MIRA INFORM REPORT

Report Date :

11.07.2012

IDENTIFICATION DETAILS

Name :	VIJAY TRANSMISSION PRIVATE LIMITED
Registered Office :	Plot No.121/3, 8, 12, 13, Vill-Kanhera, Urla Acholi Marg, Post-Urla Raipur – 493221, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.12.2006
Com. Reg. No.:	62-020134
Capital Investment / Paid-up Capital :	Rs.23.430 Millions
CIN No.: [Company Identification No.]	U28112CT2006PTC020134
IEC No.:	6308001554
VAT No.:	22661103770
TAN No.: [Tax Deduction & Collection Account No.]	JBPV00849C
PAN No.: [Permanent Account No.]	AACCV4467B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Fabricators of Metal Structure and Towers.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 270000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – 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/ Factory :	Plot No.121/3, 8, 12, 13, Vill-Kanhera, Urla Acholi Marg, Post-Urla Raipur – 493221, Chhattisgarh, India
Tel. No.:	91-771-3054900 (30 Lines)
Fax No.:	91-771-3054935
E-Mail :	info@vijaytransmission.com info@vijaysteel.com
Website :	http://www.vijaytransmission.in
Corporate Office :	No.1, Guru Ashish, North Avenue, Opposite GHK School, Santacruz (West), Mumbai – 400054, Maharashtra, India
Tel. No.:	91-22-26609900/ 9988
Fax No.:	91-22-26609988

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Narendra Chandra Paliwal

Designation :

Director

Address :

201, Guru Arjan Apartments, S. V. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

15.02.1955

Date of Appointment :

14.12.2006

DIN No.:

00927072

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	Company/ LLP Status	Defaulting status
1	U27100MH1995PTC088530	VIJAY STEEL CORPORATION PRIVATE LIMITED	Managing director	23/03/2007	19/05/1995	Active	NO
2	U74900DL1996PTC078630	PRINTS & FRAMES INDIA PRIVATE LIMITED	Director	02/05/1996	02/05/1996	Active	NO
3	U28112CT2006PTC020134	VIJAY TRANSMISSION PRIVATE LIMITED	Director	14/12/2006	14/12/2006	Active	NO
4	U60231CT2008PTC020587	VIJAY PARIVAHAN PRIVATE LIMITED	Director	29/02/2008	29/02/2008	Active	NO

Name :

Mr. Keshav Chandra Paliwal

Designation :

Director

Address :

C-39, Nizammudin (East), New Delhi – 110003, India

Date of Birth/Age :

19.02.1946

Date of Appointment :

14.12.2006

Date of Ceasing :

31.12.2011

DIN No.:

01145263

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	U27100MH1995PTC088530	VIJAY STEEL CORPORATION PRIVATE LIMITED	Director	19/05/1995	19/05/1995	-	Active	NO
2	U74900DL1996PTC078630	PRINTS & FRAMES INDIA PRIVATE LIMITED	Director	02/05/1996	02/05/1996	-	Active	NO
3	U28112CT2006PTC020134	VIJAY TRANSMISSION PRIVATE LIMITED	Director	14/12/2006	14/12/2006	31/12/2011	Active	NO
4	U60231CT2008PTC020587	VIJAY PARIVAHAN PRIVATE LIMITED	Director	29/02/2008	29/02/2008	-	Active	NO

Name :

Ms. Shital Chandra Paliwal

Designation :

Director

Address :

6 Akash Co-operative Housing Sarojini Road Santacruz (West), Mumbai – 400054, Maharashtra. India

Date of Birth/Age :

20.12.1942

Date of Appointment :

14.12.2006

DIN No.:

00927145

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	Company/ LLP Status	Defaulting status
1	U27100MH1995PTC088530	VIJAY STEEL CORPORATION PRIVATE LIMITED	Director	19/05/1995	19/05/1995	Active	NO
2	U28112CT2006PTC020134	VIJAY TRANSMISSION PRIVATE LIMITED	Director	14/12/2006	14/12/2006	Active	NO
3	U60231CT2008PTC020587	VIJAY PARIVAHAN PRIVATE LIMITED	Director	29/02/2008	29/02/2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Shital Chandra Paliwal	285000
Keshav Chandra Paliwal	285000
Narendra Chandra Paliwal	285000
Garima Paliwal	4000
Rashi Paliwal	4000
Priti Paliwal	4000
Vickson Steel Private Limited, India	1092000
Paliwal Holdings Private Limited, India	272000
Pratima Jain	2500
Seema Seth	2500
Jagdish C Paliwal and Ajay Paliwal	5000
Jagdish C. Paliwal and Ritu Rajpara	2500
Jagdish C. Paliwal and Vikram Paliwal	5000
Ashok Paliwal	30000
Nidhi Paliwal	2500
Akshaya Paliwal	5000
Aditya Paliwal and Sanjay Paliwal	2500
Varun Paliwal and Sanjay Paliwal	2500
Mem Agrwal	6000
Arun Kumar Mittal	10000
Sri Mola Tandi	10000
Pankaj Bansal	6000
Romnath Sahu	10000
Sreyansh Kumar Jain	10000
Sanjay Paliwal	25000
Rupal Dhanawde	5000
Vilasni Padelkar	2500
Ashwini Chavan	2500
Laxmi Dhamdhere	2500
Pratiksha Sane	2500
Total	2383000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	57.24
Directors or relatives of directors	39.95
Other top fifty shareholders	2.81
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Fabricators of Metal Structure and Towers.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Fabrication	MT	Not Applicable	12000	7139.07
Galvanizing	MT	Not Applicable	18000	14248.08

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Dena Bank

Corporate Business Branch, C-10, G – Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loans from Banks (Secured against fixed assets namely Land and Building, Plant and Machinery and other assets and personal guarantees of directors)	84.623	73.751
Working Capital Borrowings from Banks (Secured against hypothecation of Current Assets and personal guarantees of directors)	57.443	43.469
Car Loan (Secured against hypothecation of car and personal guarantees of directors)	0.362	0.063
Total	142.428	117.283
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Banks and Financial Institution	7.409	8.097
From Directors	1.785	2.085
From Shareholder and Others	41.311	11.195
Total	50.505	21.377

Banking Relations :	--
Auditors :
Name :	Atul Veeresh and Associates Chartered Accountant
Address :	221, Fashqua Shopping Centre, 2^nd Floor Station Road, Santacruz (West), Mumbai – 400054, Maharashtra, India
Tel No.:	91-22-26489710
Fax No.:	91-22-26046356
Mobile No.:	91-9323787938
PAN No.:	AAHFA0127F
Email :	veeresh_shah@rediffmail.com veereshshah@gmail.com
Website :	http://www.caava.in
Holding Company :	· Vicksons Steels (Private) Limited (Holding-Subsidiary relationship cease to exist from 26.04.2010)
Enterprise on which key management personnel and their relatives exercise significant influence :	· Vicksons Steels (Private) Limited · Prints and Frames India Private Limited · Vijay Parivahan Private Limited · J.C. Paliwal Associate

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2383000	Equity Shares	Rs.10/- each	Rs.23.830 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2343000	Equity Shares	Rs.10/- each	Rs.23.430 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		23.430	21.680	19.790
2] Share Application Money		0.800	0.800	0.000
3] Reserves & Surplus		42.247	38.839	29.927
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.477	61.319	49.717
LOAN FUNDS
1] Secured Loans		142.428	117.283	101.430
2] Unsecured Loans		50.505	21.377	7.107
TOTAL BORROWING		192.933	138.660	108.537
DEFERRED TAX LIABILITIES		3.452	2.705	1.782
TOTAL		262.862	202.684	160.036
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		140.506	109.068	110.642
Capital work-in-progress		4.104	11.226	2.170
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	73.942	74.244	35.332
	Sundry Debtors	112.505	58.937	35.615
	Cash & Bank Balances	8.385	1.638	2.682
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	21.723	27.497	19.279
Total Current Assets		216.555	162.316	92.908
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	87.850	72.796	41.567
	Other Current Liabilities	8.362	4.181	1.211
	Provisions	2.396	3.450	3.604
Total Current Liabilities		98.608	80.427	46.382
Net Current Assets		117.947	81.889	46.526
MISCELLANEOUS EXPENSES		0.305	0.501	0.698
TOTAL		262.862	202.684	160.036

