MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	RAVIN CABLES LIMITED
Registered Office :	302, Akruti Trade Centre, 3^rd Floor, Road No. 7, MIdC, Marol, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.11.1982
Com. Reg. No.:	11-28700
Capital Investment / Paid-up Capital :	Rs. 209.230 Millions
CIN No.: [Company Identification No.]	U31300MH1982PLC028700
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14564E
PAN No.: [Permanent Account No.]	AAACR6590F
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer of Primecab Cables
No. of Employees :	250 (Approximately)

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 5000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. There appears some losses being incurred by the company in the current year i.e. 2009-10. However, net worth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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. Rajendra
Designation :	Accounts Department
Contact No.:	91-22-28326768 / 69
Date :	09.11.2011

LOCATIONS

Registered Office / Administrative office :	302, Akruti Trade Centre, 3^rd Floor, Road No. 7, MIdC, Marol, Andheri (East), Mumbai – 400 093, Maharashtra , India
Tel. No.:	91-22-3081 6666
Fax No.:	91-22-3081 6661
E-Mail :	sales@primecab.com exports@primecab.com purchase@primeccab.com shirsat@primecab.com
Website :	www.primecabkabel.com www.primecab.com
Factory/Works :	Gat No. 227/230, Alandi – Markal Main Road, Markal Village, Taluka – Khed, District Pune, India
Tel. No.:	91-2137-320600 / 01/ 02
Fax No.:	91-2137-320602
E-Mail :	factory@primecab.com

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Mario Tomasi

Designation :

Director

Address :

Viale Roma No.24, Province Of Trento, Municipality Of Rivadel Garda, Italy-38066

Date of Birth/Age :

17.11.1970

Date of Appointment :

19.01.2010

Din No :

03008139

Name :

Mr. Vijay P Karia

Designation :

Chairman and Managing Director

Address :

A 1202, Surya Apartment, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India.

Date of Birth/Age :

06.05.1965

Date of Appointment :

01.04.1987

Din No :

00621999

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U31300MH1982PLC028700	Ravin Cables Limited	Managing director	01-08-09	01-04-87	Active	NO
U99999MH1970GAP014629	Indian Electrical And Electronics Manufacfturers Association	Director	16-09-09	16-09-09	Active	NO

Name :

Mr. Piyush Jagdishchandra Karia

Designation :

Whole Time Director

Address :

B-204, Darshan Apartments, Shankar Lane, Kandivali (West), Mumbai – 400 067, Maharashtra, India.

Date of Birth/Age :

19.08.1966

Date of Appointment :

01.01.2009

Din No :

00621985

Name :

Hans Gunnar Staffan Hogstet

Designation :

Director

Address :

VIA, Aurelio Saffi, 33, Milano, Italy-20123

Date of Birth/Age :

21.03.1968

Date of Appointment :

19.01.2010

Din No :

02921080

KEY EXECUTIVES

Name :	Mr. Vinayak Motiram Shirsat
Designation :	Company Secretary
Address :	9/A/401, Ekta CHS Mhada Colony, Chandivali, Andheri (East), Mumbai – 400 072, Maharashtra, India.
Date of Birth/Age :	03.06.1965
Date of Appointment :	01.08.2006
Pan No.:	AAAPS6554M
Name :	Mr. Rajendra
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Viojay Karia	1042750
Piyush Karia	317900

AS ON 19.01.2010

Names of Allottees	No. of Shares
Prysmian Cavi Sistemi Energia S.R.L., Italy	4499936

AS ON 30.09.2010

Equity Shares Break Up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.69
Bodies corporate	0.01
Directors or relatives of Directors	48.12
Other top fifty shareholders	0.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Primecab Cables

Products :

ITC CODE	PRODUCTS
85446090	Electric Cables and Wires

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Cables	Kg	16500.00	16500.00	8976.500

*Includes captive consumption of 9.60km.

