MIRA INFORM REPORT

Report No. :	496687
Report Date :	09.03.2018

IDENTIFICATION DETAILS

Name :	RTS POWER CORPORATION LIMITED RAJASTHAN TRANSFORMERS AND SWITCHGEARS (A DIVISION OF RTS POWER CORPORATION LIMITED)
Registered Office :	56, Netaji Subhas Road, Kolkata – 700001, West Bengal
Tel. No.:	91-33-22426025/6054
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	12.12.1947
Com. Reg. No.:	21-016105
Capital Investment / Paid-up Capital :	INR 156.685 Million
CIN No.: [Company Identification No.]	L17232WB1947PLC016105
IEC No.: [Import-Export Code No.]	0288003179
GSTN : [Goods & Service Tax Registration No.]	08AABCR2618B1ZT
TIN No.:	08921651617
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCR2618B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	The Company is manufacturing Power and Distribution Transformers, Cables and Conductors of various capacities which are major and indispensable equipment for generation, transmission and distribution of electricity. [Registered activity and also confirmed by management]
No. of Employees :	70 (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	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	RTS Power Corporation Limited was set up by the Bhutoria family in 1947. It manufactures transformers, cables and conductors and also produces wind energy. It is an established company having satisfactory track records. For the financial year ended 2017, the company has achieved healthy operational revenue and reported profit margin at 1.72% (approximately) The company possesses sound financial profile marked by healthy net worth base along with low level and favourable gap between trade payables to its trade receivables. The company also derives strength from its long established track record of business operations. Trade relations are reported as fair. Business is active. Payments terms are seems be usually correct and as per commitments. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions

NOTES :

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

ECGC Country Risk Classification List

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	CRISIL
Rating	Long Term Rating – BB-
Rating Explanation	Moderate risk of default.
Date	15.12.2016

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 09.03.2018.

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 PARTED BY

Name :	Mr. V K. Bafna
Designation :	General Manager [Marketing]
Contact No.:	91-9414072842
Date :	07.03.2018

LOCATIONS

Registered Office / Head Office:	56, Netaji Subhas Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22426025/6054
Fax No.:	91-33-22426732
E-Mail :	headoffice@rtspower.com kolkata@rtspower.com bafnarts@yahoo.com
Website :	http://www.rtspower.com
Location :	Owned
Locality :	Commercial
Power and Distribution Transformers Unit 1 :	Rajasthan Transformers and Switchgears C-174, Road No. 9J, Vishwakarma Industrial Area, Chomu Road, Jaipur – 302013, Rajasthan, India
Tel. No.:	91-141-2330405 / 2330269
Fax No.:	91-141-2330315
Power and Distribution Transformers Unit 2 :	Rajasthan Transformers and Switchgears Near 14 KM Mile Stone, Mathura Road, P.O. Artoni, Agra –282007, Uttar Pradesh, India
Power and Distribution Transformers Unit 3 :	Jala Dhulagori, Sankrail, Dhulagori, Howrah-711302, West Bengal, India
Power and EHV Division Unit :	Rajasthan Transformers and Switchgears 132 KV Class Transformers , E-346, Road No. 16, Vishwakarma Industrial Area, Jaipur – 302013, Rajasthan, India
Distribution Transformers Division :	Rajasthan Transformers and Switchgears F 139 to 142 Udyog Vihar, Jetpura, Jaipur, Rajasthan, India
Transformer and Specialty Oil Unit :	A-25, 26 RIICO Industrial Area, Kaladera, Chomu, Jaipur, Rajasthan, India
Rajasthan Transformers and Switchgears (A Unit of RTS Power Corporation Limited) Power and Distribution Transformers Unit	Near 14 KM Mile Stone, Mathura Road, P.O. Artoni, Agra – 282007, Uttar Pradesh, India
Tel. No:	91-562-2641413
RTS Power Corporation Limited Power and Distribution Transformers Unit	Jala Dhulagori, Sankrail, Dhulagori, Howrah – 711302, West Bengal, India
Wind Energy Division 1 :	Dhule, Maharashtra, India
Wind Energy Division 2 :	Barmer, Rajasthan, India
Factory :	E-345-346, Road No. 16, V K I Area, Jaipur – 302013, Rajasthan, India
Tel. No.:	91-141-2262175
E-mail :	dhulagori@rtspower.com jaipur@rtspower.com

