MIRA INFORM REPORT

Report No. :	317565
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	VIJAY HALOCOILS PRIVATE LIMITED

Registered Office :	A-72, Hebbal Industrial Area, Mysore – 570016, Karnataka
Tel. No.:	91-821-2581806 / 2582459

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	08.07.1993

Com. Reg. No.:	08-014516

Capital Investment / Paid-up Capital :	Rs.1.200 Million

CIN No.: [Company Identification No.]	U85110KA1993PTC014516

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	BLRV03669B

PAN No.: [Permanent Account No.]	AAACV5485H

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Wires.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 35000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Management of the company has reported decent profitability during the financial year 2013-2014. The overall financial position seems to be decent. Trade relations are fair. Business is active. Payments are reported to be usually 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 DENIED BY

Name :	Mr. Nagaraju
Designation :	Company Secretary
Contact No.:	91-9844318278
Date :	15.04.2015

LOCATIONS

Registered Office :	A-72, Hebbal Industrial Area, Mysore – 570016, Karnataka, India
Tel. No.:	91-821-2581806 / 2582459
Mobile No.:	91-9844318278 (Mr. Nagaraju)
Fax No.:	Not Available
E-Mail :	p.hemdev@gmail.com

Factory:	A-72, A73, A111 and A112 Hebbal Industrial Area, Mysore – 570016, Karnataka, India

DIRECTORS

As on 13.09.2014

Name :

Mr. Radhakrishnan Ganapathy

Designation :

Director

Address :

1058, Akshaya Nursing Home, Siddartha Layout, Mysore – 570011, Karnataka, India

Date of Birth/Age :

15.08.1949

Date of Appointment :

18.07.1993

DIN No.:

01755220

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	U03150KA1992PTC013758	VIJAY LAMPS ANDLIGHTINGS PRIVATE LIMITED	Director	04/12/1992	04/12/1992	-	Amalgamated	NO
2	U85110KA1993PTC014516	VIJAY HALOCOILS PRIVATE LIMITED	Director	18/07/1993	18/07/1993	-	Active	NO
3	U85110KA1994PTC016175	VIJAY PRECISON DIES PRIVATE LIMITED	Director	02/09/1994	02/09/1994	-	Active	NO
4	U85110KA1983PTC005327	UNIQUE WIRES PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO

Name :

Mrs. Pratibha Ajith Pai

Designation :

Director

Address :

427, Konark Contour Road, Gokulam 3^rd Stage, Mysore – 570002, Karnataka, India

Date of Birth/Age :

22.12.1973

Date of Appointment :

27.09.1997

DIN No.:

01757636

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	U85110KA1994PTC016175	VIJAY PRECISON DIES PRIVATE LIMITED	Director	02/09/1994	02/09/1994	-	Active	NO
2	U85110KA1993PTC014516	VIJAY HALOCOILS PRIVATE LIMITED	Director	25/09/1997	25/09/1997	-	Active	NO
3	U74999KA2008PTC047719	ENTECH SIGNS AND DISPLAYS INDIA PRIVATE LIMITED	Director	09/09/2008	09/09/2008	-	Active	NO
4	U15139KA2008PTC047724	GREEN EARTH FRESH PRODUCE PRIVATE LIMITED	Director	09/09/2008	09/09/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nagaraju
Designation :	Company Secretary
Address :	628, 1^st B Main Road, 7^th Block West, Jayanagar, Bangalore – 560082, Karnataka, India

MAJOR SHAREHOLDERS

As on 13.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Brahmavar Raghunath Pai	1700	14.17
Radhakrishnan Ganapathy	1200	10.00
Ajith Raghunath Pai	7200	60.00
Pratibha Ajith Pai	1900	15.83
Total	12000	100.00

As on 13.09.2014

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 Wires.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

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 :

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 :

Information declined by the management.

Bankers :

Banker Name	State Bank of Mysore
Branch Address	Retail Assets And Small And Medium Enterprises Cnt, 12 Bamboo Bazaar, New Sayyaji Rao Road, Mysore - 570021, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

State Bank of Mysore, Hiema Convention Centre, Hebbal Industrial Area, Mysore - 570016, Karnataka, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from banks
State Bank of Mysore Cash Credit Loan (Secured against hypothecation of stock and sundry debtors)	4.143	2.921
ICICI Bank limited Vehicle Loan (Secured against hypothecation of Motor car)	3.417	0.000
Total	7.560	2.921

Auditors :
Name :	Hariharan and Company Chartered Accountants
Address :	4581, "Gomathi", N.R.Mohalla, Mysore – 570005, Karnataka, India
PAN No.:	AAAFH7690H

Memberships :	Not Available

Collaborators :	Not Available

Associates :	VWF Industries Limited Unique Wires Private Limited Vijay Precision Private Limited Litetronics Vijay India Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

25000	Equity Shares	Rs.100/- each	Rs.2.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

12000	Equity Shares	Rs.100/- each	Rs.1.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.200	1.200
(b) Reserves & Surplus	11.336	9.767
(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)	12.536	10.967