GENERAL INFORMATION

Customers :

End Users

Automobiles

· Eicher Motors Limited

· Maruti Udyog Limited

Chemical Plants

· Acco Industries Limited

· Asian Paints India Limited

Cement

· Associated Cement Company Limited

· Chanakya Cements Limited

Hospitals

· Contemporary Healthcare Private Limited

· Jivraj Mehta Hospital

Engineering

· Antelec Limited

· Apar Limited

Fertilizers

· Hindustan Fertilizers Corporation Limited

· Indian Farmer Fertilizers Co-Op

Government

· Airport Authority Of India

· Centre For Advance Technology

Mines

· Sesa Goa Limited

· Sese Industries Limited

Glass

· Goa Glass Fibre Limited

· Haldyan Glass [Gujarat ] Limited

Steels

· Bharat Aluminium Company Limited

· D. Private Wires Private Limited

No. of Employees :

250 (Approximately)

Bankers :

· Central Bank of India, Abdul Rehman Street Branch, 142/144, Abdul Rehman Street, Mumbai – 400 003, Maharashtra, India.

· Barclays Bank Plc, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Basant Road, Worli, Mumbai-400018, Maharashtra, India

· Standard Chartered Bank, 90 M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India

· The Shamrao Vitthal Co-operative Bank Limited, Vanvaria Apartments, S. V. Road, Khar, Mumbai-400052, Maharashtra, India

· HSBC Limited

· HDFC Bank limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan from The Shamrao Vithal Co-op Bank (Secured against equitable mortgage of immovable properties and hypothecation of other fixed assets and current assets (present and future) of the company and guaranteed some of the Directors and their relatives in their personal capacities) Repayable within a period of one year Rs.11.636 Millions (Previous year Rs. 10.577 Millions)	42.035	52.785
Amounts drawn against cash credit accounts with Banks (Secured against equitable mortgage of immovable properties and hypothecation of other fixed assets and current assets (present and future) of the company and guaranteed some of the Directors and their relatives in their personal capacities)	0.000	235.805
Working Capital Demand Loan from Bank (Secured by first pari-passu charge by way of hypothecation on entire current assets (present and future) of the company and granted by some of the Directors and their relatives their relatives in their personal capacities)	0.000	60.287
Export Packing Credit from Bank (Secured against equitable mortgage of immovable properties and hypothecation of other fixed assets and current assets (present and future) of the company and guaranteed some of the Directors and their relatives in their personal capacities)	214.034	377.447
Total	256.069	726.324
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Other Loans	0.000	10.000
Deferred Sales Tax Loans	95.661	95.661
Total	95.661	105.661

Banking Relations :	--
Auditors :	K S Aiyar and Company
	Chartered Accountants
Address :	F7, Laxmi Mills, Shakti Mills Lane, Off. Dr. E. Moses Road, Mahalaxmi, Mumbai – 400 011, Maharashtra, India
Pan No :	AAAFK6843P
Holding Company :	· Prysmian Cavi Sistemi Energia S.R.L., Italy
Ultimate Holding Company	· Prysmian SPA
Partnership Firm in which Directors are Interested :	· Ravin Trading Company · Vijay Industrial Electricals · Industrial Electric Corporation · Bharat Warehousing Agency · Sale N Ware Aid · Special Cable Industries
Associates :	· Power Plus Cable Company (LLC)

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
24500000	Equity Shares	Rs.10/- each	Rs. 245.000 Millions
500000	Preference Shares	Rs.10/- each	Rs. 5.000 Millions
	Total		Rs. 250.000 Millions

Issued:

No. of Shares	Type	Value	Amount
20923011	Equity Shares	Rs.10/- each	Rs. 209.230 Millions

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
20923011	Equity Shares	Rs.10/- each	Rs. 209.230 Millions

Notes:

(Of the above 10670736 Nos. of shares are held by Prysmain Cavi E Sistemi Energla S.R.L., Italy [Holding Company] which includes 4499936 Nos. of shares of Rs. 10/- each at a premium of Rs. 125/- per share were issued and allotted during the year)

(Of the above shares 5150150 nos. of shares were allotted as fully paid up by way of bonus shares by capitalization of securities premium are general reserve)