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	639.299	320.421	259.953
		Job Work Charges	20.014	27.552	18.411
		Other Income	1.717	1.320	0.391
		TOTAL (A)	661.030	349.293	278.755
Less	EXPENSES
		Cost of Goods Sold	595.849	337.091	256.098
		Changes in Finished Goods	5.155	(37.503)	(11.613)
		Human Resource Cost	15.862	13.444	8.582
		Administrative Charges	6.294	6.492	4.677
		Marketing Cost	2.964	2.042	0.559
		Preliminary Expenses W/off	0.197	0.197	0.197
		TOTAL (B)	626.321	321.763	258.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.709	27.530	20.255
Less	FINANCIAL EXPENSES (D)		27.090	18.734	11.155
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.619	8.796	9.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.202	6.045	4.612
	PROFIT BEFORE TAX (E-F) (G)		2.417	2.751	4.488
Less	TAX (H)		0.759	0.349	1.568
	PROFIT AFTER TAX (G-H) (I)		1.658	2.402	2.920
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.619	3.216	0.296
	BALANCE CARRIED TO THE B/S		7.277	5.618	3.216
	Earnings Per Share (Rs.)		0.71	1.11	2.02

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.25	0.69	1.05
Net Profit Margin (PBT/Sales)	(%)	0.38	0.86	1.73
Return on Total Assets (PBT/Total Assets}	(%)	0.68	1.01	2.20
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.09
Debt Equity Ratio (Total Liability/Networth)		4.39	3.57	3.12
Current Ratio (Current Asset/Current Liability)		2.20	2.02	2.00

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

The Registered Office of the company has been shifted from, Tripti House, Plot No.8, Sector 4, Deendayal Upadhyay Nagar, Near Naveen Bhartis School, Raipur – 492001, Chhattisgarh, India, to the present address w.e.f. 20.04.2012.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Guarantees Issued by bank on behalf of the company Rs.18.698 Millions (Previous year Rs.11.212 Millions)

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U28112CT2006PTC020134
Name of the company	VIJAY TRANSMISSION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.121/3,8,12,13, Vill-Kanhera, Urla Acholi Marg, Post-Urla, Raipur – 493221, Chhattisgarh, India info@vijaytransmission.com
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Dena Bank Corporate Business Branch, C-10, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation (Goods, Book Debts and other Movable Assets to secure Multiple Facilities.)
Date of instrument Creating the charge	21/03/2012
Amount secured by the charge	Rs.336.300 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Cash Credit: BR 10.70 % at present + Spread 2.90% i.e. 13.60% p.a. Term Loan-I and Term Loan-II: BR 10.70% at present + T.P 0.50%. Spread 2.90% i.e. 14.10% p.a. Terms of Repayment Working Capital facility shall be repayable on Demand. Term Loan I shall be repayable in 60 instalments and Term Loan - II shall be repayable in 45 instalments as shown in Agreement dated 21.03.2012. Margin Cash Credit: 25% against Stocks, Book Debts upto 90 days, RM and FG. 33.33% against WIP and Spares. Bank Guarantee: 15% Performance, 25% financial/Bid Bond, 100% Disputed Liability. (LC-I/F-DA/DP): 10% against DP, DA and 10% on Acceptance of documents. Extent and Operation of the charge The Company hypothecates to and charges in favour of the Bank, by way of first charge, of all the company's goods, book debts and movable properties as described in Column No. 15 as security for due payment of credit facilities of Rs.336.300 Millions together with interest, discount, commission, charges and costs and expenses payable by company to the Bank. Others It has been agreed to create an equitable mortgage by deposit of title deeds in respect of Company's immovable properties being Factory premises at 121/3, 121/8, 121/11, 121/12, 121/13, village Kanhera, Block Dharsiva-2, Urla-Acholi Road, Tehsil Raipur, District Raipur.
Short particulars of the property charged	Goods : All stocks raw materials/goods in process and finished goods such as Steel Structure, R.S.J. Pole, Tower Parts, Flats and Transmission Totwers etc., consumable, Movable and Other Assets : All the tangible movable properties and assets of the Company of whatsoever nature including plant, machinery, tools and accessories, stores, Book-Debts : All the present and future book-debts, outstanding, moneys, receivable, claims, bills, rights, to or in movable properties and movable assets.

FIXED ASSETS:

· Land

· Site Development Cost

· Factory Shed and Building

· Admin Building and Other Building

· ETP Buildings

· Plant and Machinery including Material Handling Equipment and Lab Equipment

· Pollution Control Equipment

· Electrical Installations and Fittings

· Mobile Cranes

· Vehicles

· Furniture and Fixtures

· Computers

· Computer Software

· Office Equipment and Other Asset

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.56.02
UK Pound	1	Rs.86.78
Euro	1	Rs.68.83

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
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	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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.