MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	VIJAI ELECTRICALS LIMITED (w.e.f. 04.06.1993)
Formerly Known As :	VIJAI ELECTRICALS PRIVATE LIMITED
Registered Office :	6-3-648/1 and 2, Off Raj Bhavan Road, Somajiguda, Hyderabad – 500 082, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.05.1980
Com. Reg. No.:	01-002697
Capital Investment / Paid-up Capital :	Rs.913.942 millions
CIN No.: [Company Identification No.]	U31909AP1980PLC002697
PAN No.: [Permanent Account No.]	AAACV7259B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacture of Distribution Transformers, EHV Power Transformers, Switchgear related products and also undertakes the power projects on turnkey basis.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 20845000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is an established company having moderate track. Latest financial i.e. 2011-12 are missing from the government department. From the financials of 2011 it seems that the liquidity position of the company is weak. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	C [Bank Facility (Downgraded from BBB-)]
Rating Explanation	Very high risk of default.
Date	17.10.2012

Rating Agency Name	CRISIL
Rating	A4 [Bank Gurantee (Downgraded from A3)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	17.10.2012

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 31-03-2012.

LOCATIONS

Registered Office/ Corporate Office :	6-3-648/1 and 2, Off Raj Bhavan Road, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India
Tel. No.:	91-40-30617777/ 30617778
Fax No.:	91-40-30617733/ 30617892
E-Mail :	websales@vijaielectricals.com marketing@vijai.co.in finance@vijai.co.in
Website :	http://www.vijaielectricals.com
Factory :	Rudraram, Patancheru Mandal, Medak District – 502 329, Andhra Pradesh, India
Haridwar Unit :	Plot No.1-A, Sector 12, IIE, SIDCUL, Haridwar - 249 403, Uttarakhand, India
Tel. No.:	91-1334-664000/ 664053
Fax No.:	91-1334-664040/ 235375/ 235396
E-Mail :	websales@vijaielectricals.com
Roorkee Unit :	Industrial Plot No.3 to 9, Raipur Sahakari, Audyogic Kshetra, Village: Bhagwanpur, Tehsil: Roorkee – 247 661, Uttarakhand, India
Tel. No.:	91-1332-235052/ 53/ 55
Fax No.:	91-1332-235051
E-Mail :	websales.roorkee@vijaielectricals.com
Branch Office :	Located at: v Italy v Greece
Overseas Ventures :	Located at: v Brazil v Mexico

DIRECTORS

As on 19.09.2011

Name :

Mr. Dasari Jai Ramesh

Father Name :

Mr. D Seetharamaiah

Designation :

Managing Director

Address :

173, Road No.13, Jubilee Hills, Ranga Reddy District, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

15.06.1944

Qualification :

M. Tech.

Date of Appointment :

01.06.2010

DIN No.:

00294988

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31909AP1980PLC002697	VIJAI ELECTRICALS LIMITED	Managing director	01/06/2010	31/05/1980	-	Active	NO
2	U31200AP1987PLC007329	SAMRAKSHANA ELECTRICALS LIMITED	Director	01/04/1987	01/04/1987	-	Active	NO
3	U99999MH1970GAP014629	INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION	Director	04/09/2006	04/09/2006	18/09/2008	Active	NO
4	U40105AP2007PLC056799	GLOBAL HEAVY ELECTRICALS LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
5	U74900AP2008PTC061564	SOURYA INSULATORS PRIVATE LIMITED	Director	03/03/2009	03/03/2009	-	Active	NO
6	U80212AP2009PTC063147	BRAINPLEX EDUTAINMENT VENTURES PRIVATE LIMITED	Director	23/03/2009	23/03/2009	-	Active	NO
7	U40105AP2008PTC057066	MALAXMI OMKARESHWAR POWER PRIVATE LIMITED	Director	29/09/2010	21/03/2010	-	Active	NO

Name :

Mr. Dasari Krishna Mohan

Father Name :

Mr. D Seetharamaiah

Designation :

Whole-Time Director

Address :

173, Road No.13, Jubilee Hills, Ranga Reddy District, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

01.06.1954

Qualification :

SSC

Date of Appointment :

18.10.2010

DIN No.:

00295174

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31200AP1987PLC007329	SAMRAKSHANA ELECTRICALS LIMITED	Director	24/12/1990	24/12/1990	-	Active	NO
2	U31909AP1980PLC002697	VIJAI ELECTRICALS LIMITED	Whole-time director	18/10/2010	18/10/2000	-	Active	NO
3	U40105AP2007PLC056799	GLOBAL HEAVY ELECTRICALS LIMITED	Director	18/09/2010	28/06/2010	-	Active	NO

