MIRA INFORM REPORT

Report No. :	304485
Report Date :	24.01.2015

IDENTIFICATION DETAILS

Name :	VOLTECH MANUFACTURING COMPANY LIMITED
Formerly Known As :	VOLTECH MANUFACTURING COMPANY PRIVATE LIMITED (w.e.f. 20.09.2011) VOLTECH TRANSFORMERS PRIVATE LIMITED
Registered Office :	Survey No. 212/1, 212/2 and 213/3, Pillaipakkam Village, Sriperumbudur Taluk, Kancheepuram – 602 105, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.11.2005
Com. Reg. No.:	18-058126
Capital Investment / Paid-up Capital :	Rs.86.410 Millions
CIN No.: [Company Identification No.]	U31102TN2005PLC058126
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEV07279G
PAN No.: [Permanent Account No.]	AACCV1962D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is primarily in the business of design, manufacture, supply and servicing of Transformers, Control and Relay Panels, Switch Gear, and Relays, in addition to Valves.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has failed to file latest financials of FY14, with the statutory authorities. As per Available of FY13, the reserves of the company seems to be low. However, trade relations seem to be fair. Business is active. Payments are unknown. In view of lack of financial statements, the company can be considered for business dealings with great 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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. Arumugavel
Designation :	CFO
Contact No.:	91-44-43978000
Date :	21.01.2015

LOCATIONS

Registered Office / Factory :	Survey No. 212/1, 212/2 and 213/3, Pillaipakkam Village, Sriperumbudur Taluk, Kancheepuram – 602 105, Tamil Nadu, India
Tel. No.:	91-44-42868115 / 42864545 / 27107288
Fax No.:	91-44-24337213 / 42868116 / 62864546
E-Mail :	voltech@md4.vsnl.net.in Subramanian@voltechgroup.com transformers@voltechgroup.com
Website :	www.voltechgroup.com
Area :	5000 Sq. Ft.
Location :	Owned

DIRECTORS

As on 27.09.2013

Name :

Mr. Murugesan Umapathi

Designation :

Managing Director

Address :

232/99, UK House, GST Road, MIT Gate, Chrompet, Chennai – 600 044, Tamilnadu, India

Date of Birth/Age :

01.06.1960

Qualification :

BE

Date of Appointment :

01.04.2009

DIN No.:

00729251

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	U51909TN2004PTC053385	LULU SHOPPE PRIVATE LIMITED	Director	02/06/2004	02/06/2004	-	Active	NO
2	U74210TN2004PTC054517	VOLTECH PROJECTS PRIVATE LIMITED	Managing director	12/12/2007	20/10/2004	16/02/2009	Amalgamated	NO
3	U28999TN2005PTC055691	VOLTECH ENGINEERS PRIVATE LIMITED	Managing director	12/12/2007	17/03/2005	-	Active	NO
4	U18101TN2005PTC055818	SREE NAVITEX APPARELS PRIVATE LIMITED	Director	01/10/2005	01/10/2005	-	Active	NO
5	U31102TN2005PLC058126	VOLTECH MANUFACTURING COMPANY LIMITED	Managing director	01/04/2009	28/11/2005	-	Active	NO
6	U28112TN2006PTC061878	VOLTECH TEJAS VALVES PRIVATE LIMTED	Director	27/12/2006	27/12/2006	-	Amalgamated	NO
7	U29190TN1994PTC084873	VOLTECH CONTROLS AND AUTOMATION PRIVATE LIMITED	Managing director	29/09/2007	01/03/2007	-	Amalgamated	NO
8	U29253TN2007PTC063090	VOLTECH GLOBAL TRADING PRIVATE LIMITED	Director	13/04/2007	13/04/2007	02/11/2012	Active	NO
9	U45206TN2007PTC065682	VADIM INFRASTRUCTURE PRIVATE LIMITED	Whole-time director	01/04/2009	11/12/2007	-	Active	NO
10	U74999TN2008PTC070131	SREE NAVITEX KNITS (INDIA) PRIVATE LIMITED	Director	12/12/2008	12/12/2008	-	Active	NO
11	U45207TN2009PTC070574	VOLTECH O AND M SERVICES PRIVATE LIMITED	Whole-time director	28/01/2009	28/01/2009	-	Active	NO
12	U73200KA2009PTC051409	NLP LABS PRIVATE LIMITED	Director	09/11/2009	09/11/2009	-	Active	NO
13	U74140TN2010PTC076095	VOLTECH HR SERVICES PRIVATE LIMITED	Director	10/06/2010	10/06/2010	-	Active	NO
14	U74999TN2011PTC081778	NanoPV Voltech Solar Private Limited	Director	04/08/2011	04/08/2011	-	Active	NO
15	U74999TN2012PTC088399	SOLACON ENERGY PARK PRIVATE LIMITED	Whole-time director	07/11/2012	07/11/2012	-	Active	NO

