MIRA INFORM REPORT

Report No. :	325715
Report Date :	06.06.2015

IDENTIFICATION DETAILS

Name :	MEGAWIN SWITCHGEAR PRIVATE LIMITED
Registered Office :	35/1, 35/2, 35/3, Narasothipatty, P.B. No.434, Alagapuram Post, Perumal Malai Adivaram, Salem - 636004, Tamilnadu
Tel. No.:	91-427-2330498
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.10.2005
Com. Reg. No.:	11-012211
Capital Investment / Paid-up Capital :	Rs. 50.200 Million
CIN No.: [Company Identification No.]	U31200TZ2005PTC012211
IEC No.:	3205026284
TAN No.: [Tax Deduction & Collection Account No.]	CHEM08714G
PAN No.: [Permanent Account No.]	AAECM4516E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer and Seller of Switchgears and Power Control Equipment’s and also Distributor of Power.
No. of Employees :	1000 (Approximately)

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 incorporated in the year 2005 engaged in the business as of manufacturer of medium voltage switch gear products having a satisfactory track record. The rating reflects company sound financial risk profile marked by healthy net worth position and fair profitability of the company. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for business dealings at usual 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Amal Ganguly
Designation :	Senior GM in Marketing
Contact No.:	91-427-2330288
Date :	03.06.2015

LOCATIONS

Registered / Head Office / Factory :	35/1, 35/2, 35/3, Narasothipatty, P.B. No.434, Alagapuram Post, Perumal Malai Adivaram, Salem - 636 004, Tamilnadu, India
Tel. No.:	Board: 91-427-2330498/ 2330288/ 2447099/ 2430571/ 2336823/ 2330502 Direct: 91-427-2430568
Fax No.:	91-427-2330502
E-Mail :	info@megawin.co.in salem@megawin.co.in vak333@gmail.com
Website :	www.megawinswitchgear.com
Location :	Owned
Locality :	Commercial
Factory :	2/18, 2/19, Narasothipatti, Perumal Malai, Adivaran, Salem – 636004, Tamilnadu, India
Windmill :	Thandyarkulam Village, Near Panagudi , Tirunelveli District, Tamilnadu, India
Branch Offices :	Located at: · Chennai · Kochi · Bangalore · Hyderabad · Pune · Mumbai · Vadodara · Bhopal · Delhi · Kolkata

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Jayanthi Ganesan

Designation :

Whole-Time Director

Address :

No.13K, Gandhi Road, Salem – 636007, Tamilnadu, India

Date of Birth/Age :

12.12.1960

Qualification :

M. A.

Experience :

19 Years

Date of Appointment :

30.10.2009

PAN No.:

ACAPJ0462H

DIN No.:

00003441

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31102TZ2003PTC010585	HIIWIN (IND) TRANSFORMER PRIVATE LIMITED	Director	12-05-2003	12-05-2003	Under Process of Striking off	NO
2	U31200TZ2005PTC012211	MEGAWIN SWITCHGEAR PRIVATE LIMITED	Whole-time director	30-10-2009	12-10-2005	Active	NO
3	U45200TN2006PTC060950	PPB CONSTRUCTION PRIVATE LIMITED	Director	23-09-2007	23-09-2007	Active	NO
4	U72200TZ2011PTC016864	SHRIGANESH BIZTECH PRIVATE LIMITED	Director	17-03-2011	17-03-2011	Active	NO

Name :

Mr. Subramaniam Ganesan

Designation :

Managing Director

Address :

No.12K, Gandhi Road, Salem – 636007, Tamilnadu, India

Date of Birth/Age :

13.09.1954

Qualification :

B.E., (Electrical Engineering)

Experience :

34 Years

Date of Appointment :

13.10.2005

PAN No.:

ACLPG0146J

DIN No.:

00003449

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31102TZ2003PTC010585	HIIWIN (IND) TRANSFORMER PRIVATE LIMITED	Director	12-05-2003	12-05-2003	Under Process of Striking off	NO
2	U31200TZ2005PTC012211	MEGAWIN SWITCHGEAR PRIVATE LIMITED	Managing director	13-10-2005	12-10-2005	Active	NO
3	U45200TN2006PTC060950	PPB CONSTRUCTION PRIVATE LIMITED	Director	23-09-2007	23-09-2007	Active	NO
4	U72200TZ2011PTC016864	SHRIGANESH BIZTECH PRIVATE LIMITED	Managing director	17-03-2011	17-03-2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Amal Ganguly
Designation :	Senior GM in Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
S. Ganesan	4518000	90.00
G. Jayanthi Ganesan	502000	10.00
Total	5020000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Importer and Seller of Switchgears and Power Control Equipment’s and also Distributor of Power.

