MIRA INFORM REPORT

Report No. :	320413
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	CENTURY INFRAPOWER PRIVATE LIMITED (w.e.f.19.02.2010)
Formerly Known As :	CENTURY ENERGY EQUIPMENTS PRIVATE LIMITED
Registered Office :	S-23, Alankar Plaza, Central Spine, Vidhyadhar Nagar, Jaipur – 302023, Rajasthan
Tel. No.:	91-141-2230988
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.06.2008
Com. Reg. No.:	17-026860
Capital Investment / Paid-up Capital :	Rs. 45.500 Million
CIN No.: [Company Identification No.]	U31909RJ2008PTC026860
TAN No.: [Tax Deduction & Collection Account No.]	JPRC03368B
PAN No.: [Permanent Account No.]	AADCC5109J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Erection, Repair and Sale of Cables and Power and distribution transformer and parts thereof and also Executes various Turnkey Projects on Engineering Procurement.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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 is an established company having moderate track record. The company has performed well and has witnessed increase in its profitability during FY2014. However, the rating is constrained on account of working capital intensive operations, high gearing and moderate capital structure of the company. The rating also takes note of ever increasing receivables and payables which may act as a threat to its liquidity. Trade relations are reported to be fair. Business is active. Payment terms 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CARE
Rating	Long term rating = BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	February 12, 2015

Rating Agency Name	CARE
Rating	Long term rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February 12, 2015

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 (GENERAL DETAILS)

Name :	Mr. Manish
Designation :	Receptionist
Contact No.:	91-141-2230988

LOCATIONS

Registered/ Head Office :	S-23, Alankar Plaza, Central Spine, Vidhyadhar Nagar, Jaipur – 302023, Rajasthan, India
Tel. No.:	91-141-2230988/ 2230989
Fax No.:	91-141-2230980
E-Mail :	info@centuryinfrapower.com sales@centuryinfrapower.com
Website :	http://www.centuryinfrapower.com
Location :	Owned
Locality :	Commercial
Unit-I :	Khasra No. 3109, Opposite Riico Industrial Area, Vpo: Kaladera, Jaipur - 303801, Rajasthan, India
Location :	Owned
Unit-II :	F-57, RIICO Industrial Area, Sikar - 332001, Rajasthan, India
Location :	Owned

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Suresh Kumar Saraf

Designation :

Director

Address :

833, Near District Industrial Centre, Vard No. 17, Th. Sikar, Sikar - 332001, Rajasthan, India

Date of Birth/Age :

15.08.1950

Date of Appointment :

01.05.2012

PAN No.:

AHXPS6796F

DIN No.:

02174730

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	Company/ LLP Status	Defaulting status
1	U31909RJ2008PTC026860	CENTURY INFRAPOWER PRIVATE LIMITED	Director	01-05-2012	26-06-2008	Active	NO

Name :

Mr. Sanjeev Kumar Saraf

Designation :

Director

Address :

833, Near District Industrial Centre, Vard No. 17, Th. Sikar, Sikar - 332001, Rajasthan, India

Date of Birth/Age :

06.09.1975

Date of Appointment :

26.06.2008

PAN No.:

AHXPS6797E

DIN No.:

02174746

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	Company/ LLP Status	Defaulting status
1	U31909RJ2008PTC026860	CENTURY INFRAPOWER PRIVATE LIMITED	Director	26-06-2008	26-06-2008	Active	NO
2	U45201RJ2011PTC036969	CENTURY INFRADEVELOPERS PRIVATE LIMITED	Director	11-11-2011	11-11-2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish
Designation :	Receptionist

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Suresh Kumar Saraf	553000	12.15
Sanjeev Kumar Saraf	3583390	78.76
Arun Kumar Saraf	20200	0.44
Sangeeta Saraf	393410	8.65
Total	4550000	100.00

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Erection, Repair and Sale of Cables and Power and distribution transformer and parts thereof and also Executes various Turnkey Projects on Engineering Procurement.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cheque and Credit [30 Days, 60 Days and 90 Days]
Purchasing :	Cheque and Credit [30 Days, 60 Days and 90 Days]

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

300 (Approximately)

Bankers :

Bank Name:	State Bank of Bikaner and Jaipur
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Bank of Baroda

Central Spine Scheme, Vidhyadhar Nagar Branch, Jaipur - 302023, Rajasthan, India

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· Allahabad Bank

Jaipur Branch, Rajasthan, India

· Central Cooperative Bank Limited

Rajasthan, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	4.632	7.104
SHORT TERM BORROWINGS
Loans repayable on demand from banks	150.304	129.887
Total	154.936	136.991

Auditors :
Name :	S L Gangwal and Company Chartered Accountants
Address :	Arihant, S-23, Mangal Marg, Bapu Nagar, Jaipur - 302015, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AAEFS8375A
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Aditya Cable and Conductors Ganpati Enterprises