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Abhay Bhutoria
Designation :	Managing Director
Address :	D-253, Devi Marg, Bani Park, Jaipur - 302016, Rajasthan, India
Date of Appointment :	17.10.1995
DIN No.:	00013712
Name :	Mr. Rajendra Bhutoria
Designation :	Whole-Time Director
Address :	"River Site", 9, Chapel Road, Hastings, Kolkata - 700022, West Bengal, India
Age :	60 Years
Qualification :	B Com (Hons)
Experience :	10 Years
Date of Appointment :	23.12.1975
DIN No.:	00013637
Name :	Mr. Sardul Singh Jain
Designation :	Director
Address :	3,Middleton Row, 8th Floor, Kolkata - 700016, West Bengal, India
Date of Appointment :	20.02.1985
DIN No.:	00013732
Name :	Mr. Alok Kumar Banthia
Designation :	Director
Address :	132, Jamunalal Bajaj Street, Kolkata - 700007, West Bengal, India
Date of Appointment :	14.08.2014
DIN No.:	00528159
Name :	Mrs. Rachna Bhutoria
Designation :	Director
Address :	D 253.1 Bani Park, Devi Marg Jaipur - 302016, Rajasthan, India
Age :	51 years
Qualification :	B. Com. (Hons)
Experience :	3 Years
Date of Appointment :	29.09.2014
DIN No.:	00977628
Name :	Mr. Ram Lal Saini
Designation :	Director
Address :	3 Milap Nagar, Tonk Road, Jaipur - 302018, Rajasthan, India
Date of Appointment :	14.05.2011
DIN No.:	03534117

KEY EXECUTIVES

Name :	Mr. Sandip Gupta
Designation :	Company Secretary
Address :	Westwind, BL-7, Flat 9B 78, Raja S C Mullick Road, Kolkata - 700084 , West Bengal, India
Date of Appointment :	20.11.2017
PAN No.:	ADRPG8618A
Name :	Mr. Mukesh Jain
Designation :	Chief Financial Officer
Address :	G 66 Harsh Path, Shyam Nagar, Jaipur - 302019, Rajasthan, India
Date of Appointment :	22.01.2015
PAN No.:	ABMPJ4447M

SHAREHOLDING PATTERN

AS ON DECEMBER 2017

Category of shareholder	Total Nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957) As a %
Promoter & Promoter Group	5493256	67.25
Public	2675244	32.75
Grand Total	8168500	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	Total Nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR 1957) As a %
A1) Indian
Individuals/Hindu undivided Family	409711	5.02
ABHAY BHUTORIA HUF	100695	1.23
ABHAY BHUTORIA	53800	0.66
HEMLATA BHUTORIA	35800	0.44
RACHNA BHUTORIA	38800	0.47
RAJENDRA BHUTORIA	39700	0.49
RAJENDRA BHUTORIA HUF	45200	0.55
SADHNA BHUTORIA	35558	0.44
SHARAD BHUTORIA	60158	0.74
Any Other (specify)	5083545	62.23
ABHAY TRANSFORMERS PRIVATE LIMITED	89800	1.10
BHUTORIA BROTHERS PRIVATE LIMITED	1345461	16.47
BHUTORIA INVESTEMNTS PRIVATE LIMITED	2298648	28.14
BHUTORIA TRANSFORMERS & RECTIFIERS PRIVATE LIMITED	676336	8.28
LADNUN AGRICULTURAL FARMS PRIVATE LIMITED	204800	2.51
RAJASTHAN TRANSFORMERS & SWITCHGEARS PRIVATE LIMITED	468500	5.74
Sub Total A1	5493256	67.25
A=A1+A2	5493256	67.25

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total No. shares held	Shareholding % calculated as per SCRR 1957 As a %
B1) Institutions
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	854950	10.47
Individual share capital in excess of INR 0.200 Million	214744	2.63
Any Other (specify)	1605550	19.66
Bodies Corporate	1226613	15.02
CASTLE COMMODITIES PRIVATE LIMITED	1140000	13.96
NRI – Repat	2094	0.03
NRI – Non- Repat	3334	0.04
Clearing Members	370303	4.53
GEOJIT BNP PARIBAS FINANCIAL SERVICES LIMITED	169000	2.07
MONARCH NETWORTH CAPITAL LIMITED	89219	1.09
IEPF Authority	3206	0.04
Sub Total B3	2675244	32.75
B=B1+B2+B3	2675244	32.75

BUSINESS DETAILS

Line of Business :

The Company is manufacturing Power and Distribution Transformers, Cables and Conductors of various capacities which are major and indispensable equipment for generation, transmission and distribution of electricity. [Registered activity and also confirmed by management]

Products / Services :

NIC Code	Product Description
271	Transformers
273	Cables and Conductors

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

• Cables
• Conductors
• Transformers etc.