(3) Non-Current Liabilities
(a) long-term borrowings	7.560	2.921
(b) Deferred tax liabilities (Net)	5.069	4.449
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	12.629	7.370

(4) Current Liabilities
(a) Short term borrowings	21.748	21.470
(b) Trade payables	0.861	0.330
(c) Other current liabilities	0.866	0.677
(d) Short-term provisions	4.948	4.638
Total Current Liabilities (4)	28.423	27.115

TOTAL	53.588	45.452

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	39.261	33.101
(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	0.004	0.004
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.130	1.130
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	40.395	34.235

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.260	0.338
(c) Trade receivables	1.858	3.183
(d) Cash and cash equivalents	1.787	0.100
(e) Short-term loans and advances	9.288	7.596
(f) Other current assets	0.000	0.000
Total Current Assets	13.193	11.217

TOTAL	53.588	45.452

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	39.293	45.815
	Other Income	0.176	0.156
	TOTAL	39.469	45.971

Less	EXPENSES
	Cost of Materials Consumed	2.397	7.337
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.980
	Employees benefits expense	12.959	11.161
	Other expenses	15.974	18.011
	TOTAL	31.330	37.489

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	8.139	8.482

Less	FINANCIAL EXPENSES	2.315	3.107

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	5.824	5.375

Less/ Add	DEPRECIATION/ AMORTISATION	2.687	2.483

	PROFIT/ (LOSS) BEFORE TAX	3.137	2.892

Less	TAX	1.220	0.839

	PROFIT/ (LOSS) AFTER TAX	1.917	2.053

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	7.202	5.648

Less	APPROPRIATIONS
	Transfer to General Reserve	0.150	0.150
	Dividend	0.049	0.049
	Tax on Dividend	0.300	0.300
	Total	0.499	0.499

	Balance Carried to the B/S	8.620	7.202

	CIF VALUE OF IMPORTS	0.000	0.280

	Earnings / (Loss) Per Share (Rs.)	159.75	171.08

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	4.88	4.48

Operating Profit Margin (PBDIT / Sales)	(%)	20.71	18.51

Return on Total Assets (PBT/Total Assets}	(%)	5.85	6.36

Return on Investment (ROI) (PBT/Networth)		0.25	0.26

Debt Equity Ratio (Total Debt /Networth)		2.34	2.22

Current Ratio (Current Asset/Current Liability)		0.46	0.41

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	1.200	1.200
Reserves & Surplus	9.767	11.336
Net worth	10.967	12.536

long-term borrowings	2.921	7.560
Short term borrowings	21.470	21.748
Total borrowings	24.391	29.308
Debt/Equity ratio	2.224	2.338

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	45.815	39.293
		(14.236)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	45.815	39.293
Profit	2.053	1.917
	4.48%	4.88%

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 two years	Yes
12]	Profitability for last two 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	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	No

THE YEAR IN RETROSPECT:

Performance of the company during the year 2013-2014 was under severe pressure. The total income was Rs.39.469 Million as against Rs.45.972 Million during 2012-13. During the year, the operations were oriented towards job work and Direct Sales.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and advances from related parties (Terms of Repayment: To be repaid on demand at interest rate of 11% per annum)	9.733	6.415
Deposits - Inter corporate deposits from Companies (Terms of Repayment: To be repaid on demand at interest rate of 8.5% per annum)	12.015	15.055
Total	21.748	21.470

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10395779	21/12/2012	5,000,000.00	STATE BANK OF MYSORE	RETAIL ASSETS AND SMALL AND MEDIUM ENTERPRISES CNT , 12 BAMBOO BAZAAR, NEW SAYYAJI RAO ROAD, MYSORE- 570021, Karnataka, INDIA	B65433252
2	10252699	05/10/2010	910,000.00	STATE BANK OF MYSORE	RASMECCC, SAYYAJI RAO ROAD, BABMOO BAZAAR, MYSORE - 570021, Karnataka, INDIA	A99065229
3	10252685	05/10/2010	5,000,000.00	STATE BANK OF MYSORE	RASMECCC,, SAYYAJI RAO ROAD, BAMBOO BAZAAR, MYSORE - 570021, Karnataka, INDIA	A99065120
4	10218770	24/03/2010	10,000,000.00	State Bank of Mysore	Hiema Convention Centre, Hebbal Industrial Area, MYSORE, Karnataka - 570016, INDIA	A85310969
5	10008874	14/06/2006	2,600,000.00	Syndicate Bank	K. R. Circle, Mysore, Karnataka - 570001, INDIA	A02331924

* Date of charge modification

FIXED ASSETS

Building
Plant and Machinery
Electrification
Furniture and Fixture
Office Equipments
Vehicles
Computer

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.62.34
UK Pound	1	Rs.93.09
Euro	1	Rs.67.13

INFORMATION DETAILS

Information Gathered by :	GAY

Analysis Done by :	SUC

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.

MIRA INFORM REPORT

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