MIRA INFORM REPORT

Report No. :	491340
Report Date :	08.02.2018

IDENTIFICATION DETAILS

Name :	TTP TECHNOLOGIES PRIVATE LIMITED
Registered Office :	#486 'D', 4^th Phase 13^th Cross Peenya Industrial Area, Bangalore – 560058, Karnataka
Mobile No.:	91-80-22995700
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	21.09.1982
Com. Reg. No.:	08-004963
Capital Investment / Paid-up Capital :	INR 24.880 Million
CIN No.: [Company Identification No.]	U31909KA1982PTC004963
IEC No.:	0794004385
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACT7188B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of transformer radiators for both generation and distribution of transformers. [Registered Activity]
No. of Employees :	Information declined by the management

ECGC Country Risk Classification List

Country Name	Previous Rating (31.03.2016)	Current Rating (30.06.2016)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (Tel. No. 91-80-28361488/43527000)

LOCATIONS

Registered Office :	No.486 D, 4^th Phase, 13th Cross, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28394918
Fax No.:	91-80-28194304
E-Mail :	info@ttpradiators.com
Factory :	36 KIADB Industrial Area, Hirehalli, Tumkur – 572168, Karnataka, India

DIRECTORS

AS ON 31.03.2016

Name :

Mr. Mohandas Dejoo Shetty

Designation :

Managing Director

Address :

No. 41, Kuteera 80 Feet Road, New Thippasandra Post, Bangalore - 560075, Karnataka, India

Date of Birth/Age :

24.11.1943

Date of Appointment :

01.04.2014

DIN No.:

00924611

PAN No.:

AEFPS3613C

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U31909KA1997PTC022626	MPP Technologies Private Limited	08/08/1997	-

Name :

Mr. Hannah Mohandas Shetty

Designation :

Director

Address :

No.41, Kuteera 80 Feet Road, New Thippasandra Post, Bangalore, Banglaore - 560075, Karnataka, India

Date of Birth/Age :

12.04.1948

Date of Appointment :

22.09.1982

DIN No.:

00628512

PAN No.:

AGHPS4410R

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24222KA1996PTC020822	Protective Coatings Private Limited	16/07/1996	-

Name :

Mr. Malleshaiah Devarajaiah

Designation :

Director

Address :

No. 228, 15th C Cross, 2nd Stage, 2nd Phase, Mahalakshmi Layout, Bangalore - 560086, Karnataka, India

Date of Birth/Age :

24.05.1954

Date of Appointment :

31.03.1998

DIN No.:

00628413

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U31909KA1986PTC007664	Paragon Metalex Private Limited	31/03/1998	-
U31909KA1997PTC022626	MPP Technologies Private Limited	31/03/1998	-

Name :

Mr. Renee Mohandas Shetty

Designation :

Director

Address :

No.41, Kuteera 80 Feet Road, New Thippasandra Post, Hal 3rd Stage, Bangalore - 560075, Karnataka, India

Date of Birth/Age :

17.02.1976

Date of Appointment :

22.09.1982

DIN No.:

00628472

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U31909KA1986PTC007664	Paragon Metalex Private Limited	20/06/1986	-
U24222KA1996PTC020822	Protective Coatings Private Limited	16/07/1996	-
U31909KA1997PTC022626	MPP Technologies Private Limited	08/08/1997	-

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2016

Names of Shareholders	No. of Shares	% of Holding
M.D. Shetty	227654	91.50
Hannah M Shetty	13646	5.49
Renee M Shetty	7500	3.01
Total	248800	100.00

AS ON 30.09.2016

Equity Share Break up	Percentage
Category
Promoters [Individual/Hindu Undivided Family – Indian]	96.99
Public/Other than promoters [Other Director]	3.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of transformer radiators for both generation and distribution of transformers. [Registered Activity]

Products :

Item Code No.	Product Description
73221900	Other Radiators and Part

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
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 :

Information declined by the management

Bankers :

Bank Name	Axis Bank Limited
Branch	"Trishul', 3^rd Floor, Opposite to Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad – 380006, Gujarat, 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)	--

Facilities :

Secured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
LONG-TERM BORROWINGS
Term loans from banks	0.000	22.348
Other loans and advances	2.394	6.219
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	70.648	244.704
Total	73.042	273.271

Auditors :
Name :	B K Ramadhyani and Company LLP Chartered Accountant
Address :	4B, Chitrapur Bhavan, No. 68, 8th Main, 15th Cross, Malleshwaram, Bangalore – 560055, Karnataka, India
PAN No.:	AABFB1153G
Memberships :	Not Available
Collaborators :	Not Available
Other Related Party :	MPP Technologies Private Limited, India, (CIN No. U31909KA1997PTC022626)