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,550,000	Equity Shares	Rs. 10/- each	Rs. 45.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,550,000	Equity Shares	Rs. 10/- each	Rs. 45.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.500	40.000	40.000
(b) Reserves & Surplus	84.741	51.737	39.855
(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)	130.241	91.737	79.855
(3) Non-Current Liabilities
(a) Long-term borrowings	338.749	333.875	333.884
(b) Deferred tax liabilities (Net)	2.501	2.593	2.326
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	341.250	336.468	336.210
(4) Current Liabilities
(a) Short term borrowings	150.304	129.926	92.298
(b) Trade payables	538.980	332.253	173.111
(c) Other current liabilities	24.357	25.460	13.431
(d) Short-term provisions	12.164	5.835	3.555
Total Current Liabilities (4)	725.805	493.474	282.395
TOTAL	1197.296	921.679	698.460
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	144.781	152.746	143.633
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	42.375	29.240	37.250
(e) Other Non-current assets	9.218	23.307	23.310
Total Non-Current Assets	196.374	205.293	204.193
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	223.056	198.801	108.287
(c) Trade receivables	687.528	457.535	343.725
(d) Cash and cash equivalents	13.254	4.047	1.490
(e) Short-term loans and advances	77.084	56.003	40.765
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1000.922	716.386	494.267
TOTAL	1197.296	921.679	698.460

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations			968.499
		Other Income			8.334
		TOTAL (A)	NA	NA	976.833
Less	EXPENSES
		Cost of Materials Consumed			717.365
		Purchases of Stock-in-Trade			106.547
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade			2.415
		Manufacturing and Other Direct Expenses			24.892
		Employees benefits expense			35.181
		Other expenses			39.540
		TOTAL (B)	NA	NA	925.940
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	(Including Financial Expenses)	50.893
Less	FINANCIAL EXPENSES (D)				23.098
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		56.705	35.509	27.795
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.229	17.525	15.919
	PROFIT BEFORE TAX (E-F) (G)		38.476	17.984	11.876
Less	TAX (H)		12.072	6.102	3.856
	PROFIT AFTER TAX (G-H) (I)		26.404	11.882	8.020
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30.487	18.605	10.585
	BALANCE CARRIED TO THE B/S		56.891	30.487	18.605
	Earnings Per Share (Rs.)		5.80	2.97	2.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	0.83
Operating Profit Margin (PBDIT/Sales)	(%)	NA	NA	5.25
Return on Total Assets (PBT/Total Assets}	(%)	3.21	1.95	1.70
Return on Investment (ROI) (PBT/Networth)		0.30	0.20	0.15
Debt Equity Ratio (Total Debt/Networth)		3.75	5.06	5.34
Current Ratio (Current Asset/Current Liability)		1.38	1.45	1.75

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	40.000	40.000	45.500
Reserves & Surplus	39.855	51.737	84.741
Net worth	79.855	91.737	130.241
Long-term borrowings	333.884	333.875	338.749
Short term borrowings	92.298	129.926	150.304
Total borrowings	426.182	463.801	489.053
Debt/Equity ratio	5.337	5.056	3.755

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	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	No
19]	Payments terms	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10550243	02/02/2015	30,000,000.00	BANK OF BARODA	DHANSHREE TOWER II, CENTRAL SPINE SCHEME, VIDHYADHAR NAGAR, JAIPUR, RAJASTHAN - 302013, INDIA	C44171809
2	10351145	27/04/2012	8,000,000.00	BANK OF BARODA	CENTRAL SPINE SCHEME, VIDHYADHAR NAGAR BRANCH, JAIPUR, RAJASTHAN - 302023, INDIA	B37989936
3	10326677	30/11/2011	2,700,000.00	BANK OF BARODA	VIDHYADHAR NAGAR, CENTRAL SPINE SCHEME BRANCH, JAIPUR, RAJASTHAN - 302023, INDIA	B29016474
4	10260310	25/03/2014 *	986,000,000.00	BANK OF BARODA	VIDHYADHAR NAGAR,, CENTRAL SPINE SCHEME, JAIPUR,  RAJASTHAN - 302039, INDIA	C01065259

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from directors	174.538	236.304
Loans and advances from others	159.579	90.467
SHORT TERM BORROWINGS
Loans repayable on demand from banks	0.000	0.039
Total	334.117	326.810

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 407, Soni Paris Point, A-26-A, Sawai Jai Singh Highway, Banipark, Jaipur - 302016, Rajasthan, India to the present address w.e.f.24.02.2010.

CORPORATE INFORMATION

Century Infra Power Private Limited is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is Carrying business as a manufacturer, Erection, Repair and Sale of Cables and Power and distribution transformer and parts thereof.

WORKING:

During the year, the Company gave satisfactory results. The Directors are hopeful to achieve the targets and results of the ensuing year are expected to be better.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· 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 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. 63.33
UK Pound	1	Rs. 96.52
Euro	1	Rs. 68.93

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	SUM
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--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		34

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.