Name :

Mr. Umapathi Kalaivani

Designation :

Director

Address :

No. 232, 99, U K House, GST Road, MIT Gate, Chrompet, Chennai – 600 044, Tamilnadu, India

Date of Birth/Age :

25.06.1962

Date of Appointment :

14.09.2009

DIN No.:

00729262

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	U74210TN2004PTC054517	VOLTECH PROJECTS PRIVATE LIMITED	Director	20/10/2004	20/10/2004	16/02/2009	Amalgamated	NO
2	U28999TN2005PTC055691	VOLTECH ENGINEERS PRIVATE LIMITED	Director	17/03/2005	17/03/2005	-	Active	NO
3	U18101TN2005PTC055818	SREE NAVITEX APPARELS PRIVATE LIMITED	Director	31/03/2005	31/03/2005	-	Active	NO
4	U28112TN2006PTC061878	VOLTECH TEJAS VALVES PRIVATE LIMTED	Director	27/12/2006	27/12/2006	-	Amalgamated	NO
5	U74999TN2008PTC070131	SREE NAVITEX KNITS (INDIA) PRIVATE LIMITED	Director	12/12/2008	12/12/2008	-	Active	NO
6	U29190TN1994PTC084873	VOLTECH CONTROLS AND AUTOMATION PRIVATE LIMITED	Director	14/09/2009	01/04/2009	-	Amalgamated	NO
7	U31102TN2005PLC058126	VOLTECH MANUFACTURING COMPANY LIMITED	Director	14/09/2009	01/04/2009	-	Active	NO
8	U29253TN2007PTC063090	VOLTECH GLOBAL TRADING PRIVATE LIMITED	Additional director	01/11/2011	01/11/2011	02/11/2012	Active	NO
9	U74999TN2012PTC088399	SOLACON ENERGY PARK PRIVATE LIMITED	Additional director	11/01/2013	11/01/2013	-	Active	NO
10	U74999TN2011PTC081778	NanoPV Voltech Solar Private Limited	Director	27/09/2013	18/02/2013	-	Active	NO

Name :

Raveenthiran Pethurajan

Designation :

Director

Address :

233, Kattabomman Street, Alwarthirunagar, Chennai – 600087, Tamil Nadu, India

Date of Appointment :

01.11.2011

DIN No.:

00800415

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	U93090TN2007PTC063262	EVERGLOW ENGINEERING CONSULTANCY SERVICES PRIVATE LIMITED	Managing director	24/04/2007	24/04/2007	-	Active	NO
2	U31102TN2005PLC058126	VOLTECH MANUFACTURING COMPANY LIMITED	Additional director	01/11/2011	01/11/2011	-	Active	NO

Name :

Murugan

Designation :

Director

Address :

22E, Subha Colony, Munusamy Salai, K K Nagar, Chennai – 600078, Tamil Nadu, India

Date of Appointment :

01.11.2011

DIN No.:

03577769

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	U31102TN2005PLC058126	VOLTECH MANUFACTURING COMPANY LIMITED	Additional director	01/11/2011	01/11/2011	-	Active	NO
2	U74900TN2014PTC094650	MACRO & MICRO SEARCH SERVICES PRIVATE LIMITED	Director	21/01/2014	21/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	LD Raman
Designation :	Secretary
Address :	30/2, Jai Maruthi Appartment, Third Trust Cross Street, Mandavelipakkam, Chennai – 600028, Tamil Nadu, India
Date of Appointment :	01.06.2011
PAN No.:	AJVPR8060R

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares
M. Umapathi	321550
Voltech Engineers Private Limited	539800
U. Devi	500
U. Kalaivani	650
U. Nandinee	500
K. Rajendraprasad	100
S. Vasanth	100
V. Durairaj	100
P. Subramanian	100
IRS prem	100
R. Adalarasan	100
S. Arumugavelan	100
A.Geetha	100
A.Annapoorani	100
J. Babu	100
V. Theivamani	100
R. Raja Yogesh	100
K. Punniyakoti	100
P. Gurumurthy	100
Total	864400

Names of Allottee	No. of Shares allotted
Murugesan Umapathi	105200
Total	105200

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	62.45
Directors or relatives of Directors	37.28
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily in the business of design, manufacture, supply and servicing of Transformers, Control and Relay Panels, Switch Gear, and Relays, in addition to Valves.

Products :

Item Code No. (ITC Code)	Product Description
85049010	Electrical Transformers
84818030	Valves
85364900	Relay
85371000	Control Relay Panel

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	Bank of Baroda
Branch Address	Sri Perumpudur Branch, 143, Gandhi Road, Sriperumpudur, Kanchipuram – 602105, Tamil Nadu, 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

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from banks	69.050	76.705
SHORT TERM BORROWINGS
Working capital loans from banks	80.980	25.324
Loans repayable on demand	81.341	26.952
Loans and advances from others	0.000	4.167
Total	231.371	133.148

Auditors :
Name :	T. Ashiok Babu Chartered Accountant
Address :	Plot No.6, Surya Nagar, Medavakkam, Chennai – 600100, Tamil Nadu, India
PAN No.:	ABWPA3939M
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Voltech Engineers Private Limited, India
Associate :	Voltech Global Trading Private Limited, India Voltech Engineering Services, Qatar Voltech Mohawarean Engineering Contracts, Saudi Arabia Voltech O And M Services Private Limited, India Electest (Sarawak) Sdn.,Bhd., Malaysia Lulu Shoppe Private Limited, India Arab Gulf Vol Tech Services, United Arab Emirates Voltech Infrastructure Private Limited, India Voltech Hr Services Private Limited, India

CAPITAL STRUCTURE

After 27.09.2013

Authorised Capital : Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.149.580 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.100/-each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
864400	Equity Shares	Rs.100/-each	Rs.86.440 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	86.410	75.890	50.000
(b) Reserves & Surplus	6.717	1.870	2.861
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	8.140	10.520	0.000
Total Shareholders’ Funds (1) + (2)	101.267	88.280	52.861
(3) Non-Current Liabilities
(a) long-term borrowings	69.050	76.705	63.165
(b) Deferred tax liabilities (Net)	1.609	0.968	0.320
(c) Other long term liabilities	6.779	0.971	5.682
(d) long-term provisions	2.189	0.700	0.350
Total Non-current Liabilities (3)	79.627	79.344	69.517
(4) Current Liabilities
(a) Short term borrowings	162.321	56.443	36.139
(b) Trade payables	56.854	57.321	7.727
(c) Other current liabilities	15.165	23.130	5.997
(d) Short-term provisions	8.886	4.812	4.774
Total Current Liabilities (4)	243.226	141.706	54.637
TOTAL	424.120	309.330	177.015
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	153.280	153.158	81.768
(ii) Intangible Assets	10.440	7.684	0.000
(iii) Capital work-in-progress	0.000	0.000	41.517
(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	8.200	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	171.920	160.842	123.285
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	96.985	60.800	11.760
(c) Trade receivables	115.995	60.197	30.306
(d) Cash and cash equivalents	27.272	14.628	6.755
(e) Short-term loans and advances	11.948	12.863	4.909
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	252.200	148.488	53.730
TOTAL	424.120	309.330	177.015

