MIRA INFORM REPORT

Report Date :

03.11.2011

IDENTIFICATION DETAILS

Name :	VIDYUT CONTROLS AND AUTOMATION PRIVATE LIMITED
Registered Office :	Sahara 82/2 Old NDA Roadshivane, Pune – 411023, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.10.2000
Com. Reg. No.:	11-015462
Capital Investment / Paid-up Capital :	Rs. 0.540 Million
CIN No.: [Company Identification No.]	U31909PN2000PTC015462
TAN No.: [Tax Deduction & Collection Account No.]	PNEV03601D PNEV03578B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer And Supplier of Electrical and Instrumentation Control Panels and Systems.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Sahara 82/2 Old NDA Roadshivane, Pune – 411023, Maharashtra, India
Tel. No.:	91-20-25290857 / 25290208
Fax No.:	91-20- 25290857
E-Mail :	mvthelpdesk1@gmail.com sales@vidyutcontrols.com
Website :	http://www.vidyutcontrols.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Ramesh Kashinath Belapurkar
Designation :	Managing Director
Address :	Afinity Co-Operative Housing Society North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India
Date of Birth/Age :	10.07.1935
Date of Appointment :	23.10.2000
DIN No.:	00391747

Name :	Mr. Abhay Pramod Kulkarni
Designation :	Managing Director
Address :	Flat No. 14 B-3, Dhanalaxmi Park, Opposite PMT Depot, Paud Road, Pune – 411038, Maharashtra, India
Date of Birth/Age :	08.06.1971
Date of Appointment :	23.10.2000
DIN No.:	00391852

Name :	Mr. Sadhana Ramesh Belapurkar
Designation :	Whole Time Director
Address :	Flat No. 1, 2A, Wing Afinity Apartment, North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India
Date of Birth/Age :	26.09.1942
Date of Appointment :	01.09.2005
DIN No.:	02797213

Name :	Mr. Shashwat Ramesh Belapurkar
Designation :	Director
Address :	Afinity Apartment, Koregaon Park, 28_29 A_2, North Main Road, Pune – 411001, Maharashtra
Date of Birth/Age :	25.09.1966
Date of Appointment :	09.02.2002
DIN No.:	01788140

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31909PN2000PTC015462	VIDYUT CONTROLS AND AUTOMATION PRIVATE LIMITED	Director	09-02-02	09-02-02	-	Active	NO
2	U65990MH2010PLC201513	JM FINANCIAL GILTS LIMITED	Director	31-03-10	31-03-10	-	Active	NO
3	U67120MH1998PTC115414	JM FINANCIAL SECURITIES PRIVATE LIMITED	Nominee director	20-08-10	20-08-10	-	Active	NO
4	U70101MH2006PTC165908	ORACLE ENTERPRISES PRIVATE LIMITED	Additional director	11-10-11	11-10-11	-	Active	NO

Name :	Mr. Vinay Abhav Kulkarni
Designation :	Whole Time Director
Address :	Flat No. 14 B-3, Dhanalaxmi Park, Near PMT Bus Stand Depot Paud Road, Pune – 411038, Maharashtra, India
Date of Birth/Age :	27.08.1972
Date of Appointment :	01.09.2005
DIN No.:	00511355

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ramesh Kashinath Belapurkar	4000
Abhay Pramod Kulkarni	100
Shashwat Ramesh Belapurkar	100
Vinay Abhay Kulkarni	1200
Total	5400

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer And Supplier of Electrical and Instrumentation Control Panels and Systems.

GENERAL INFORMATION

Customers :

· Automobile

· Food Processing

· Paper and Plastics

· Pharmaceuticals

· Refrigeration and Air Conditioning

· IT and Building Sector

· Textiles

· Steel

· Overseas

Bankers :

Punjab National Bank, Deccan gymkhana Branch, Deccan Gymkhana, Prabhat Road, Pune – 411001, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
C/C with Punjab National Bank (Secured against Stock and Book Debts) (C.C. Limit Rs. 15.000 millions)	22.028	6.669
Vehicle Loan from for (Toyota Corola) (Secured Against hypothecation of Vehicle )	0.000	0.147
Vehicle Loan from For (Ford Figo) (Secured Against hypothecation of Vehicle)	0.328	0.459
Total	22.356	7.276
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loan From Share Holders – Shashwat Belapurkar	1.900	1.900
Total	1.900	1.900

Banking Relations :	----
Auditors :
Name :	V.D. Gosavi and Company Chartered Accountant
Address :	9, Ketki Building, 4^th Floor, Sadashiv Peth, Pune – 411030, Maharashtra, India
Pan No.:	AAHFV8047M

