MIRA INFORM REPORT

Report Date :

01.07.2013

IDENTIFICATION DETAILS

Name :	PADMAVAHINI TRANSFORMERS PRIVATE LIMITED
Registered Office :	S.F No.- 353/1, Door No. 7/140, Ruby Matriculation School Road, Keernatham, Sarvanampatti, Coimbatore - 641035, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.11.1996
Com. Reg. No.:	18-007583
Capital Investment / Paid-up Capital :	Rs.6.000 Millions
CIN No.: [Company Identification No.]	U31102TZ1996PTC007583
IEC No.:	3205010558
TAN No.: [Tax Deduction & Collection Account No.]	CMBP04344E
PAN No.: [Permanent Account No.]	AABCP2486R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electrical Transformers
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 57000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are slow but correct. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 3B
Rating Explanation	Moderate performance capability and moderate financial strength.
Date	05.12.2012

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 / Factory :	S.F No.- 353/1, Door No. 7/140, Ruby Matriculation School Road, Keernatham, Sarvanampatti, Coimbatore - 641035, Tamilnadu
Tel. No.:	91-422-6531222
Fax No.:	91-422-2404333
E-Mail :	padmavahini@padmavahini.com info@padmavahini.com
Website :	http://www.padmavahini.co.in
Area :	40000 sq.ft
Location :	Owned

DIRECTORS

As on 28.09.2012

Name :

Mr. Raghupathy Vathirajan

Designation :

Managing Director

Address :

17, Sri Hari Kripa Giri Nagar, Gavundampalayam, Coimbatore-641030, Tamilnadu, India

Date of Birth/Age :

01.06.1965

Qualification :

B.E Electronics

Date of Appointment :

28.11.1996

DIN No.:

01134462

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	U31102TZ1996PTC007583	PADMAVAHINI TRANSFORMERS PRIVATE LIMITED	Managing director	28-11-96	28-11-96	-	Active	NO
2	U51909TZ2004PTC011347	PADMAVAHINI SAFETECH PRIVATE LIMITED	Director	20-09-04	20-09-04	-	Active	NO

Name :

Mr. Vathirajan Lavanya

Designation :

Director

Address :

17, Sri Hari Kripa Giri Nagar, Gavundampalayam, Coimbatore-641030, Tamilnadu, India

Date of Birth/Age :

30.05.1974

Qualification :

B.Sc. M.A

Date of Appointment :

09.11.2007

DIN No.:

01195144

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	U51909TZ2004PTC011347	PADMAVAHINI SAFETECH PRIVATE LIMITED	Director	20-09-04	20-09-04	-	Active	NO
2	U31102TZ1996PTC007583	PADMAVAHINI TRANSFORMERS PRIVATE LIMITED	Director	09-11-07	09-11-07	-	Active	NO

Name :

Mrs. S. Radha

Designation :

Director

Address :

17, Sri Hari Kripa Giri Nagar, Gavundampalayam, Coimbatore-641030, Tamilnadu, India

Date of Birth/Age :

28.04.1964

Qualification :

M.A

Date of Appointment :

28.11.1996

DIN No.:

03190951

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	U31102TZ1996PTC007583	PADMAVAHINI TRANSFORMERS PRIVATE LIMITED	Director	28-11-96	28-11-96	-	Active	NO
2	U51909TZ2004PTC011347	PADMAVAHINI SAFETECH PRIVATE LIMITED	Director	20-09-04	20-09-04	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electrical Transformers

Products :

Products Description	ITC Code
Transformers	84715000.10

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Corporation Bank, Main Branch, 816, Oppanakara Street, Coimbatore - 641012,

Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term loan from bank	0.000	0.647
SHORT TERM BORROWINGS
Loan repayable on demand from bank	11.477	8.214
Total	11.477	8.861
Details of security for long term borrowings: Term loans from Corporation bank are secured by hypothecation of factory building, plant and machineries and are collaterally secured by equitable mortgage by deposit of title deeds of immovable properties of the company situated at S.F.No:335/1, No:7/140, Ruby Matriculation School Road, Keeranatham, Saravanampatty, Coimbatore-641035. Details of security for short term borrowings: Working capital loans (OCC) from Corporation bank carried interest @ 12.75% p.a. The loan was secured by a first charge on all movable properties of the company, present and future, a pari passu charge on the current assets of the Company by hypothecation of raw materials, work in process, finished goods and book debts and further secured by a second charge on immovable properties on a paripassu basis.

