MIRA INFORM REPORT

Report No. :	310326
Report Date :	02.03.2015

IDENTIFICATION DETAILS

Name :	VECTOR NDT TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Shed No. 2, No. 86 F, 2nd Cross, 3rd Main, Industrial Suburb, 2nd Stage, Yeshwanthpur, Bangalore – 560022, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.06.2007
Com. Reg. No.:	08-043175
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U31909KA2007PTC043175
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Magnetic particle testing equipment.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 20000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company is fair. General financials of the company appears to be decent. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

Registered Office :	Shed No. 2, No. 86 F, 2nd Cross, 3rd Main, Industrial Suburb, 2nd Stage, Yeshwanthpur, Bangalore – 560022, Karnataka, India
Tel. No.:	Not Available
Fax No.:	91-80-26860465
E-Mail :	info@vectorndt.in vectortechnologiesindia@gmail.com

DIRECTORS

As on 30.09.2014

Name :

Prahaladavarada Perur Lakshmi

Designation :

Director

Address :

No.40, 1^st cross, 3rd Main, M P M Layout, Mallathahalli Bangalore-560056, Karnataka, India

Date of Birth/Age :

01.07.1938

Date of Appointment :

24.08.2010

DIN No.:

01924788

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	U31909KA2007PTC043175	VECTOR NDT TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2010	19/06/2007	-	Active	NO

Name :

Hariprasad Perur Varda

Designation :

Managing Director

Address :

No.40, 1^st cross, 3^rd Main, M P M Layout, Mallathahalli Bangalore-560056, Karnataka, India

Date of Birth/Age :

05.12.1967

Date of Appointment :

24.01.2011

DIN No.:

02444011

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	U31909KA2007PTC043175	VECTOR NDT TECHNOLOGIES PRIVATE LIMITED	Managing director	24/01/2011	01/04/2009	-	Active	NO
2	U24296KA2014PTC073019	ZCHEM SPECIALITIES PRIVATE LIMITED	Director	13/01/2014	13/01/2014	-	Active	NO

Name :

Shivakumar Ramachandra Nadig

Designation :

Director

Address :

19/2 and 9/3, Flat No 201 and 202, Flr-1,Building SR, 4th T , Blk, MR L/O Jay, Sri Rama Residency 39^th Cross, 16, Bangalore- 560041, Karnataka, India

Date of Birth/Age :

20.07.1967

Date of Appointment :

24.01.2011

DIN No.:

03414491

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	U31909KA2007PTC043175	VECTOR NDT TECHNOLOGIES PRIVATE LIMITED	Additional director	24/01/2011	24/01/2011	-	Active	NO
2	U74900KA2011PTC057415	CONCEPT DIVERSIPACK MARKETING PRIVATE LIMITED	Director	04/03/2011	04/03/2011	-	Active	NO
3	AAA-1375	ANGLE CONCEPTS LLP	Designated Partner	20/05/2010	20/05/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Bopanna Poovaiah Karthamada	5000	5.00
Hariprasad Perur Varda	77400	77.40
Prahaladavarada Perur Lakshmi	17600	17.60
Total	100000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Magnetic particle testing equipment.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank of India, Rajajinagar Branch, No 26, Mahadimane, 12th Main Road, Ii Block, Rajajinagar, Bangalore - 560010, Karnataka, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans repayable on demand from banks	1.973	1.343
SHORT TERM BORROWING
Loans repayable on demand from banks	4.934	3.460
Total	6.907	4.803