Name :

Mr. Dasari Satyanarayana

Father Name :

Mr. D Seetharamaiah

Designation :

Director

Address :

Ravinivas, 8-3-310/A, 14A, Road No.14, Banjara Hills, Ranga Reddy District, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

15.01.1951

Qualification :

B. Tech.

Date of Appointment :

31.05.1980

DIN No.:

02267731

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31909AP1980PLC002697	VIJAI ELECTRICALS LIMITED	Director	31/05/1980	31/05/1980	-	Active	NO
2	U31200AP1987PLC007329	SAMRAKSHANA ELECTRICALS LIMITED	Director	01/04/1987	01/04/1987	-	Active	NO

Name :

Mr. Rameshchandra Bose Tummula

Father Name:

Mr. Govardhana Rao Tummula

Designation :

Director

Address :

Flat No.101, Vamshirishi Residency, H.No.6-3-865/B, Greenlands, X Road, Ameerpet, Hyderabad – 500 016, Andhra Pradesh, India

Date of Birth/Age :

15.01.1941

Qualification :

BE

Date of Appointment :

01.06.2010

DIN No.:

00160630

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L26942AP1979PLC002485	KAKATIYA CEMENT SUGAR AND INDUSTRIES LIMITED	Director	31/01/2001	31/01/2001	-	Active	NO
2	U40101AP1997PLC037013	KONASEEMA GAS POWER LIMITED	Director	15/07/2003	15/07/2003	-	Active	NO
3	U31909AP1980PLC002697	VIJAI ELECTRICALS LIMITED	Director	01/06/2010	12/03/2005	-	Active	NO
4	L45201AP1987PLC007959	IVRCL LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
5	U40101DL2005PLC141611	COUNTRYWIDE POWER TRANSMISSION LIMITED	Director	15/12/2006	06/01/2006	-	Active	NO
6	U45201DL2005PTC139695	ABIR INFRASTRUCTURE PRIVATE LIMITED	Additional director	17/08/2009	17/08/2009	12/06/2010	Active	NO
7	U45200AP1983PLC003796	SEW INFRASTRUCTURE LIMITED	Director	27/09/2010	27/05/2010	-	Active	NO
8	U31908AP2007PLC058993	ATHENA CHHATTISGARH POWER LIMITED	Nominee director	01/07/2012	29/06/2010	-	Active	NO
9	L70100AP1996PLC024459	IVRCL ASSETS AND HOLDINGS LIMITED	Director	15/09/2011	12/02/2011	-	Active	NO
10	L26914AP1983PLC004249	REGENCY CERAMICS LIMITED	Director	29/09/2011	27/07/2011	-	Active	NO

Name :

Mr. Dattatraya Viswanath Narke

Designation :

Director

Address :

Asish Bunglow, Rahate Colony, Wardha Road, Nagpur – 440 022, Maharashtra, India

Date of Birth/Age :

19.05.1932

Qualification :

BE

Date of Appointment :

25.07.1986

DIN No.:

01257773

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31909AP1980PLC002697	VIJAI ELECTRICALS LIMITED	Director	25/07/1986	25/07/1986	-	Active	NO
2	U40105AP2007PLC056799	GLOBAL HEAVY ELECTRICALS LIMITED	Director	18/09/2010	28/06/2010	-	Active	NO

Name :

Mr. Abraham IAS Prathipati

Designation :

Director

Address :

Flat No.5C, Girdhar Apartments, 28, Firoze Shah Road, New Delhi – 110 001, Delhi, India

Date of Birth/Age :

01.07.1939

Qualification :

IAS (Retd.)

Date of Appointment :

07.06.2005

DIN No.:

