MIRA INFORM REPORT

Report Date :

20.10.2011

IDENTIFICATION DETAILS

Name :	RUBY CABLES LIMITED (w.e.f.22.03.2011)
Formerly Known As :	EKANK CABLES LIMITED
Registered Office :	15 GIDC, Manjusar, Savli, Vadodara 391775, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.12.1996
Com. Reg. No.:	031359
Capital Investment / Paid-up Capital :	Rs.7.500 millions
CIN No.: [Company Identification No.]	U31109GJ1996PLC031359
TAN No.: [Tax Deduction & Collection Account No.]	BRDR02564C / BRDE00256E
PAN No.: [Permanent Account No.]	AAACE4317M
Legal Form :	A Closely held public limited liability company.
Line of Business :	Manufacturer of Electric Cables and Transmission Conductors.
No. of Employees :	80 Approximately

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 54168
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears to be some dip in the turnover of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some 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. M G Patel
Designation :	General Manager
Contact No.:	91-9426393505
Date :	15.10.2011

LOCATIONS

Registered Office /Factory:	15 GIDC, Manjusar, Savli, Vadodara 391775, Gujarat, India
Tel. No.:	91-2667-264554
Mobile No.:	91-9426393505 (Mr. M G Patel)
Fax No.:	91-2667-264555
E-Mail :	rajeshshah60@gmail.com ekankcablesltd@yahoo.com
Location :	Owned

DIRECTORS

AS ON 26.07.2010

Name :	Mr. Virendra Parekh
Designation :	Director
Date of Appointment :	15.02.2002
DIN No.:	00605018

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	U31109GJ1996PLC031359	Ruby Cables Limited	Whole-time director	15/02/2002	15/02/2002	04/08/2010	Active	NO

Name :	Mr. Ankit Parekh
Designation :	Director
Date of Birth/Age :	01.11.1982
Date of Appointment :	31.01.2006
DIN No.:	02184261

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	U31109GJ1996PLC031359	Ruby Cables Limited	Director	31/01/2006	31/01/2006	04/08/2010	Active	NO

Name :	Ms. Neelam Parekh
Designation :	Director
Date of Birth/Age :	09.06.1960
Date of Appointment :	24.12.1996
DIN No.:	00605089

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	U31109GJ1996PLC031359	Ruby Cables Limited	Whole-time director	24/12/1996	24/12/1996	04/08/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. M G Patel
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.07.2010

Names of Shareholders	No. of Shares
Mr. Virendra Parekh	374900
Ms. Neelam Parekh	375100
Total	750000

AS ON 26.07.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Electric Cables and Transmission Conductors.
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Suppliers :

Diamond Power Infrastructure Limited

Customers :

· Retailers

· End Users

· Kalpena Plastic Industries, Daman

No. of Employees :

80 Approximately

Bankers :

· Allahabad Bank, Raj Mahal Road, Vadodara 390001, Gujarat, India

· ICICI Bank Limited

· Bank of Baroda

· State Bank Of Saurashtra

· State Bank Of India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
Bank OCC A/C With
-State Bank Of Saurashtra	0.158	0.000
-State Bank Of India	6.897	7.673
-State Bank Of Saurashtra TL	7.892	0.462
Total	14.947	8.135
UNSECURED LOAN
ICICI O. D Balance	0.000	0.343
Long Term Loan	2.817	4.395
Unsecured Loan from Directors & others	1.461	1.223
Total	4.278	5.961

