MIRA INFORM REPORT

Report Date :

02.06.2011

IDENTIFICATION DETAILS

Name :	PYRO ELECTRIC CABLES AND SENSORS PRIVATE LIMITED
Registered Office :	Flat B, Ground Floor, Hill Crown Apartments, College Road, Mapusa-403507, Goa
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.04.2003
Com. Reg. No.:	24-003215
Capital Investment/ Paid-up Capital:	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U33130GA2003PTC003215
TAN No.: [Tax Deduction & Collection Account No.]	BLRP04156F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of M I Cables, i.e. Mineral Insulated Cables.
No. of Employees:	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 33000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 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.

INFORMATION PARTED BY

Name :	Ms. Vidya
Designation :	Accounts Manager
Contact No.:	91-832-2263294
Date :	01.06.2011

LOCATIONS

Registered Office :	Flat B, Ground Floor, Hill Crown Apartments, College Road, Mapusa-403507, Goa, India
Tel. No.:	91-832-2264391
Mobile No.:	91-9422056609 (Mr. S A Pednekar)
Fax No.:	91-832-2263294
E-Mail :	sapednekar@pyro-electric.com pyroadmin@pyro-electic.co.in sapednekar@pyro-electric.in
Website :	www.pyro-electric.com
Area :	650 sq.mt
Location :	Owned
Factory :	Plot No. 72, Bicholim Industrial Estate, Bicholim, Goa
Tel. No.:	91-832-2360039/ 2361212/ 2363381/ 2362579
Area :	Total Land :1924 Sq. m., Build up : 932 Sq. m.
Location :	Owned (99 years leased premises)
Branches :	Located at: Mumbai
Tel No.:	91-22-24461547

DIRECTORS

As on 30.09.2009

Name :	Mr. Madhusudan Dattatray Bichu
Designation :	Managing Director
Address :	Flat B, Hill Crown Apartments, College Road, Mapusa-403507, North Goa, India
Date of Birth/Age :	22.11.1945
Qualification :	BE
Date of Appointment :	01.04.2003
DIN No.:	01716476
Name :	Mr. Dattatray Bichu
Designation :	Director
Address :	Flat A, Hill Crown Apartments, College Road, Mapusa-403507, North Goa, India
Date of Birth/Age :	31.03.1972
Qualification :	BE, MBA
Date of Appointment :	01.04.2003
DIN No.:	01808020
Name :	Mr. Ramnath M Bichu
Designation :	Director
Address :	Flat B, Hill Crown Apartments, College Road, Mapusa-403507, North Goa, India
Date of Birth/Age :	30.06.1979
Qualification:	BE
Date of Appointment :	01.04.2003
DIN No.:	01877316
Name :	Mr. Parag, D Inamdar
Designation :	Director
Address :	13/1, Hig Colony, Bandra Reclamation, Mumbai-400050, Maharashtra, India
Qualification :	BE
Date of Cessation :	09.04.2007
DIN No.:	01387036

KEY EXECUTIVES

Name :	Ms. Vidya
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On : 30.09.2008

Names of Shareholders	No. of Shares
Madhusudan Bichu	66200
Dattatray Bichu	8200
Ramnath Bichu	8500
Parag Inamdar	4500
Pyro Electric Instruments Goa Private Limited, Goa, India	134000
Aparna Bichu	500
Manjusha Bichu	2600
Shyam Bichu	3500
Mineral Insulated Cable Co. Limited, United Kingdom	72000
Total	300000

Equity Share Breakup (Percentage of Total Equity)

As On : 30.09.2009

S. No.	Category	Percentage
1	Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	24.00
2	Directors or relatives of Directors	28.00
3	Bodies corporate	48.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of M I Cables, i.e. Mineral Insulated Cables.

