MIRA INFORM REPORT

Report Date :

21.11.2011

IDENTIFICATION DETAILS

Name :	NANGALWALA IMPEX PRIVATE LIMITED
Registered Office :	LU-8, Pitampura, New Delhi-110034
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.02.1995
Com. Reg. No.:	55-120074
Capital Investment/ Paid-up Capital:	Rs.12.500 millions
CIN No.: [Company Identification No.]	U51909DL1995PTC120074
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of welding cable, elastomer cable, flexible trailing cable, mining canbe, err cables battery cable, csp lables battery cable, wiring harness, auto cables.
No. of Employees:	Not Available

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 220000
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.

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

LOCATIONS

Registered Office :	LU-8, Pitampura, New Delhi-110034, India
Tel No. :	91-144-2332609
Fax No. :	Not Available
E-Mail :	r_shah111@hotmail.com acstarachand@rediffmail.com
Website :	http://www.nangalwala.com/
Factory :	F-152, F-154, M. I. A, Alwar-301001, Rajasthan, India
Tel No. :	91-144-2345307 / 2332609 / 2332209 / 2881375 / 6450222
Fax No. :	91-144-2703384 / 2882336 / 2332608

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Subhash Agarwal

Designation :

Director

Address :

47, Arya Nagar, Alwar-301001, Rajasthan, India

Date of Birth/Age :

05.09.1956

Date of Appointment :

14.02.1995

DIN No :

00080151

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51102RJ1995PTC009506	Nangalwala Impex Private Limited	Director	14/02/1995	14/02/1995	-	Dormant	NO
2	U51909DL1995PTC120074	Nangalwala Impex Private Limited	Director	14/02/1995	14/02/1995	-	Active	NO
3	U14101RJ1994PTC008838	J.S. Tiles And Slabs Private Limited	Director	24/11/2008	24/11/2008	-	Active	NO
4	U01122RJ1995PTC010281	Golden Vegpro Private Limited	Director	30/09/2011	20/04/2011	-	Active	NO

Name :

Mr. Naresh Agarwal

Designation :

Director

Address :

41, Moti Dugari, Alwar-301001, Rajasthan, India

Date of Birth/Age :

28.01.1963

Date of Appointment :

14.02.1995

DIN No :

00365234

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51109RJ1988PTC004282	Nangalwala Auto Manufacturing Private Limited	Director	11/2/1988	11/2/1988	-	Active	NO
2	U51102RJ1995PTC009506	Nangalwala Impex Private Limited	Director	14/02/1995	14/02/1995	-	Dormant	NO
3	U51909DL1995PTC120074	Nangalwala Impex Private Limited	Director	14/02/1995	14/02/1995	-	Active	NO
4	U14101RJ1994PTC008838	J.S. Tiles And Slabs Private Limited	Director	24/11/2008	24/11/2008	-	Active	NO
5	U70101DL2011PTC214991	Zibaa Builders Private Limited	Director	28/02/2011	28/02/2011	-	Active	NO
6	U01122RJ1995PTC010281	Golden Vegpro Private Limited	Director	30/09/2011	20/04/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares	Percentage of Holding
Subhash Agarwal		200100
Suresh Chand Agarwal		160100
Naresh Agarwal		54766
Mamta Agarwal		180000
Geeta Agarwal		5000
Neeru Agarwal		10000
Anita Agarwal		50000
Nangalwala Auto Manufacturing Private Limited, India		140000
Naresh Agarwal, karta of Naresh agarwal and Sons HUF		300000
Subhash Agaral, Karta of S. L. Agarwal and Sons HUF		40000
Subhash Agarwal, Karta of Subhash Agarwal and Sons HUF		40000
Suresh Chand Agarwal, Karta of Suresh Chand Agarwal and sons HUF		40000
Darshan Mala Jain		1
Dinesh Kumar Gupta		1
Pista Devi		1
Shanti Devi Jain		1
Yogesh Shotiya		1
Beena Garg		1
Garima Grover		1
Kamla Agarwal		1

Equity Share Breakup

(AS ON 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of welding cable, elastomer cable, flexible trailing cable, mining canbe, err cables battery cable, csp lables battery cable, wiring harness, auto cables.
Products :	· Cable · Auto Electrical Parts and Accessories · Auto Mobile Kits · Wiring Harness · Wiring harness Accessories · Copper / Aluminium Wire · PVC Sleeve and Hose Pipe · Auto Parts · Compounds · Plug Wire Set · Auto Electronic Parts and Accessories

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, Manu Marg, Alwar-301001, Rajasthan, India

· HDFC Bank

Facilities :

(Rs. in millions)

Secured Loans	As on 31.03.2011	As on 31.03.2010
Bank of Baroda, Hope Circus (Cash Credit) [Hypothecation on stock and Sundry Debtors and Secured against Plant and Machinery and Land and Building Situated at 19, Primer Industrial Estate, Kachigam, Daman and at F-151 to F-154, M.I.A., Alwar]	139.374	139.755
Bank of Baroda (T/L) [Secured against Plant and Machinery situated at F-151 to F-154, M.I.A., Alwar]	17.215	5.657
HDFC (Car Loan)	1.080	0.000
Total	157.669	145.412

(Rs. in millions)

Unsecured Loans	As on 31.03.2011	As on 31.03.2010
Short Term Unsecured Loan	30.628	41.618
Long Term Unsecured Loan	20.662	59.110
Total	51.290	100.728

Banking Relations :	--
Auditors :
Name :	Ravindra Shah and Company Chartered Accountant
Address :	17, Pratap Nagar, Manumarg Housing Board, Alwar-301001, Rajasthan, India
Income-tax PAN of auditor or auditor’s firm :	AGWPS3789A

