MIRA INFORM REPORT

Report Date :

22.12.2011

IDENTIFICATION DETAILS

Name :	ADDISON CABLE PRIVATE LIMITED
Registered Office :	Plot No. P 8 and 9, Near Nakrana Marble, Metoda GIDC, Kalawad Road, Rajkot – 360005, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.08.2007
Com. Reg. No.:	04-051449
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U74900GJ2007PTC051449
TAN No.: [Tax Deduction & Collection Account No.]	RKTA02191A
PAN No.: [Permanent Account No.]	AAGCA4469A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electric Wires and Cables.
No. of Employees :	10 (Approximately) (Office – 3 and Factory – 7)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 20000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with slight 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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Mansukh
Designation :	Director
Contact No.:	91-9825266177
Date :	19.12.2011
Name :	Mr. Pratik Hingrajiya
Designation :	Manager
Contact No.:	91-9510014848
Date :	19.12.2011

LOCATIONS

Registered/ Admin. Office/ Factory :	Plot No. P 8 and 9, Near Nakrana Marble, Metoda GIDC, Kalawad Road, Rajkot – 360005, Gujarat, India
Tel. No.:	91-2827-287475/ 213476 91-281-2361595
Mobile No.:	91-9825266177 (Mr. Mansukh) 91-9510014848 (Mr. Pratik Hingrajiya)
Fax No.:	Not Available
E-Mail :	busa_ca@yahoo.com info@addisoncable.com
Website :	http://www.addisoncable.com
Area :	40000 sq. ft.
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Amit Kumar Hingrajiya
Designation :	Director
Address :	3, Narmada Park, Amin Marg, Rajkot – 360001, Gujarat, India
Date of Birth/Age :	15.04.1983
Qualification :	B. com
Experience :	3 years
Date of Appointment :	04.08.2007
DIN No.:	01665408
Name :	Mr. Kishorbhai Hingrajiya
Designation :	Director
Address :	Chandra Park, Block No.20, Kalawad Road, Rajkot – 360005, Gujarat, India
Date of Birth/Age :	10.03.1967
Qualification :	ITI
Experience :	22 years
Date of Appointment :	20.05.2009
DIN No.:	02646163
Name :	Mr. Mansukh Patel
Designation :	Director
Address :	“Pratik”, Karan Park, Near Astron, S. T. No.2, Plot No.97, Rajkot – 360001, Gujarat, India
Date of Birth/Age :	06.05.1968
Qualification :	Diploma In Civil Engineering
Experience :	22 years
Date of Appointment :	04.08.2007
DIN No.:	01665427

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Amit Kumar Hingrajiya	75000
Mansukh Patel	104500
Neetaben K. Hingrajiya	93750
Kishorbhai Hingrajiya	18750
Pratik Vitthalbhai Hingrajiya	8000
Total	300000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Electric Wires and Cables.
Brand Name :	ADDISON
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Wires and Cables	Mtrs	NA	25000 (Per day)	15000 (Per day)

GENERAL INFORMATION

Suppliers :

· Oswal Pumps Limited

· Domino Printech India Private Limited

· Aryan Polyplast

· J and K Industries

· S.C.J. Plastic

· High Cop Manufacture

· Keshariya Polymers

· Jainam Cables Industries

· Amrish Sales Corporation

· Shriram Polytech

· Mital Copper Industries

Customers :

Wholesalers, Retailers and End Users

· Aryan Polyplast

· Addison Industries

· Hi-con Technocast private Limited

· Jaldhara Electric Corporation

· Jay Machinery and Electric Store

No. of Employees :

10 (Approximately) (Office – 3 and Factory – 7)

Bankers :

· HDFC Bank

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank of India (Secured against Factory Building)	1.670	2.136
Bank of India (Secured against Plant and Machinery)	2.895	4.418
Bank of India (Secured against Hypothecation of stock and Book debts)	0.917	1.227
HDFC Bank (Secured against Maruti Swift)	0.204	0.358
Total	5.686	8.139
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	1.893	1.232
From Directors Relatives	6.173	5.037
Total	8.066	6.269

Banking Relations :	--
Auditors :
Name :	Busa and Associates Chartered Accountant
Address :	212-A, Landmark, Sardar Nagar Main Road, Astron Chowk, Rajkot – 360001, Gujarat, India
Tel No.:	91-281-2462804,2462893
Fax No.:	91-281-2462893
PAN No.:	AAGFB4013J
E-Mail :	busa_ca@yahoo.com
Associates/ Subsidiary :	· Addison Industries Atika Dhebar Road (South), B/h-Welldor Enterprise, Rajkot, Gujarat, India Line of Business: Traders of Wires and Cables