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		209.230	164.231	164.231
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1048.577	574.723	526.140
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1257.807	738.954	690.371
LOAN FUNDS
1] Secured Loans		256.069	726.324	580.648
2] Unsecured Loans		95.661	105.661	124.782
TOTAL BORROWING		351.730	831.985	705.430
DEFERRED TAX LIABILITIES		0.000	1.300	3.683
TOTAL		1609.537	1572.239	1399.484
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		224.363	248.568	254.259
Capital work-in-progress		5.204	0.350	9.140
INVESTMENT		371.202	196.202	136.747
DEFERREX TAX ASSETS		6.407	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	429.245	447.199	618.678
	Sundry Debtors	569.694	794.718	529.397
	Cash & Bank Balances	110.651	137.427	146.460
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	236.231	347.185	305.827
Total Current Assets		1345.821	1726.529	1600.362
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	164.561	57.607	338.353
	Other Current Liabilities	53.725	329.719	65.200
	Provisions	125.174	212.084	197.471
Total Current Liabilities		343.460	599.410	601.024
Net Current Assets		1002.361	1127.119	999.338
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1609.537	1572.239	1399.484

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales of Production and Services	1660.988	3049.957	2592.889
		Other Income	11.704	8.177	4.605
		TOTAL (A)	1672.692	3058.134	2597.494
Less	EXPENSES
		Manufacturing and Other Expenses	1451.800	2453.745	2374.005
		Payment to and Provision for Employees	116.803	106.253	89.965
		Exchange Rate Difference	9.874	62.283	(2.037)
		(Increase) / Decrease in Stock	50.940	140.761	(186.372)
		TOTAL (B)	1629.417	2763.042	2275.561
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		43.275	295.092	321.933
Less	FINANCIAL EXPENSES (D)		74.763	125.602	78.118
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(31.488)	169.490	243.815
Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.672	44.144	41.965
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(72.160)	125.346	201.850
Less	TAX (H)		(7.025)	45.061	72.257
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(65.135)	80.285	129.593
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		265.621	227.038	136.256
Add	Excess Provision for Dividend for earlier years written back		0.000	0.000	0.007
	Excess Provision for Dividend Distribution Tax for earlier years written back		0.000	0.000	0.004
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	10.000	10.000
		Proposed Dividend	0.000	27.098	24.635
		Tax on Proposed Dividend	0.000	4.604	4.187
	BALANCE CARRIED TO THE B/S		200.486	265.621	227.038
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	485.573	992.131	584.218
		Income from Services	0.000	2.398	0.135
		Gain on Exchange	0.000	0.000	2.037
	TOTAL EARNINGS		485.573	994.529	586.390
	IMPORTS
		Raw Materials	278.064	122.509	81.184
		Capital Goods	0.136	5.378	7.211
		Trading Goods	13.671	94.504	8.191
	TOTAL IMPORTS		291.871	222.391	96.586
	Earnings / (Loss) Per Share (Rs.)		(3.76)	4.89	7.89

Particulars	31.03.2011
Sales Turnover (Approximately)	2600.000

The above information has been parted by Mr. Rajendra.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(3.89)	2.63	4.99
Net Profit Margin (PBT/Sales)	(%)	(4.34)	4.11	7.78
Return on Total Assets (PBT/Total Assets}	(%)	(4.58)	6.35	10.88
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.17	0.29
Debt Equity Ratio (Total Liability/Networth)		0.55	1.94	1.90
Current Ratio (Current Asset/Current Liability)		3.92	2.88	2.66

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
For Capital Expenditure	5.773	10.810	10.752
For Goods Supplies	0.000	0.000	304.441
Due to Micro, small and Medium Enterprises	0.566	1.591	0.000
Others	150.681	22.603	0.000
For Advance Payments	7.541	22.603	23.160
Total	164.561	57.607	338.353

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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	Yes
12. Profitability for last three years	No
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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	------

TIE-UP WITH PRYSMIAN CAVI E SISTEMI ENERGIA S.R.L., ITALY

M/s. Prysrnian Cavi E Sistemi Energia S.R.L., Italy (hereinafter referred to as 'Prysmian') have taken 51% stake in the Company. Prysmian is the second largest cable manufacturing company in the world with the sales exceeding Euro 4 Bllion in 2009 and having subsidiaries in 38 countries, 53 manufacturing facilities in 27 countries and 7 research and development centers across the globe. Since the Prysrnian Group is active in development, design, manufacturing, supply and installation of a wide range of cables f or the most diversed applications in the energy and telecommunication sector, tie up of the Company with them will make the Company a major player in the Indian Cable Industry.

