MIRA INFORM REPORT

Report Date :

26.04.2011

IDENTIFICATION DETAILS

Name :	PATRON INDUSTRIES PRIVATE LIMITED (w.e.f.20.02.2007)
Formerly Known As :	PATRON CHEMICALS PRIVATE LIMITED
Registered Office :	A- 4011 (North), Oberoi Garden, Estate, Chandivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.04.1991
Com. Reg. No.:	11-61147
CIN No.: [Company Identification No.]	U24244MH1991PLC061147
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15694A
PAN No.: [Permanent Account No.]	AAACP8390B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Trader of Cables and Copper Wires.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Ravi
Designation :	Accountant
Contact No.:	91-9175392397

LOCATIONS

Registered Office / Head Office :	A- 4011 (North), Oberoi Garden estate, Chandivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-30616000
Mobile No. :	91-9175392397 (Mr. Ravi)
Fax No.:	91-22-30616029
E-Mail :	patron@mtnl.in ; info@patron.co.in
Website :	www.patron.co.in
Area :	3700 Sq. ft.
Location :	Owned
Factory :	Plot No. 225 / 1 / 1, Dadra, Dadra and Nagar Haveli, Silvassa – 396 191, India
Warehouse 1 :	Bhiwandi Warehouse: 186 / 12, Gajanan Vaphekar Compound, Opposite ARCO Roadways, Purnea Village, Bhiwandi
Area :	83958 Sq. ft.
Location :	Owned
Warehouse 2 :	Solapur Warehouse: Plot No. 497, Godown No. 02, Lokhandwala Warehouse, Solapur Pune Highway, Kondi Village, Solapur – 413 006
Location :	Rented
Warehouse 3 :	Nagpur Warehouse: Plot no. 04, Kachore Complex, Surabhi Road, Wadhamna, Wadi, Nagpur – 440 023
Location :	Rented
Warehouse 4 :	Daman Warehouse: Shop No. 05, Plot no. 15 / 1, Vapi Daman Road, Ringanwada Junction, Daman - 396210
Location :	Rented
Warehouse 5 :	Silvassa Warehouse: 466/5, Ground floor, Jamuna Park, Hanuman Mandir Road, Silvassa – 396 230
Location :	Rented

DIRECTORS

As on 30.09.2010

Name :	Mr. Pradeep G. Rohra
Designation :	Director
Address :	10A, Regency Park, Thane (West), Maharashtra, India
Date of Birth/Age :	25.06.1965
Qualification :	Diploma in Pharma
Date of Appointment:	10.04.1991
Name :	Mrs. Jyoti P. Rohra
Designation :	Director
Address :	10A, Regency Park, Thane (West), Maharashtra, India
Date of Birth/Age :	18.08.1992
Qualification :	Graduate
Date of Appointment:	18.08.1992
Name :	Mr. Prakash Punjabi
Designation :	Appointed Director
Address :	106, Sukh Sagar CHS, Ulhasnagar, Mumbai, Maharasahtra, India
Date of Birth/Age :	52 years
Qualification :	LLM, FCS
Experience :	25 years
Date of Appointment:	03.10.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Pradeep G. Rohra	14129
Deepa Gulani	615
Jyoti Rohra	2430
Chelaram Dharamdas and Company, India	350
Jainkumar Thakkar	150
Pradeep Rohra (HUF)	30
Tarun Rohra	30
Geetika P. Rohra	30
Yogesh V. Rohra	220
Latika Rohra	220
Hitesh Rohra	240
Neha Rohra	230
Nisha Rohra	230
Rakesh V. Thakkar	250
Total	19154

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	95.00
Other top fifty shareholders	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Trader of Cables and Copper Wires.

Products :

Item Code No. (ITC Code)	390042102
Product Description	PVC Resin / Copper Wire

Agencies Held :

DCW-LTD-PVC Resin

Exports :

Products :

Copper wires

Countries :

Dubai, UAE

Imports :

Products :

Copper Rods

Countries :

Dubai, UAE

Terms ;

Selling :

Credit ( 90 days to 180 days)

Purchasing :

Credit (90 days)

GENERAL INFORMATION

Employees :

20 (In Office 14, In Factory 6)

Bankers :

Canara Bank, Tamarind Lane Branch, Calcot House, Fort, Mumbai-400 023, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Cash Credit from Canara Bank	14.471	5.967
Bill Discounting from Canara Bank	28.537	18.073
Packing Credit from Canara Bank	16.472	22.558
Vehicle Loan from Kotak Mahindra Prime Limited	0.318	0.560
Term Loan - LIC (Keyman Insurance)	3.152	0.000
Total	62.950	47.158

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
from Directors	4.751	0.500
from Companies in which directors are interested as directors	0.120	0.120
Total	4.871	0.620

Banking Relations :	-
Auditors :
Name :	RCS and Associates Chartered Accountants
Address :	1307, Cosmos Tower, Sarovar Vihar Road, Sector 11, CBD Belapur, Navi Mumbai- 400 614, Maharashtra, India
Associates/Subsidiaries :	· Mepcab FZC - Dubai · Patron Investments & Finance Private Limited