Auditors :
Name :	Umesh Babu J Chartered Accountant
Address :	No.51, 1st Floor, 19th Main, 2^nd Block, Rajajinagar, Bangalore-560010, Karnataka, India
Mobile No.:	91-9845453663
Fax No.:	91-80-41536815
Email :	ca.umeshbabuj@gmail.com
PAN No.:	ACTPB3154D
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 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	1.000	1.000	1.000
(b) Reserves & Surplus	6.134	4.296	3.848
(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)	7.134	5.296	4.848
(3) Non-Current Liabilities
(a) long-term borrowings	1.973	4.682	3.663
(b) Deferred tax liabilities (Net)	0.116	0.012	0.108
(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)	2.089	4.694	3.771
(4) Current Liabilities
(a) Short term borrowings	4.934	3.460	0.324
(b) Trade payables	3.852	3.599	4.139
(c) Other current liabilities	2.520	1.539	1.497
(d) Short-term provisions	7.306	3.803	2.776
Total Current Liabilities (4)	18.612	12.401	8.736
TOTAL	27.835	22.391	17.355
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.135	5.455	3.232
(ii) Intangible Assets	0.000	0.001	0.001
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.135	5.456	3.233
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.400	4.397	4.044
(c) Trade receivables	10.256	6.533	7.968
(d) Cash and cash equivalents	5.713	3.974	0.394
(e) Short-term loans and advances	1.331	2.031	1.716
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	21.700	16.935	14.122
TOTAL	27.835	22.391	17.355

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	TOTAL REVENUE		55.593	48.200	47.471
Less	EXPENSES
		Cost of Sales and other Expenditure	52.179	46.790	45.386
		TOTAL	52.179	46.790	45.386
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.414	1.410	2.085
Less/ Add	DEPRECIATION/ AMORTISATION		0.891	0.684	0.526
	PROFIT BEFORE TAX		2.523	0.726	1.559
Less	TAX		0.685	0.254	0.482
	PROFIT AFTER TAX		1.838	0.472	1.077
	Earnings Per Share (Rs.)		18.38	4.72	10.77

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.31	0.98	2.27
Return on Total Assets (PBT/Total Assets}	(%)	9.06	3.24	8.98
Return on Investment (ROI) (PBT/Networth)		0.35	0.14	0.32
Debt Equity Ratio (Total Debt /Networth)		0.97	1.54	0.82
Current Ratio (Current Asset/Current Liability)		1.17	1.37	1.62

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.000	1.000	1.000
Reserves & Surplus	3.848	4.296	6.134
Net worth	4.848	5.296	7.134
long-term borrowings	3.663	4.682	1.973
Short term borrowings	0.324	3.460	4.934
Total borrowings	3.987	8.142	6.907
Debt/Equity ratio	0.822	1.537	0.968

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	47.471	48.200	55.593
		1.536	15.338

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	47.471	48.200	55.593
Profit	1.077	0.472	1.838
	2.27%	0.98%	3.31%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	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 LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related Parties
Hari Prasad Varda	0.000	2.069
Prlahad Varda	0.000	1.270
Total	0.000	3.339

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10469712	10/12/2013	350,000.00	BANK OF INDIA	RAJAJINAGAR BRANCH, No 26, Mahadimane,, 12th Main  Road, II BLOCK, RAJAJINAGAR, BANGALORE, Karnataka - 560010, INDIA	B93332310
2	10464558	13/11/2013	500,000.00	Bank of India	RAJAJINAGAR BRANCH, No 26, Mahadimane,, 12th Main  Road, II BLOCK, RAJAJINAGAR, BANGALORE, Karnataka - 560010, INDIA	B91288928
3	10268154	30/01/2013 *	7,500,000.00	BANK OF INDIA	RAJAJINAGAR BRANCH, NO.675, P B NO.1006, II BLOCK  , RAJAJINAGAR, BANGALORE, Karnataka - 560010, INDIA	B69271781
4	10139283	05/01/2009	600,000.00	State Bank of Mysore	SMECCC, Rangarao Road, Shankarpuram, Bangalore, Karnataka - 560004, INDIA	A54833736

* Date of charge modification

FIXED ASSETS

• Air conditioner
• Computer
• Electrical fittings
• Furniture and fitting
• Laptop
• Plant and machinery
• Motor car
• Projector
• Office equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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.61.79
UK Pound	1	Rs.95.42
Euro	1	Rs.69.28

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		43

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.