MIRA INFORM REPORT

Report No. :	309779
Report Date :	28.02.2015

IDENTIFICATION DETAILS

Name :	VOITH HYDRO PRIVATE LIMITED (w.e.f. 19.03.2009)
Formerly Known As :	VOITH SIEMENS HYDRO PRIVATE LIMITED
Registered Office :	4346/4C, Ansari Road, Daryaganj, New Delhi - 110002
Country :	India
Financials (as on) :	30.09.2013
Date of Incorporation :	29.07.2002
Com. Reg. No.:	55-152516
Capital Investment / Paid-up Capital :	Rs.20.000 Million
CIN No.: [Company Identification No.]	U40109DL2002PTC152516
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCV5041J
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is primarily engaged in the business of developing, designing, manufacturing, procuring, erecting, installing and maintaining all kinds of hydro power projects.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “V H Auslandsbeteiligungen GmbH.” It is an established company having a moderate track record. Net worth of the company has been eroded due to continuous accumulated losses. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on safe and secured 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	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 :	Not Divulged
Designation :	Operator
Contact No.:	91-120-3074242
Date :	26.02.2015

LOCATIONS

Registered Office :	4346/4C, Ansari Road, Daryaganj, New Delhi – 110002
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Sanjay209@hotmail.com
Website :	http://www.voith.com
Head Office :	A-20 and 21, Sector 59, Noida - 201301, Uttar Pradesh, India
Tel. No.:	91-120-3074242 / 3074243
Fax No.:	91-120-3074243

DIRECTORS

As on 31.03.2014

Name :

Mr. Amresh Dhavan

Designation :

Managing Director

Address :

E – 115, Greater Kailash, Part – III, Delhi – 110048, India

Date of Birth/Age :

22.10.1948

Date of Appointment :

01.10.2014

DIN No.:

00283990

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	U40109DL2002PTC152516	VOITH HYDRO PRIVATE LIMITED	Managing director	01/10/2014	16/01/2006	-	Active	NO
2	U22210DL2011PTC224445	ON THE GO INFO MEDIA PRIVATE LIMITED	Additional director	28/09/2011	28/09/2011	-	Active	NO
3	U29120TZ1992PTC003779	FLOW LINK SYSTEMS PRIVATE LIMITED	Director	01/11/2012	01/11/2012	-	Active	NO

Name :

Mr. Jurgen Paul Sehnbruch

Designation :

Director

Address :

Liststrasse 44, Heidenheim – 89518, Germany

Date of Birth/Age :

09.05.1952

Date of Appointment :

12.03.2007

DIN No.:

01385642

Name :

Mr. Roland Albrecht Muench

Designation :

Director

Address :

Buchenlandweg 91, D 89075 ULM, Germany

Date of Birth/Age :

28.08.1959

Date of Appointment :

01.04.2008

DIN No.:

02113262

Name :

Mr. Stefan Schroeder

Designation :

Director

Address :

Friederich – Voith – Strasse 4, Heidenheim – 89522, Germany

Date of Birth/Age :

18.08.1962

Date of Appointment :

09.03.2009

DIN No.:

02588742

Name :

Mr. Klaus Schaedler

Designation :

Director

Address :

IM Wiesengrund 10/1, Boehmenkrich – 89558, Germany

Date of Birth/Age :

24.08.1961

Date of Appointment :

01.03.2010

DIN No.:

02952127

KEY EXECUTIVES

Name :	Ms. Shilpa Soni
Designation :	Secretary
Address :	79, Shyam lal Road, Darya Ganj, New Delhi - 110002, India
Date of Birth/Age :	25.05.1987
Date of Appointment :	01.02.2010
PAN No :	CEEPS0935N

MAJOR SHAREHOLDERS

As on 31.03.2014

Names of Shareholders	No. of Shares
VH Auslandsbeteigungen GMBH	1998000
Voith Hydro GmbH and Co. KG	2000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on 31.03.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is primarily engaged in the business of developing, designing, manufacturing, procuring, erecting, installing and maintaining all kinds of hydro power projects.
Products :	Hydro Power Projects
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 :

Not Divulged

Facilities :

--

Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon - 122002, Haryana, India
PAN No.:	AALFS0506L
Memberships :	--
Collaborators :	--
Holding Company :	VH Auslandsbeteiligungen GmbH
Ultimate Holding Company :	Voith GmbH
Holding Companies of Holding Company :	J.M. Voith GmbH and Co. Beteiligungen KG Voith Hydro Holding GmbH and Co. KG Voith Hydro Beteiligungen GmbH
Fellow Subsidiaries	Voith Hydro GmbH and Co. KG Voith IT Solutions GmbH Voith Fuji Hydro K. K. Voith Hydro GmbH and Co KG Voith Hydro Shanghai Limited Voith Hydro AS Voith Turbo Private Limited Voith Paper Technology (India) Private Limited Voith Paper Fabrics India Limited Voith Hydro Limited Voith Hydro Inc. Voith Hydro S.P.A. Kössler GmbH and Co. KG Voith Engineering Services Private Limited Voith Industrial Services India Private Limited Voith Hydro Wavegen Limited Voith IT Solutions GmbH and Co KG VG Power AB Voith Dienstleistungen und Grundstücks GmbH and Co. KG Voith Financial Services GmbH Voith Turbo GmbH and Co. KG Voith Paper B.V. Voith Hydro Inc. Voith Turbo Co., Limited Voith Turbo Co., Limited Voith IHI Paper Technology Co., Limited Voith Paper GmbH and Co. KG Voith Industrial Services Qatar LLC Voith Hydro SL Voith Paper Gmbh