Countries :

China

Terms :

Selling :

L/C

Purchasing :

L/C

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 :

Wholesalers

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

No. of Employees :

70 (Approximately)

Bankers :

• State Bank of Bikaner and Jaipur (Merged with State Bank of India w.e.f. 01.04.2017)

• ICICI Bank Limited, Shreeji Tower C-99C-Scheme, Ahinsa Circle, Jaipur – 302001, Rajasthan, India

• Bank of Baroda, 218, Johari Bazar, Jaipur – 302001, Rajasthan, India

• Canara Bank, Cantonment, Agra – 282001, Uttar Pradesh, India

• Oriental Bank of Commerce, Umrao Complex, M.I.Road, Jaipur – 302001, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term Loan
State Bank of Bikaner and Jaipur, Kolkata (Security margin has been estimated considering the all existing as well as proposed fixed assets of the company and personal guarantee by two Directors. - rate of interest @ 12.55% p.a.)	0.846	2.850
Bank of Baroda, Johari Bazar Jaipur (Wind Energy Division) (Secured against equitable mortgage of Wind Mill Project and Hypothecation of Plant and Machinery situated at Rawatka Gaon, District - Barmer and personal guarantee of two Directors.)	0.000	2.772
Bank of Baroda, Johari Bazar Jaipur (Car Loan) (Loan is secured against hypothecation of vehicle acquired under hire purchase agreement and personal gurantee by two directors)	0.316	0.526
SHORT TERM BORROWINGS
Loans Repayable on Demand
From Banks
Cash Credit with State Bank of Bikaner and Jaipur, Kolkata (Rate of Interest @ 13.10% p.a.) (The above loan is secured against hypothecation of Raw Material, Finished Goods, Stores & Spares, Book Debts, Other Current Assets and personal guarantee of two Directors.)	42.469	32.544
Cash Credit with ICICI Bank Ltd. Jaipur (Rate of Interest @ 13% p.a.) (The above loan is secured against hypothecation of Raw Material, Finished Goods, Stock-in-process, Stores and Spares, Book Debts and is further Secured by Equitable mortgage / hypothecation of all Fixed Assets and personal guarantee of two Directors.)	16.429	28.233
Cash Credit with Bank Of Baroda, Jaipur (Rate of Interest @ 11.25% p.a.) (The above loan is secured against hypothecation of Raw Material, Finished Goods, Stock-in-process, Stores and Spares, Book Debts. The above Loan is further Secured by Equitable mortgage / hypothecation of all Fixed Assets and personal guarantee of three Directors.)	98.382	81.065
- Cash Credit with Oriental Bank of Commerce, Jaipur (Rate of Interest @ 12.70% p.a.) (The above loan is secured against hypothecation of Raw Material, Finished Goods, Stock-in-process, Stores and Spares, Book Debts. The above Loan is further Secured by Equitable mortgage / hypothecation of all Fixed Assets and personal guarantee of three Directors.)	31.495	20.832
Bill Discounting Facility With Bank Of Baroda Johari Bazar Jaipur (The above loan is secured against hypothecation of Raw Materials, Finished Goods Stores and Spares, Book Debts and Other Current Assets) (Rate of Interest @ 9.65% p.a.)	17.042	62.892
Bill Discounting Facility With ICICI VKI, Jaipur (The above loan is secured against hypothecation of Raw Materials, Finished Goods Stores & Spares, Book Debts and Other Current Assets) (Rate of Interest @ 8.10% p.a.)	40.972	0.000
Total	248.951	231.714

Auditors :
Name :	A. C. Bhuteria and Company Chartered Accountants
Address :	2, India Exchange Place, 2nd Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22306990/22317128
E-mail :	m_bhuteria@yahoo.co.in
Website.	www.acbhuteria.com
Memberships :	Not Available
Collaborators :	Not Available
Wholly Owned Subsidiary :	Blue Nile Projects Limited (upto 27.07.2015)
Subsidiaries :	ABAY Energy Private Limited (upto 27.07.2015)
Enterprises where Key Management Personnel have significant influence :	Abhay Transformers (Private) Limited Bhutoria Agrotech (Private) Limited Bhutoria Brothers Private Limited Bhutoria Investments Private Limited Bhutoria Properties Bhutoria Transformers and Rectifiers Private Limited BLB Cables and Conductors Private Limited Howrah Warehouse Private Limited (upto 14-03-2016) Kalinga Petrochemicals Private Limited ( Upto 03.03.2015 ) Kalinga Petrochemicals LLP (w.e.f. 04.03.2015) Ladnun Agricultural Farms Private Limited Rajasthan Transformers and Switchgears Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	INR 10/- each	INR 120.000 Million
10000000	Preference Shares	INR 10/- each	INR 100.000 Million
	Total		INR 220.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8168500	Equity Shares	INR 10/- each	INR 81.685 Million
7500000	Preference Shares	INR 10/- each	INR 75.000 Million
	Total		INR 156.685 Million

Reconciliation of Equity Shares of INR 10/- each outstanding at the beginning and at the end of the financial year.