00280426

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L65192MH1960PLC011579	FUTURA POLYESTERS LIMITED	Nominee director	02/07/2003	02/07/2003	08/09/2008	Active	NO
2	L74999MH1994PLC077041	JSW ENERGY LIMITED	Director	20/10/2003	20/10/2003	-	Active	NO
3	L74899DL1988PLC032166	UFLEX LIMITED	Nominee director	30/10/2003	30/10/2003	29/06/2010	Active	NO
4	L40105DL1999PLC099328	PTC INDIA LIMITED	Director	01/06/2004	01/06/2004	28/09/2011	Active	NO
5	U31909AP1980PLC002697	VIJAI ELECTRICALS LIMITED	Director	07/06/2005	07/06/2005	-	Active	NO
6	U40100MH2005SGC153648	MAHARASHTRA STATE POWER GENERATION COMPANY LIMITED	Director	30/11/2006	29/07/2005	17/05/2010	Active	NO
7	L74999AP2005PLC059013	GVK POWER AND INFRASTRUCTURE LIMITED	Director	10/09/2005	10/09/2005	-	Active	NO
8	L72200AP1990PLC011146	NCC LIMITED	Director	11/01/2006	11/01/2006	-	Active	NO
9	L45200AP1993PLC015545	LANCO INFRATECH LIMITED	Director	03/09/2007	16/06/2006	-	Active	NO
10	U40101DL2005PTC137235	HIMALAYAN GREEN ENERGY PRIVATE LIMITED	Director	19/06/2006	19/06/2006	01/04/2007	Active	NO
11	U40108DL2003PTC120409	ATHENA INFRAPROJECTS PRIVATE LIMITED	Nominee director	08/02/2007	08/02/2007	20/08/2009	Active	NO
12	L65999DL2006PLC153373	PTC INDIA FINANCIAL SERVICES LIMITED	Director	14/09/2007	04/06/2007	28/09/2011	Active	NO
13	U40101DL2004PTC148280	ENERGY INFRATECH PRIVATE LIMITED	Director	29/09/2007	10/08/2007	31/03/2008	Active	NO
14	U40105AP2007PLC056799	GLOBAL HEAVY ELECTRICALS LIMITED	Director	20/12/2007	20/12/2007	28/06/2010	Active	NO
15	L52520AP1981PLC003072	VISAKA INDUSTRIES LIMITED	Director	16/06/2009	28/07/2008	-	Active	NO
16	U67110AP2005PLC046367	NCC INFRASTRUCTURE HOLDINGS LIMITED	Director	31/10/2008	04/09/2008	-	Active	NO
17	L40109AP1995PLC019349	TAJ GVK HOTELS AND RESORTS LIMITED	Director	25/07/2009	30/04/2009	-	Active	NO
18	U31102MH1996PLC185098	RAJ WESTPOWER LIMITED	Director	31/05/2010	21/07/2009	-	Active	NO
19	U40109AP2001PLC036265	LANCO AMARKANTAK POWER LIMITED	Director	10/07/2010	21/01/2010	-	Active	NO
20	L40108TN2006PLC061665	ORIENT GREEN POWER COMPANY LIMITED	Director	05/08/2010	27/03/2010	-	Active	NO
21	U40102AP2008PLC058683	GVK ENERGY LIMITED	Director	01/08/2011	30/07/2010	-	Active	NO
22	U67100DL2011PTC216401	MAGNETAR VENTURE PRIVATE LIMITED	Additional director	12/07/2011	12/07/2011	-	Active	NO

Name :

Mr. Samuel Joseph Jebaraj

Designation :

Nominee Director

Address :

1203, Wallace Apartment, 1, Sleater Road, Grant Road West, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

22.06.1968

Qualification :

MBA

Date of Appointment :

18.12.2009

DIN No.:

02262530

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L34103TN1934PLC000669	E L FORGE LIMITED	Nominee director	27/06/2008	27/06/2008	-	Active	NO
2	L17291MH1991PLC063752	PIONEER EMBROIDERIES LIMITED	Nominee director	08/09/2008	08/09/2008	29/04/2011	Active	NO
3	U31909AP1980PLC002697	VIJAI ELECTRICALS LIMITED	Nominee director	18/12/2009	18/12/2009	-	Active	NO
4	L17112KA1985PLC006647	HIMATSINGKA SEIDE LIMITED	Nominee director	29/04/2011	29/04/2011	-	Active	NO
5	U28920KA1995PLC017793	ALUCAST AUTO PARTS LIMITED	Nominee director	23/06/2011	23/06/2011	-	Active	NO

Name :

Mr. Venkata Vasudeva Murthy Vemula

Father Name :

Mr. Veerabhadra Rao Vemula

Designation :

Nominee Director

Address :

Flat No.D-4, Corinthian Apartment, 17, Justice Vyas Road, Cobala, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

04.06.1955

Qualification :

MSc., CAIIB

Date of Appointment :

29.06.2011

DIN No.:

03562794

Name :

Mr. Anil Satya Ahuja

Designation :

Director

Address :

29, Leonie Hill, # 19-04, Singapore

Date of Birth/Age :

01.12.1962

Qualification :

B. Tech (Mechanical), PGDBM

Date of Appointment :

23.07.2007

DIN No.:

00759440

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1996PTC100280	INDOCEAN CHASE CAPITAL ADVISORS PRIVATE LIMITED	Director	14/10/1997	14/10/1997	-	Active	NO
2	U99999MH1987PLC043940	NIMBUS COMMUNICATIONS LIMITED	Director	05/08/2005	05/08/2005	09/02/2010	Active	NO
3	U31909AP1980PLC002697	VIJAI ELECTRICALS LIMITED	Director	23/07/2007	04/11/2006	-	Active	NO
4	L40100GJ1996PLC030533	ADANI POWER LIMITED	Additional director	01/10/2007	01/10/2007	30/04/2008	Active	NO
5	L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	Director	31/08/2009	20/05/2009	-	Active	NO
6	U24230MH2000PTC125061	SIRO CLINPHARM PRIVATE LIMITED	Alternate director	22/03/2010	22/03/2010	19/12/2011	Active	NO
7	U74999PN2002PLC016834	BVG INDIA LIMITED	Director	27/09/2011	18/02/2011	13/12/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh Babu Pentyala
Designation :	Secretary
Address :	A/76, Santosh Nagar, Mehdi Patnam, Ranga Reddy District, Hyderabad – 500 028, Andhra Pradesh, India
Date of Birth/Age :	10.07.1964
Date of Appointment :	01.12.2001
PAN No.:	ACUPP4459Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Dasari Jai Ramesh Father Name : D Seetharamaiah Address: 173, Road No.13, Jubilee Hills, Ranga Reddy District, Hyderabad – 500 034, Andhra Pradesh, India	58456892
Dasari Satyanarayana Father Name : D Seetharamaiah Address: Ravinivas, 8-3-310/A, 14A, Road No.14, Banjara Hills, Ranga Reddy District, Hyderabad – 500 034, Andhra Pradesh, India	6714114
Dasari Padmapriya Father Name: Dasari Seetharamaiah Address: Ravinivas, 8-3-310/A, 14A, Road No.14, Banjara Hills, Ranga Reddy District, Hyderabad – 500 034, Andhra Pradesh, India	440000
Dasari Krishna Mohan Father Name: D Seetharamaiah Address:173, Road No.13, Jubilee Hills, Ranga Reddy District, Hyderabad – 500 034, Andhra Pradesh, India	4864837
D.V. Balavardhana Rao Father Name: D Seetharamaiah Address: Amudalapalli, Unguturu Mandal, Krishna District, Andhra Pradesh, India	4649920
Dasari Syam Prasad Father Name: D Seetharamaiah Address: 1156/A, Road No. 57, Jubilee Hills, Rangareddy District, Hyderabad – 500 034, Andhra Pradesh, India	4650074
Dasari Subhashini Father Name: Dasari Syam Prasad Address: 1156/A, Road No. 57, Jubilee Hills, Rangareddy District, Hyderabad – 500 034, Andhra Pradesh, India	2200
D. Sujatha Lakshmi Father Name: Dasari Krishna Mohan Address:173, Road No.13, Jubilee Hills, Ranga Reddy District, Hyderabad – 500 034, Andhra Pradesh, India	2200
D. Vijaya Lakshmi Father Name: D.V. Balavardhana Rao Address: Amudalapalli, Unguturu Mandal, Krishna District, Andhra Pradesh, India	2200
Samrakshana Electricals Limited, India Address: 127, Hyder Nagar, Kukatapally, , Rangareddy District, Hyderabad – 500 072, Andhra Pradesh, India	5940000
D. Jhansi Lakshmi Father Name: M Subba Rao Address: HIG 298, Bhel Township, Ramachandra Puram, Rangareddy District, Hyderabad – 500032, Andhra Pradesh, India	247874
P. Koteswara Rao Father Name: P Venkateswara Rao Address: 692, Road No. 33, Jubilee Hills, Rangareddy District, Hyderabad – 500 034, Andhra Pradesh, India	231957
P. Vindhya Rani Father Name: P Koteswara Rao Address: 692, Road No. 33, Jubilee Hills, Rangareddy District, Hyderabad – 500 034, Andhra Pradesh, India	247874
Dasari Usha Rani Father Name: D Jai Ramesh Address: 173, Road No.13, Jubilee Hills, Rangareddy District, Hyderabad – 500 034, Andhra Pradesh, India	200000
3I Power Projects (Mauritius) Limited, Mauritius Address: 608, St James Court St, Denis Street, Port Louis, Mauritius	4244088
Total	90894230

Names of Shareholders (Preference Shares)	No. of Shares
Samrakshana Electricals Limited, India Address: 127, Hydernagar, Kukatpally, Rangareddy District, Hyderabad – 500 072, Andhra Pradesh, India	50000
Total	50000

