MIRA INFORM REPORT

Report Date :

05.11.2011

IDENTIFICATION DETAILS

Name :	BRACO ELECTRICALS (INDIA) PRIVATE LIMITED
Registered Office :	3/14, Gold Mohar Building , Princess Street, Mumbai – 400 002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.10.2003
Com. Reg. No.:	11-142693
Capital Investment / Paid-up Capital :	Rs.3.600 Millions
CIN No.: [Company Identification No.]	U27200MH2003PTC142693
TAN No.: [Tax Deduction & Collection Account No.]	MUMB16711C
PAN No.: [Permanent Account No.]	AAGFB0281Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of cable glands and wide range of electrical terminals
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relation 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 :	Mr. Kiran
Designation :	Executive Director
Contact No.:	91-9820314900
Date :	02.11.2011

LOCATIONS

Registered Office :	3/14 Gold Mohar Building , Princess Street, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91 - 22 – 39567543 / 65274453
Mobile No.:	91-9820314900 (Mr. Kiran)
Fax No.:	91 - 22 - 22083137
E-Mail :	sales@braco.in rijainca@gmail.com Info@barcoelectricals.com
Website :	http://www.bracoworldwide.com
Location :	Owned
Factory :	Located at Ghodbunder Road, Thane Aasangaon Vasai

DIRECTORS

As on 30.09.2011

Name :	Mr. Ramchand Hemandas Sobhani
Designation :	Managing Director
Address :	2/30 Najivan Society, Lamington Road, Mumbai – 400008, Maharashtra, India
Date of Birth/Age :	16.08.1926
Date of Appointment :	15.10.2003
DIN No.:	01711388
Name :	Mr. Ashok Ramesh Sobhani
Designation :	Director
Address :	B/24 Maya Mahal Building, Ambedkar Road Khar (West) Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	29.09.1988
Date of Appointment :	19.01.2009
DIN No.:	02495834
Name :	Mrs. Kaushalya Ramesh Sobhani
Designation :	Director
Address :	B/24 Maya Mahal Building, Ambedkar Road Khar (West) Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	11.08.1958
Date of Appointment :	15.10.2003
DIN No.:	01730974
Name :	Mr. Tushal Ramesh Sobhani
Designation :	Director
Address :	B/24 Maya Mahal Building, Ambedkar Road Khar (West) Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	01.07.1982
Date of Appointment :	15.10.2003
DIN No.:	01896018
Name :	Mr. Kiran
Designation :	Executive Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ramchand Hemandas Sobhani	30000
Kaushalya Ramesh Sobhani	180000
Tushal Ramesh Sobhani	90000
Ashok Ramesh Sobhani	60000
Total	360000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of cable glands and wide range of electrical terminals
Products :	Terminals / Lugs Compound Cable Glands and Accessories Crimping Tool
Brand Name :	Braco Caps
Exports :
Products :	Cable glands and electrical terminals
Countries :	Dubai Dohr
Terms :
Selling :	Depend

GENERAL INFORMATION

Customers :

Wholesalers, Retailers End Users and OEM’s

• ABB Limited
• Indian Farmers and Fertilizers Co-operative Limited
• ACC Cement
• ION Exchange Limited
• Bechtel International (Dabhol Power Project)
• Indian Petroleum Chemicals Limited
• BEST Undertakings
• J.K. Cement
• Kirloskar Limited
• BHEL
• Bombay Suburban Electrical Supply (BSES)
• Lloyd Steel Limited
• Mazgaon Dock Limited
• CEAG Flameproof Control Gears Private Limited
• Maharashtra State Electricity Board (MSEB)
• CIPLA Limited
• CAAS Traffic System
• National Thermal Power Corporation Limited
• Escorts Limited
• Nuclear Power Corporation Of India
• Essar Steel Elecon Engineering Company Limited
• Optel Telecommunications
• Reliance Energy
• Flameproof Equipment Private Limited
• Sterling Switchgears
• Gujarat State Fertilisers
• Siemens Limited
• Saurashtra Cement
• Hindustan Aeronautics
• Tata Institute of Fundamental Research
• Tata Power

No. of Employees :

150 (Approximately)

Bankers :

Union Bank of India, Dr. Ambedkar Road Branch, Hill Queen, Dr. Ambedkar Road, Bandra (West), Mumbai – 400 052, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank Overdraft with Union Bank of India	41.759	32.957
Car Loan from Banks	1.067	3.125
Total	42.826	36.082
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Relatives	19.283	18.473
Total	19.283	18.473