Equity Shares	Number of Shares	INR in Million
Balance as at the beginning of the financial year	8168500	81.685
Balance as at the end of the financial year	8168500	81.685

Reconciliation of Preference Shares of INR 10/- each outstanding at the beginning and at the end of the financial year.

Name of Shareholder	Number of Shares	% holding
Balance as at the beginning of the financial year	--	--
Add: Preferential Allotment made during the year	7500000	75.000
Balance as at the end of the financial year	7500000	75.000

Rights, Preference and restriction attached to each class of shares: Equity Shares

The Company has only one class of shares referred to as Equity Shares having a par value of INR 10/- each. Each holder of Equity Shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of Equity Shares held by the shareholders. Dividend recommended by the Board of Directors (other than interim dividend) is subject to approval of the shareholders ensuring Annual General Meeting.

Preference Shares

The Company has only one class of preference share which is 9% non-cumulative, non-participating and redeemable at a par value of INR 10/- each, within a period not exceeding 20 years from the date of issue i.e. 30th June, 2015. The preference shareholders have preferential rights vis-a-vis Equity Shareholders of the Company in respect of dividend, repayment in case of winding up or repayment of capital and shall carry voting rights as per the provisions of Section 47(2) of the Companies Act, 2013.

Shareholders holding more than 5% of Equity Share Capital

Particulars	No. of Shares held	% of holdings
Bhutoria Investments Private Limited	2298648	28.14
Mani Marketing and Holdings Private Limited	--	--
Castle Commodities Private Limited	1140000	13.96
Rajasthan Transformers and Switchgears Private Limited	468500	5.74
Bhutoria Brothers Private Limited	1345461	16.47
Bhutoria Transformers and Rectifiers Private Limited	676336	8.28

Shareholders holding more than 5% of Preference Share Capital

Particulars	No. of Shares held	% of holdings
Bhutoria Brothers Private Limited	4000000	53.33
Abhay Transformers Private Limited	2000000	26.67
Rajasthan Transformers and Switchgears Private Limited	1000000	13.33
Bhutoria Investments Private Limited	500000	6.67

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	156.685	156.685	81.685
(b) Reserves & Surplus	404.145	385.530	364.392
(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)	560.830	542.215	446.077
(3) Non-Current Liabilities
(a) long-term borrowings	1.162	6.148	12.418
(b) Deferred tax liabilities (Net)	8.112	9.594	10.629
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.142	4.412	3.085
Total Non-current Liabilities (3)	13.416	20.154	26.132
(4) Current Liabilities
(a) Short term borrowings	293.903	290.323	438.162
(b) Trade payables	435.491	299.893	780.070
(c) Other current liabilities	28.663	21.606	42.476
(d) Short-term provisions	1.961	3.128	3.337
Total Current Liabilities (4)	760.018	614.950	1264.045
TOTAL	1334.264	1177.319	1736.254
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	120.900	130.481	142.809
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.687	0.022	17.687
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.480	5.682	5.892
(e) Other Non-current assets	14.540	19.094	9.443
Total Non-Current Assets	142.607	155.279	175.831
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	420.185	294.573	371.987
(c) Trade receivables	596.383	567.898	929.628
(d) Cash and cash equivalents	99.909	74.076	158.561
(e) Short-term loans and advances	71.223	81.630	97.611
(f) Other current assets	3.957	3.863	2.636
Total Current Assets	1191.657	1022.040	1560.423
TOTAL	1334.264	1177.319	1736.254

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	1079.428	1424.053	1708.472
	Other Income	18.016	29.210	13.236
	TOTAL	1097.444	1453.263	1721.708
Less	EXPENSES
	Cost of Materials Consumed	948.922	1041.346	1202.448
	Purchases of Stock-in-Trade	5.669	1.752	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(145.828)	49.612	103.351
	Employees benefits expense	25.636	25.480	19.440
	Other expenses	162.618	242.456	256.616
	Exceptional Item	0.000	(23.684)	0.000
	Non-Recurring Items-adjustment under transitional provision for depreciation	0.000	0.000	1.882
	TOTAL	997.017	1336.962	1583.737
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	100.427	116.301	137.971
Less	FINANCIAL EXPENSES	63.174	73.654	110.223
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	37.253	42.647	27.748
Less	DEPRECIATION/ AMORTISATION	13.904	15.675	15.265
	PROFIT/ (LOSS) BEFORE TAX	23.349	26.972	12.483
Less	TAX	4.734	5.835	6.212
	PROFIT/ (LOSS) AFTER TAX	18.615	21.137	6.271
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	121.057	99.920	93.649
	Balance Carried to the B/S	139.672	121.057	99.920
	Earnings / (Loss) Per Share (INR)	2.28	2.59	0.77