Banking Relations :	---
Auditors :
Name :	Selvam and Company Chartered Accountants
Address :	No.225, Gokhale Street, Ram Nagar, Coimbatore – 641009, Tamilnadu, India
PAN No.:	AIJPS2786A

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.100/- each	Rs.6.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.000	6.000
(b) Reserves & Surplus	8.300	5.955
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	14.300	11.955
(3) Non-Current Liabilities
(a) long-term borrowings	4.556	5.218
(b) Deferred tax liabilities (Net)	1.404	1.259
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	5.960	6.477
(4) Current Liabilities
(a) Short term borrowings	11.477	8.214
(b) Trade payables	7.629	7.392
(c) Other current liabilities	2.683	2.564
(d) Short-term provisions	0.199	0.124
Total Current Liabilities (4)	21.988	18.294
TOTAL	42.248	36.726
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.096	12.512
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.028	0.028
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	12.124	12.540
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	19.860	15.255
(c) Trade receivables	3.282	4.904
(d) Cash and cash equivalents	0.066	0.031
(e) Short-term loans and advances	6.916	3.996
(f) Other current assets	0.000	0.000
Total Current Assets	30.124	24.186
TOTAL	42.248	36.726

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital
2] Share Application Money		6.000
3] Reserves & Surplus		2.848
4] (Accumulated Losses)		4.021
NETWORTH		12.869
LOAN FUNDS
1] Secured Loans		9.580
2] Unsecured Loans		0.200
TOTAL BORROWING		9.780
DEFERRED TAX LIABILITIES		1.068
TOTAL		23.717
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.741
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.237
	Sundry Debtors	3.704
	Cash & Bank Balances	0.040
	Other Current Assets	0.000
	Loans & Advances	2.644
Total Current Assets		22.625
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.793
	Other Current Liabilities	6.730
	Provisions	1.126
Total Current Liabilities		11.649
Net Current Assets		10.976
MISCELLANEOUS EXPENSES		0.000
TOTAL		23.717

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	53.110	45.530	17.139
		Other Income
		TOTAL	53.110	45.530	17.139
Less	EXPENSES
		Office Expenses
		Administrative Expenses	49.649	42.939	15.026
		Advertising Expenses
		TOTAL	49.649	42.939	15.026
	PROFIT BEFORE TAX		3.461	2.591	2.113
Less	TAX		1.116	0.712	0.881
	PROFIT AFTER TAX		2.345	1.880	1.232
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.954	0.020	0.788
	Excess provision of income tax for earlier year		NA	0.054	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	1.000	2.000
	BALANCE CARRIED TO THE B/S		NA	0.954	0.020
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4.094	10.046	NA
	TOTAL EARNINGS		4.094	10.046	NA
	Earnings Per Share (Rs.)		39.09	31.34	20.54

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.42	4.13	7.19
Return on Total Assets (PBT/Total Assets}	(%)	8.20	7.06	5.97
Return on Investment (ROI) (PBT/Networth)		0.24	0.22	0.16
Debt Equity Ratio (Total Debt /Networth)		1.12	1.12	0.76
Current Ratio (Current Asset/Current Liability)		1.37	1.32	1.94

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
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

Note:

The registered office of the company has been shifted from No. 22 Kaliappan Street, K K Puduar, Coimbatore-641030, Tamilnadu, India to present address w.e.f. 11.03.2010

BUSINESS PERFORMANCE

During the year, the Company has significantly improved its business performance. The turnover for the year has increased 16.65% to Rs.53.110 Millions when compared with the previous year turnover of Rs.45.530 Millions. The Company has shifted its focus towards manufacturing and supply of transformers, unlike the previous years where the main focus was on repair and servicing of transformers.