Banking Relations :	--
Auditors :
Name :	Kailash S. Jain Chartered Accountant
Address :	Sona Chambers, 4th Floor, Chira Bazar, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-22083852
Fax No.:	91-22-22095925
PAN No. :	AADPJ0987E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
360000	Equity Shares	Rs.10/- each	Rs.3.600 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		3.600	3.600	3.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.536	21.526	13.823
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.136	25.126	17.423
LOAN FUNDS
1] Secured Loans		42.826	36.082	12.206
2] Unsecured Loans		19.283	18.473	13.414
TOTAL BORROWING		62.109	54.555	25.620
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		92.245	79.681	43.043
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.176	32.518	20.786
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	24.840	20.012	7.717
	Sundry Debtors	46.453	37.240	26.160
	Cash & Bank Balances	0.995	0.264	0.451
	Other Current Assets	0.000	0.000	0.000
	Loan, Advances and Deposits	3.155	3.391	3.486
Total Current Assets		75.443	60.907	37.814
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.847	12.317	11.801
	Other Current Liabilities	1.075	0.654	0.396
	Provisions	0.496	0.860	3.490
Total Current Liabilities		15.418	13.831	15.687
Net Current Assets		60.025	47.076	22.127
MISCELLANEOUS EXPENSES		0.044	0.087	0.130
TOTAL		92.245	79.681	43.043

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	191.430	183.204	140.476
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	183.616	175.500	131.427
	PROFIT BEFORE TAX		7.813	7.704	9.049
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		7.813	7.704	6.059
	TOTAL EARNINGS		$380243	$654863.28	$306347
	Earnings Per Share (Rs.)		21.71	21.40	16.83

Expected Sales (2011-2012) : Rs.250.000 Millions

The above information has been parted by Mr. Kiran.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.08	4.21	4.31
Return on Total Assets (PBT/Total Assets}	(%)	7.26	8.25	15.44
Return on Investment (ROI) (PBT/Networth)		0.26	0.31	0.52
Debt Equity Ratio (Total Liability/Networth)		2.57	2.72	2.37
Current Ratio (Current Asset/Current Liability)		4.89	4.40	2.41

LOCAL AGENCY FURTHER INFORMATION

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	YES
5) Type of Business	YES
6) Line of Business•	YES
7) Promoter’s background	--
8) No. of employees	YES
9) Name of person contacted	YES
10) Designation of contact person	YES
11) Turnover of firm for last three years	NO
12) Profitability for last three years	YES
13) Reasons for variation <> 20%	NO
14) Estimation for coming financial year	YES
15) Capital in the business	YES
16) Details of sister concerns	NO
17) Major suppliers	NO
18) Major customers	YES
19) Payments terms	YES
20) Export / Import details (if applicable)	YES
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	YES
24) Banking facility details	NO
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	NO
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
- For Goods, Stores Chemicals etc.	12.573	10.955	10.232
- For Expenses	1.274	1.362	1.569
Total	13.847	12.317	11.801

FORM 8:

Corporate identity number of the company	U27200MH2003PTC142693
Name of the company	BRACO ELECTRICALS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3/14 Gold Mohar Bldgprincess Street, Mumbai – 400 002, Maharashtra, India E-mail : rijainca@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90148840
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Union Bank Of India, Dr. Ambedkar Road Branch, Hill Queen, Dr. Ambedkar Road, Bandra (West), Mumbai – 400 052, Maharashtra, India
Nature of instrument creating charge	1.Supplementary Agreement to Hypothecation Agreement of Goods and Debts 2.Extension of Equitable Memorandum (Both the above Documents constitute a single Charge)
Date of instrument Creating the charge	21.04.2011
Amount secured by the charge	Rs.40.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 13.50 % per annum with monthly rests or such other rate as may be revised by the Bank from time to time Terms of repayment On Demand Margin As per sanction terms Extent and operation of the charge To secure Revised Cash Credit (Hypothecation) Stocks/Book-Debts facility of Rs.40.000 Millions granted by the Bank to the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1.That the Hypothecated Goods, Book Debts and Movable Property covered by the Principal Hypothecation Agreement shall continue to be a security for the Bank for the enhanced Cash Credit facility of Rs.40.000 Millions granted by the Bank to the company. 2 Extension of Equitable Mortgage by Deposit of Title Deeds by Constructive Delivery in respect of Company's Immovable Properties Viz.Gala Nos.33,34,35 and 36 adm 4000 Sq. Ft built up Area in Building No.1 of Rukma Industrial Udyog Nagar, situated at Survey No.37A, Hissa No.1 and Survey No.38, Hissa No.2 pt, Village Asangaon, Taluka Shahapur District Thane.
Date of instrument modifying the charge	23.03.2009
Particulars of the present modification	Vide this modification Cash Credit (Hypothecation) Stocks/Book Debts facility is hereby increased from Rs.30.000 Millions to Rs.40.000 Millions and 1.That the Hypothecated Goods, Book Debts and Movable Property covered by the Principal Hypothecation Agreement shall continue to be a security for the Bank 2.Extension of Equitable Mortgage by Constructive Delivery in respect of Company's Immovable Properties Viz. Gala Nos.33,34,35 and 36 adm 4000 Sq. Ft. at Rukma Industrial Udyog Nagar

FIXED ASSETS:

• Computers
• Software
• Furniture and fixtures
• Motor car
• Machinery
• Office Equipments
• Electrical Fittings
• Building

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

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	5
--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		45

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.