Expected Sales (2017-2018): INR 1800.000 Million

The above information has been parted by Mr. V K. Bafna [General Manager (Marketing)]

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	2.067	5.560	5.576
Cash generated from operations	88.698	28.583	152.779
Net cash flow from (used in) operations	82.441	23.330	151.673

QUARTERLY RESULTS

PARTICULARS	30.06.2017 1^st Quarter	30.09.2017 2^nd Quarter	31.12.2017 3^rd Quarter
Unaudited
Net Sales	428.320	279.290	450.370
Total Expenditure	399.800	253.170	409.820
PBIDT (Excl OI)	28.520	26.120	40.550
Other Income	4.450	5.660	3.080
Operating Profit	32.970	31.780	43.630
Interest	15.530	19.400	26.500
Exceptional Items	NA	NA	NA
PBDT	17.440	12.380	17.130
Depreciation	3.620	3.510	4.090
Profit Before Tax	13.820	8.870	13.040
Tax	2.850	3.890	2.810
Provisions and contingencies	NA	NA	NA
Profit After Tax	10.960	4.980	10.220
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	10.960	4.980	10.220

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	201.66	145.56	198.61
Account Receivables Turnover (Income / Sundry Debtors)	1.81	2.51	1.84
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	166.52	104.94	236.79
Inventory Turnover (Operating Income / Inventories)	0.24	0.39	0.37
Asset Turnover (Operating Income / Net Fixed Assets)	0.83	0.89	0.97

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.57	0.53	0.74
Debt Equity Ratio (Total Liability / Networth)	0.53	0.56	1.02
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.36	1.13	2.83
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.22	0.24	0.32
Interest Coverage Ratio (PBIT / Financial Charges)	1.59	1.58	1.25

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales [(PAT/Sales) * 100)	%	1.72	1.48	0.37
Return on Total Assets [(PAT / Total Assets) * 100]	%	1.40	1.80	0.36
Return on Investment (ROI) [(PAT / NetWorth) * 100]	%	3.32	3.90	1.41

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.57	1.66	1.23
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.02	1.18	0.94
G-Score Ratio Financial (Networth / Total Assets)	0.42	0.46	0.26
G-Score Ratio Debt (Debts / Equity Capital)	1.90	1.93	5.58
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.57	1.66	1.23

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

STOCK PRICES

Face Value	INR 10/-
Market Value	INR 52/-

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	81.685	156.685	156.685
Reserves & Surplus	364.392	385.530	404.145
Share Application money pending allotment	0.000	0.000	0.000
Net worth	446.077	542.215	560.830
Long Term borrowings	12.418	6.148	1.162
Short Term borrowings	438.162	290.323	293.903
Current Maturities of Long term debt	5.576	5.560	2.067
Total borrowings	456.156	302.031	297.132
Debt/Equity ratio	1.023	0.557	0.530

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	1708.472	1424.053	1079.428
		(16.648)	(24.200)

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	1708.472	1424.053	1079.428
Profit	6.271	21.137	18.615
	0.37%	1.48%	1.72%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	156.685
(b) Reserves & Surplus	385.530
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Minority Interest	0.000
Total Shareholders’ Funds (1) + (2)	542.215
(3) Non-Current Liabilities
(a) long-term borrowings	6.148
(b) Deferred tax liabilities (Net)	9.594
(c) Other long term liabilities	0.000
(d) long-term provisions	4.412
Total Non-current Liabilities (3)	20.154
(4) Current Liabilities
(a) Short term borrowings	290.323
(b) Trade payables	299.893
(c) Other current liabilities	21.606
(d) Short-term provisions	3.128
Total Current Liabilities (4)	614.950
TOTAL	1177.319
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.481
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.022
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	5.683
(e) Other Non-current assets	19.094
Total Non-Current Assets	155.280
(2) Current assets
(a) Current investments	0.000
(b) Inventories	294.573
(c) Trade receivables	567.897
(d) Cash and cash equivalents	74.075
(e) Short-term loans and advances	81.630
(f) Other current assets	3.864
Total Current Assets	1022.039
TOTAL	1177.319