OPERATIONAL PERFORMANCE

For the year the Company achieved a turnover of Rs.1660.988 millions (Previous Year - Rs.3049.957 millions). The Company has incurred Net Loss of Rs.65.135 millions (Previous Year – Net Profit of Rs.80.285 millions). Recession in Global Economy in general and Indian Economy in particular together with slow growth in Infrastructure Industry and Power Generation Industry had adversely affected the performance of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL SCENARIO

During the Financial Year 2009-10, the Governments of the developed and developing countries across the globe came out with a stimulus packages so as to stabilize their economies from the global recession of Financial Year 2008 - 09. Though there is still uncertainty about the spread and depth of the global recession, it now appears that the US Economy and the economies of the developed countries (except European Economies) and developing countries are in the process of getting revived. Economic crisis is still continuing in the economies of most of the European countries due to heavy external debts and very slow pace of economic growth. It is expected that economies of various countries across the globe will get adversely affected due to the recession in economies of the European countries.

OVERVIEW OF INDIAN ECONOMY

India is not entirely insulated from the World Economy. Financial Year 2009 - 10 began as a difficult one for Indian Economy mainly due to significant slowdown in a growth rate in the second half of FY. 2008 - 09, following the financial crisis that began in the industrialized nations in the Calendar Year 2007. A delayed and severely subnormal monsoon added to the overall uncertainty in the economy. The continued recession in the developed world for the better part of FY. 2009 - 10 resulted into a sluggish export recovery and slowdown in financial flows into the economy. Yet over the span of the year, the Indian Economy posted a remarkable recovery not only in terms of overall growth figures but more importantly in terms of certain fundamentals which justify optimism for Indian Economy in the medium to long term. The growth rate of Gross Domestic Product for Indian Economy is expected to be around 7.2% in F.Y. 2009 - 10 with the industrial and service sector expected to grow at 8.2% and

8.7% respectively.

POWER SCENARIO

Power is a critical component of any economy's infrastructure and without its development, economic growth is severely hindered. It is an essential requirement of all facets of human life and is recognized as one of the basic human needs.

The economic growth, development and ability to handle global competition are ail dependent on the availability, reliability and quality of the power supply. The demand for power is growing exponentially.

India requires 18-20 GW of Annual Capacity addition in order to fulfill it's power requirement of about 276 - 332 GW by 2017. However, during the period of IXth and Xth Five Years Plan, India managed to add a total of 4 GW per year, resulting into a huge gap between demand and supply of power. It was expected that the situation of delays vs. targets would improve significantly in the current Five Year Plan (XIth Five Year Plan). However, during F.Y. 2008 - 09, India could add power generation capacity only to the extent of 31% of the targeted capacity.

India's peak demand deficit has progressively risen and is hovering at around 13-15 GW and given the demand-supply scenario and delays in capacity addition, the deficit will persist, at least till F.Y. 2017 (end of the XIIth Five Year Plan). Power scarcity has also remained high because of high T and D losses in India - nearly one-third of power generated is not available to consumers due to aggregate technical and commercial (AT and C) losses. With capacity addition and electricity demands slated to post a 6.7% CAGR over the next 25 years, there is a clear business case for private-sector investment in power generation, particularly in the current era of tariff-based power procurement by distribution companies. Power-deficit scenario translates into higher tariffs for merchant power and sale of power under short / medium-term Power Purchase Agreements.

Power Cables Industry Outlook

Power Cables play a crucial and important role in the distribution segment of Indian power sector Distribution system includes sub-transmission and LT and HT lines which constitute a vital link in supply of power to the ultimate consumers.