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Share	Rs.10/- each	Rs.3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Share	Rs.10/- each	Rs.3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3.000	3.000	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.000	2.000	0.000
4] (Accumulated Losses)		(0.891)	(1.695)	0.000
NETWORTH		4.109	3.305	2.500
LOAN FUNDS
1] Secured Loans		5.686	8.139	8.984
2] Unsecured Loans		8.066	6.269	7.807
TOTAL BORROWING		13.752	14.408	16.791
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		17.861	17.713	19.291
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.329	15.265	16.538
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.402	0.747	0.268
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.883	5.172	2.073
	Sundry Debtors	6.614	5.305	2.107
	Cash & Bank Balances	0.068	0.043	0.023
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.741	1.188	1.352
Total Current Assets		14.306	11.708	5.555
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8.424	9.489	3.479
	Other Current Liabilities	0.758	0.524	0.220
	Provisions	0.042	0.041	0.042
Total Current Liabilities		9.224	10.054	3.741
Net Current Assets		5.082	1.654	1.814
MISCELLANEOUS EXPENSES		0.048	0.047	0.671
TOTAL		17.861	17.713	19.291

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	34.003	22.095	2.650
		Other Income	0.266	0.072	NA
		TOTAL (A)	34.269	22.167	NA
Less	EXPENSES
		Increase/(Decrease) in Stock	(1.765)	(2.123)	NA
		Raw Materials’ Consumed	29.858	20.063	NA
		Manufacturing Expenses	1.444	1.270	NA
		Administrative and Selling Expenses	0.883	0.576	NA
		Miscellaneous Expenditure w/off	0.020	0.016	NA
		TOTAL (B)	30.440	19.802	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.829	2.365	NA
Less	FINANCIAL EXPENSES (D)		1.095	1.915	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.734	0.450	(0.421)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.586	2.017	0.454
	PROFIT BEFORE TAX (E-F) (G)		1.148	(1.567)	(0.876)
Less	TAX (H)		0.344	0.479	0.268
	PROFIT AFTER TAX (G-H) (I)		0.804	(1.088)	(0.607)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.695)	(0.607)	0.000
	BALANCE CARRIED TO THE B/S		(0.891)	(1.695)	(0.607)
	Earnings Per Share (Rs.)		2.68	(3.62)	--

Expected Sales (2011-12): Rs.45.000 Millions

The above information has been parted by Mr. Mansukh

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.35	(4.91)	NA
Net Profit Margin (PBT/Sales)	(%)	3.38	(7.09)	(33.06)
Return on Total Assets (PBT/Total Assets}	(%)	4.31	(5.81)	(3.97)
Return on Investment (ROI) (PBT/Networth)		0.28	(0.47)	(0.35)
Debt Equity Ratio (Total Liability/Networth)		5.59	7.40	8.21
Current Ratio (Current Asset/Current Liability)		1.55	1.16	1.48

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	-------
Reasons for variation <> 20%	-------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	-------
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	-------
Market Information	-------
Litigations that the firm/ Promoters Involved in	-------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-------
Buyer visit details	-------
Financials, if provided	No
Incorporation details is applicable	-------
Last Accounts filed at ROC	-------
Major Shareholders, if available	-------

OPERATIONS:

The company has made Sales of Rs.34.003 Millions as against the last years Sales of Rs.22.095 Millions and has earned profit before tax of Rs.1.148 Millions as against previous year’s loss of Rs. 1.566 Millions By looking to the above it shows that company has stream lined its activities and making satisfactory performance as per planned. The directors foresee bright future of the company

TRADE REFERENCE:

· Oswal Pumps Limited

· Aryan Polyplast

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10316137
Corporate identity number of the company	U74900GJ2007PTC051449
Name of the company	ADDISON CABLE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. P 8 and 9, Near Makrana Marble, Metoda GIDC, Kalawad Road, Rajkot, Gujarat, India busa_ca@yahoo.com
Type of charge	Immovable Property
Particular of charge holder	· HDFC Bank HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	12.11.2011
Amount secured by the charge	Rs.9.938 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment Working capital facility shall be payable on demand. Term loan facility shall be repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.9.938 Millions by the Company including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property charged	Plot No. P-8 and P-9 of Lodhika Industrial Estate, Revenue Survey No.90/P, 52/P of Village Metoda and Vajdi (Vad), Taluka: Lodhika, District: Rajkot, admeasuring area 4127.90 Sq. Mtrs.
Particulars of the present modification	The Company created a mortgage by deposit of title deeds in respect of its immovable property being lying and situated at Plot No. P-8 and P-9 of Lodhika Industrial Estate, Revenue Survey No.90/P, 52/P of Village Metoda and Vajdi (Vad), Taluka: Lodhika, District: Rajkot, admeasuring area 4127.90 Sq. Mtrs., as further security for repayment of monies due and payable under credit facilities of Rs.9.938 Millions sanctioned by the Bank to the Company

FIXED ASSETS:

· Factory Land

· Factory Building

· Plant and Machinery

· Lab Machinery

· Furniture

· Computers

· Air Conditioner

· Water Filter

· Printer

· Security Systems

· Maruti Van

· Maruti Swift

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.52.68
UK Pound	1	Rs.82.53
Euro	1	Rs.69.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	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
TOTAL		28

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.