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2016
	SALES
	Income	1433.689
	Other Income	29.435
	TOTAL	1463.124
Less	EXPENSES
	Cost of Materials Consumed	973.210
	Purchases of Stock-in-Trade	1.752
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	49.612
	Employees benefits expense	25.820
	Other expenses	316.740
	Exceptional Item	(14.777)
	TOTAL	1352.357
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	110.767
Less	FINANCIAL EXPENSES	73.654
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	37.113
Less	DEPRECIATION/ AMORTISATION	15.674
	PROFIT/ (LOSS) BEFORE TAX	21.439
Less	TAX	5.835
	PROFIT/ (LOSS) AFTER TAX	15.604
Add	SHARE OF MINORITY INTEREST	0.000
	PROFIT/ (LOSS) FOR THE YEAR (AFTER ADJUSTMENT FOR MINORITY INTEREST	15.604
	Earnings / (Loss) Per Share (INR)	1.91

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)	Yes
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%	Yes
28	Estimation for coming financial year	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

STATE OF THE COMPANY’S AFFAIRS

OPERATIONAL REVIEW

During the year, the Company’s Net operating Revenue (excluding Excise Duty and VAT) has fallen down to INR 1079.400 Million from INR 1424.100 million over last year a reduction of approximately 24%. Including other income, total Revenue has fallen down by 24 % approximately. from INR 1453.300 million in 2015- 2016 to INR 1097.400 Million in 2016-2017. Such shortfall has arisen due to a variety of reasons. Prime amongst them has been the non-lifting of finished products by various Private Customers, due to their poor financial health and delay in executing rural electrification projects. Coupled with the above has been the upheavals and structural changes in the transformer industry.

FUTURE OUTLOOK

The Company continues to focus on Exports as a new growth engine for its operations. Although this year the Company’s Export Sales has registered a nominal growth of about INR 4.547 Million over last year with its increase from INR 112.100 Million in 2015-2016 to INR 116.700 Million in 2016-2017. The Company is putting much thrust on Export Sales and expects further increase in Export Sales in coming years. Along with this thrust on Exports, the Company has also made great efforts to change its customer profile in the last couple of years. From deriving more than 90% of its Sale from State owned Utilities the Company with great effort has changed its customer profile to a larger extent. Today the Company derives only 30% of its Sales from Electricity Boards. EPC Contractors / Private Company Sales contributed more than 70 % of the total Sales of the Company in the current year. However, as in the past, mushroom growth and unhealthy competition from various Transformer manufacturing Units in unorganized sector is posing problems to organized sector, like the Company, resulting in underutilization of production capacities, and therefore, the selling prices are under pressure, so are the lower margins.

MANAGEMENT DISCUSSION AND ANALYSIS

Industry Structure and Developments

Power plays a very important role in the country’s economy for a sustained economic growth. The Company is manufacturing Power and Distribution Transformers, Cables and Conductors of various capacities which are major and indispensable equipment for generation, transmission and distribution of electricity in the country. The growth of Transformer Industry mainly depends upon progress of Power Generation, Transmission and Distribution Industry. The Power Sector is growing at a reasonable pace and is poised for further growth in the near future. Government‘s Agenda of giving priorities on development of the Power Transmission and Distribution Segment have contributed for development of Indian Transformer , Cable & Conductor Industry. As a result, your Company too, being in the Transformer, Cable and Conductor Industry, is also trying to reap advantage of the greater Governmental focus on the Power Sector.

Opportunities and threats

With the Government of India’s current Policy and Programme of giving thrust on Power Sector, the Transformer Industry in India is poised for growth. The demand for smaller size of Distribution Transformers has also increased due to Central and State Government’s rural electrification programmers namely Deen Dayal Upadhyaya Gram Jyoti Yojana and Integrated Power Distribution Scheme. All these opportunities will help the Industry which is struggling hard with various problems for past few years.

There has been a spate of expansions by various companies in the Transformer Industry for manufacturing different types and ratings of Transformers resulting in stiff competition .Therefore, the selling prices are under constant pressure. The increase in cost of inputs like CRGO steel, copper, bushings, etc. and payment problem from SEBs are causes for concern. Imports from China in particular is posing a real threat.

There is a strong base of about 200 Transformer Companies in the organized Sector in India, with an overall production over 90,000 MVA per annum. Besides meeting the domestic requirement, India is exporting Transformers to over 50 countries covering USA, Europe, Africa, Cyprus, Syria, Iraq and other Middle East and Far East countries all over the world. Continued inflation, volatile commodity prices, tight liquidity, increased financing costs, delayed finalization of Orders, delayed inspection of finished products by customers, etc. are threats for satisfactory sales growth and proper margins.

Delay in payments from utilities and intense price competition has resulted in many large transformer units becoming unprofitable. Consequently many have defaulted on debt repayments and either closed down completely or have gone for restructuring of their debts. The Company with a very low gearing and conservative debt structure has faced no such problems. The Management continues to remain conservative and prudent in its external borrowings.

