MIRA INFORM REPORT

Report Date :

25.11.2014

IDENTIFICATION DETAILS

Name :	DEVANSHI POWERS LIMITED
Registered Office :	Plot No. 418-419, GIDC Estate, Vithall Udyognagar - 388121, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.10.2012
Com. Reg. No.:	04-072199
Capital Investment / Paid-up Capital :	Rs. 99.933 Millions
CIN No.: [Company Identification No.]	U31300GJ2012PLC072199
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	BRDD02659G
PAN No.: [Permanent Account No.]	AAECD4078Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader and Importer of Electrical cable and copper wire.
No. of Employees :	20 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was erstwhile established in July 2006 as a partnership firm “Devanshi Electricals”. Subsequently, it was converted into a closely held public limited company on October 04, 2012. It is having a moderate track record. Management has failed to file the latest financials of FY14, with the statutory authorities. As per available, the company has reported a low profit margin from its operations during Fy13. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with great caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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	CARE
Rating	Long Term Bank Facilities = B+
Rating Explanation	Risk prone credit quality and carries very high credit risk
Date	03.03.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	03.03.2014

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 PARTED BY

Name :	Mr. Shriram Modak
Designation :	Commercial Head
Contact No.:	91-9825033080
Date :	24.11.2014

LOCATIONS

Registered Office / Factory :	Plot No. 418-419, GIDC Estate, Vithall Udyognagar - 388121, Gujarat, India
Tel. No.:	91-2692-235920
Mobile No.:	91-9825033080 (Mr. Modak)
Fax No.:	91-2692-235920
E-Mail :	devanshiele@yahoo.co.in info@devanshipowers.in

DIRECTORS

As on 30.09.2013

Name :	Mr. Pradeep Kumar Jagdishbhai Shah
Designation :	Director
Address :	Near Vendor, Opposite Papu Hospital, Anand 388001, Gujarat, India
Date of Birth/Age :	13.07.1978
Date of Appointment :	04.10.2012
DIN No.:	01409246
Name :	Mr. Jignesh Kumar Kabra
Designation :	Director
Address :	17,Satnarayan Society,Mahsana-25, Mahesana – 384001, Gujarat, India
Date of Birth/Age :	27.06.1984
Date of Appointment :	04.10.2012
DIN No.:	02303967
Name :	Mr. Varshaben Pradeepkumar Shah
Designation :	Director
Address :	10, Bansi Bunglows, Anand - V V Nagar Road, Anand – 388001, Gujarat, India
Date of Birth/Age :	17.06.1978
Date of Appointment :	04.10.2012
DIN No.:	06360016

KEY EXECUTIVES

Name :	Mr. Shriram Modak
Designation :	Commercial Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Pradeep Kumar Jagdishbhai Shah	5003350
Jignesh Kumar Kabra	99933
Varshaben Pradeepkumar Shah	3997320
Pankaj Kumar Jagdishbhai Shah	599598
Kanaiyalal Kaluram Shah	99933
Nirmal Kanaiyalal Kabra	99933
Dharmistha Jigneshkumar Kabra	99933
Total	10000000

As on 30.09.2013

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, Trader and Importer of Electrical cable and copper wire.
Products :	Not Divulged
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :
Products :	Machinery
Countries :	China
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers, and Manufacturer

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	Industrial Finance Branch, Sayajigunj, Near Kalaghoda Circle, Vadodara - 390005, Gujarat, India
Person Name (With Designation)	--
Contact Number	Not Divulged
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013
Short-term borrowings
Working capital loans from banks	52.406
Loans repayable on demand	0.618
Total	53.024

Banking Relations :	---
Auditors :
Name :	Mandowara Laddha and Associates Chartered Accountants
Address :	306, Profit Centrenr. Kalaghoda Circle , Sayajigunj
PAN No.:	AANFM9548C
Sister Concern ::	Smit Metals Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99,93,300	Equity Shares	Rs.10/- each	Rs.99.933 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	99.933
(b) Reserves & Surplus	1.313
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	101.246
(3) Non-Current Liabilities
(a) long-term borrowings	28.686
(b) Deferred tax liabilities (Net)	0.354
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	29.040
(4) Current Liabilities
(a) Short term borrowings	53.024
(b) Trade payables	123.979
(c) Other current liabilities	0.000
(d) Short-term provisions	0.829
Total Current Liabilities (4)	177.832
TOTAL	308.118
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	100.656
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	1.356
(iv) Intangible assets under development	0.000
(b) Non-current Investments	15.495
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.409
Total Non-Current Assets	117.916
(2) Current assets
(a) Current investments	0.000
(b) Inventories	19.485
(c) Trade receivables	149.926
(d) Cash and cash equivalents	1.503
(e) Short-term loans and advances	19.288
(f) Other current assets	0.000
Total Current Assets	190.202
TOTAL	308.118

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income	484.399
		Other Income	6.142
		TOTAL (A)	490.541
Less	EXPENSES
		Cost of Materials Consumed	483.867
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.944)
		Employees benefits expense	0.170
		Other expenses	4.295
		TOTAL (B)	483.388
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.153
Less	FINANCIAL EXPENSES (D)		4.192
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.961
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.053
	PROFIT BEFORE TAX (E-F) (G)		1.908
Less	TAX (H)		0.595
	PROFIT AFTER TAX (G-H) (I)		1.313
	Earnings Per Share (Rs.)		0.13

Particulars	31.03.2014
Sales Turnover (Approximately)	674.600

Expected Sales (2014-15) : Rs. 750.000 Millions

The above information has been parted by Mr. Shriram Modak.

KEY RATIOS

PARTICULARS		31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.27
Operating Profit Margin (PBIDT/Sales)	(%)	1.48
Return on Total Assets (PBT/Total Assets}	(%)	0.66
Return on Investment (ROI) (PBT/Networth)		0.02
Debt Equity Ratio (Total Debt /Networth)		0.81
Current Ratio (Current Asset/Current Liability)		1.07

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last one years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2013
Long-term borrowings
Loans and advances from others	27.516
Other loans and advances	1.170
Total	28.686

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10401124	25/06/2014 *	260,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SAYAJIGUNJ, NR. KALAGHODA CIRCLE, VADODARA, GUJARAT - 390005, INDIA	C14086276
2	10428589	25/06/2014 *	230,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SAYAJIGUNJ, NR. KALAGHODA CIRCLE, VADODARA, GUJARAT - 390005, INDIA	C14940712

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Office equipment

· Computer equipments

· Other 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 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.61.78
UK Pound	1	Rs.96.78
Euro	1	Rs.76.59

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUB
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	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	3
--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		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.