MIRA INFORM REPORT

Report Date :

17.06.2013

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) :	31.03.2012 (Profit and Loss Account)
Date of Incorporation :	31.05.1980
Com. Reg. No.:	01-002697
Capital Investment / Paid-up Capital :	Rs. 913.942 Millions (As on 31.03.2011)
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, and Switchgear related products and also undertakes the Electrification Projects.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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 but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears huge loss recorded by the company during 2012. 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. Note : Balance sheet for the year 2012 is not available.

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	Long Term Rating = B-
Rating Explanation	Having high risk of default regarding timely securing of financial obligation.
Date	January 2013

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: Italy Greece
Overseas Ventures :	Located at: Brazil Mexico

DIRECTORS

As on 27.09.2012

Name :

Mr. Dasari Jai Ramesh

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 Satyanarayana

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. Balavardhan Rao Venkata Desai

Designation :

Director

Address :

Amudalapalli Unguturu Mandal, Krishna District, Andhra Pradesh, India

Date of Birth/Age :

10.07.1964

Qualification :

B.Sc

Date of Appointment :

16.11.2011

DIN No.:

06414703

Name :

Mr. Rameshchandra Bose 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. 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

Name :

Mr. Dasari Krishna Mohan

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. 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. Venkata Vasudeva Murthy 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 :

Mrs. Nivedita Jagdeesh Shetty

Designation :

Nominee Director

Address :

A / 82, Twin Tower, Veer Sarvarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

29.09.1957

Qualification :

MBA

Date of Appointment :

16.11.2011

DIN No.:

05155255

Name :

Mr. Prabhakar Ramchandra Dalal

Designation :

Nominee Director

Address :

1302, Wallace Apartments – I, Sleater Road, Grant Road (West), Mumbai, Maharashtra, India

Date of Birth/Age :

09.01.1953

Date of Appointment :

28.03.2013

DIN No.:

00544948

KEY EXECUTIVES

Name :	Mr. Suresh Babu Pentyala
Designation :	Secretary
Date of Appointment :	01.12.2001
PAN No.:	ACUPP4459Q

MAJOR SHAREHOLDERS

As on 27.09.2012

Names of Shareholders (Equity Shares)	No. of Shares
Dasari Jai Ramesh	56656892
Dasari Satyanarayana	6714114
Dasari Padmapriya	440000
Dasari Krishna Mohan	4864837
D.V. Balavardhana Rao	4649920
Dasari Syam Prasad	4650074
Dasari Subhashini	2200
D. Sujatha Lakshmi	2200
D. Vijaya Lakshmi	2200
Samrakshana Electricals Limited, India	5940000
D. Jhansi Lakshmi	247874
P. Koteswara Rao	231957
P. Vindhya Rani	247874
Dasari Usha Rani	2000000
3I Power Projects (Mauritius) Limited, Mauritius	4244088
Total	90894230

Names of Shareholders (Preference Shares)	No. of Shares
Samrakshana Electricals Limited, India	50000
State Bank of India, Mumbai	2553000
State Bank of Travancore, India	129000
ING Vysya Bank Limited, Mumbai	426000
IDBI Bank Limited, Mumbai	1428000
Axis Bank Limited, Mumbai	83000
Total	4669000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) 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, and Switchgear related products and also undertakes the Electrification Projects..

Products :

Product Description	Item Code No. (ITC Code
Transformers	850400

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 :

• Andhra Pradesh

1. APCPDCL, Hyderabad
2. APEPDCL, Visakhapatnam
3. APNPDCL, Warangal
4. APSPDCL, Tirupati

• Maharashtra

1. MSEDCL, Mumbai
2. BESandT undertaking, Mumbai

• Gujarat

1. MGVCL, Vadodara
2. UGVCL, Mehsana
3. DGVCL, Surat
4. PGVCL, Rajkot

• ABB
• Ahmedabad Electricity Company Limited
• Assam State Electricity Board
• Ajmer Vidyut Vitran Nigam Limited, Ajmer
• Areva T and D Limited
• Alstom Power
• Bombay Suburban Electric Supply Limited, Mumbai
• Bombay Electric Supply and Transport Undertaking, Mumbai
• Bihar State Electricity Board
• BSES Rajdhani Power Limited
• BSES Yamuna Power Limited
• Chhattisgarh State Electricity Board
• Delhi Vidyut Board
• Department of Atomic Energy, Mumbai
• Gujarat Electricity Board

No. of Employees :

Not Available

Bankers :

(As on 31.03.2011)

• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
• State Bank of India, OZONE, II Floor, Punjagutta Main Road, Hyderabad – 500 082, Andhra Pradesh, India
• Syndicate Bank, 6-3-666, Corporate Finance Branch, 1^st Floor, Lumbini Towers, Opposite NIMS, Punjaguta, Hyderabad – 500 082, Andhra Pradesh, India
• Export-Import Bank of India, Centre one Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
• State Bank of Travancore
• ING Vysya Bank Limited
• Kotak Mahindra Bank Limited
• 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