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	275.186	220.091	100.830
	Other Income	1.543	0.783	0.514
	TOTAL	276.729	220.874	101.344
Less	EXPENSES
	Cost of Materials Consumed	196.050	175.892	73.551
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(23.034)	(25.281)	(0.812)
	Employees benefits expense	31.904	30.277	12.259
	Other expenses	32.773	24.105	9.722
	TOTAL	237.693	204.993	94.720
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	39.036	15.881	6.624
Less	FINANCIAL EXPENSES	27.280	8.661	3.590
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.756	7.220	3.034
Less/ Add	DEPRECIATION/ AMORTISATION	6.289	3.117	2.000
	PROFIT/ (LOSS) BEFORE TAX	5.467	4.103	1.034
Less	TAX	1.673	1.169	0.121
	PROFIT/ (LOSS) AFTER TAX	3.794	2.934	0.913
	Earnings / (Loss) Per Share (Rs.)	4.39	3.39	1.06

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	1.37	1.33	0.90
Operating Profit Margin (PBDIT/Sales)	(%)	14.18	7.21	6.56
Return on Total Assets (PBT/Total Assets}	(%)	1.29	1.33	0.76
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.02
Debt Equity Ratio (Total Debts/Networth)		2.28	1.51	1.88
Current Ratio (Current Asset/Current Liability)		1.04	1.05	0.98

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	50.000	75.890	86.410
Reserves & Surplus	2.861	1.870	6.717
Net worth	52.861	77.760	93.127
long-term borrowings	63.165	76.705	69.050
Short term borrowings	36.139	56.443	162.321
Total borrowings	99.304	133.148	231.371
Debt/Equity ratio	1.879	1.712	2.484

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	100.830	220.091	275.186
		118.279	25.033

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	100.830	220.091	275.186
Profit	0.913	2.934	3.794
	0.91%	1.33%	1.38%

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	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

FINANCIAL PERFORMANCE

The Company is primarily in the business of design, manufacture, supply and servicing of Transformers, Control and Relay Panels, Switch Gear, and Relays, in addition to Valves.The Company’s Turnover for the year ended March 31, 2013, was Rs.276.700 Millions, as against Rs.220.900 Millions, registering an increase of 25% over the previous year.The Net Profit before finance cost and taxes, for the financial year ended March 31, 2013 increased to Rs.32.700 Millions, as against Rs.12.800 Millions, for the previous financial year ended March 31, 2012. However due to the absorption of the finance cost of Rs.27.200 Millions, for the financial year, on the entire long term borrowings, as against Rs.8.700 Millions, for the previous financial year, after capitalisation of a major portion of the finance cost, towards borrowings for new power transformers project, commissioned during the previous year, the Net Profit after taxes for the financial year was Rs.3.800 Millions, as against Rs.2.900 Millions for the previous financial year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10298230	28/06/2011	21,000,000.00	BANK OF BARODA	SRI PERUMPUDUR BRANCH, 143. GANDHI ROAD,, SRI PERUMPUDUR, KANCHIPURAM DISTRICT,, CHENNAI, Tamil Nadu - 602105, INDIA	B17219825
2	10212093	25/03/2010	109,000,000.00	BANK OF BARODA	SRI PERUMPUDUR BRANCH, 143. GANDHI ROAD,, SRI PERUMPUDUR, KANCHIPURAM DISTRICT,, CHENNAI, Tamil Nadu - 602105, INDIA	A83068213
3	10212096	29/11/2014 *	235,964,238.00	Bank of Baroda	Sri Perumpudur Branch,, 143, Gandhi Road., Sri perumpudur, Tamil Nadu - 602105, INDIA	C37928959

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land Development
• Factory Buildings
• Plant and Machinery
• Electrical Installations
• Installation and Other Expenses
• Power Generation Set
• Furniture and Fixtures
• Office Equipments
• Computer
• Vehicles

Intangible Assets

• Designs/Prototypes
• Computer Software

Website Details:

Press Releases:

VOLTECH TO INVEST RS 8000.000 MILLIONS

October 31, 2013

Voltech Group, a provider of electrical systems testing and commissioning, is planning to invest around Rs 8000.000 Milllions in setting up solar farms.