As on 28.03.2012

Names of Allottees (Preference Shares)	No. of Shares
State Bank of India, India Address: Security Services Branch, Mumbai Main Branch Building , 2nd Floor, Samachar Marg, Fort, Mumbai, Maharashtra, India	2553000
State Bank of Travancore, India Address: Integrated Treasury. 6th Floor, SBI LHO Building, Bandra-Kurla Complex, Mumbai - 400051, Maharashtra, India	129000
ING Vysya Bank Limited, India Address: Wholesale Banking -Corporate Banking, Regional Office, 3-6-438Z5 and 6. 5th Floor. Naspur House, Himayat Nagar, Hyderabad - 500 029, Andhra Pradesh, India	426000
IDBI Bank Limited, India Address: Specialised Corporate Bamch. 5-9-89/1 and 2, Chapel Road, Post Box No. 370, Hyderabad-500 001, Andhra Pradesh, India	1428000
Axis Bank, India Address: Treasury Operations Level 4, Axis House, Bombay Dyeing Mills Compound, Pandurang Budhakar Marg, Worli, Mumbai – 400025, Maharashtra, India	83000
Total	4619000

As on 19.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	4.67
Bodies corporate	6.54
Directors or relatives of directors	88.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture of Distribution Transformers, EHV Power Transformers, Switchgear related products and also undertakes the power projects on turnkey basis.

Products :

Item Code No. (ITC Code)	850400
Product Description	Transformers

PRODUCTION STATUS (AS ON 31.03.2010)

Licenced Capacity - N.A.*

* The Company’s products are exempt from licensing requirements under the industrial policy by virtue of notification No.477 (E) of 25.07.1991

Particulars	Installed Capacity
Transformers	220920 Nos. p.a. (41830MVA)
Insulated Conductor	12000 MT p.a.
Transformer Oil	35424 MT p.a.
Special Steel	10000 MT p.a.
Lightning Arrestors	100000 Nos. p.a.
Switchgear and related products	11850 Nos.
Aluminium Rod	17100 MT
Conductors	5400 MT
Cables	4800 Km

Particulars	Actual Production
Transformers	123492 Nos. (19573 MVA)
Insulated Conductor	6182.61 MT
Transformer Oil	411.11 KL
CRGO Laminations	33.37 MT
Lightning Arresters	32940 Nos.
Parts of Transformers	3733 Nos.
Switchgear and related products	2492 Nos.
Aluminium Rod	142.44 MT
Conductors	759.69 MT
Cables	259.15 Km

GENERAL INFORMATION

Customers :

v ABB

v Ahmedabad Electricity Company Limited

v Assam State Electricity Board

v Ajmer Vidyut Vitran Nigam Limited, Ajmer

v Areva T and D Limited

v Alstom Power

v Bombay Suburban Electric Supply Limited, Mumbai

v Bombay Electric Supply and Transport Undertaking, Mumbai

v Bihar State Electricity Board

v BSES Rajdhani Power Limited

v BSES Yamuna Power Limited

v Chhattisgarh State Electricity Board

v Delhi Vidyut Board

v Department of Atomic Energy, Mumbai

v Gujarat Electricity Board

v Godrej and Boyce Mfg. Company Limited

v Hubli Electricity Supply Company Limited

v Haryana State Electricity Board

v Himachal Pradesh State Electricity Board

v Indian Railways

v Maharashtra DISCOM

v Maharashtra Rajya Vidyut Mandal

v Mangalore Electricity Supply Company Limited

v Maytas Infra Limited

v New Delhi Municipal Council

v Southern Electricity Supply Company of Orissa Limited, Bhubaneswar

v Tamil Nadu Electricity Board.

v Tripura State Electricity Corporation Limited, Tripura

v Uttar Pradesh State Electricity Board

v Uttar Haryana Bijli Vitran Nigam, Panchkula

v Uttarkhand Jal Vidyut Nigam Limited, Uttarakashi

v West Bengal State Electricity Distribution Company Limited

v Western Electricity Supply Company of Orissa Limited, Bhubaneswar

v Wilson Power Solutions

No. of Employees :

Not Available

Bankers :

v IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

v State Bank of India, OZONE, II Floor, Punjagutta Main Road, Hyderabad – 500 082, Andhra Pradesh, India

v Syndicate Bank, 6-3-666, Corporate Finance Branch, 1^st Floor, Lumbini Towers, Opposite NIMS, Punjaguta, Hyderabad – 500 082, Andhra Pradesh, India

v Export-Import Bank of India, Centre one Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

v State Bank of Travancore

v ING Vysya Bank Limited

v Kotak Mahindra Bank Limited

v Axis Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	2248.560	3013.798
Rupee term loans financial institutions secured	325.000	400.000
Working capital loans banks secured	4663.125	3389.781
Total	7236.685	6803.579

