December 18, 2008
CRISIL ‘P2’ for VASHI ELECTRICALS’ bank facilities
Rs.60.0 Million Buyers’ Credit * P2(Assigned)
Rs.10.0 Million Bank Guarantee P2(Assigned)
* The facility is in the form of Channel Finance.

CRISIL has assigned its ratings of ‘P2’ to the various bank facilities of Vashi Electricals Pvt Ltd (Vashi Electricals). The ratings reflect Vashi Electricals’ healthy financial risk profile, marked by low reliance on bank loans, strong debt protection measures, and efficient management of inventory and debtors risks. These strengths are, however, partially offset by Vashi Electricals’ exposure to risks relating to cyclicality in end user industries, the company’s regional presence, and small scale of operations in a segment marked by intense competition.

About Vashi Electricals
Set up in 1978 as a partnership promoted by Mr. Madan Dodeja and Mr. Mohan Dodeja, Vashi Electricals was converted into a private limited company in 1990. The company trades in electrical equipment and goods, such as cables, motors, gearboxes and switchgears. It is an authorised distributor for large electrical equipment manufacturers, such as Siemens, Finolex, Bonfiglioli and Polycab. Vashi Electricals has a large diversified customer base among control panel builders, electrical contractors and original equipment manufacturers.

Vashi Electricals recorded a profit after tax (PAT) of Rs.40 million on net revenues of Rs.1.27 billion in 2007-08 (refers to financial year, April 1 to March 31), as against a PAT of Rs.34 million on net revenues of Rs.1.0 billion for 2006-07.

Media Contact Analytical Contacts CRISIL Rating Desk
Ramya Krishnan Anil
Head, Market Development & Communications
Tel: +91-22-6758-8051
Mobile: +91 98203 42671
Facsimile: +91-22-6758-8088
Gurpreet S Chhatwal
Head, Corporate and Government Ratings - CRISIL Ratings
Tel: +91-11-4250 5100

Manish Kumar Gupta
Senior Manager, Corporate and Government Ratings - CRISIL Ratings
Tel: +91-11-4250 5100
Tel: +91-22-6691 3047 / 6691 3064

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its Releases for consideration or otherwise through any media including websites, portals etc.

CRISIL Complexity Levels are assigned to various types of financial instruments. The CRISIL Complexity Levels are available on Investors are advised to refer to the CRISIL Complexity Levels for instruments that they propose to invest in. Investors can also call the CRISIL Helpline at +91 22 6691 3047 / + 91 22 66913064 with queries on specific instruments.

CRISIL is India's leading Ratings, Research, Risk and Policy Advisory company. CRISIL leverages its core strengths of credibility and analytical rigour to deliver opinions and solutions, that help clients mitigate and manage their business and financial risks, make markets function better, and help shape public policy. For more information, visit

Disclaimer: A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at, or at (+91 22) 6691 3001 - 09.

December 18, 2008