Total market size of Power Cable Industry in India is approximately 1,32,400 Kilometers in terms of volume and Rs.40000.000 millions in terms of value. In terms of volume almost 90% of the power cable industry is dominated by Low Tension (LT) Cables and balance 10% is contributed by High Tension (HT) and Extra High Voltage (EHV) Cables. In terms of value, LT market contributes close to 70% of the industry revenue and the balance is contributed by HT and EHV Cables. In the LT segment, the power cable industry is dominated by un-organized sector which contributes more than 65% of the market revenue. In the HT and EHV segment, the organized sector plays a crucial role.

Many large players in the organized sector created huge manufacturing capacities through capital expansion plans during last three to four years, so as to satisfy ever increasing demand for power cables, in view of expected addition to power generation capacities. Since, increase in power generation capacities was much behind the targeted increase, the demand for power cables has not picked up commensurate with increase in manufacturing capacities. This has resulted into under utilization of manufacturing capacities for many of the major players in organized sector of the power cable industry ultimately leading to price war among them and wafer thin margins for the industry as a whole. As result, many of the major power cable manufacturers have shown substantial reduction in their sale turnover and profitability during the year.

In spite of this, the long term scenario for power cable industry is bullish, in view of Government' thrust on generation, transmission and distribution of power so as to make the power easily accessible to all.

COMPANY PROFILE

During the year, Prysmian Cavi E Sistemi Energia S.R.L., Italy (Prysmian) have acquire 51% Equity Stake in the company. Prysmian is the second largest cable manufacturers in the world with subsidiaries in 38 countries and 53 plants in 27 countries across the globe. Equipped with Stat of the Art technology in manufacturing of cables including specialty cables and 7 research and development centers across the globe, with the focus on new product development and technology up gradation Prysmian will add substantial value to the current operations of the company in terms of introducing good manufacturing practices, product diversification and better management control systems and will make the Company one of the largest cable manufacturers in South East Asia.

A) MANUFACTURING INFRASTRUCTURE:

The Company is having a state of the art IS0 - 9002 accredited manufacturing facilities near Punt The Company has the installed capacity for manufacturing of 16,500 Kms. cables p.a. The Company has a strong R and D base to constantly upgrade the quality of its product with sole focus to save the power by minimizing transmission losses and eliminating the risk of short circuits.

B) PRODUCT MIX

The Company is manufacturing large variety of XLPE / PVC insulated High Tension (HT) and Low Tension (LT) Power Cables, Flame Retardent (FR) / Flame Retardent Low Smoke (FRLS) cable: Flexible Cables, Aerial Bunched Cables, Screened Cables and special application cables. The Company is now undertaking the projects wherein the Company not only sells cables but also undertakes laying, jointing and commissioning of cables on the turnkey basis, which is expected to improve substantially the net margins of the Company. It is a constant endeavor of the Company to operate on optimum mix of HT and LT Cables and integrate its products with value added services so as to maximize profitability and achieve better capacity utilization.

The Company has tied up with some of the major suppliers of electrical equipments and accessories as a part of its vision to become a complete power solution provider to its customers under one single roff.

C) MARKET MIX

The Company is the trusted choice of leading discerning Power and Industry giants for the Public Sector, Private Sector, Government and local Bodies. The Company is catering to the requirements of Reliance Industries Limited, Reliance Energy Limited, Infosys, Larsen and Toubro Limited, Siemens Limited, Tata Motors Limited, Tata Power and public utilities such as MSEDC Limited, Karnataka Power Transmission Corporation Limited etc.

On Export front, the Company is continuing to tap the increasing market potentials in European, African and Asian continents. The Company is at present exporting its products to Ethiopia, Kenya, Nigeria, Uganda, Zambia, Oman, Saudi Arabia, U.A.E, U.K etc.

FINANCIAL PERFORMANCE

For the year the Company achieved a turnover of Rs.1650.988 millions (Previous Yea1 Rs.3049.957 millions). The reduction in Sales Turnover was mainly due to the global recession, slow down of Indian Economy and delays in creation of additional power generation capacities as well as if execution of infrastructure and capital expansion projects which in turn has resulted into loss of Rs.65.135 millions for the year (Previous Year - Profit After Tax - Rs.80.285 millions).

