MIRA INFORM REPORT

Report No. :	319929
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	VATCO ELEC POWER PRIVATE LIMITED
Registered Office :	44, Chatrabhuj Khetshi Building, 178, S.T. Road, 2^nd Floor, Mumbai – 400 009, Maharashtra
Tel. No.:	91-22- 23771127 / 23771128
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.01.1992
Com. Reg. No.:	22.01.1992
Capital Investment / Paid-up Capital :	Rs.1.620 million
CIN No.: [Company Identification No.]	U74999MH1992PTC064998
TAN No.: [Tax Deduction & Collection Account No.]	MUMV05701D
PAN No.: [Permanent Account No.]	AAACV9771E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Substation Structures, Transmission Line Tower Structures, Cable Trays, Earthing Material and Accessories.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 19000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of Company’s moderate financial risk profile marked by leverage liquidity position and loss that company has incurred from its operation activities during 2014. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of operational loss, the company can be considered for business dealing 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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.

LOCATIONS

Registered Office :	44, Chatrabhuj Khetshi Building, 178, S.T. Road, 2^nd Floor, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22- 23771127 / 23771128
Fax No.:	91-22-23771129
E-Mail :	vatco@rediffmail.com vtm_vatco@rediffmail.com vatco96@gmail.com
Website :	http://vatcoelectric.com
Branch Office/ Factory :	A-744, TTC, MIDC Industrial Area, Off Thane Belapur Road, Khairane Village, Turbhe, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-27682436/ 27619518
Fax No.:	91-22-27619519
E-Mail :	info@vatcoelectric.com
Galvanizing Unit :	Plot No.C-169, T.T.C., MIDC Industrial Area, Siphata Road, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-27671907
Fax No.:	91-22-27686606

DIRECTORS

As on: 27.09.2013

Name :

Mr. Haresh Balubhai Mody

Designation :

Director

Address :

8, K.V. Kapole Niwasm B.N. Road, Mantuga, Mumbai – 400 019, Maharashtra, India.

Date of Birth/Age :

11.03.1949

Date of Appointment :

31.05.1996

DIN No.:

00543844

PAN No.:

AABPM5324L

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	U28920MH1988PTC048969	SIGMA GALVANIZING PRIVATE LIMITED	Director	18-04-1991	18-04-1991	-	Active	NO
2	U31103MH1996PTC096090	VATCO ELECTRICALS PRIVATE LIMITED	Director	10-01-1996	10-01-1996	-	Active	NO
3	U74999MH1992PTC064998	VATCO ELEC POWER PRIVATE LIMITED	Director	31-05-1996	31-05-1996	-	Active	NO

Name :

Mr. Vijay Tribhuvandas Mody

Designation :

Director

Address :

504, Ram Kripa, 23/24 , Shiv Shruti, Kurla (East), Mumbai – 400 024, Maharashtra, India

Date of Birth/Age :

16.11.1960

Date of Appointment :

31.05.1996

DIN No.:

00543940

PAN No.:

AACPM9295R

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	U28920MH1988PTC048969	SIGMA GALVANIZING PRIVATE LIMITED	Director	27-09-1988	27-09-1988	-	Active	NO
2	U31103MH1996PTC096090	VATCO ELECTRICALS PRIVATE LIMITED	Director	10-01-1996	10-01-1996	-	Active	NO
3	U74999MH1992PTC064998	VATCO ELEC POWER PRIVATE LIMITED	Director	31-05-1996	31-05-1996	-	Active	NO
4	U31400MH2008PTC185271	UNISON TRANSTECH PRIVATE LIMITED	Director	31-07-2008	31-07-2008	-	Under Process of Striking off	NO

Name :

Mr. Bipinchandra Champaklal Parekh

Designation :

Director

Address :

Jai Shivitri, 1^st Floor, Vallabhbaug Extension, Ghatkopar, Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

12.07.1951

Date of Appointment :

31.05.1996

DIN No.:

01503635

PAN No.:

AACPP1727B

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	U28920MH1988PTC048969	SIGMA GALVANIZING PRIVATE LIMITED	Director	18-04-1991	18-04-1991	-	Active	NO
2	U31103MH1996PTC096090	VATCO ELECTRICALS PRIVATE LIMITED	Director	15-01-1996	15-01-1996	-	Active	NO
3	U74999MH1992PTC064998	VATCO ELEC POWER PRIVATE LIMITED	Director	31-05-1996	31-05-1996	-	Active	NO
4	U51909MH2005PTC153121	NAVINCHANDRA IMPEX PRIVATE LIMITED	Additional director	08-07-2011	08-07-2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares
Haresh Balubhai Mody	5415
Vijay Tribhuvandas Mody	5370
Bipinkumar Champaklal Parekh	5420
Total	16205

AS ON 27.09.2013

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Substation Structures, Transmission Line Tower Structures, Cable Trays, Earthing Material and Accessories.
Products :	● Fitting and Brackets ● Flexible Cable Tray support System ● Perforated Cable Trays ● Ladder Cable Trays ● Cable Trunking ● Instrumentation Cable Duct ● Cable Tray ● Switchyard Structures ● Earthing Materials
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• Indian Overseas Bank, Matunga Branch, 590, Kapole Niwas, Road, 1-2-3 Milind Bhavan CHS, M.G. Matunga, Mumbai – 400 019, Maharashtra, India
• Indian Overseas Bank (Vashi)

