global growth averages, this is almost double that of other economies.

OUTLOOK

The management continues to be cautiously optimistic on the Indian economy. They are in the process of setting up a new manufacturing facility in Tirupati, Andhra Pradesh. The Government of Andhra Pradesh is facilitating the Company in setting us the said facility. The Tirupati Facility is being set up pursuant to an order passed by the Government of Andhra Pradesh whereby their Company has been granted certain subsidies in relation to, inter alia, the land rentals, capital subsidies like water and electricity as well as certain tax exemptions for a defined period. They also seek to further enhance their manufacturing capacity across their product verticals as well as set up.

Infrastructure for manufacturing of CCTVs and DVRs, through their joint venture, AIL Dixon Technologies Private Limited, at the Tirupati Facility. This would further help us in strengthening their relationships with their existing customers and gaining new customers as they would be able to penetrate the markets in South India.

PRODUCT WISE PERFORMANCE

PRODUCTS AND SERVICES

Our business can be divided into five verticals: (i) consumer electronics; (ii) home appliances; (iii) lighting; (iv) mobile phones; and (v) reverse logistics.

1) CONSUMER ELECTRONICS

We commenced our operations in 1993 with the assembly and export of colour televisions. With changes in technology over the years and introduction of new products in the industry, we also manufactured video cassette recorders, DVD players, set top boxes, LCD televisions, home theatres and LED televisions for various customers including some leading brands in the consumer electronics industry.

We manufacture LED TVs at Dehradun I Facility which has an installed capacity of 1,200,000 units of LED TVs.

We have recently acquired in-house capabilities for designing LED TVs from 24” to 39” which has led to our emergence as an ODM in this product segment. Our capabilities in LED TV designing include panel designing, main electronic board designing, mechanical and acoustics.

As per the Frost and Sullivan report, the television industry witnessed massive technological changes in the last ten years with the introduction of panel TVs that resulted in the phasing out of CRT TVs. The year 2012 signified the surpassing of FPD TV sales over CRT TV and by 2013, certain players reduced the number of LCD models to increase focus in LED TVs. By 2014, these players exited the production of LCD TVs. The industry witnessed a shift from adoption of LCD TVs to LED TVs which is currently the dominant one. The miniscule market for LCD TVs is largely catered by the older models of the major players and other small players. Although the initial transition from CRT TV to LCD TV was rapid, LED TV adoption overtook LCD TV market owing to narrow price differences, better viewing experience and lower power consumption features.

Our strategy in the consumer electronics vertical is to further strengthen relationships with our existing customers, migrate towards ODM model, focus on enhancement of design capabilities and develop a large range of product portfolio, like smart TVs, ultra-high definition, commercial display and signage display, invest in new tools such as backlight unit, expand our geographical footprint and manufacturing capacity by way of the proposed facility in Tirupati for servicing market in South India.

2) HOME APPLIANCES

We started manufacturing of washing machines in February 2010 through our subsidiary at the time, DAPL. The home appliances currently manufactured by us include semi-automatic washing machine ranging from 6.2 kg to 8.0 kg.

We manufacture washing machines at Dehradun II Facility which has an installed capacity of 550,000 semi-automatic washing machines p.a. Over the years, we have acquired in-house capabilities for designing the complete range of washing machines manufactured by us. Our capabilities in washing machines designing include development of new design concepts with additional features like magic filter, water fall, side scrubber and air dry. We also undertake in-house early life test of parts as well as complete washing machines, water leakage testing and noise testing.

As per the Frost and Sullivan Report, semi-automatic washing machine is the most dominant category in India with a market share of 39% followed by top-load fully automatic washing machines with 34%, in terms of value as of FY 2016. Fully automatic washing machines, especially top-load fully automatic washing machines, are expected to exhibit rapid adoption in the near future due to the increasing affordability of these machines, increasing consumption expenditure, easy financing options, and aspirational buying behavior by families with relatively greater income.

Our strategy in the home appliances vertical is to further expand our product basket in semiautomatic category by introducing models in various capacities and with different features, introduction of top loading fully-automatic models, expansion of customer base by acquiring new customers, deepening of relationships with existing customers, expand our geographical footprint and manufacturing capacity by way of the proposed facility in Tirupati for servicing market in South India and commence export of washing machines.

3) LIGHTING PRODUCTS

Leveraging on our core strength of electronics and with a view to diversify into verticals other than consumer electronics, we started our lighting business in 2008 with manufacturing of CFL-lamps and CFL drivers. We received our first order for CFL lamps from Philips India Limited.