Outlook

Transformers

The Government of India’s plan of electrifying each and every village in rural areas through Deen Dayal Upadhyaya Gram Jyoti Yojana and Integrated Power Distribution Scheme will boost the demand of Distribution Transformers. The Company with technical expertise and various manufacturing set-ups are trying to take share of such future growth in Power Sector in our Country.

However, unhealthy competition from various Transformer manufacturing Units in unorganized Sector is posing problems to organized Sector, like your Company, resulting in under utilization of production capacities and therefore, the selling prices are under pressure.

The Transformer industry has gone through a lot of upheavals and structural changes in the last couple of years. Starting from the Central Government’s decision to standardize and centralize procurement of major electrical equipment including Transformer, Cables and Conductors for Deen Dayal Upadhyaya Gram Jyoti Yojana Projects. The Company was one of the few Companies which was qualified by the Power Grid Corporation of India Limited as an approved vendor for this Scheme.

Consequently in the online bidding process the Company secured Orders of more than INR 1500.000 million. Unfortunately, the entire process was scrapped by the Government and the earlier system was reverted to. This resulted in a period of uncertainty and flux in the industry. Coupled with this was the Government of India introducing mandatory Bureau of Indian Standards (BIS) labelling in addition to mandatory star labelling by the Bureau of Energy Efficiency (BEE).

This once again resulted in time being lost in certification and approval delays. Your Company’s continued effort in exploring export market has been fruitful and the Company has now stabilized its export markets. The Company expects better growth in this Segment in the years to come.

Cables and Conductors

The Company’s Cable and Conductor Unit contributes to the overall turnover of the Company. Historically lower selling prices and margins have forced the Company to reduce the business of this Segment. However your Company’s focus on value added products such as Railway Signaling Cables within this Segment has borne fruit and both turnover and profitability of this Segment has seen a sharp increase in the current Financial Year.

Wind Mill

The Company’s Wind Mill division continues to do well. Revenue and Profitability both stabilized. Both the Dhule and Barmer Unit have repaid all their debts owed to the Banks and as a result, there will be no further interest outgo for this Unit.

UNSECURED LOANS:

Unsecured Loan	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT-TERM BORROWINGS
Bill Discounting Facility with ICICI Bank, Kolkata	0.000	11.051
Loans and Advances from Related Parties	20.865	42.625
Loans and Advances from Others	26.249	11.080
Total	47.114	64.756

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G46521126	100104524	KOTAK MAHINDRA PRIME LIMITED	21/04/2017	-	-	5500000.0	27 BKC, C 27, G Block Bandra Kurla Complex, Bandra (E),Mumbai -400051, Maharashtra, India
2	G07825599	100039680	Bank of Baroda	11/07/2016	-	-	673100000.0	218, Johari Bazar, Jaipur – 302001, Rajasthan, India
3	C50913425	10563494	Bank of Baroda	24/03/2015	-	-	800000.0	218, Johari Bazar, Jaipur – 302001, Rajasthan, India
4	B30197982	10330711	Canara Bank	25/11/2011	-	-	24000000.0	Cantonment, Agra – 282001, Uttar Pradesh, India
5	B22114300	10205790	Bank of Baroda	18/02/2010	05/09/2011	-	25000000.0	Johari Bazar Branch, Jaipur – 302003, India
6	C69936029	90256099	Bank of Baroda	10/10/2002	03/11/2015	-	380000000.0	218, Johari Bazar, Jaipur – 302001, Rajasthan, India
7	C43381813	90255836	STATE BANK OF BIKANER & JAIPUR	21/03/1997	19/01/2015	-	146000000.0	N S ROAD BRANCH14, N S ROADKOLKATAWB700001IN
8	G08930364	90255564	ICICI Bank Limited	13/02/1979	16/02/2012	03/08/2016	170000000.0	Shreeji Tower C-99C-Scheme, Ahinsa Circle, Jaipur – 302001, Rajasthan, India
9	G08367252	10275428	Oriental Bank of Commerce	01/03/2011	21/04/2012	27/07/2016	169600000.0	Umrao Complex, M.I. Road, Jaipur – 302001, Rajasthan, India
10	G08537714	90255745	Bank of Baroda	25/08/1994	03/11/2015	22/07/2016	383500000.0	218, Johari Bazar, Jaipur – 302001, Rajasthan, India

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Contingent Liability not provided for in respect of:
WBVAT	4.046	24.468
CST	0.000	3.397
Rajasthan VAT	5.834	5.834
Excise and Service Tax	4.568	0.000
	14.447	33.698