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand from banks	146.985	189.300
Total	146.985	189.300

Auditors :
Name :	M.V. Sanghavi and Company Chartered Accountants
Address :	Satyam Shopping Centre, ‘A’ Wing, Basement-5, M.G. Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Tel. No.:	91-22-21029050/ 51
Fax No.:	91-22-21029051
E-Mail :	mvsanghaviandco@yahoo.co.in
PAN No.:	AAGPS0937C
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16205	Equity Shares	Rs.100/- each	Rs.1.620 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	1.620	1.620	1.620
(b) Reserves & Surplus	65.176	66.171	60.342
(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)	66.796	67.791	61.962
(3) Non-Current Liabilities
(a) Long-term borrowings	32.415	45.856	25.827
(b) Deferred tax liabilities (Net)	41.500	0.000	0.000
(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)	73.915	45.856	25.827
(4) Current Liabilities
(a) Short term borrowings	203.817	255.627	217.553
(b) Trade payables	111.545	90.814	151.258
(c) Other current liabilities	13.275	0.772	2.727
(d) Short-term provisions	1.482	0.000	0.000
Total Current Liabilities (4)	330.119	347.213	371.538
TOTAL	470.830	460.860	459.327
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.845	9.025	9.021
(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	0.006	0.007	0.007
(c) Deferred tax assets (net)	3.312	0.076	0.059
(d) Long-term Loan and Advances	0.000	0.928	2.061
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.163	10.036	11.148
(2) Current assets
(a) Current investments	0.000	0.000	6.000
(b) Inventories	146.074	101.359	103.823
(c) Trade receivables	236.419	277.216	269.000
(d) Cash and cash equivalents	16.392	14.817	13.117
(e) Short-term loans and advances	59.782	57.432	56.239
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	458.667	450.824	448.179
TOTAL	470.830	460.860	459.327

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	662.043	743.247	795.598
		Other Income	3.059	3.387	3.216
		TOTAL	665.102	746.634	798.814
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	618.964	696.200	757.962
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		46.138	50.434	40.852
Less	INTEREST & FINANCIAL EXPENSES		36.211	41.974	32.981
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		9.927	8.460	7.871
Less/ Add	DEPRECIATION/ AMORTISATION		0.895	0.728	0.783
	PROFIT / (LOSS) BEFORE TAX		9.032	7.732	7.088
Less	TAX		2.750	2.290	2.175
Less	EXCEPTIONAL ITEM		(10.515)	0.000	0.000
Add	APPROPRIATIONS		3.237	0.016	0.000
	PROFIT / (LOSS) AFTER TAX		(0.995)	5.458	4.913
Add	Excess Provision for Income Tax		0.000	0.433	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		65.791	59.963	55.050
	APPROPRIATION		0.000	(0.063)	0.000
	BALANCE CARRIED TO THE B/S		64.796	65.791	59.963
	Earnings / (Loss) Per Share (Rs.)		(61.40)	336.81	303.18

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(0.15)	0.73	0.62
Operating Profit Margin (PBIDT/Sales)	(%)	6.97	6.79	5.13
Return on Total Assets (PBT/Total Assets}	(%)	1.93	1.68	1.54
Return on Investment (ROI) (PBT/Networth)		0.14	0.11	0.11
Debt Equity Ratio (Total Debt /Networth)		3.54	4.45	3.93
Current Ratio (Current Asset/Current Liability)		1.39	1.30	1.21

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.620	1.620	1.620
Reserves & Surplus	60.342	66.171	65.176
Net worth	61.962	67.791	66.796
long-term borrowings	25.827	45.856	32.415
Short term borrowings	217.553	255.627	203.817
Total borrowings	243.380	301.483	236.232
Debt/Equity ratio	3.928	4.447	3.537

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	795.598	743.247	662.043
		-6.580	-10.926

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	795.598	743.247	662.043
Profit/ Loss	4.913	5.458	(0.995)
	0.62%	0.73%	(0.15%)

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

OPERATIONS AND OUT LOOK

During the Year the Company achieved a total turnover of Rs.662.043 Million as against Rs.743.247 Million in the previous year and has incurred a loss of Rs. 1.522/- Million (Profit of Rs.5.458/-Million in the previous year). The Company has earned a profit of Rs. 8.993 Million before exceptional items. However on account of exceptional item of Cass liability of Rs. 10.515/- Million, there is a net loss of Rs. 0.152 Million.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	10.950	37.236
Other loans and advances, others	21.465	8.619
Short-term borrowings
Other loans and advances, others	56.831	66.326
Total	89.246	112.181

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10293765	06/03/2014 *	289,000,000.00	Indian Overseas Bank	MATUNGA BRANCH, 590, KAPOLE NIWAS, 1-2-3 MILIND BHAVAN CHS, M.G. ROAD, MATUNGA, MUMBAI - 400019, Maharashtra , INDIA	C00523464
2	80020749	30/05/2013 *	294,264,000.00	Indian Overseas Bank	MATUNGA BRANCH, 590, KAPOLE NIWAS, 1-2-3 MILIND BHAVAN CHS, M.G. ROAD, MATUNGA, MUMBAI - 400019, Maharashtra , INDIA	B77265494

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

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.63.61
UK Pound	1	Rs.96.56
Euro	1	Rs.69.18

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	-
--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		26

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.