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- Each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19154	Equity Shares	Rs.100/- Each	Rs.1.915 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.915	1.915	1.915
2] Share Application Money		10.755	8.315	6.500
3] Reserves & Surplus		13.167	9.590	8.075
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.837	19.820	16.490
LOAN FUNDS
1] Secured Loans		62.950	47.158	44.805
2] Unsecured Loans		4.871	0.620	3.777
TOTAL BORROWING		67.821	47.778	48.582
DEFERRED TAX LIABILITIES		0.000	1.141	0.858
TOTAL		93.658	68.739	65.930
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.536	30.763	6.457
Capital work-in-progress		0.000	0.000	15.823
INVESTMENT		2.844	3.155	2.753
DEFERREX TAX ASSETS		1.055	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.559	11.672	6.241
	Sundry Debtors	70.393	54.662	61.061
	Cash & Bank Balances	6.780	5.392	3.274
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.715	6.276	7.994
Total Current Assets		100.447	78.002	78.570
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.116	27.539	34.440
	Other Current Liabilities	13.976	15.227	3.233
	Provisions	0.202	0.556	0.000
Total Current Liabilities		38.294	43.322	37.673
Net Current Assets		62.153	34.680	40.897
MISCELLANEOUS EXPENSES		0.070	0.141	0.000
TOTAL		93.658	67.739	65.930

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and other Receipts	289.343	345.166	369.780
		TOTAL (A)	289.343	345.166	369.780
Less	EXPENSES
		TOTAL (B)	278.427	335.529	365.744
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.916	9.637	4.036
Less	FINANCIAL EXPENSES (D)		5.827	5.362	2.103
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.089	4.275	1.933
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.507	1.921	0.885
	PROFIT BEFORE TAX (E-F) (G)		1.582	2.354	1.048
Less	TAX (H)		(1.952)	0.839	1.542
	PROFIT AFTER TAX (G-H) (I)		3.534	1.515	(0.494)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.590	8.075	8.569
	BALANCE CARRIED TO THE B/S		13.124	9.590	8.075
	Earnings Per Share (Rs.)		184.49	122.92	-

Expected Sales (2010-11) Rs.350.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.22	0.44	0.13
Return on Total Assets (PBT/Total Assets}	(%)	1.24	2.16	1.23
Return on Investment (ROI) (PBT/Networth)		0.06	0.12	0.06
Debt Equity Ratio (Total Liability/Networth)		4.11	4.60	5.23
Current Ratio (Current Asset/Current Liability)		2.62	1.80	2.09

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from Behramji Mansion, 4^th Floor, 4 Homji Street, Sir P M Road, Fort, Mumbai-400 001, Maharasahtra, India to the present address w.e.f.26.06.2006

Bankers Charges Report as per Registry

Corporate identity number of the company	PATRON INDUSTRIES PRIVATE LIMITED
Name of the company	U24244MH1991PTC061147
Address of the registered office or of the principal place of business in India of the company	A- 4011 (North), Oberoi Garden estate, Chandivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	80015188
Type of charge	Book Debts Movable Property Floating Charge Immovable property
Particular of charge holder	Canara Bank, Tamarind Lane Branch, Calcot House, Fort, Mumbai-400 023, India
Nature of description of the instrument creating or modifying the charge	Common hypothecation agreement and letter evidencing deposit of title deeds.
Date of instrument Creating the charge	07.04.2010
Amount secured by the charge	Rs.37.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of interest ODBD @ 13.25% p.a. floating, subject to change from time to time as per ho/RBI guidelines. Terms of Repayment On demand Margin ODBD @ 50% and ILC @ 25%. Extent and Operation of the charge 100% Others The above is to secure ODBD limit of Rs.17.500 millions and ILC limit of Rs.20.000 millions (with sub limit BG of Rs.10.000 millions), aggregating to Rs.37.500 millions.
Short particulars of the property charged	All the borrower's present and future book debts, outstanding monies, receivables, claims, bills, rights to or in moveable properties and moveable assets and which are not due, owing or payable or belonging to the borrower or which may at any time hereafter during the continuance of this security become due. Emt of properties bearing Survey No.225/1/1, Piece and Parcle of Non - Agrical Land for industrial purpose, admeasuring 7800 sq. Mtrs, situated at Dadra, in the union territory of Dadra and Nagar Haveli.
Particulars of the present modification	Extent of operation of charge over hypothecation of book debts of the company and emt of properties bearing survey no.225/1/1, piece and parcle of non - agrical land for industrial purpose, admeasuring 7800 sq. Mtrs, situated at Dadra, in the union territory of Dadra and Nagar Haveli, stands enhanced from Rs.22.000 millions to Rs.37.500 millions i.e. ODBD limit of Rs.17.500 millions and ILC limit of Rs.20.000 millions (with sub limit BG of Rs.10.000 Millions. Other T and C remain same.

Fixed Assets:

· Land

· Building

· Plant and Machinery

· Air Conditioner

· Computers

· Electric Fittings

· Furniture and Fixture

· Office Equipments

· Vehicle

Trade References :

• Kadakia Plastics

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.44.45
UK Pound	1	Rs.73.35
Euro	1	Rs.64.78

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.