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans directors unsecured	0.000	50.000
Deferred sales tax loan unsecured	207.478	207.477
Other debt unsecured	650.000	250.000
Total	857.478	507.477

Banking Relations :	--
Financial Institution :	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Auditors :
Name :	P.V.R.K. Nageaswara Rao and Company Chartered Accountants
Address :	109, Metro Residency, 6-3-1247, Raj Bhavan Road, Hyderabad - 500 082, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AACFP1618B
Subsidiaries :	v Vijai Eletrica do Brasil Ltda, Brazil v Vijai Electricals Mexico SA DE CV, Mexico v Vijai Electricals Mexico Services SA DE CV, Mexico v Electro Teknica Switchgears Private Limited, India (CIN No.: U28113WB1988PTC044317) v Global Heavy Electricals Limited, India (CIN No.: U40105AP2007PLC056799)
Concerns in which key management personnel have substantial interest (Significant Interest entities) :	v Samrakshana Electricals Limited v Kiran Enterprises

CAPITAL STRUCTURE

After 19.09.2011

Authorised Capital : Rs.2110.000 millions

Issued, Subscribed & Paid-up Capital : Rs.1375.842 millions

As on 19.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs.1500.000 millions
500000	Preference Shares	Rs.100/- each	Rs.50.000 millions
	Total		Rs.1550.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90894230	Equity Shares	Rs.10/- each	Rs.908.942 millions
50000	Preference Shares	Rs.100/- each	Rs.5.000 millions
	Total		Rs.913.942 millions

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		913.942	913.942	913.942
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4297.190	4131.486	3944.738
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5211.132	5045.428	4858.680
LOAN FUNDS
1] Secured Loans		7236.685	6803.579	8704.627
2] Unsecured Loans		857.478	507.477	225.479
TOTAL BORROWING		8094.163	7311.056	8930.106
DEFERRED TAX LIABILITIES		365.397	365.277	310.650
TOTAL		13670.692	12721.761	14099.436
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4825.201	4823.144	4484.414
Capital work-in-progress		419.463	448.164	697.458
Expenditure pending allocation, net		38.348	19.879	55.046
INVESTMENT		472.534	462.866	457.404
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5792.937	5268.012	4978.221
	Sundry Debtors	6784.473	6516.607	7157.697
	Cash & Bank Balances	1137.485	1245.827	1035.875
	Other Current Assets	27.356	28.481	35.205
	Loans & Advances	1787.263	1825.357	1311.633
Total Current Assets		15529.514	14884.284	14518.631
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6541.515	6640.103	5526.757
	Other Current Liabilities	1101.581	1429.851	710.277
	Provisions	176.415	135.059	131.052
Total Current Liabilities		7819.511	8205.013	6368.086
Net Current Assets		7710.003	6679.271	8150.545
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Other assets		205.143	288.437	254.569
TOTAL		13670.692	12721.761	14099.436

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	18489.092	16090.023	14245.542
		Other Income	455.668	475.317	324.431
		TOTAL (A)	18944.760	16565.340	14569.973
Less	EXPENSES
		Consumption materials changes inventories	13494.947	11860.162	12860.450
		Manufacturing service costs	1043.133	897.948
		Employee related expenses	1236.595	1078.412
		Administrative selling other expenses	1114.397	830.690
		TOTAL (B)	16889.072	14667.212	12860.450
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2055.688	1898.128	1709.523
Less	INTEREST FINANCIAL EXPENSES (D)		1455.830	1342.348	1327.272
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		599.858	555.780	382.251
Less/ Add	DEPRECIATION/ AMORTISATION (F)		330.229	301.742	277.603
	PROFIT BEFORE TAX (E-F) (G)		269.629	254.038	104.648
Less	TAX (H)		85.120	51.369	84.004
	PROFIT AFTER TAX (G-H) (I)		184.509	202.669	20.644
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (Net of Previous year Foreign Branch Loss of Rs.0.502 million)		2083.008	1946.762	1942.595
Less	APPROPRIATIONS
		Transfer to Proposed Dividend – Preference Shares	0.450	0.450	0.450
		Transfer to Proposed Dividend – Equity Shares	18.179	13.634	13.634
		Provision for Corporate Dividend Tax	2.532	1.837	2.393
		Transfer to General Reserve	50.000	50.000	0.000
	BALANCE CARRIED TO THE B/S		2196.356	2083.510	1946.762
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	2591.080	2126.560	1419.759
		Interest	17.830	18.498	21.157
		Other Income	0.000	1.552	0.000
	TOTAL EARNINGS		2608.910	2146.610	1440.916
	IMPORTS
		Raw Materials and Consumables	3560.769	3893.449	3602.924
		Capital Items	69.304	31.260	159.519
	TOTAL IMPORTS		3630.073	3924.709	3762.443
	Earnings Per Share (Rs.)		2.02	2.22	0.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.97	1.22	0.14
Net Profit Margin (PBT/Sales)	(%)	1.46	1.58	0.73
Return on Total Assets (PBT/Total Assets}	(%)	1.32	1.29	0.55
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.02
Debt Equity Ratio (Total Liability/Networth)		3.05	3.08	3.15
Current Ratio (Current Asset/Current Liability)		1.99	1.81	2.28