CAPITAL STRUCTURE

As on: 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	INR 100/- each	INR 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
248800	Equity Shares	INR 100/- each	INR 24.880 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	24.880	24.880	24.880
(b) Reserves & Surplus	1316.364	986.911	797.144
(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)	1341.244	1011.791	822.024
(3) Non-Current Liabilities
(a) long-term borrowings	7.467	44.896	55.039
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.580	0.580	0.580
(d) long-term provisions	15.884	11.736	7.874
Total Non-current Liabilities (3)	23.931	57.212	63.493
(4) Current Liabilities
(a) Short term borrowings	70.648	244.704	223.753
(b) Trade payables	156.031	163.904	265.303
(c) Other current liabilities	63.292	103.460	97.158
(d) Short-term provisions	77.494	49.994	7.493
Total Current Liabilities (4)	367.465	562.062	593.707
TOTAL	1732.640	1631.065	1479.224
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	260.756	255.678	290.947
(ii) Intangible Assets	0.795	1.198	4.231
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	153.896	0.000	0.615
(c) Deferred tax assets (net)	9.479	12.161	3.728
(d) Long-term Loan and Advances	2.209	4.843	3.235
(e) Other Non-current assets	32.667	33.567	30.696
Total Non-Current Assets	459.802	307.447	333.452
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	263.568	298.788	183.561
(c) Trade receivables	603.365	573.501	696.525
(d) Cash and cash equivalents	111.574	159.317	23.467
(e) Short-term loans and advances	262.660	267.874	209.002
(f) Other current assets	31.671	24.138	33.217
Total Current Assets	1272.838	1323.618	1145.772
TOTAL	1732.640	1631.065	1479.224

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	2874.728	2824.515	2944.619
	Other Income	81.086	117.726	130.568
	TOTAL	2955.814	2942.241	3075.187
Less	EXPENSES
	Cost of Materials Consumed	1558.972	1601.280	1848.483
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(25.429)	(9.758)	(1.817)
	Employees benefits expense	269.258	244.777	114.405
	Other expenses	628.857	708.613	788.481
	TOTAL	2431.658	2544.912	2749.552
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	524.156	397.329	325.635
Less	FINANCIAL EXPENSES	22.270	43.496	54.996
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	501.886	353.833	270.639
Less/ Add	DEPRECIATION/ AMORTISATION	54.751	62.499	51.122
	PROFIT/ (LOSS) BEFORE TAX	447.135	291.334	219.517
Less	TAX	117.682	101.567	82.655
	PROFIT/ (LOSS) AFTER TAX	329.453	189.767	136.862
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2307.925	2153.395	2270.902
	TOTAL EARNINGS	2307.925	2153.395	2270.902
	Earnings / (Loss) Per Share (INR)	1324.17	762.73	550.09

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	3.861	23.259	20.870
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	526.490	233.205	260.613
Net Cash flows from operating activities	414.767	183.049	260.754

KEY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	11.46	6.72	4.65
Operating Profit Margin (PBIDT/Sales)	(%)	18.23	14.07	11.06
Return on Total Assets (PBT/Total Assets}	(%)	28.49	18.00	14.88
Return on Investment (ROI) (PBT/Networth)		0.33	0.29	0.27
Debt Equity Ratio (Total Debt /Networth)		0.06	0.31	0.36
Current Ratio (Current Asset/Current Liability)		3.46	2.35	1.93

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	24.880	24.880	24.880
Reserves & Surplus	797.144	986.911	1316.364
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	822.024	1011.791	1341.244
Long-term borrowings	55.039	44.896	7.466
Short term borrowings	223.753	244.704	70.648
Current Maturities of Long term debt	20.870	23.259	3.861
Total borrowings	299.662	312.859	81.975
Debt/Equity ratio	0.365	0.309	0.061

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	2944.619	2824.515	2874.728
		(4.079)	1.778

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	2944.619	2824.515	2874.728
Profit/ (Loss)	136.862	189.767	329.453
	4.65%	6.72%	11.46%

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

OPERATIONS

SALES TURNOVER

After having consolidated its position in the global and domestic markets the focus of the Company during the year was on higher margins and profitability. The Company could increase the gross margin and the net margin significantly though there was a marginal increase in the turnover as compared to the preceding year. The favorable international market conditions added to the higher profitability. The net turnover during the year under report was INR 2874.700 million compared to 2824.500 million in the preceding year.

UNSECURED LOAN

PARTICULARS	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
LONG-TERM BORROWINGS
Loans and advances from related parties	5.073	16.329
Total	5.073	16.329

INDEX OF CAHREGS:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G10921856	100048272	Axis Bank Limited	30/08/2016	-	-	972000.0	"Trishul', 3rd Floor, Opposite to Samartheshwar Temple Law Garden, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
2	G09104282	100043563	Axis Bank Limited	17/06/2016	-	-	2350000.0	"Trishul', 3rd Floor, Opposite to Samartheshwar Temple Law Garden, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
3	C43922335	10549802	Citi Bank N.A.	10/12/2014	-	-	200000000.0	2^nd Floor, No. 5,M. G. Road, Bangalore – 560001, Karnataka, India
4	C36748507	10508507	The Hongkong and Shanghai Banking Corporation Limited	26/06/2014	05/12/2014	-	115000000.0	No. 7, M. G. RoadBangaloreKA560001IN
5	C17103847	80017903	State Bank of India	26/05/1995	02/07/2014	-	390900000.0	Specialised Mid-Corporate Branch, No. 136Railway Parallel Road, Kumara Park west), Bangalore – 560020, Karnataka, India
6	C42055384	80017801	State Bank of India	24/10/2001	-	16/01/2015	34698000.0	Peenya Industrial Estate Branch, Bangalore -560058, Karnataka, India
7	C39682968	80017860	State Bank of India	26/05/1995	15/10/2004	07/01/2015	191400000.0	Peenya Industrial Estate Branch, Bangalore -560058, Karnataka, India
8	B98719438	10476476	Bajaj Finance Limited	24/04/2013	-	15/02/2014	6700000.0	Akurdi Pune-Pune – 411035, Maharashtra, India

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Factory equipment’s
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipment’s

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.16
UK Pound	1	INR 89.19
Euro	1	INR 78.74

INFORMATION DETAILS

Information Gathered by :	KAM
Report Prepared by :	SUD

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.