MIRA INFORM REPORT

Report No. :	310017
Report Date :	27.02.2015

IDENTIFICATION DETAILS

Name :	VENSON ELECTRIC PRIVATE LIMITED
Registered Office :	No. 331, 9^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.02.2000
Com. Reg. No.:	08-026414
Capital Investment / Paid-up Capital :	Rs.20.000 Million
CIN No.: [Company Identification No.]	U31909KA2000PTC026414
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRV03677C
PAN No.: [Permanent Account No.]	AABCV7157P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Custom Built Control and Protection Equipment for Generation, Transmission and Distribution Switchgear Equipment.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy operational risk profile marked by sound liquidity position and fair profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

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. Sanjiv
Designation :	Accounts Department
Contact No.:	91-80-28361208
Date :	26.02.2015

LOCATIONS

Registered Office / Factory 1 :	No. 331, 9^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28360223 / 28361208
Fax No.:	91-80-28360223
E-Mail :	brgopalarao@yahoo.co.in info@vensonelectric.com venson@vsnl.com
Website :	www.vensonelectric.com
Factory 2 :	277 / A, Rane Madras Road, Hebbal Industrial Area, Mysore – 570018, Karnataka, India
Tel. No.:	91-821-2402630 / 2402629
Factory 3 :	Flat No. 121 / A, Manchanayakanahalli, Bidadi Hobli, Bangalore – 562160, Karnataka, India
Tel. No.:	91-80-27204211 / 27204212

DIRECTORS

As on 25.09.2014

Name :

Mr. Grish R Chaitanya

Designation :

Director

Address :

# 68, Sathyanarayana Layout, 3^rd Stage, 4^th Block, Basaveshwaranagra, Bangalore – 560079, Karnataka, India

Date of Appointment :

12.04.2013

DIN No.:

00290909

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	U32102KA1996PTC020230	CAMBRIDGE TECHNOLOGY INDIA PRIVATE LIMITED	Director	04/04/1996	04/04/1996	30/07/2012	Active	NO
2	U01117KA2009PTC050260	ANUPAANA HERBS PRIVATE LIMITED	Director	26/06/2009	26/06/2009	-	Active	NO
3	U31909KA2000PTC026414	VENSON ELECTRIC PRIVATE LIMITED	Managing director	12/04/2013	01/02/2010	-	Active	NO
4	U29100KA2014PTC074061	VENSON GREEN SOLUTIONS PRIVATE LIMITED	Director	10/03/2014	10/03/2014	-	Active	NO

Name :

Mr. Sathyanarayana Venkata Rama Sastry Manchanahalli

Designation :

Managing director

Address :

# 68, Sathyanarayana Layout, 3^rd Stage, 4^th Block, Basaveshwaranagra, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

13.04.1945

Date of Appointment :

12.04.2013

DIN No.:

00271610

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	U31909KA1990PTC011138	JVS ELECTRONICS PRIVATE LIMITED	Managing director	14/08/1990	14/08/1990	-	Active	NO
2	U31909KA2000PTC026414	VENSON ELECTRIC PRIVATE LIMITED	Director	12/04/2013	17/02/2000	-	Active	NO
3	U29100KA2014PTC074061	VENSON GREEN SOLUTIONS PRIVATE LIMITED	Director	10/03/2014	10/03/2014	-	Active	NO

Name :

Aaryaa Satyanarayana Manchanahalli

Designation :

Director

Address :

# 68, Sathyanarayana Layout, 3^rd Stage, 4^th Block, Basaveshwaranagra, Bangalore – 560079, Karnataka, India

Date of Appointment :

17.02.2000

DIN No.:

00286187

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	U31909KA2000PTC026414	VENSON ELECTRIC PRIVATE LIMITED	Director	17/02/2000	17/02/2000	-	Active	NO
2	U31909KA1990PTC011138	JVS ELECTRONICS PRIVATE LIMITED	Director	01/11/2004	01/11/2004	-	Active	NO

Name :

Anagha Satyanarayana Manchanahalli

Designation :

Director

Address :

# 68, Sathyanarayana Layout, 3^rd Stage, 4^th Block, Basaveshwaranagra, Bangalore – 560079, Karnataka, India

Date of Appointment :

17.02.2000

DIN No.:

00287494

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	U31909KA2000PTC026414	VENSON ELECTRIC PRIVATE LIMITED	Director	17/02/2000	17/02/2000	-	Active	NO
2	U31909KA1990PTC011138	JVS ELECTRONICS PRIVATE LIMITED	Director	01/11/2004	01/11/2004	-	Active	NO

Name :

Mrs. Nagarathna Ballupura Krishnappa

Designation :

Director

Address :

# 68, Sathyanarayana Layout, 3^rd Stage, 4^th Block, Basaveshwaranagra, Bangalore – 560079, Karnataka, India

Date of Appointment :

01.04.2005

DIN No.:

00286066

MAJOR SHAREHOLDERS

As on 25.09.2014

Names of Shareholders	No. of Shares
Sathyanarayana Venkata Rama Sastry Manchanahalli	1040000
Anagha Satyanarayana Manchanahalli	160000
Aaryaa Satyanarayana Manchanahalli	160000
Nagarathna Ballupura Krishnappa	540000
Grish R Chaitanya	56000
HUF	44000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Custom Built Control and Protection Equipment for Generation, Transmission and Distribution Switchgear Equipment.
Products :	Custom Built Control Protection Equipment for Generation Transmission Distribution Switchgear Equipment.
Brand Names :	--
Agencies Held :	--
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
Remark :	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
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

• State Bank of Mysore, SME City Credit Centre, 2^nd Floor, Rangarao Road, Shankarpuram, Bangalore – 560004, Karnataka, India
• The National Co-operative Bank Limited, A D Halli Branch, Bangalore, Karnataka, India

Facilities :

PARTICULARS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Secured Loans	14.811	13.969
Total	14.811	13.969

Auditors :
Name :	Krishnaiah and B R Gopala Rao Chartered Accountants
Address :	1212, 4^th Main, E-Block, Rajajinagar, 2^nd Stage, Bangalore – 560010, Karnataka, India
PAN No.:	ADJPR1918E
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 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	20.000	20.000	20.000
(b) Reserves & Surplus	21.647	20.091	17.342
(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)	41.647	40.091	37.342
(3) Non-Current Liabilities
(a) long-term borrowings	46.472	48.839	71.711
(b) Deferred tax liabilities (Net)	0.000	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)	46.472	48.839	71.711
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	24.800	86.657	55.635
(c) Other current liabilities	5.504	3.153	4.396
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	30.304	89.810	60.031
TOTAL	118.423	178.740	169.084
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.583	11.937	12.013
(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	4.420	4.210	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.212
(d) Long-term Loan and Advances	0.000	0.000	13.757
(e) Other Non-current assets	0.000	0.000	4.105
Total Non-Current Assets	18.003	16.147	30.087
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	31.309	44.224	13.266
(c) Trade receivables	40.236	87.828	120.483
(d) Cash and cash equivalents	5.674	5.517	5.248
(e) Short-term loans and advances	23.073	24.907	0.000
(f) Other current assets	0.128	0.117	0.000
Total Current Assets	100.420	162.593	138.997
TOTAL	118.423	178.740	169.084

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		173.032	155.983	157.334
		Other Income		5.574	6.797	5.386
		TOTAL (A)		178.606	162.780	162.720
Less	EXPENSES
		Cost of Materials Consumed		116.660	105.508	118.780
		Staff Expenses		18.529	18.875	17.058
		Manufacturing Expenses		5.425	4.87758	5.377
		Administrative and selling expenses		24.015	20.525	23.034
		TOTAL (B)		164.629	149.766	164.249
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			13.977	13.014	(1.529)
Less	FINANCIAL EXPENSES (D)			8.010	8.217	5.861
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			5.967	4.797	(7.390)
Less	DEPRECIATION/ AMORTISATION (F)			2.082	1.953	2.077
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			3.885	2.844	(9.467)
Less	TAX (H)			2.329	0.096	(0.033)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			1.556	2.748	(9.434)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			20.090	17.342	26.776
	BALANCE CARRIED TO THE B/S			21.646	20.090	17.342
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	2.932	0.000	1.952
	TOTAL EARNINGS			2.932	0.000	1.952
	IMPORTS
			Raw Materials	0.492	0.000	1.617
	TOTAL IMPORTS			0.492	0.000	1.617
	Earnings / (Loss) Per Share (Rs.)			0.78	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.90	1.76	-6.00
Operating Profit Margin (PBDIT/Sales)	(%)	8.08	8.34	-0.97
Return on Total Assets (PBT/Total Assets}	(%)	3.41	1.63	-5.61
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	-0.25
Debt Equity Ratio (Total Debt /Networth)		1.12	1.22	1.92
Current Ratio (Current Asset/Current Liability)		3.31	1.81	2.32

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	20.000	20.000	20.000
Reserves & Surplus	17.342	20.091	21.647
Share Application money pending allotment	0.000	0.000	0.000
Net worth	37.342	40.091	41.647
Long Term borrowings	71.711	48.839	46.472
Short Term borrowings	0.000	0.000	0.000
Total borrowings	71.711	48.839	46.472
Debt/Equity ratio	1.920	1.218	1.116

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	157.334	155.983	173.032
		(0.859)	10.930

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	157.334	155.983	173.032
Profit	(9.434)	2.748	1.556
	(6.00%)	1.76%	0.90%

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	No
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Unsecured Loans	31.661	34.870
Total	31.661	34.870

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10380870	08/10/2012	15,000,000.00	The National Co-Operative Bank Limited	The National Co-Operative Bank Limited, 73/1, Gandhi Bazaar Main Road, Karnataka - 560004, India	B59813907
2	10094687	25/09/2007	2,500,000.00	State Bank Of Mysore	II Nd Cross Sampige Road, Malleshwarm, Bangalore, Karnataka - 560003, India	A34965921
3	80026942	23/01/2015 *	65,000,000.00	State Bank Of Mysore	Small & Medium Enterprises City Credit Centre, No .8/6,2nd Floor, Ranga Rao Road, Shankarapuram, Ban  Galore, Karnataka - 560004, India	C43013945

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.94
UK Pound	1	Rs.96.24
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.