Banking Relations :	--
Auditors :
Name :	R N Shah and Associates Chartered Accountant
Address :	204-205 Capri House II, B/H Excess Hotel, Jetalpur Road, Vadodara 390007, Gujarat, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 26.07.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10 each	Rs.7.500 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		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.042	5.110	3.978
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.542	12.610	11.478
LOAN FUNDS
1] Secured Loans		14.947	8.135	1.274
2] Unsecured Loans		4.278	5.961	10.045
TOTAL BORROWING		19.225	14.096	11.319
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		32.767	26.706	22.797
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.084	8.052	7.677
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.794	2.832	10.387
DEFERREX TAX ASSETS		0.106	0.102	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.414	8.915	3.356
	Sundry Debtors	23.183	17.892	16.706
	Cash & Bank Balances	0.076	2.064	0.431
	Other Current Assets	1.649	0.200	0.939
	Loans & Advances	0.000	0.599	0.000
Total Current Assets		31.322	29.670	21.432
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.276	13.816	16.329
	Other Current Liabilities	0.228	0.052	0.359
	Provisions	0.035	0.172	0.125
Total Current Liabilities		13.539	14.040	16.813
Net Current Assets		17.783	15.630	4.619
MISCELLANEOUS EXPENSES		0.000	0.090	0.114
TOTAL		32.767	26.706	22.797

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Other Income	59.254	114.242	65.310
		Deferred Tax	0.005	0.048	0.000
		TOTAL (A)	59.259	114.290	65.310
Less	EXPENSES
		Cost of Materials	48.477	103.740	58.138
		Deferred Tax	0.000	0.000	0.010
		Administrative Expenses	9.006	8.394	4.813
		TOTAL (B)	57.483	112.134	62.961
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.776	2.156	2.349
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.776	2.156	2.349
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.761	0.872	0.933
	PROFIT BEFORE TAX (E-F) (G)		1.015	1.284	1.416
Less	TAX (H)		0.035	0.150	0.125
	PROFIT AFTER TAX (G-H) (I)		0.980	1.134	1.291
	Earnings Per Share (Rs.)		1.31	1.51	1.72

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.65	0.99	1.97
Net Profit Margin (PBT/Sales)	(%)	1.71	1.12	2.16
Return on Total Assets (PBT/Total Assets}	(%)	2.57	3.40	4.86
Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.11
Debt Equity Ratio (Total Liability/Networth)		2.41	2.23	2.45
Current Ratio (Current Asset/Current Liability)		2.31	2.11	1.27

LOCAL AGENCY FURTHER INFORMATION

Note:

Registered office of the company has been shifted from 22 Kalpana Society Behind Narmada Guest House, Race Course Circle, Baroda 390005, Gujarat, India to the present address w.e.f. 24.05.2010

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Vehicles

· Furniture

· Computer

· Office Equipments

· Air Condition

· MAruti Car

· Fax Machine

· Zerox Machine

FORM 8

Corporate identity number of the company	U31109GJ1996PLC031359
Name of the company	RUBY CABLES LIMITED (w.e.f.22.03.2011)
Address of the registered office or of the principal place of business in India of the company	15 GIDC, Manjusar, Savli, Vadodara 391775, Gujarat, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Allahabad Bank, Raj Mahal Road, Vadodara 390001, Gujarat, India Email: br.rajmahal@allahabadbank.in
Nature of instrument creating charge	Letter of Martgagor Confirming Deposit of Title Deeds Dtd. 20.06.2011
Date of instrument Creating the charge	20.06.2011
Amount secured by the charge	Rs. 50.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Cash Credit - Base Rate + 3 % (presently BR 10%) with monthly rests. Terms of repayment Cash Credit Payable on demand Margin Cash Credit - 25% on paid Stocks and 35% on book debts up to 90 days. LC - 20% BG - 20% Extent and operation of the charge First charge by way of Equitable Mortgage on immovable property for the repayment to the Bank of all monies including the principal sums, interest, cost, charges, expenses, and other monies payable from time to time and that all rights, remedies, terms, conditions to be observed by the Company for the aggregate credit facility amounting to Rs.50,000 millions.
Short particulars of the property charged (Including location of the property)	First charge by Equitable Mortgage on Plot No. 15 of R S No.1462/P admeasuring 5600 sq.mtr. of moje Manjusar, Tal-Savli, Dist and Sub-Dist Vadodara.

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	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	--
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
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	--

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.49.18
UK Pound	1	Rs.77.49
Euro	1	Rs.67.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		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.