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	Yes
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

LITIGATION DETAILS

CASE STATUS INFORMATION SYSTEM

ITTA 334 / 2012

ITTASR 4312 / 2011

CASE IS: PENDING

PETITIONER	RESPONDENT
THE COMMISSIONER OF INCOME TAX-III	VS VIJAI ELECTRICALS LIMITED
PET. ADV.: NARASIMHA SARMA	RESP. ADV.:
SUBJECT: U/Sec. 143 Assessment	DISTRICT: HYDERABAD

Fling Date: 15.11.2011

Posting Stage: For Admission

Reg. Date: 18.08.2012

Listing Date: 29.08.2012

Status: Admit

Hon’ble Judge(s): Goda Raghuram, M.S. Ramachandra Rao

Note:

The registered office of the company has been shifted from Plot No.28, IDA, Balanagar, Hyderabad – 500 037, Andhra Pradesh to the present address w.e.f. 19.01.2005.

REVIEW OF OPERATIONS:

During the year, the Company has achieved a gross turnover of Rs.19454.300 millions as against a turnover of Rs.17026.700 millions in the previous year registering a growth rate of 14.26%. The company registered a Profit before tax of Rs.269.629 millions for the financial year 2010-11 as against Rs.254.038 millions in the previous year. During the year, the Company has achieved highest ever Exports Turnover of Rs.2591.000 millions as against Rs.2126.500 millions during the previous year registering growth of 21.84%. The Company had entered into Australian market and received orders worth about Rs.780.000 millions from Australia. During the year, the Company successfully conducted the maiden short circuit test for 315 MVA/400KV 3 phase Power Transformers at KEMA, Holland. The Company has developed successfully 333MVA 1200kV Single phase Power Transformer, world’s highest voltage rating power transformer with in-house technology The Company handed over 333MVA 1200 kV Single phase Power Transformer to Power Grid Corporation of India Limited.

OUTLOOK:

Transmission and Distribution (T and D) Equipment industry is currently witnessing an over capacity situation, which has led to a fierce price competition amongst the players in the industry. Slow down in expansions in power generation capacities has adversely affected the T and D Equipment industry. The major reasons for the slow down in additions to domestic power generation capacity were delay in supply of power equipment, inability to get adequate fuel linkages and tight credit crunch faced by major industries around the world due to the global financial meltdown. The culmination of above factors has put the margins under severe pressure for the industry as a whole. In addition, the increase in interest rates during the period had also adversely affected the margins of the Company. However, the Company remains optimistic about the future of the transformer industry owing to the impending sharp raise in the power generation capacities in India. The addition to installed capacity by end 11^th plan is estimated at 52,063 MW as against the targeted plan of 78,700 MW. As regards, 12^th plan, the capacity addition is estimated around 1,00,000 MW, out of which, Projects of 58,083 MW are already under construction which will yield benefit during the 12^th plan. The above investment plan demonstrates good demand for electrical equipments in the following years. The company foresees bright future as they expect huge demand for Distribution and Power Transformers and in particular 400 KV and above class transformers in which the company has strong technical capabilities. The company foresees huge opportunities in the international markets of African, Far Eastern Countries, European Countries etc., and the exports continue to be thrust area for the Company. The over all outlook for the company continues to be positive and the management is optimistic in this regard.

BRANCH OFFICE:

The Company has established a branch office in Italy. The financial statements of the Company includes the financial statements of Italy branch i.e. Vijai Electricals Limited – Stable Organization, Italy. The Company has established a branch office at Greece for the purpose of the testing and servicing the transformers supplied to PPC, Greece.