We manufacture CFL lamps, LED bulbs, battens and T-LEDs at the Dehradun I Facility and LED drivers, LED bulbs, PCB assembly of CFL lamps at our Noida I Facility and CFL lamps at our Noida III Facility, which have an aggregate installed capacity of 260,400,000 units p.a.. We have acquired in-house capabilities for designing CFL and LED lighting solutions from 0.5W to 20W which has led to our emergence as an ODM in this product segment. Our capabilities in designing of lighting products include main electronic board designing, mechanical and light source and packaging designing.

As per the Frost and Sullivan Report, the key trends in LED lighting market aiding future penetration and growth include emergence of smart cities, demand for green buildings, growth in professional lighting segment, growing adoption of intelligent or smart lighting and declining imports and increasing exports due to MSIPS and Make in India programs.

Our strategy in the lighting products vertical is to further expand our product basket including higher wattage of the existing products manufactured by us, street lights and industrial lighting, acquisition of new customers, expand our geographical footprint and manufacturing capacity at Tirupati Facility for servicing market in South India and expansion of our existing and new product basket for exports to existing and new geographies. We are currently exporting CFL and LED lamps to Kenya, France, Poland, Netherlands, Dubai, Malaysia, Thailand and Sri Lanka.

4) MOBILE PHONES

We have recently started manufacturing of mobile phones through our joint venture, PEPL, commercial production of which started in January 2016. We manufacture feature phones and smart phones (2G, 3G, 4G/LTE, VoLTE and CDMA). Mobile phone manufacturing requires controlled environment and testing mobile devices requires special equipment and methodology.

As per the Frost and Sullivan Report, demand for smart phones is rising at the rate of 27.1% and 28.2% respectively between FY16 to FY21. Government is taking keen interest to push for increasing domestic value addition by making imports costlier. This has pushed OEMs to make investments in local manufacturing capabilities, thus accelerating domestic production seen in recent years.

Our strategy in the mobile phones vertical is deepening of relationships with existing key customers, migration towards PCB level assembly as a first step and backward integration for mobile phone chargers.

UNSECURED LOANS:

PARTICULARS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Debenture	0.000	374.967
Total	0.000	374.967

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G70741749	100141163	RBL BANK LIMITED	14/12/2017	-	-	300000000.0	SHAHUPURI, KOLHAPUR, KOLHAPUR – 416001, MAHARASHTRA, INDIA
2	G36957579	100079783	YES BANK LIMITED	02/02/2017	-	-	20000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI – 400018, MAHARASHTRA, INDIA
3	G40656688	100063347	YES BANK LIMITED	28/09/2016	20/03/2017	-	240000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI – 400018, MAHARASHTRA, INDIA
4	G38761540	10627791	IDFC BANK LIMITED	24/02/2016	22/02/2017	-	400000000.0	KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI-600031, CHENNAI - 600031, TAMILNADU, INDIA
5	G14736367	10606836	ST HELEN'S NOMINEES INDIA PRIVATE LIMITED	30/11/2015	20/09/2016	-	134000000.0	1ST FLOOR, CRESCENZO BUILDING, C-38/39,"G" BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI – 400051, MAHARASHTRA, INDIA
6	C63444459	10589780	Central Bank of India	07/08/2015	-	-	22500000.0	70, JANPATH, NEW DELHI – 110001, INDIA
7	C44693919	10552499	YES BANK LIMITED	12/02/2015	-	-	90000000.0	YES BANK LIMITED, NEHRU CENTRE, DR. A. B. ROAD, WORLI, MUMBAI – 400018, MAHARASHTRA, INDIA
8	C37390515	10537427	YES BANK LIMITED	24/11/2014	-	-	90000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI – 400018, MAHARASHTRA, INDIA
9	G14740492	10451855	STANDARD CHARTERED BANK	12/09/2013	20/09/2016	-	50000000.0	CREDIT RISK CONTROLNARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI – 110001, INDIA
10	C36079820	10315869	CENTRAL BANK OF INDIA	14/10/2011	26/09/2014	-	30000000.0	70 JANPATH, NEW DELHI – 110001, INDIA

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)
	[Unaudited]	[Unaudited]	[Unaudited]
INCOME FROM OPERATIONS
Net Sales	5412.400	7363.100	16788.700
Other Operating Income	26.500	17.000	49.100
Total Income from Operations	5438.900	7380.100	16837.800
EXPENSES
Cost of materials consumed	4748.500	6267.500	14513.300
Changes in inventories of finished goods and work-in-progress	(162.100)	187.700	(233.900)
Employee benefits expense	186.100	168.000	499.600
Excise Duty	0.000	0.000	56.400
Finance Costs	24.800	34.400	89.600
Depreciation and Amortization expenses	38.100	36.900	101.900
Other Expenditure	392.400	417.000	1188.200
Total Expenses	5227.700	7111.500	16215.200
Profit / (Loss) from ordinary activities before Exceptional items	211.200	268.600	622.600
Exceptional items	--	--	--
Profit / (Loss) before Tax	211.200	268.600	622.600
Tax Expense	60.900	82.500	188.400
Profit / (Loss) after Tax	150.300	186.100	434.200
Paid-up Equity Share Capital (Face value INR 10/- per share)	113.300	113.300	113.300
Earnings per Share (EPS) - INR	--	--	--
Basic
Diluted	13.49	16.87	38.98

NOTE :

1. There were no extraordinary items during the Quarter and Nine months ended December, 2017.

2. The Company adopted Indian Accounting Standards (Ind AS) from 01st April'2017 and the Figures for the quarter and nine months ended 31st December, 2017 are also Ind AS complied.

