MIRA INFORM REPORT

Report Date :

08.11.2014

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 – 500082, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.05.1980
Com. Reg. No.:	01-002697
Capital Investment / Paid-up Capital :	Rs.1375.842 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, and Switchgear related products and also undertakes the Electrification Projects.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Exist
Comments :	Subject is an established company having a moderate track record. The rating is constrained on account of company’s moderate financial risk profile and losses that company has incurred from its operational activities. However, trade relations are 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BB
Rating Explanation	Inadequate credit quality and low credit risk.
Date	April 25, 2014

Rating Agency Name	CRISIL
Rating	Short term rating A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	April 25, 2014

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 31-03-2014.

INFORMATION DECLINED

Management Non Co-Operative (91-040-30617777)

LOCATIONS

Registered Office/ Corporate Office :	6-3-648/1 and 2, Off Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India
Tel. No.:	91-40-30617777/ 30617778
Fax No.:	91-40-30617733/ 30617892/ 30617865
E-Mail :	websales@vijaielectricals.com marketing@vijai.co.in finance@vijai.co.in
Website :	http://www.vijaielectricals.com
Factory :	Rudraram, Patancheru Mandal, Medak District – 502329, 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: 31.03.2013

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

PAN No.:

ACNPD1885H

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	U31200TG1987PLC007329	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	U40105TG2007PLC056799	GLOBAL HEAVY ELECTRICALS LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
5	U74900TG2008PTC061564	SOURYA INSULATORS PRIVATE LIMITED	Director	03/03/2009	03/03/2009	-	Active	NO
6	U80212TG2009PTC063147	Brainplex Edutainment Ventures Private Limited	Director	23/03/2009	23/03/2009	-	Active	NO
7	U40105TG2008PTC057066	MALAXMI OMKARESHWAR POWER PRIVATE LIMITED	Director	29/09/2010	21/03/2010	17/12/2013	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

PAN No.:

ACLPD7187N

Date of Appointment :

31.05.1980

DIN No.:

02267731

Name :

Mr. Balavardhan Rao

Designation :

Director

Address :

Amudalapalli Unguturu Mandal, Krishna District - 521312, Andhra Pradesh, India

Date of Birth/Age :

13.05.1943

PAN No.:

ABPPD8005Q

Date of Appointment :

27.09.2012

DIN No.:

06414703

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	27/09/2012	16/11/2011	-	Active	NO

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

Date of Appointment :

12.03.2005

DIN No.:

00160630

Name :

Mr. Abraham 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

Date of Appointment :

07.06.2005

DIN No.:

00280426

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

PAN No.:

ACNPD2314D

Date of Appointment :

18.10.2010

DIN No.:

00295174

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

Date of Appointment :

25.07.1986

DIN No.:

01257773

Name :

Mr. Venkata Vasudeva Murthy

Designation :

Nominee Director

Address :

D4, Corithian Apartment, 17 Justice Vyas Road, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

04.06.1955

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

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. R K Rao
Designation :	Senior Corporate Account
Address :
Name :	Mr. Suresh Babu Pentyala
Designation :	Secretary
Address :	A/76, Santosh Nagar, Mehdipatnam, Hyderabad – 500028, Andhra Pradesh, India
Date of Birth/Age :	10.07.1964
Date of Appointment :	01.12.2001
PAN No.:	ACUPP4459Q
Name :	Mr. Rama Chandradalal Prabhakar
Designation :	Secretary
Address :	1302, Wallace Apartments-1 Sleater Road Grant Road Mumbai-400007, Maharashtra, India
Date of Birth/Age :	10.07.1964
Date of Appointment :	01.12.2001

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

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, India	2553000
State Bank of Travancore, India	129000
ING Vysya Bank Limited, India	426000
IDBI Bank Limited, India	1428000
Axis Bank Limited, India	83000
Total	4669000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
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, and Switchgear related products and also undertakes the Electrification Projects.