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9000	Equity Shares	Rs.100/- each	Rs. 0.900 Million
1000	9.5% Redeemable Non Cumulative, Non Participating Preference Share	Rs. 100/- each	Rs. 0.100 Million
	Total		Rs. 1.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5400	Equity Shares	Rs.100/- each	Rs. 0.540 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.540	0.540	0.540
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.241	31.995	25.024
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		41.781	32.535	25.564
LOAN FUNDS
1] Secured Loans		22.356	7.276	10.282
2] Unsecured Loans		1.900	1.900	0.000
TOTAL BORROWING		24.256	9.176	10.282
DEFERRED TAX LIABILITIES		0.000	0.000	0.012
TOTAL		66.037	41.711	35.858
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.564	6.116	6.774
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.466	0.572	0.573
DEFERREX TAX ASSETS		0.060	0.023	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.611	34.729	16.696
	Sundry Debtors	49.089	36.789	11.107
	Cash & Bank Balances	7.203	6.245	17.294
	Other Current Assets	4.148	3.162	3.667
	Loans & Advances	5.073	7.082	4.712
Total Current Assets		111.124	88.007	53.476
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.578	34.394	8.125
	Other Current Liabilities	15.677	14.536	12.670
	Provisions	4.922	4.077	4.170
Total Current Liabilities		59.177	53.007	24.965
Net Current Assets		51.947	35.000	28.511
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		66.037	41.711	35.858

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES AND OTHER INCOME		178.111	114.004	100.540
Less	EXPENSES
		Office Expenses	162.836	102.207	87.852
		Administrative Expenses
		Advertising Expenses
		TOTAL	162.836	102.207	87.852
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		15.275	11.797	12.688
Less/ Add	DEPRECIATION/ AMORTISATION		1.047	1.233	0.984
	PROFIT BEFORE TAX		14.227	10.564	11.704
Less	TAX		4.922	3.637	4.076
	PROFIT AFTER TAX		9.305	6.927	7.624
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.724	22.753	29.724
	Earnings Per Share (Rs.)		1.71	1.28	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.22	6.07	7.58
Return on Total Assets (PBT/Total Assets}	(%)	11.41	11.22	19.42
Return on Investment (ROI) (PBT/Networth)		0.34	0.32	0.19
Debt Equity Ratio (Total Liability/Networth)		1.99	1.91	1.37
Current Ratio (Current Asset/Current Liability)		1.87	1.66	2.14

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS :

The Company has continued a rapid growth during the year and has healthy top line. The company hopes to do even better during the year

FORM 8

Corporate identity number of the company	U31909PN2000PTC015462
Name of the company	VIDYUT CONTROLS AND AUTOMATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sahara 82/2 OLD NDA Roadshivane, Pune - 411023, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Punjab National Bank, Deccan Gymkhana Branch, Deccan Gymkhana, Prabhat Road, Pune – 411001, Maharashtra, India
Nature of instrument creating charge	Hypothecation of Goods and Book Debts To Secure Cash Credit Facility
Date of instrument Creating the charge	14/10/2010
Amount secured by the charge	Rs. 15.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 12.50%p.a. Terms of repayment On Demand. Margin Stock of Goods: 25% Book Debts: 40% Extent and operation of the charge Cash Credit Limits: Rs. 15.000 millions ============== The existing Cash Credit Limits of Rs. 7.500 millions has been enhanced to the tune of Rs. 15.000 millions only. Other Nil
Short particulars of the property charged (Including location of the property)	Stock of control panels, electrical goods, spares, consumables etc. Book Debts
Particulars of the present modification	The existing Cash Credit Limits of Rs. 7.500 millions has been enhanced to the tune of Rs. 15.000 millions only.

FIXED ASSETS :

· Factory Land

· Building

· Plant and Machinery

· Diesel Genset

· Air Conditioner

· Vending Machine

· Measuring Instrument

· Furniture and Fixtures

· Electrical Fittings

· Office Equipments

· Vehicles

· Car

· Computer

WEBSITE DETAILS :

Subject is a highly successful manufacturing company with enviable expertise and experience in project engineering of electrical and instrumentation control systems. With a strong growth for over three decades, Vidyut has been instrumental in pioneering instrumentation control technology in India, gradually leading the way to commanding respect in the global arena.

The company has reaped rewards in not only technological and quality-led initiatives, but also for its insightful values that has strengthened its equity of customer service oriented policies, efficient business associate network and ever-reliable range of products and services. Vidyut has made a cornerstone of national and global success, and it only deserves the way ahead for this highly motivated organization which is very profitable and welcoming one.

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	Rs. 51.35
UK Pound	1	Rs. 80.50
Euro	1	Rs. 69.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
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	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		47

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.