Speaking to the media after announcing a new joint venture in Nigeria, M Umapathi, chairman and managing director, Voltech Group, said the company at present had a 30-Mw solar plant in Ramanathapuram district and would expand to 100-Mw over the next three years with an investment of around Rs 8000.000 Millions.

To support the investment, the company is planning to raise around Rs 5000.000 Millions as equity from outside investors, he said.

"We expect to sign the power purchase agreement (PPA) anytime for 30-Mw with the Tamil Nadu Electricity Board (TNEB). After this, we expect investors to infuse money," said Umapathi, and added, the company received the Letter of Intent (LoI)  from TNEB for a 10-Mw solar power plant in Ramanathapuram district.

Regarding the new joint venture (JV), which was formed on Thursday, he said, the group joined hands with Nigerian company Bonjul Management Services to float a new firm, which will sell Voltech-manufactured transformers and electrical systems there.

While Voltech will hold 49 per cent stake in the JV, the Nigerian partner will hold the balance and both would infuse $10 million each as the new company is planning to set up a manufacturing facility in the country.

The group is also scouting for a local partner to set up a 100-Mw solar plant, which will attract an investment of around Rs 10000.000 Millions. “Our portion will be EPC with a maximum 10-15 per cent investment, while the balance would be from the local investor,” he said.

On the upcoming solar panel manufacturing facility at Porur on the outskirts of Chennai, he said, the plant was expected to go on stream next year. The company pegged around Rs 100 crore investment in the facility.

VOLTECH GROUP TO INVEST RS 10000.000 MILLIONS TO SET UP SOLAR FARMS IN TN

Plans to raise around Rs 300 crore from private equity and other players

November 14, 2012

Chennai-based Voltech Group, an electrical systems service provider, to set up a solar farm in Tamil Nadu. The company has joined hands with a Dubai-based company to to set up solar farms which can produce 100 MW of electricity, with an investment of around Rs 10000.000 Millions. Meanwhile, the company also said it is looking at raising around Rs 3000.000 Millions from private equity and other players.

M Umapathi, chairman, Voltech Group said that the company is looking at setting up solar farms in various districts of Tamil Nadu including Ramanathapuram, Sivaganga, Tuticorin and East of Tirunelveli where density of Sun is high.

The Group has partnered with Arab Gulf Pearl Trading Co, UAE, and NanoPV, US, for Solacon as equity and technology partners respectively to set up a 10MW, grid-linked, solar power generation facility in Ramanathapuram District to start with.

“We have acquired around 100 acre of land and looking at acquiring another 150 acre at Kadaladi in Ramanathapuram district. The initial phase of 2 MW will be ready by March 2013 and gradually it will increased to 100 MW in various parts of the state”.

He added, upto 10 MW the company can fund the project with 30:70 (equity:debt) ratio, post which it would look at raising money from private equity and other players to the tune of around Rs 2000.000-3000.000 Millions. The fund raising is to support company's plan to set up solar farms which can generate 100 MW through solar energy in various parts of the state.

He added, the company is also open to BOOT projects, by which somebody would invest in the project, while the company would develop and transfer the farm. It is also looking at third-party sale of power and grid supply to the utility, said Umapathi.

Besides, Solar farm Voltech Group is also planning to set up a manufacturing facility to manufacture solar farms, which would initially cater to the upcoming project being developed by the JV partners and going forward it would look at supplying for other customers, said Umapathi.

The proposed manufacturing plant would attract around Rs 200.000-250.000 Millions investment. “Normally to such a plant it would require around Rs 1000.000 Millions, since the company already has land, the investment will be less,” he added.

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 records 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 records 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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	SUB
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--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		29

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.