Products :

ITC Code No.	Product Descriptions
85023100	Power Distribution
85355010	Control and Switch

Brand Names :

--

Agencies Held :

--

Exports :

Products :

--

Countries :

· Yemen

· Nigeria

· Kenya

Imports :

Products :

Raw Material

Countries :

· China

· Japan

· Germany

Terms :

Selling :

Cash, Advance Payment and Credit (30 Days/ 60 Days)

Purchasing :

Cash, Advance Payment and Credit (30 Days/ 60 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Wholesalers, Retailers and End Users

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

1000 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Commercial Branch, 120/2 And 120/3 Cherry Road Chinnayan Towers, Salem - 636007, Tamilnadu, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	30039300268
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks	0.000	0.988
SHORT TERM BORROWINGS
Rupee term loans from banks	0.000	11.400
Loans taken for vehicles	1.702	0.000
Other loans and advances, others	61.317	508.217
Total	63.019	520.605

Banking Relations :	--
Auditors :
Name :	V. Ananthakrishnan Chartered Accountants
Address :	18, 7^th Cross, Maravaneri Extension, Salem – 636007, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	ABYPA7169F
Memberships :	--
Collaborators :	--
Associates :	· PPB Construction Private Limited CIN No.: U45200TN2006PTC060950 · Megawin Fabrications · Megawin Structural

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs.10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,020,000	Equity Shares	Rs.10/- each	Rs. 50.200 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	50.200	50.200	50.200
(b) Reserves & Surplus	717.521	631.554	551.167
(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)	767.721	681.754	601.367
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.987	12.542
(b) Deferred tax liabilities (Net)	29.673	29.757	29.482
(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)	29.673	30.744	42.024
(4) Current Liabilities
(a) Short term borrowings	663.019	519.616	532.672
(b) Trade payables	270.351	186.905	155.184
(c) Other current liabilities	69.696	84.510	98.165
(d) Short-term provisions	134.057	129.089	143.055
Total Current Liabilities (4)	1137.123	920.120	929.076
TOTAL	1934.517	1632.618	1572.467
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	203.886	217.037	232.921
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	3.343	3.140
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.500	0.500	3.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.382	6.563	29.783
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	208.768	227.443	268.844
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	847.251	720.148	632.035
(c) Trade receivables	588.172	397.883	384.124
(d) Cash and cash equivalents	63.091	75.235	89.349
(e) Short-term loans and advances	227.235	211.909	198.115
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1725.749	1405.175	1303.623
TOTAL	1934.517	1632.618	1572.467

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1331.125	1037.065	1304.059
		Other Income	6.142	5.038	2.186
		TOTAL (A)	1337.267	1042.103	1306.245
Less	EXPENSES
		TOTAL (B)	1113.092	827.384	1065.725
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		224.175	214.719	240.520
Less	FINANCIAL EXPENSES (D)		67.305	71.792	81.176
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		156.870	142.927	159.344
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.287	23.304	25.793
	PROFIT BEFORE TAX (E-F) (G)		135.583	119.623	133.551
Less	TAX (H)		49.615	39.237	44.259
	PROFIT AFTER TAX (G-H) (I)		85.968	80.386	89.292
	EARNINGS IN FOREIGN CURRENCY		31.239	2.664	0.000
	Earnings Per Share (Rs.)		17.13	16.01	17.79

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	1500.000

Expected Sales (2015-2016): Rs. 1750.000 Million

The above information has been parted by Mr. Amal Gaguly (Senior GM in Marketing).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.46	7.75	6.85
Operating Profit Margin (PBDIT/Sales)	(%)	16.84	20.70	18.44
Return on Total Assets (PBT/Total Assets}	(%)	7.01	7.34	8.53
Return on Investment (ROI) (PBT/Networth)		0.18	0.18	0.22
Debt Equity Ratio (Total Liability/Networth)		0.86	0.76	0.91
Current Ratio (Current Asset/Current Liability)		1.52	1.53	1.40

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	50.200	50.200	50.200
Reserves & Surplus	551.167	631.554	717.521
Money received against Share Warrants	0.000	0.000	0.000
Share Application Money Pending Allotment	0.000	0.000	0.000
Net Worth	601.367	681.754	767.721
Long-term Borrowings	12.542	0.987	0.000
Short term Borrowings	532.672	519.616	663.019
Current Maturities of Long-Term Debts	0.000	0.000	0.000
Total Borrowings	545.214	520.603	663.019
Debt/Equity Ratio	0.907	0.764	0.864

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	1304.059	1037.065	1331.125
		(20.474)	28.355

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	1304.059	1037.065	1331.125
Profit	89.292	80.386	85.968
	6.85%	7.75%	6.46%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10001560	30/01/2014 *	1,200,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 120/2 AND 120 /3 CHERRY ROAD CHINNAYAN TOWERS, SALEM - 636007, TAMILNADU, INDIA	B96566443

* Date of charge modification

CORPORATE INFORMATION

Subject is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the manufacture and selling of switchgears and power control equipments. The Company has manufacturing units in Salem District, Tamilnadu, India

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.90
UK Pound	1	Rs. 97.98
Euro	1	Rs. 71.82

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--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.