3. Reconciliation of Net profit on account of transition from the Indian GAAP to Ind-AS for the quarter and Nine Months ended 31st December, 2017

4. Revenue from operations for the current quarter and Nine months are not comparable with previous periods, since sales for the current quarter are net of Goods and Services Tax (GST), whereas excise duty formed part of the other expenses in the previous periods

5. The Company had made an Initial Public Offer (IPO) during the Quarter ended 30th September 2017 for 3393425 equity shares of INR 10 each comprising of 339750 fresh issue of equity shares by the Company and 3053675 equity shares offered for sale by Selling share holders the equity shares were issued at a price of INR 1766 per share (including premium of INR 1756 per share). Out of the total proceeds from the IPO of INR 59928 Lakhs the Company's share was INR 6000 Lakhs from the fresh issue of 339750 equity shares. Fresh equity shares were allotted by the Company on 14th September 2017 and the shares of the Company were listed on the stock exchanges on 18th September 2017

Particulars	Object of the issue as per prospectus	Total Utilization to December 2017	Amount pending for Utilization
Repayment/Pre-payment, in full or in part, of certain borrowing availed by the company	220.000	220.000	--
Setting up a unit for manufacturing of LED TVs at the Tirupati (A. P.)	75.800	--	75.800
Finance the encashment od our backward integration capabilities in the lighting products vertical at Dehradun facility	88.600	--	88.600
Upgradation of the information technology infrastructure of the company	106.300	27.300	79.000
General corporate purpose	75.100	69.800	5.300
	565.800	317.100	248.700
IPO Expense	34.200	--	--
Total	600.000	--	--

6. The above results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on February 7, 2018. The Limited Review for the quarter ended 31st December, 2017, has been carried out by the Statutory Auditors, as required under Regulation 33 of SEBI (LODR) Regulation, 2015.

7. Figure of the previous periods have been regrouped / rearranged, wherever necessary.

STATEMENT OF ASSETS AND LIABILITIES

(INR in Million)

Particulars	31.12.2017 (Quarter Ended)	30.09.2017 (Quarter Ended)	31.12.2017 (Nine Months Ended)
	[Unaudited]	[Unaudited]	[Unaudited]
1. Segment Revenue
a) Washing Machine	903.300	581.400	1878.300
b) Moulding	317.000	308.100	801.000
c) Other Electronics	4438.200	6753.700	14807.700
Total segment revenue	5658.500	7643.200	17487.000
Less: Inter – segment revenue	246.100	280.100	698.200
Total income from operations (net sales)	5412.400	7363.100	16788.700
2. Segment Results
Profit/ (loss) before tax and interest
a) Washing Machine	61.100	48.400	140.900
b) Moulding	19.500	15.100	44.000
c) Other Electronics	215.200	281.700	672.200
Total segment results	295.800	345.200	857.100
(Add)/Less: Finance Costs	24.800	34.400	89.600
Other un-allocable expenditure net off un-allocable other operating income	59.800	42.200	144.800
Total Profit Before Tax	211.200	268.600	622.600
Segment Assets
Washing Machine	808.900	856.700	808.900
Moulding	370.500	413.000	370.500
Other Electronics	5532.800	5968.500	5532.800
Unallocable Assets Less Liabilities	1248.500	1420.100	1248.500
Total	7960.700	8658.300	7960.700
Segment Liabilities
Washing Machine	251.600	199.500	251.600
Moulding	101.700	162.700	101.700
Other Electronics	3589.800	4294.400	3589.800
Unallocable Assets Less Liabilities	1120.800	1254.900	1120.800
Total	5063.900	5911.500	5063.900

FIXED ASSETS:

Tangible Assets

• Land - Free Hold
• Land - Lease Hold
• Office Buildings
• Factory Buildings
• Electric Installations
• Plant & Machinery
• Plant & Machinery
• Tools & Dies
• Fan , Coolers, & Ac's
• Furniture & Fixtures’
• Vehicles
• Office Equipments
• Computers

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	INR
US Dollar	1	INR
UK Pound	1	INR
Euro	1	INR

INFORMATION DETAILS

Information Gathered by :
Analysis Done by :
Report Prepared by :	KJL

SCORE FACTORS

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

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.