FUTURE OUTLOOK

The current year scenario seems to be favorable, as the directors are confident of further increasing the turnover in the ensuring year.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
From Directors	3.061	3.076
from others	1.295	1.295
SHORT TERM BORROWINGS
from related parties	0.200	0.200
Total	4.556	4.571

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31102TZ1996PTC007583
Name of the company	PADMAVAHINI TRANSFORMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S.F No.- 353/1, Door No. 7/140, Ruby Matriculation School Road, Keernatham, Sarvanampatti, Coimbatore - 641035, Tamilnadu, India info@padmavahini.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90009381
Type of charge	Immovable property Book debts Movable property (not being pledge) Others (Hypothecation of Movable Fixed and Current Assets)
Particular of charge holder	Corporation Bank, Main Branch, 816, Oppanakara Street, Coimbatore - 641012, Tamilnadu, India cb0021@corpbank.co.in
Nature of instrument creating charge	1. Common Deed of Hypothecation of Movables/ Assets/ Debts 2. No Instrument - Letter of Continuity
Date of instrument Creating the charge	13.08.2012
Amount secured by the charge	Rs.40.754 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit Limit of Rs.15.000 Millions - Base Rate+2.10% =12.60% pa subject to change from time to time. Terms of Repayment Cash Credit - Running Account repayable on demand subject to Annual Renewal Margin On Stock: 25% and on Book Debts : 40% ( Age of the Book Debts not to exceed 90 days) Bank Guarantee - 25%, INLC/IMLC - 15% ( Import Usance of 120 days and for Local Usance of 90 days) Extent and Operation of the charge Continuation of: Hypothecation/First charge on Inventory and Book Debts First Charge on all movable fixed assets existing and future Continuing EMG on Freehold and leasehold rights of the Factory Land and building at SF No.353/1 Keeanatham village D No.7/140/1, Coimbatore 35 admeasuring 4672 Sq.ft of Factory and Staff Quarters and at 353/1, D.No.7/140, Keeranatham Village, Coimbatore 35 admeasuring 12014 Sq.ft of Factory building for the Loans to the Company and Padmavahini Safetech Private Limited Others Personal Guarantee of Mr. R. Vathirajan, Mrs. B. Radha and Mrs. V. Lavanya Loan to subject Rs.37.400 Millions and Padmavahini Safetech Private Limited Rs.3.000 Millions = 40.400 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation/First charge on Inventory and Book Debts and other movable current assets of the Company in factory premises or elsewhere First Charge on all movable fixed assets existing and future Continuing EMG on Freehold and leasehold rights of the Factory Land and building at SF No.353, 353/1 Keeanatham village D No.7/140/1,Coimbatore 35 admeasuring 4672 Sq.ft of Factory and Staff Quarters. Continuing EMG at 353/1, D.No.7/140, Keeranatham Village, Coimbatore 35 admeasuring 12014 Sq.ft of Factory building Continuing Charge on Company property for Loan to subject and Loan to Padmavahini Safetech Private Limited
Date of instrument modifying the charge	13.07.2011
Particulars of the present modification	The Present charge for Rs.37.000 Millions (To the Company Rs.35.000 Millions and Limit to Padmavahini Safetech Private Limited Rs.2.000 Millions) modified to Rs.40.754 Millions [Cash Credit Limit Rs.15.000 Millions, BG Rs.2.754 Millions, Inland/Foreign LC Limit of Rs.20.000 Millions = Rs.37.754 Millions to the Company and Limit to Padmavahini Safetech Private Limited Rs.3.000 Millions]

FIXED ASSETS

• Building-Factory
• Plant and machinery
• Vehicles
• Computer and accessories
• Office equipments

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 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 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.59.70
UK Pound	1	Rs.91.14
Euro	1	Rs.77.98

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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

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.