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
PAN No.:	AACFP1618B
Subsidiaries : (As on 31.03.2011)	Vijai Eletrica do Brasil Ltda, Brazil Vijai Electricals Mexico SA DE CV, Mexico Vijai Electricals Mexico Services SA DE CV, Mexico Electro Teknica Switchgears Private Limited, India (CIN No.: U28113WB1988PTC044317) Global Heavy Electricals Limited, India (CIN No.: U40105AP2007PLC056799)
Concerns in which key management personnel have substantial interest (Significant Interest entities): (As on 31.03.2011)	Samrakshana Electricals Limited · Kiran Enterprises

CAPITAL STRUCTURE

As on 27.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs. 10/- each	Rs. 1500.000 Millions
6100000	Preference Shares	Rs. 100/- each	Rs. 610.000 Millions
	Total		Rs. 2110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90894230	Equity Shares	Rs. 10/- each	Rs. 908.942 Millions
4669000	Preference Shares	Rs. 100/- each	Rs. 466.900 Millions
	Total		Rs. 1375.842 Millions

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

NOTE: Balance sheet for the year 2012 is not available only Profit and Loss account is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	13046.529	18836.126	16090.023
		Other Income	210.062	108.797	475.317
		TOTAL (A)	13256.591	18944.923	16565.340
Less	EXPENSES
		Cost of material consumed	8353.831	14722.904
		Changes in inventories of finished goods, work-in-progress and traded goods	1396.230	(1227.957)
		Employee benefit expenses	1175.162	1252.365
		Other expenses	2227.601	2159.462
		TOTAL (B)	13152.824	16906.774	14667.212
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		103.767	2038.149	1709.523
Less	FINANCIAL EXPENSES (D)		1847.663	1438.291	1327.272
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1743.896)	599.858	382.251
Less/ Add	DEPRECIATION/ AMORTISATION (F)		345.798	330.229	277.603
	PROFIT/LOSS BEFORE EXCEPTIONAL ITAMS AND TAX		(2089.694)	269.629	104.648
	EXCEPTIONAL ITEMS BEFORE TAX		(27.626)	0.000	0.000
	PROFIT/LOSS BEFORE TAX (E-F) (G)		(2117.320)	269.629	104.648
Less	TAX (H)		(79.477)	85.120	84.004
	PROFIT/LOSS AFTER TAX (G-H) (I)		(2037.843)	184.509	20.644
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2196.356	2083.008	1942.595
Less	APPROPRIATIONS
		Transfer to Proposed Dividend – Preference Shares	NA	0.450	0.450
		Transfer to Proposed Dividend – Equity Shares	NA	18.179	13.634
		Provision for Corporate Dividend Tax	NA	2.532	1.837
		Transfer to General Reserve	NA	50.000	50.000
	BALANCE CARRIED TO THE B/S		NA	2196.356	2083.510
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	3058.129	2591.080	2126.560
		Interest	19.570	17.830	18.498
		Other Income	0.000	0.000	1.552
	TOTAL EARNINGS		3077.699	2608.910	2146.610
	IMPORTS
		Raw Materials	2302.596	3560.769	3893.449
		Stores & Spares	27.684	69.304	31.260
	TOTAL IMPORTS		2330.280	3630.073	3924.709
	Earnings Per Share (Rs.)		(22.42)	2.02	2.22

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	15397	0.97	1.22
Net Profit Margin (PBT/Sales)	(%)	16.23	1.43	1.58
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.32	1.29
Return on Investment (ROI) (PBT/Networth)		NA	0.05	0.05
Debt Equity Ratio (Total Debt /Networth)		NA	3.05	3.08
Current Ratio (Current Asset/Current Liability)		NA	1.99	1.81

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 two 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	---------
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	No
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

UNSECURED LOAN:

Particulars	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

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	L and T Finance Limited (Assignor) assigned loan accounts of Vijai Electricals Limited to L and T Infrastructure Finance Company Limited ( Assignee) and executed Deed of Accession to MRA dated 30th March, 2013 and Deed of Accession to STA dated 30th March, 2013 at Hyderabad.
Date of instrument Creating the charge	30.03.2013
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
Date of latest modification prior to the present modification	11.07.2012
Particulars of the present modification	Charge was created vide DOH on 28.06.2012 favoring SBICAP Trustee Company Limited One of the lenders, L and T Finance Limited (LTF) as named in Sch-I of the DOH date 28.06.2012 for Rs. 599.100 under various limits out of total debt component of Rs. 30163.500 Millions has assigned its debt of Rs. 599.100 Millions to L and T Infrastructure Finance Limited (LTIF) under deed of accession date. 30.03.2013 and the same has been accepted by LTIF vide Deeds of Accession to MRA and STA dated 30.03.2013 at Hyderabad.

FIXED ASSETS:

Tangible Assets:

• Land and Development
• Leasehold Land
• Buildings
• Plant and Machinery
• Computers
• Office Equipment
• Furniture and Fixtures
• Vehicles

Intangible Assets:

• Computer Software
• Patents
• Technical Know How

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. 57.74
UK Pound	1	Rs. 90.64
Euro	1	Rs. 77.02

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	3
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.