Products :

Product Description	ITC Code
Industrial Cables	902519

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS AS ON (31.03.2010)

Particulars	Unit	Actual Production
Industrial Cable (RTD/ TC Cables)	Mtr	130022
Industrial Cable (RTD/ TC Cables)	Nos/ Unit	10907

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

30 (Approximately)

Bankers :

Canara Bank, Khalap Building, Mapusa-403507, Goa, India

Facilities :

Secured Loan	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
OCC limit from Canara Bank, Mapusa secured by way of hypothecation of raw materials, finished goods, and work in progress and first charge on plant and machinery	3.995	1.635
WCTL form Canara Bank, Mapusa by way of hypothecation of raw materials, finished goods, and work in progress and first charge on plant and machinery	0.000	0.729
Term Loan from Canara Bank, Mapusa Secured by mortgaged of Building, Plant and Machinery and Tools and Equipments	0.313	1.185
Term Loan from Canara Bank, Mapusa Secured by hypothecation of Machinery	0.561	0.446
Term Loan from Canara Bank, Mapusa Secured by hypothecation of vehicles	1.016	0.000
KCC Limit form Canara Bank, Mapusa Secured by way of hypothecation of raw materials, finished goods, and WIP	0.351	1.519
Total	6.236	5.514
Unsecured Loan	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Bills discounted (SDB/BE/CDB), with Canara Bank	0.500	4.514
Total	0.500	4.514

Banking Relations :	--
Auditors :
Name :	Satish Dhume And Company Chartered Accountant
Address :	203/206/207, Mahalaxmi Chambers, 18^th June Road, Panaji-403001, Goa, India
Tel. No.:	91-832-2226309/ 2227775
Fax No.:	91-832-2227775
Associates/Subsidiaries :	(As on 31.03.2009) v Pyro Electric Instruments Goa Private Limited Address : Flat B, Ground Floor, Hill Crown Apts, College Road, Mapuca, Goa Tel. No. 91-832-2252719/2264391/2263294 Fax No. : 91-832-2263294 E-mail : purogoa@sancharnet.in , pyroadmin@pyro-electric.com Line of Business : Manufacturer of Sensors v HNL Instruments and Controls Private Limited Address : Gala No. 13, 14, 15, Bicholim Industrial Estate, Bicholim-403529, Goa, India v Hydro Pneumatics Private Limited Address : D-26, Bicholim, Goa v Goa Thermostatic Instruments Private Limited Address : D-3-15, Bicholim, Goa v Pyro Electric Instrument And Allied Industries Address : Mahim, Mumbai, Maharashtra

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 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		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.482	3.806	2.328
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.482	6.806	5.328
LOAN FUNDS
1] Secured Loans		6.236	5.514	7.649
2] Unsecured Loans		0.500	4.514	1.138
TOTAL BORROWING		6.736	10.028	8.787
DEFERRED TAX LIABILITIES		0.681	0.614	0.564
TOTAL		15.899	17.448	14.679
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.574	7.245	6.961
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.533	4.224	6.085
	Sundry Debtors	9.173	11.083	7.732
	Cash & Bank Balances	0.156	0.214	0.217
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.764	0.601	0.947
Total Current Assets		18.626	16.122	14.981
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.780	4.096	6.172
	Other Current Liabilities	0.862	0.849	0.746
	Provisions	1.659	0.974	0.345
Total Current Liabilities		11.301	5.919	7.263
Net Current Assets		7.325	10.203	7.718
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		15.899	17.448	14.679

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	38.685	34.987	26.493
		Other Income	0.000	0.005	0.010
		TOTAL (A)	38.685	34.992	26.503
Less	EXPENSES
		Decrease/ Increase in Stock	0.000	1.169	0.760
		Raw Materials Consumed	23.858	18.961	14.195
		Manufacturing and Factory Expenses	6.094	6.525	6.237
		Personnel Expenses	3.791	3.004	1.932
		Office and Administrative Expenses	0.467	0.573	0.355
		Selling and Distribution Expenses	0.278	0.666	0.182
		TOTAL (B)	34.488	30.898	23.661
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.197	4.094	2.842
Less	FINANCIAL EXPENSES (D)		1.258	1.561	1.370
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.939	2.533	1.472
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.490	0.365	0.344
	PROFIT BEFORE TAX (E-F) (G)		2.449	2.168	1.128
Less	TAX (H)		0.774	0.690	0.251
	PROFIT AFTER TAX (G-H) (I)		1.675	1.478	0.877
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.806	2.328	1.451
	BALANCE CARRIED TO THE B/S		5.481	3.806	2.328
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.934	2.769	0.846
	TOTAL EARNINGS		0.934	2.769	0.846
	IMPORTS
		Import Value	6.268	6.268	4.907
	TOTAL IMPORTS		6.268	6.268	4.907
	Earnings Per Share (Rs.)		5.58	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	39.600