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.100/- each	Rs.25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.100/- each	Rs.20.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.09.2013	30.09.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	200.000	200.000
(b) Reserves & Surplus	(656.127)	(588.557)
(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)	(456.127)	(388.557)
(3) Non-Current Liabilities
(a) long-term borrowings	154.468	254.076
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	1532.673	1323.355
(d) long-term provisions	124.464	91.891
Total Non-current Liabilities (3)	1811.605	1669.322
(4) Current Liabilities
(a) Short term borrowings	116.761	110.521
(b) Trade payables	854.323	309.004
(c) Other current liabilities	1041.824	755.597
(d) Short-term provisions	74.105	64.719
Total Current Liabilities (4)	2087.013	1239.841
TOTAL	3442.491	2520.606
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	596.740	604.243
(ii) Intangible Assets	2.443	3.461
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	244.880	59.185
(e) Other Non-current assets	280.180	28.124
Total Non-Current Assets	1124.243	695.013
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	141.435	108.646
(c) Trade receivables	832.189	476.059
(d) Cash and cash equivalents	372.862	563.283
(e) Short-term loans and advances	276.424	155.279
(f) Other current assets	695.338	522.326
Total Current Assets	2318.248	1825.593
TOTAL	3442.491	2520.606

PROFIT & LOSS ACCOUNT

PARTICULARS			30.09.2013	30.09.2012
SALES
	Income
	Other Income
	TOTAL (A)		958.907	750.376
EXPENSES
	TOTAL (B)		1109.729	944.816
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(150.822)	(194.440)
FINANCIAL EXPENSES (D)			53.639	42.428
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(204.461)	(236.868)
DEPRECIATION/ AMORTISATION (F)			61.463	55.725
PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(265.924)	(292.593)
TAX (H)			(6.776)	3.910
PROFIT/(LOSS) AFTER TAX (G-H) (I)			(259.148)	(296.503)
EARNINGS IN FOREIGN CURRENCY
		Service contracts	103.553	61.367
		Sale of Goods	65.300	6.398
TOTAL EARNINGS			168.853	67.765
IMPORTS
		Plant and Machinery	5.610	3.471
		Imported Raw Materials	21.042	13.137
TOTAL IMPORTS			26.652	16.608
Earnings / (Loss) Per Share (Rs.)			(129.57)	(148.25)

KEY RATIOS

PARTICULARS		30.09.2013	30.09.2012
Return on Total Assets (PBT/Total Assets}	(%)	(10.08)	(11.61)
Return on Investment (ROI) (PBT/Networth)		0.76	0.75
Debt Equity Ratio (Total Debt /Networth)		(0.59)	(0.94)
Current Ratio (Current Asset/Current Liability)		1.11	1.47

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.09.2012	30.09.2013
	Rs. In Million	Rs. In Million
Share Capital	200.000	200.000
Reserves & Surplus	(588.557)	(656.127)
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	(388.557)	(456.127)
Long Term borrowings	254.076	154.468
Short Term borrowings	110.521	116.761
Total borrowings	364.597	271.229
Debt/Equity ratio	(0.938)	(0.595)

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2012	30.09.2013
	Rs. In Million	Rs. In Million
Total Income	750.376	958.908
		27.790

NET PROFIT MARGIN

Net Profit Margin	30.09.2012	30.09.2013
	Rs. In Million	Rs. In Million
Total Income	750.376	958.908
Profit	(292.593)	(346.923)
	(38.99%)	(36.18%)

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	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	No
24]	Banking facility details	No
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	No
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	30.09.2013 Rs. In Million	30.09.2012 Rs. In Million
LONG TERM BORROWINGS
Foreign currency term loans from banks	154.468	254.076
SHORT TERM BORROWINGS
Loans and advances from related parties	116.761	110.521
Total	271.229	364.597

NATURE OF OPERATIONS

Subject was incorporated on July 29, 2002 and is registered under Indian Companies Act 1956. The Company is primarily engaged in the business of developing, designing, manufacturing, procuring, erecting, installing and maintaining all kinds of hydro power projects. The Company also has a manufacturing unit in Vadodara to manufacture certain components required for power plants.

OPERATIONS

During the financial year 2011-12 the company has achieved turnover of Rs.958.908 Million which is higher by 28% as compared to previous year. The loss after Tax for the financial year 2011-12 is Rs.258.148 Million against Rs.296.503 Million in the previous year which has reduced by 13% as compared to the previous year.

The overall Hydro Market situation in India has not improved and moving very slow. However under such difficult and uncertain situation, the Company has done well by receiving Baglihar II in JandK. The Company was also successful in getting Kakabola and Lakemainit Project outside India. The Nepal and South East Asia are new regions where the Company is focusing and confident of achieving good success in future. The Order backlog situation has improved which will result into higher sales and improved performance in 2012-13.

NO CHARGES EXIST FOR THE COMPANY 

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 :	HNA
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		16

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.