CONTINGENT LIABILITIES:

(Rs. In Millions)

PARTICULARS	31.03.2010	31.03.2009
Bill Discounted with the Banks	0.000	43.577
Bank Guarantee outstanding	462.757	355.591
Excise Duty demands	0.402	0.402
Corporate Guarantee of AED 41,904,800 (P.Y – AED 39,690,000) given to the National Bank of Abu Dhabi, Dubai in respect of Loans availed by MIS. Power Plus Cable Company L.L.C., Fujairah, U.A.E. from them.	525.486	563.995

FORM 8

Corporate identity number of the company	U31300MH1982PLC028700
Name of the company	RAVIN CABLES LIMITED
Address of the registered office or of the principal place of business in India of the company	302, Akruti Trade Centre, 3^rd Floor, Road No. 7, MIdC, Marol, Andheri (East), Mumbai – 400 093, Maharashtra , India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Central Bank of India, Abdul Rehman Street Branch, 142/144, Abdul Rehman Street, Mumbai – 400 003, Maharashtra, India.
Nature of instrument creating charge	1.Working Capital Facility Agreement 2.Deed of Hypothecation 3.Memorandum of Entry For Extension of Mortgage/Charge (All The Agreement Constitute A Single Charge)
Date of instrument Creating the charge	10.08.2011
Amount secured by the charge	Rs. 2150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest C.C, Overdraft and L.C Base Rate +4.25 % I.E Present Floating And Packing Credit/Export Bills Purchases/Negotiated /EBRD As Per Fedai Rules And As Stipulated By Bank From Time To Time Terms of repayment As Stipulated By Bank From Time To Time Margin Packing credit/export bills purchased/negotiated/EBRD -25 %-cash/term deposits Cash credit -25 % Overdraft -40 % Letter of credit-25 %-cash /term loan deposits Bank guarantees-10 And/ or as stipulated by bank from time to time Extent and operation of the charge Total limit Rs.215crs(p. C cum packing credit in foreign currency cum export bills purchased / discounted / EBRD / export bills negotiated Rs. 300.000 millions, sub limit -direct bills Rs.(10.00), C. C (hypothecation stocks) Rs. 170.000 millions, overdraft against book debts Rs. 180.000 millions, inland/foreign l. C (DP / DA-usance 180 days) Rs. 250.000 millions, sub limit back to back LC Rs (25.00), b. g: inland / foreign guarantees Rs.1250.000 millions, sub limit back to back guarantees Rs (250.000) millions) Other As Stipulated By Bank From Time To Time
Short particulars of the property charged (Including location of the property)	First Charge(Present And Future) on Following Assets-(1) Hypothecation of All Stock / Goods / Inventories / Products Kept At Borrower Places / Premises / Godown / Factories Etc And / or Where ever else And / or In Transit Including Brought / Imported / Procured Under Letter of Credit/Packing Credit /Bank Finance (2) Hypothecation of All Book Debts And Receivables Including Hypothecation of All Export Documentary Bills (3) Hypothecation of All Current, Movable Fixed Assets of The Company (4) Emg of Office Premises Bearing No 302 At Akruti Trade Centre, 3rd Floor Lying And Being At Road No 7, MIDC, Marol, Andheri-East Mumbai-93 (5) Hypothecation of All Assets/Machinery Purchased Out of Bank Finance And All Movable Fixed Assets Except The Movable Fixed Assets Financed By The Shamrao Vithal Co-Oporative Bank Limited Second Charge (Present And Future) – Hypothecation of All Assets, Land And Building And Plant Machinery Purchased Out of Bank Finance Availed From Svc.
Charge identification number of the charge to be modified	90240523
Particulars of the present modification	By This Modification Limit Enhanced From Rs.1250.000 millions To 2150.000 millions, Securities are Continued As Given By Original Charge

TRADE REFERENCES

v Reliance Industries Limited

v ICI India Limited

FIXED ASSETS

v Computer Software

v Land

v Building

v Plant and machinery

v Vehicles

v Furniture and Fixtures

v Computer and Peripherals

v Office Equipment

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. 49.78
UK Pound	1	Rs. 80.10
Euro	1	Rs. 68.81

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	YES
--AFFILIATION	YES/NO	NO
--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.