The above information has been parted by Ms. Vidya (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.33	4.22	3.31
Net Profit Margin (PBT/Sales)	(%)	6.33	6.20	4.26
Return on Total Assets (PBT/Total Assets}	(%)	9.00	9.28	5.14
Return on Investment (ROI) (PBT/Networth)		0.29	0.32	0.21
Debt Equity Ratio (Total Liability/Networth)		2.13	2.34	3.01
Current Ratio (Current Asset/Current Liability)		1.65	2.72	2.06

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Raw Materials	7.234	1.480	5.276
Sundry Creditors for Services and Expenses	1.209	2.303	0.583
Sundry Creditors on Capital Account	0.337	0.313	0.313
Total	8.780	4.096	6.172

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90076850
Corporate identity number of the company	U33130GA2003PTC003215
Name of the company	Pyro Electric Cables And Sensors Private Limited
Address of the registered office or of the principal place of business in India of the company	Flat B, Ground Floor, Hill Crown Apartments, College Road, Mapusa-403507, Goa, India
Type of charge	Book Debts Others
Particular of charge holder	Canara Bank, Khalap Building, Mapusa-403507, Goa, India
Nature of description of the instrument creating or modifying the charge	Letter of Renewal Supplemental Agreement
Date of instrument Creating the charge	05.06.2009
Amount secured by the charge	Rs. 7.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12.25% p.a. Terms of Repayment Regular Credit Limit Margin OCC- 25% on Stock and 50% on book debts BE- 10% Bank Guarantee- 25% Extent and Operation of the charge OCC- Rs. 4.500 Millions CDB/ SDB/ BE Rs. 1.500 Millions Guarantee Rs. 1.000 Million
Short particulars of the property charged	Stock in trade and book debts
Date of latest modification prior to the present modification	18.03.2008
Particulars of the present modification	Existing charge for credit limit of Rs. 7.000 Millions remains unchanged. Whose particulars are as below. OCC Limit of Rs. 3.300 Millions increased to Rs. 4.500 Millions Working Capital term Loan Rs. 1.200 Millions reduced to Nil CDB/ SDB/ BE Limit of Rs. 1.500 Millions remains unchanged Bank Guarantee limit of Rs. 1.000 Million remains unchanged.

This form is for	Creation of charge
Charge identification number of the modified	--
Corporate identity number of the company	U33130GA2003PTC003215
Name of the company	Pyro Electric Cables And Sensors Private Limited
Address of the registered office or of the principal place of business in India of the company	Flat B, Ground Floor, Hill Crown Apartments, College Road, Mapusa-403507, Goa, India
Type of charge	Movable Property
Particular of charge holder	Canara Bank, Khalap Building, Mapusa, Goa
Nature of description of the instrument creating or modifying the charge	NF928 : Canmobile Agreement
Date of instrument Creating the charge	13.05.2009
Amount secured by the charge	Rs.1.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11% Terms of Repayment 60 Equated monthly installments of Rs.0.026 million each Margin Rs.0.137 million Extent and Operation of the charge Charge on Total Car valued Rs.1.337 millions Others NIL
Short particulars of the property charged	SKODA Octavia 1.9TDI Elegance Car

Fixed Assets :

v Land

v Building

v Plant And Machinery

v Testing Equipments

v Generator Set

v Electricals

v Tools And Equipments

v Office Equipments

v Fact Furniture

v Computers

v Air Conditioners

v Vehicle

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.44.89
UK Pound	1	Rs.73.85
Euro	1	Rs.64.76

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.