Product :

Item Code No. (ITC Code)	Product Description
99887510	Distribution Transformers, EHV power transformers and switchgear and related products.

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 Divulged

Bankers :

• Export Import Bank of India, Centre One Building, Floor 21, World Trade Center Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• State Bank of India, O ZONE, II Floor, Punjagutta Main Road, Hyderabad - 500082, Andhra Pradesh, India
• State Bank of Travancore, Secunderabad Branch, 111, SD Road, Secunderabad - 500003, Andhra Pradesh, India
• United Bank of India, Secunderabad Branch, M.G. Road, Secunderabad - 500003, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Bonds/debentures	371.200	185.600
Rupee term loans from banks	3591.201	3469.960
Rupee term loans from others	1286.602	1122.320
Deferred sales tax loan	142.888	176.325
SHORT-TERM BORROWINGS
Working capital loans from banks	3905.829	4395.998
Other loans and advances	0.000	185.769
Total	9297.720	9535.972

Banking Relations :	--
Auditors :
Name :	P.V.R.K. Nageaswara Rao and Company Chartered Accountants
Address :	109, Metro Residency, 6-3-1247, Raj Bhavan Road, Hyderabad - 500082, Andhra Pradesh, India
PAN No.:	AACFP1618B
Subsidiary Company :	Vijai Electrica do Brasil Ltda Vijai Elecrricals Mexico SA DE CV Vijai Elecrricals Mexico Services SA DE CV Electro Teknica Switchgears Private Limited CIN No.: U28113WB1988PTC044317 Global Heavy Electricals Limited CIN No.: U40105AP2007PLC056799
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Samrakshana Electricals Limited CIN No.: U31200AP1987PLC007329 Kiran Enterprises

CAPITAL STRUCTURE

As on: 30.09.2013

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1375.842	1375.842	913.942
(b) Reserves & Surplus	1394.813	2261.746	4297.190
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2770.655	3637.588	5211.132
(3) Non-Current Liabilities
(a) long-term borrowings	5801.891	5284.205	2786.616
(b) Deferred tax liabilities (Net)	161.200	271.174	365.397
(c) Other long term liabilities	0.000	0.000	52.436
(d) long-term provisions	239.385	157.769	126.712
Total Non-current Liabilities (3)	6202.476	5713.148	3331.161
(4) Current Liabilities
(a) Short term borrowings	3905.829	4581.767	5603.218
(b) Trade payables	4483.107	2762.678	4830.884
(c) Other current liabilities	1905.220	1732.498	2464.387
(d) Short-term provisions	30.508	31.481	49.703
Total Current Liabilities (4)	10324.664	9108.424	12948.192
TOTAL	19297.795	18459.160	21490.485
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4312.732	4587.918	4798.856
(ii) Intangible Assets	16.989	18.033	26.345
(iii) Capital work-in-progress	423.159	427.651	419.463
(iv) Intangible assets under development	41.796	41.796	38.348
(b) Non-current Investments	472.771	471.834	472.534
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	810.497	848.383	581.222
(e) Other Non-current assets	0.000	1788.715	1780.790
Total Non-Current Assets	6077.944	8184.330	8117.558
(2) Current assets
(a) Current investments	0.000	0.500	0.000
(b) Inventories	3741.849	3705.799	5792.937
(c) Trade receivables	7833.402	4769.011	4988.529
(d) Cash and cash equivalents	643.333	764.307	1137.485
(e) Short-term loans and advances	927.038	976.249	1364.556
(f) Other current assets	74.229	58.964	89.420
Total Current Assets	13219.851	10274.830	13372.927
TOTAL	19297.795	18459.160	21490.485