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

(INR In Million)

Particulars	Three Months Ended	Three Months Ended	Year Ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
Revenue from operation	450.369	279.291	1157.976
Other Income	3.083	5.655	14.718
Total Income	453.452	284.946	1172.694
EXPENSES
Cost of materials consumed	365.709	316.281	939.738
Purchases of Stock-in-Trade	0.000	0.000	0.000
Changes in inventories of finished goods and work-in-progress	(36.716)	(110.311)	(105.075)
Employee benefits expense	7.310	5.898	19.128
Finance Costs	26.499	19.399	62.117
Depreciation and Amortization expenses	4.085	3.511	11.212
Other Expenditure	73.530	41.293	209.018
Total Expenses	440.417	276071	1136.138
Profit/(Loss) before tax	13.035	8.875	36.556
Tax expenses
Current Tax	1.390	2.700	8.890
Deferred Tax	1.424	1.192	0.956
Profit / (Loss) for the period	10.221	4.983	26.710
Other Comprehensive Income
Items that will not be reclassified to profit or loss	(0.138)	(0.138)	(0.138)
Income tax relating to items that will not be reclassified to profit or Loss	0.048	0.048	0.143
Total Comprehensive Income for the period	10.131	4.893	26.440
Paid-up equity share capital (Face Value INR 10 each)	81.685	81.615	81.615
Earnings Per Share (EPS) of INR 10/-each (not Annualized):
Basic	1.25	0.61	3.27
Diluted	1.25	0.61	3.27

1. The above Financial Results have been reviewed by Audit Committee and approved by the Board of Directors at their respective Meetings held on February 13, 2018. The above Results have been subjected to Limited Review by the statutory Auditors. 

2. Goods and Service Tax ("GST") has been implemented with effect from 1st July, 2017 and therefore, revenue from operations for the quarter ended 30th September 2017 and 31st December 2017 are net of GST. Revenue from Operations and expenses for the quarter and nine months ended 31st December, 2016 being inclusive of excise duty are not comparable with corresponding figures of quarter and nine months ended 31st December 2017. 

3. This Financial Results have been prepared in accordance with the Indian Accounting Standards (IND-AS) notified under Companies (Indian Accounting Standards) Rules, 2015 as amended by Companies (Indian Accounting Standards) Amendment Rules, 2016 .IND-AS has been made applicable with effect from April1, 2017 and the comparative figures for the corresponding Quarter and nine months of the previous year (Transition date being April1,2016) have accordingly been restated. 

4. The above Results may require adjustment before constituting the first set of IND-AS financials as of and for the year ended March 31, 2018 due to changes in financial reporting assumptions and applications arising from new or revised standards or interpretations received or changes in the use of one or more optional exemption as permitted in Indian Accounting Standards (Ind-AS)101. 

UNAUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(INR In Million)

Particulars	Three Months Ended	Three Months Ended	Year Ended
	31.12.2017	30.09.2017	31.12.2017
1. Segment Revenue (Revenue from operation)
Electrical Goods-Transformer, Cables, etc.	449.201	274.006	1145.870
Wind Energy	1.168	5.285	12.106
Unallocated	0.000	0.000	0.000
Revenue from operation	450.369	279.291	1157.976
Segment Results (Profit/Loss) before tax and interest from each segment
Electrical Goods-Transformer, Cables, etc.	92.144	32.117	177.327
Wind Energy	0.951	4.078	9.342
Total	93.095	36.195	186.669
Less :			--
Finance Costs	26.499	19.399	62.117
Other un-alloacable expenditure, net of unallocable income	53.561	7.921	87.996
Total profit/(Loss) before tax	13.035	8.875	36.556
Segment Assets
Electrical Goods-Transformer, Cables, etc.	1452.474	1447.879	1452.474
Wind Energy	58.071	58.246	58.071
Unallocated	613.742	595.057	613.742
Total Segment Assets	2124.287	2101.182	2124.287
Segment Liabilities
Electrical Goods-Transformer, Cables, etc.	751.137	791.952	751.137
Wind Energy	0.444	0.000	0.444
Unallocated	816.398	293.933	816.398
Total	1567.979	1085.885	1567.979

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

· Freehold Land

· Leasehold Land

· Oil Storing Tank

· Handling Equipment

· Generator

· Television

· Air Conditioner

· Fire Extinguisher

· Electric Installation

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	INR
US Dollar	1	INR 64.92
UK Pound	1	INR 90.23
Euro	1	INR 80.54

INFORMATION DETAILS

Information Gathered by :	SHL
Analysis Done by :	DIV
Report Prepared by :	GEET

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	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.