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Share	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Share	Rs.10/- each	Rs.12.500 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		12.500	12.500	9.953
2] Share Application Money		2.000	0.000	2.500
3] Reserves & Surplus		42.240	30.462	15.949
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.740	42.962	28.402
LOAN FUNDS
1] Secured Loans		157.669	145.412	68.677
2] Unsecured Loans		51.290	100.728	53.500
TOTAL BORROWING		208.959	246.140	122.177
DEFERRED TAX LIABILITIES		1.625	1.468	0.939
TOTAL		267.324	290.570	151.518
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.526	46.329	40.734
Capital work-in-progress		0.078	0.178	0.093
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	103.230	37.669	50.613
	Sundry Debtors	61.264	230.369	50.866
	Cash & Bank Balances	10.285	3.324	2.954
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	47.742	21.077	20.420
Total Current Assets		222.521	292.439	124.853
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	19.344	30.541	13.015
	Other Current Liabilities	0.079	8.420
	Provisions	7.393	9.432	1.167
Total Current Liabilities		26.816	48.393	14.182
Net Current Assets		195.705	244.046	110.671
MISCELLANEOUS EXPENSES		0.015	0.017	0.020
TOTAL		267.324	290.570	151.518

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales Less Return	664.766	430.319	273.496
		Miscellaneous Receipt	7.031	0.961	NA
		TOTAL (A)	671.797	431.280	NA
Less	EXPENSES
		Raw Material Consumed	540.773	333.597
		Direct Expenses	44.817	26.565
		Administrative and Other Expenses	32.154	19.999	NA
		Preliminary Expenses w/off	0.003	0.003
		Increase In stock	(0.256)	6.940
		TOTAL (B)	617.491	387.104
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		54.306	44.176	NA
Less	FINANCIAL EXPENSES (D)		31.075	16.685	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.231	27.491	7.938
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.186	5.161	4.168
	PROFIT BEFORE TAX (E-F) (G)		17.045	22.330	3.770
Less	TAX (H)		5.267	7.818	1.295
	PROFIT AFTER TAX (G-H) (I)		11.778	14.512	2.475
	Earnings Per Share (Rs.)		9.42	11.61	1.98

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.75	3.36	NA
Net Profit Margin (PBT/Sales)	(%)	2.56	5.19	1.38
Return on Total Assets (PBT/Total Assets}	(%)	5.79	6.59	2.27
Return on Investment (ROI) (PBT/Networth)		0.30	0.52	0.13
Debt Equity Ratio (Total Liability/Networth)		4.16	6.86	4.80
Current Ratio (Current Asset/Current Liability)		8.28	6.04	8.80

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from A-29, Old Industrial Area, Alwar-301001, Rajasthan, India to the present address with effect from 08.01.2003.

MARKETING AND SALES:

During the financial year, the world economy has face worst recession and Indian economy too has faced the same. The Indian economy too have slowed down and this effect has been felt by all the Industry. But as the power sector being thrust area for Indian Government therefore The Company has registered growth during the year. The sales of the company has increased for Rs.430.320 millions to Rs.664.766 millions.

FORM 8:

Corporate identity number of the company	U51909DL1995PTC120074
Name of the company	NANGALWALA IMPEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	LU-8, Pitampura, New Delhi-110034, India E-Mail Id: acstarachand@rediffmail.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	90058897
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Bank of Baroda, Manu Marg, Alwar-301001, Rajasthan, India E-Mail Id: alwar@bankofbaroda.com
Nature of instrument creating charge	1. Demand promissory note. 2. Letter of continuing security dated 09.06.2011. 3. Supplemental composite agreement of hypothecation of goods, book debts, movable machinery and vehicles dated 09.06.2011.
Date of instrument Creating the charge	09.06.2011
Amount secured by the charge	Rs.173.500 millions.
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest 3.5% above Base Rate (current base rate is 10% p.a) i.e 13.50% p.a b) Terms of Repayment Repayable on demand c) Margin 25% on the stocks 25% on the book debts 25% on movable property d) Extent and operation of the charge Cash Credit upto Rs.135.000 millions. SME Gold Card upto Rs. 13.500 millions. Bank Guarantee upto Rs. 25.000 millions. e) Others Other terms and conditions
Short Particulars of the property charged	i) Current assets of the company, e. g. raw materials, stock in process, finished goods, semi finished goods, stores, spares and book debts and other current assets ii) Undertaking for book debts iii) Charges over fixed assets iv) D P notes v) F-151 and F-152 and F-153 and F-154, M. I. Area, Alwar and 19 premier industrial estate, Kanchigam, Daman vi) A-85, RIICO Residential plots, MIA, Alwar vii) A-86, RIICO Residential plots, MIA, Alwar
Date of instrument modifying the charge	18.09.2010
Particulars of the present modification	This limit has been increased as follows:- Cash credit increased from Rs.125.000 millions to Rs.135.000 millions. SME gold card increased from Rs. 12.500 millions to Rs. 13.500 millions. BG increased from Rs. 10.000 millions to Rs. 25.000 millions. In all existing limit increased from Rs.147.500 millions to Rs. 173.500 millions.

FIXED ASSETS:

· Air-Cooling Cooler

· Camera

· Building

· Fax Machine

· Cycle

· Computer

· Generator

· Mobile Phone

· Motor Cycle

· Office Equipment

· Paper Cutting Machine

· Tea Coffee Machine

· Water cooler

· Refrigerator

· Television

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.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.26

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	NO
--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.