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	15132.528	13256.591	18944.760
Less	EXPENSES
		TOTAL (B)	14624.752	13831.969	17273.162
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		507.776	(575.378)	1671.598
Less	FINANCIAL EXPENSES (D)		1134.590	1196.144	1071.740
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(626.814)	(1771.522)	599.858
Less/ Add	DEPRECIATION/ AMORTISATION (F)		352.462	345.798	330.229
	PROFIT/LOSS BEFORE TAX (E-F) (G)		(979.276)	(2117.320)	269.629
Less	TAX (H)		(110.707)	(79.477)	85.120
	PROFIT/LOSS AFTER TAX (G-H) (I)		(868.569)	(2037.843)	184.509
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		158.130	2196.356	2083.008
	Earnings Per Share (Rs.)		1.65	---	---

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(5.74)	(15.37)	0.97
Operating Profit Margin (PBITD/Sales)	(%)	3.36	(4.34)	8.82
Return on Total Assets (PBT/Total Assets}	(%)	(5.33)	(12.09)	1.31
Return on Investment (ROI) (PBT/Networth)		(0.35)	(0.58)	0.05
Debt Equity Ratio (Total Debt /Networth)		3.50	2.71	1.61
Current Ratio (Current Asset/Current Liability)		1.28	1.13	1.03

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	Yes
10]	Designation of contact person	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Loans and advances from directors	160.000	80.000
Other loans and advances, others	250.000	250.000
Total	410.000	330.000

LITIGATION DETAILS

LITIGATION DETAILS
Lodging No. :	ITTA 336/2014	ITTASR 3042/2013			Case Is :	Pending
Petitioner:-	COMMISSIONER OF INCOME TAX -III		Respondent:-	VS VIJAI ELECTRICALS LTD
Pet. Adv:-	NAMARATA SARMA		Resp. Adv.:	SHIVA KARTIKEYA
Subject :	U/Sec.143 Assessment		District :	HYDERABAD
Filing Date:	27.09.2013		Posting Stage:	FOR ADDMISSION AND HEARING
Reg. Date :	03.06.2014		Listing date :	11.06.2014
HON’BLE JUDGE(S):	HON’BLE THE CHIEF JUSTICE		SANJAY KUMAR
SATAUS :	ADMIT

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10366831	27/12/2013 *	30,163,500,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, Maharashtra - 400005, INDIA	B92508753
2	10294727	07/06/2011 *	400,000,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, Maha  rashtra - 400001, INDIA	B17309691
3	10276286	06/06/2011 *	500,000,000.00	ANDHRA BANK	SPECIALISED CORPORATE FINANCE BRANCH, SOMAJIGUDA,  HYDERABAD, Andhra Pradesh - 500082, INDIA	B15775844
4	10200497	14/08/2010 *	500,000,000.00	L & T FINANCE LIMITED	L&T HOUSE,, BALLARD ESTATE,, MUMBAI, Maharashtra  - 400001, INDIA	A92483478
5	10179599	14/08/2010 *	400,000,000.00	LIFE INSURANCE CORPORATION OF INDIA	CENTRAL OFFICE, INVESTMENT DEPARTMENT, 'YOGAKSHEMA  , 6TH FLOOR, WEST WING, JEEVAN BIMA MARG, MUMBAI,  Maharashtra - 400021, INDIA	A93313104
6	10163578	14/08/2010 *	2,000,000,000.00	AXIS BANK LIMITED	DOOR NO/ S. NO. 5-4-124/124 (OLD NO.8571), Modi S  quare, R P Road, Secunderabad, Andhra Pradesh - 50  0003, INDIA	A91827261
7	10114010	14/08/2010 *	500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	A94177524
8	10075789	14/08/2010 *	400,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maha  rashtra - 400005, INDIA	A92464619
9	10073119	14/08/2010 *	192,500,000.00	EXPORT IMPORT BANK OF INDIA	Centre One Building, Floor 21, World Trade Centre  , Complex, Cuffe Parade, MUMBAI, Maharashtra - 40  0005, INDIA	A93983674
10	10063124	14/08/2010 *	171,200,000.00	EXPORT IMPORT BANK OF INDIA	Centre One Building, World Trade Center Complex,  Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	A92980028

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
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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.61.38
UK Pound	1	Rs.98.00
Euro	1	Rs.76.98

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.