Bankers Charges Report as per Registry

Corporate identity number of the company	U31909AP1980PLC002697
Name of the company	VIJAI ELECTRICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	6-3-648/1 and 2, Off Raj Bhavan Road, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India E-Mail: finance@vijai.co.in
This form is for	Modification of charge
Charge identification number of the modified	10366831
Type of charge	· Immovable Property · Book Debts · Movable Property (not being pledge) · Others (Stocks and all accounts of the Company)
Particular of charge holder	CIN No.: U65991MH2005PLC158386 SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India E-Mail: corporate@sbicaptrustee.com
Nature of description of the instrument creating or modifying the charge	No instrument was executed. The Company created mortgage by way of deposit of title deeds, in favour of Security Trustee, i.e., SBICAP Trustee Company Limited, over the immovable properties situated in Ranga Reddy District, Medak District, Somajiguda, Balnagar, in the state of Andhra Pradesh as more particularly described in Annexure I to the Security Confirmation Letter dated 27^th July, 2012 issued by the Security Trustee.
Date of instrument Creating the charge	11.07.2012
Amount secured by the charge	Rs.30163.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: The respective sanction letters issued by the lenders shall govern the interest, commission and other charges payable to all the charge holders. Terms of Repayment: (a) RTL, WCTL - Repayable in 30 structured Quarterly installments starting from Quarter ending December, 2013. (b) FITL- Repayable in 12 structured Quarterly installments starting from quarter ending December, 2013. (c) FWC- Repayable on demand. (d) Priority Debt -Repayable in 24 structured Quarterly installments starting from quarter ending June, 2013. (e)Zero Coupon Bonds- Redeemable subject to clause (ii) of Section 2.10.3 of the MRA dated March 28, 2012 at the end of 10 years from the date of issue Margin: The respective sanction letters issued by the lenders shall govern the margin requirements. Extent and Operation of the charge: (a) FWC- Pari passu first charge on the all current assets present and future and Pari passu second charge on all immovable and movable fixed assets both present and future of the Company (b) RTL, WCTL, FTL, Priority Debt- Pari Passu first charge on all immovable and movable fixed assets both present and future and Pari passu second charge on the all current assets present and future of the Company (c) Zero Coupon Bonds (ZCB)- Subservient charge on all assets of the Company
Short particulars of the property charged	Land situated in Plot No. 28,Industrial Develpoment Area, Ranga Reddy District, Hyderabad admearing 2825.19 sq Yards together with all buildings and structures and all plant and machinery. Land situated in Plot No.48, 53, Industrial Development Area, Ranga Reddy District and in part of S.No.1, 2, 3, 40, 41, 42 and 45, Kajagada Village, Balanagar, Hyderabad Land situated in Survey No.806, Rudraram Village, Medak District admeasuring app. 10 acres together with all buildings and structures and all plant and machinery Land situated at Survey No.806, 807 and 808 admeasuring 22acres 40 guntas, Medak District, Andhra Pradesh, together with all buildings and structures and all plant and machinery Land situated at Survey No.894, 895 aggregating Acres 14-24 Guntas in three separate bits, Medak District, together with all buildings and structures and all plant and machinery Land situated in Survey Nos.808/2 to 808/11, 885 and 893, 887, 886 and 892, 884/AA, 894, 884/A, 832 to 837, Rudraram Village, Medak District, together with all buildings and structures and all plant and machinery Land bearing municipal No.6-3-648, 6-3-648/1 and 6-3-648/2, 6-3-648/2, Somajiguda, Hyderabad, together with all buildings and structures and all plant and machinery attached to the earth. Land situated at Plot No.3, 5 and Sy. No.6, Bagh E Amari, RR District, Andhra Pradesh, together with all buildings and structures and all plant and machinery attached to the earth.
Date of latest modification prior to the present modification	29.06.2012
Particulars of the present modification	The amount of Rs.30163.500 millions has been secured by way of charge described in the Deed of Hypothecation dated 28^th June, 2012 and further secured by way of charge on land situated in Uttarakhand, Uttar Pradesh, Andhra Pradesh and Maharashtra on 29^th June, 2012, is again secured on 11^th July, 2012 by way of charge on land situated in R.R. District, Balanagar, Rudaram Village, Somajiguda in Andhra Pradesh.

FIXED ASSETS:

Tangible Assets:

v Land and Development

v Leasehold Land

v Buildings

v Plant and Machinery

v Computers

v Office Equipment

v Furniture and Fixtures

v Vehicles

Intangible Assets:

v Computer Software

v Patents

v Technical Know How

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] 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.54.57
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.